(Hedge Fund, Private Equity, Real Estate, Fund of Funds, Other (1))

the impact of this Directive on the operation and viability of the private equity and venture capital funds

On the basis of this letter, VCFs/PEFs are subject to trade tax if their activity is considered to be a trading activity.

The Investment Advisory Agreement permits the Adviser,

Furthermore, experience has also shown a low overall profitability of the aided risk capital funds.

equity/debt funds and any other form of collective investment vehicles

The measure will provide leverage for licensed Enterprise Capital Funds (ECFs).

Indicate the private equity strategies that best describe the AIFs strategies

This could be the case of private equity or venture capital funds which often raise money through negotiations with potential investors.

Moreover, the measure grants a selective advantage only to certain VCCs falling under the scope of the MoRaKG as compared to VCFs/PEFs.

understanding with a group of investors led by J.C. Flowers &

2 specializations: Hedge Funds & Private Equity, or Private Banking & Wealth Management

The same reasoning holds for VCFs/PEFs which do not have both their legal domicile and their corporate management in Germany.

Private equity continues to attract significant amounts of capital.

African economies draw increasing fixed-capital investment