Mezzanine Beteiligungsstrukturen und das KAGB

The book interprets special German alternative investment structures in the view of the German term “investment fund” of the KAGB, which is equivalent to the term “AIF” of the AIFM directive. At first the fundamental principles, which are necessary for the understanding and the interpretation of the term “investment fund” are analysed. After a thorough interpretation of the specific criteria of the term “investment fund” German special alternative investment structures, as e.g. participation rights (Genussrechte) and shareholder loans (partiarische Darlehen) are discussed in detail. In the last chapter, the results are brought together and assessed. In this context the criteria of the term “investment fund” are specifically analysed in regard of alternative investment structures. By means of a thorough interpretation of the term “investment fund” and its fundamental principles, appropriate criteria for the clarification of the scope of the KAGB are developed.