A thorough review of the terms and conditions of the limited partnership agreement (LPA) is a vital part of the due diligence that any investor considering investing in a private equity or venture capital fund should undertake. To examine the area of legal due diligence in depth, PEI asked a panel of distinguished fund formation experts to comment in a number of issues. . more…
Carried interest developments in Germany
The tax treatment of carried interest in Germany shares many similarities with the tax treatment in other main fund jurisdictions, but there are distinct differences. . more…
German Real Estate Transfer Tax and Share Deals
Transactions concerning German real estate usually trigger Real Estate Transfer Tax (RETT) of 3.5% to 6.5% of the purchase price or the asset value. The actual tax rate depends on the location of the real estate. However, there are some opportunities to avoid this tax by executing a share deal rather than an asset deal. Consequently, such share deals are gaining more and more attention from the fiscal authorities and the politicians want to propose a reform of RETT. more…
International harmony versus national fragments
Private equity professionals navigating national and cross-border regulations will need to address three legal changes set to take effect in Germany this year, writes Andreas Rodin. more…