TAILIEUCHUNG - Finance & Investment Briefing - The German KG Model

The Government in May 2011 approved the Medium Term Plan (MTP), which is expected to drive economic growth over the next five years, 2011-15. The Plan will guide the formulation of National Budgets and other social-economic policies of the State. The MTP requires US$9 billion to be implemented over the period 2011-15 and funding is expected from the domestic and external sources including reliance on Public Private Partnership (PPP). The MTP has 3 major goals and these are economic transformation, orientating the economy to export-led growth and creating economic clusters based on production and job creation. The Plan has 11. | Watson Farley Williams Finance Investment Briefing July 2012 Contents Overview 01 Structure 02 Taxation 02 Financial Supervision and Further 04 Regulation Contact 06 The German KG Model Overview In the 1970 s the German KG model was established to raise private equity as a form of finance for projects. To raise the necessary funds initiators set up a legal entity and placed the equity among individuals as private investors. The investors realised tax benefits mainly from book losses exceeding their investment amount plus an annual dividend payment as return on investment. Since then the German KG model has significantly increased the volume and value of its transactions. In 2007 fundraising in the KG model market exceeded 10bn equity. In the following years of the economic crisis the fundraising dropped to approx. 5bn per annum. Last year the amount of equity from private and institutional investors totalled up to . Furthermore the asset classes KG financing covered expanded into several types of assets ships real estate aviation private equity renewable energy natural resources infrastructure containers life insurance policies films and other media rights etc. The main objective of the German KG model is asset financing by individuals participating in single purpose companies which are organized in the legal form of a German limited partnership . Kommanditgesellschaft hereinafter KG . Most significantly the structure has no special corporate legislation attached to it on set up. The legal entity form of the KG was in general established at the beginning of the last century and is the most common legal entity form in the German Mittelstand . The general concept of the KG is understood and accepted by private investors financing banks business partners and other stakeholders. The legal environment for such funds has changed dramatically especially with respect to the applicable tax law and the financial supervision of funds prospectuses for the equity .

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