Permitted assets, investment limits

(1) The AIF capital management company may invest, for a closed-ended domestic retail AIF, only in
1. real assets,
2. units or shares in PPP project companies and infrastructure project companies,
3. units or shares in companies that, under the partnership agreement or the articles of association, may acquire only assets within the meaning of point 1, and the assets required for the management of these assets, or participations in such companies,
4. participations in undertakings that are not admitted to trading on an exchange or included in trading on an organised market,
5. units or shares in domestic retail AIF, or in European or foreign retail AIF whose investment policy is subject to comparable requirements,
6. units or shares in domestic special AIF, or in EU special AIF or foreign special AIF whose investment policy is subject to comparable requirements,
7. assets under sections 193 to 195,
8. shareholder loans, with the proviso that at most 30 percent of the capital of the AIF is used for these loans and the loans granted to the respective undertaking do not exceed the acquisition costs of the participations held in the undertaking,
9. crypto-assets for investment purposes, where their market value can be determined,
10. loans, with the proviso that at most 50 percent of the capital of the AIF is used for lending.
(2) Real assets within the meaning of subsection (1), point 1, are in particular
1. properties, including woodland, forest, and agricultural land,
2. ships, ship superstructures, and ship spare and replacement parts,
3. aircraft, aircraft spare and replacement parts,
4. installations for the exploitation of renewable energy within the meaning of section 1(19), point 6a,
5. rolling stock, rolling stock spare and replacement parts,
6. vehicles used in connection with electric mobility,
7. containers,
8. infrastructure used for assets within the meaning of points 2 to 6.
(3) Transactions having derivatives as their subject matter may be carried out only to hedge assets held in the closed-ended domestic retail AIF against a loss of value.
(4) The AIF capital management company must ensure that the assets of a closed-ended domestic retail AIF are subject to currency risk only to the extent that the value of the assets subject to such risk does not exceed 30 percent of the capital of the AIF. The AIF capital management company must ensure that the proportion of crypto-assets held for the account of the closed-ended domestic retail AIF does not exceed ten percent of the value of the closed-ended domestic retail AIF.
(5) Investment may be made in an asset within the meaning of subsection (1), point 1, only where
1. the asset was previously valued, in the case of an asset value
a) up to and including EUR 50 million, by an external valuer satisfying the requirements of section 216(1), first sentence, point 1, and second sentence, and (2) to (5), or
b) exceeding EUR 50 million, by two external valuers independent of each other, satisfying the requirements of section 216(1), first sentence, point 1, and second sentence, and (2) to (5), and valuing the asset independently of each other,
2. the external valuer within the meaning of point 1, letter a, or the external valuers within the meaning of point 1, letter b, do not, at the same time, carry out the annual valuation of assets under section 272, and
3. the consideration to be given from the closed-ended domestic retail AIF does not exceed the value determined, or does so only immaterially. Section 250(2) and section 271(2) apply correspondingly.
(6) Before investing in an asset within the meaning of subsection (1), points 2 to 6, the value of the PPP project company, the infrastructure project company, the company within the meaning of subsection (1), point 3, the undertaking within the meaning of subsection (1), point 4, or the closed-ended AIF within the meaning of subsection (1), point 5 or point 6, must be determined
1. by
a) an external valuer satisfying the requirements of section 216(1), first sentence, point 1, and second sentence, and (2) to (5), where the value of the asset does not exceed EUR 50 million, or
b) two external valuers independent of each other, satisfying the requirements of section 216(1), first sentence, point 1, and second sentence, and (2) to (5), and valuing the asset independently of each other, where
2. the external valuer within the meaning of point 1, letter a, or the external valuers within the meaning of point 1, letter b, do not, at the same time, carry out the annual valuation of assets under section 272. Section 250(2) applies correspondingly. The valuation must be based on the most recent annual financial statements, bearing an auditor's certificate, of the PPP project company, the infrastructure project company, the company within the meaning of subsection (1), point 3, the undertaking within the meaning of subsection (1), point 4, or the closed-ended AIF within the meaning of subsection (1), point 5 or point 6, or, where the annual financial statements date from more than three months before the valuation date, on the assets and liabilities of the PPP project company, the infrastructure project company, the company within the meaning of subsection (1), point 3, the undertaking within the meaning of subsection (1), point 4, or the closed-ended AIF within the meaning of subsection (1), point 5 or point 6, as evidenced in a current statement of assets audited by the auditor.
(7) Where the AIF capital management company invests, for a closed-ended domestic retail AIF, in assets within the meaning of subsection (1), point 4, sections 287 to 292 apply correspondingly.