Special funds are investment funds that are not designed for the capital market public, but are launched for special institutional investors or investor groups. The opposite of the special fund is the public fund .
As a rule, the special funds have a volume of at least ten million euros and only one investor.
Situation in Germany
According to German law, natural persons do not belong to the investors .
Special funds are subject, as well as mutual funds the investment Code (KAGB) as well as the supervision of the Federal Financial Supervisory Authority (BaFin), however, are less regulated. In addition, a large number of statutory provisions may be deviated from with the consent of the investors. The fund company and investors can therefore contractually stipulate that certain legal requirements do not apply to the special fund or only apply in a modified manner.
A special group consists of investing solely in real estate property funds .
Special funds can also be managed in the form of a Master KVG .
- ^ Frankfurter Allgemeine Zeitung GmbH: Special Fund - Stock Exchange Lexicon of the FAZ - FAZ.NET. Retrieved October 17, 2019 .