FAQ Frequently Asked Questions

An investment fund is a collective investment vehicle in which the capital of several investors is pooled in order to invest it professionally in different asset classes - such as shares, bonds, property, private equity or alternative investments.

funds offer:

• Diversification: Risk equalisation through broad diversification
• Professional management by regulated fund managers
• Access to markets, that are difficult for individual investors to access

Germany is one of the leading fund domiciles in Europe and offers excellent framework conditions for alternative investment funds (AIFs):

• Regulation by BaFin - highest standards in supervision and investor protection
• Stable legal system with clear legislation (KAGB, AIFMD
• Tax transparency for institutional investors (special funds)
• EU-wide Distribution rights for German funds
• Experienced service provider market (custodians, auditors, fintech partners)

A special fund is a German investment fund that has been specially developed for institutional or semi-institutional investors. These include family offices, insurance companies, pension funds, foundations, companies and asset managers.

offer special funds:

• High flexibility for investment strategy & asset allocation
• Tax advantages (transparency principle)
• Regulatory security by KAGB & BaFin
• Customised reporting standards

Specialised funds can hold a wide range of liquid and illiquid assets, including:

• Shares, bonds & ETFs
• Real estate (direct & indirect)
• Infrastructure projects & renewable energies
• Private Equity & Venture Capital
• Private debt & structured loans
• Hedge funds & alternative investments

The AIFMD Directive sets out strict requirements for AIFMs:

• Risk management systems for assessing and controlling market, credit and liquidity risks
• Compliance & reporting to supervisory authorities (BaFin, CSSF, etc.)
• Remuneration policy in line with investor protection principles
• Depositary duty and transparency towards investors

This directive ensures uniform standards in the EU and strengthens the confidence of institutional investors.

The digitalisation of the fund industry has significantly improved the efficiency and transparency of AIFMs.

Fintech platforms such as Super Global can be used to automate fund structures:

• Digital fund launch
• Automated NAV calculation
• Reporting via dashboard
• Regulatory monitoring in real time

The result is a modern, scalable fund management system that reduces time, costs and errors.

Super Global combines regulatory expertise with technological innovation. As a BaFin-regulated AIFM based in Germany, we offer:

• Customised fund structuring
• Integrated AIFM and fund administration services
• Securitisation & digitalisation services via our fintech platforms
• Efficient lifecycle management for funds and compartments

We are your partner for structured, digital fund management with regulatory security.

The costs of a fund depend on the fund volume, asset class, structuring costs and specific requirements.

Thanks to our high degree of automation, Super Global offers particularly competitive conditions as a fintech AIFM. Our transparent, modular pricing models cover all relevant areas from set-up to ongoing management and regulatory reporting, and can be precisely customised to the requirements of any structure.

Actively managed certificates (AMCs) are structured products in which an active investment manager manages the underlying assets. They enable dynamic investment strategies, e.g. in equities, cryptocurrencies or private debt, and are often implemented as compartments within a Luxembourg securitisation vehicle.

Although AMCs are legally compartments, the term „AMC“ has become established in market communication.

A Luxembourg securitisation vehicle (SV) is a legally independent structure under the Luxembourg Securitisation Act of 2004 and is used to issue securities backed by real or financial assets.

The Luxembourg model is characterised by a high degree of regulatory flexibility, strong investor protection, tax efficiency and the possibility of mapping individual transactions in separate compartments.

The Luxembourg Securitisation Act 2004 offers several protection mechanisms for investors:

Bankruptcy remoteness:
Assets are segregated from the issuer's assets.

Compartmentalisation:
Each investment is structured in a separate compartment.

Legal and financial separation:
No risk transfer between compartments

Transparency and risk segregation:
This structure protects investors from systemic risks and increases the legal certainty of institutional investments.

Yes, securitisations can be used to structure real assets, including real estate, infrastructure projects, private debt, renewable energy or even collectibles such as art, classic cars or digital assets (e.g. NFTs). These assets can be converted into tradable securities via Luxembourg securitisation vehicles.

This gives investors pro-rata access to otherwise illiquid assets, and they benefit from professional management, risk diversification and the possibility of listing and tradability of the securitised products, while at the same time enjoying the structural efficiency of the Luxembourg securitisation model.

Yes, digital assets such as tokens, cryptocurrencies or NFTs can be structured via Luxembourg securitisation vehicles. This provides investors with regulated, structured access to blockchain-based assets, including professional risk management and a clear regulatory framework.

Luxembourg offers a first-class environment for structuring securitisations:

• Robust legal framework (Securitisation Act 2004, updated 2022)
• High level of investor protection through clear segregation within compartments
• Tax efficiency - including no withholding tax and internationally accepted structure
• Maximum flexibility for asset types, structuring and organisation
• Established financial ecosystem with first-class service providers and EU domicile
• Access to global capital markets and institutional investors
• Compatibility with digital assets, ESG strategies and fintech models

A fund is a collective investment vehicle that manages assets. A securitisation, on the other hand, structures certain assets into tradable securities.

Main differences:

• Legal framework
  Funds are subject to investment laws, securitisations to the Securitisation Act
• Flexibility
  Securitisation allows customised individual structuring
• Regulation
  Funds are often more heavily regulated, securitisations offer flexible complexity

Thanks to our technology-supported fintech platform and clearly structured processes, we can implement securitisation solutions in a highly efficient yet fully customised manner. Depending on the complexity, we realise the structuring within a few weeks - from the legal set-up to the issue.

The costs of a securitisation depend on the asset type, the volume, the complexity of the structure and specific investor requirements.

Thanks to our high level of automation and efficient fintech infrastructure, Super Global offers particularly competitive and transparent conditions. Our modular pricing models cover everything from set-up and ongoing management to regulatory reporting and can be flexibly adapted to any structure.

A section 110 company is a special purpose vehicle (SPV) established under Irish company law that qualifies for tax purposes under section 110 of the Irish Taxes Consolidation Act. Such companies are generally used for structured finance, in particular to hold qualifying assets and to issue financial instruments to professional investors.

For a company to qualify as a Section 110 company for tax purposes, it must, among other things, hold qualifying assets with a market value of at least EUR 10 million. In addition, its business activities must be limited exclusively to the management of these assets.

Irish securitisations are typically used for structured finance, including:

• Securitisations
• Asset-backed notes and certificates
• Private credit and alternative debt strategies
• Portfolio and cash flow financing
• Capital market-related structuring outside of traditional funds

Due to their flexible structure, Irish securitisations enable tailor-made financing solutions for institutional investors and complex capital market strategies.

So-called „qualifying assets“ are permitted as part of an Irish securitisation. These include in particular

• Loans and receivables
• Financial instruments and securities
• Contract-based cash flow assets
• Leasing structures and receivables financing (Receivables)
• Derivatives and structured receivables
• Other legally defined assets with clear cash flows

The legal framework (Section 110) is broadly formulated to allow a high degree of structuring freedom in the selection and management of authorised assets.

Yes, real assets are recognised as part of a Irish securitisation structure The shares are usually held and structured indirectly, typically through

• Financing instruments
• Receivables
• Claims under the law of obligations
• Cash flow-based contracts

The Irish securitisation does not necessarily own the physical asset itself, but structures its economic income or cash flows. This indirect structuring enables the efficient and flexible utilisation of real assets as part of complex financing models.

In principle, yes. A wide range of assets can be structured, provided certain conditions are met:

• the assets are clearly defined and identifiable
• legally robust payment or revenue mechanisms exist
• Tax and regulatory requirements are complied with

The specific structure is always determined on a case-by-case basis, depending on the type of assets, the transaction structure and the legal framework.

No, a Section 110 Company is not an investment fund within the meaning of the UCITS or AIF Directives, but a structured special purpose vehicle (SPV) under Irish law.

In contrast to regulated funds, the Section 110 Company is characterised by the following features:

• No application of fund regulation (neither UCITS nor AIFMD)
• No automatic requirement for an AIFM (Alternative Investment Fund Manager)
• Issue of debt instruments instead of fund units
• Focus on structured cash flows from clearly defined assets

A Section 110 Company is not regulated as an investment fund and is therefore not subject to the UCITS or AIFMD regulations. Nevertheless, it is subject to various legal and regulatory frameworks, in particular

• Irish company and tax law
• specific reporting obligations and substance requirements
• if applicable, capital market law requirements, e.g. for securities issues or stock exchange listings

There is no direct fund supervision. However, certain regulatory aspects can be indirectly recorded or monitored by the Central Bank of Ireland, particularly in the case of structured capital market transactions.

Ireland is one of the leading jurisdictions for structured finance and the establishment of special purpose vehicles (Section 110 companies). The location is convincing:

• an established, internationally recognised legal framework in the English-speaking world
• High legal certainty for complex financial transactions and securitisations
• Fiscally efficient and transparent framework conditions
• a strong service provider ecosystem with specialised law firms, tax consultants and management companies
• Broad acceptance among international institutional investors

These factors make Ireland a favoured location for structured products, private credit strategies, asset-based financing and capital market structures.

Investor protection results primarily from the structural and contractual organisation, not from fund regulatory requirements. The key protection mechanisms include

• Clearly defined special purpose vehicles (SPVs)
• Contractually defined payment flows and priority structures (e.g. in the event of defaults)
• Legal separation of assets from the originator or sponsor (segregation)
• Involvement of independent trustees, administrators and other service providers

These elements offer investors transparent, legally secure structures with a high degree of control and hedging options, particularly in the case of complex structured financing.

The duration of structuring depends on the complexity of the transaction and the selected structural elements. In principle, the following applies:

• Simple setups can be implemented at short notice, within a few weeks
• More complex structures or capital market-orientated transactions usually require several weeks

Compared to regulated fund structures, the implementation of a Irish securitisation The fact that they are often significantly faster and more efficient makes them particularly attractive for structured financing and customised capital market models.

Securitisation is specially designed for non-public, professional investor groups. Typical target groups are

• Institutional investors (e.g. pension funds, insurance companies)
• Professional investors within the meaning of the MiFID Directive
• Family offices with complex investment structures
• Asset managers, investment funds and other financial institutions

The Section 110 structure is particularly suitable for investors seeking access to structured finance, securitised assets or customised capital market products outside of traditional fund regulation.

Luxembourg compartments and Section 110 companies in Ireland are both common vehicles for structured finance, but differ significantly in their legal form, tax treatment and operational structure.

1. legal form

• Luxembourg: A compartment is not a separate legal entity, but a separate part of a Luxembourg company.
• Ireland: A Section 110 structure is based on an independent Irish corporation (Special Purpose Vehicle, SPV).

2. separation of assets (ring-fencing)

• Luxembourg: Legal separation of assets and liabilities per compartment.
• Ireland: Strict separation is achieved by establishing separate SPVs for each transaction.

3. tax organisation

• Luxembourg: Tax-neutral structure mostly through deductible interest or profit-sharing payments at company level.
• Ireland: Virtually tax-neutral due to the interest deduction on structured instruments such as profit participating notes (PPNs).

4. structural and cost efficiency

• Luxembourg: Greater efficiency in multi-issuance programmes, as several transactions within a company can be mapped via individual compartments.
• Ireland: Usually one SPV per transaction, which can lead to higher initial costs for multiple deals.

5 Legal and market environment

• Luxembourg: Civil law system, often favoured for EU-centred structures.
• Ireland: Common law system, well established for international securitisations, particularly in the UK and US markets.