Introduction of a depositary for private equity funds by the German Investment Code (KAGB)

The German private equity and venture capi­tal indus­try is facing drastic deve­lo­p­ments. In July 2011, the EU Commis­sion issued a direc­tive to regu­late the mana­gers of previously unre­gu­la­ted invest­ment funds by, among other things, intro­du­cing a depo­si­tary. Imple­men­ta­tion in Germany through the Capi­tal Invest­ment Code will lead to lasting struc­tu­ral chan­ges in the indus­try. Three ques­ti­ons for