Tobias Moroni

Managing Director
Institutional Investment Partners

About the author

Tobias Moroni ist Managing Director Fund Platform in der Institutional Investment Group. Davor war Tobias Moroni bei Hauck & Aufhäuser, zuletzt als Mitglied des erweiterten Vorstands (Executive Board) für das Kerngeschäftsfeld Asset Servicing in Deutschland & Luxemburg und zuvor Leiter der rechtlichen Einheit der Depotbank von Sal. Oppenheim.

About the company

Institutional Investment Partners (2IP) bündelt innerhalb der Institutional Investment Group (2IG) relevante Leistungen für institutionelle Anleger mit dem ausschließlichen Zweck, gerade im Zusammenspiel mit den Immobilien- und Infrastruktur-Managern den maximalen Mehrwert im Mandat auszuschöpfen.

Author's posts

Land transfer tax in the context of restructuring: The Federal Fiscal Court (BFH) refers the matter to the ECJ

Following the ECJ’s Nova Iberomoldes judgement, the Federal Fiscal Court (BFH) has referred questions to the ECJ regarding the compatibility of the German land transfer tax in the context of intra-group restructuring with EU law. Austria has already partially implemented the judgement. The proceedings could have significant consequences for property investors.

The return that doesn’t appear on any balance sheet

A multi-billion semiconductor deal between Japan and the US shows that the return on strategic infrastructure investments can extend far beyond the project’s cash flow. For Europe’s fragmented capital and economic markets, this is becoming a matter of competitiveness.

Infrastructure

How an Nvidia chip turns into infrastructure funding

AI GPUs are increasingly being financed in the same way as infrastructure: specialist providers secure loans worth billions using chips, associated hardware and contractual cash flows. In March 2026, CoreWeave secured a facility of up to US$8.5 billion; Nvidia is backing this with off-take agreements and guarantees.

Cases Infrastructure Private Debt Private Equity Real Estate

Private Credit: Back through the back door

The UK’s Prudential Regulation Authority (PRA) is examining how Barclays accounts for financing for private credit funds via total return swaps. The classification as trading book rather than banking book has implications for risk, capital and the close interdependence between banks and funds.

Markets Private Debt Regulatory

When the state discovers pensioners’ money

Colombia sought to channel pension funds into the country by decree, but withdrew the measure due to the risks involved. With its Savings and Investments Union, the EU is focusing on market integration rather than top-down control. Crucially, mobilising capital generates investment through viable projects.

Markets Regulatory

Physics has a price too

The EIB is investing €19 million in Reactive Technologies, which measures grid inertia, system strength and voltage stability in real time. With the energy transition, physical properties are becoming tradable services. Since 2026, Germany has been procuring instantaneous reserve capacity on a market-based basis.

Energy Markets

Private markets made to measure

Private markets are increasingly relying on structured finance: Rated note feeders and CFOs are carving risks, adjusting them to insurance balance sheets and mobilising capital. This creates growth, but has its limits: Where does risk distribution end and risk renaming begin?

Markets Private Equity

Power, power, power instead of location, location, location

The AI boom is changing the real estate economy: where grid capacity becomes scarce, secure access to electricity increases in value – and capitalizes on the price of land.

Cases Energy Infrastructure Markets Real Estate

20 percent for what?

The Lower Saxony Fiscal Court ruled that carried interest is not subject to VAT in the specific case, as it is a participation in the company's success and not a consideration for a service. Due to fundamental importance, the appeal was allowed.

Markets Private Equity Regulatory

Five asset classes, one data center

The AI boom is devouring immense capital for data centers and infrastructure, for example, which is reflected in very different segments of the portfolio. For institutional investors, the question arises as to whether this allocation allows sufficient conclusions to be drawn about the actual risks.

Cases Energy Infrastructure Private Debt Real Estate

What can private capital do better?

Germany wants to mobilise up to 3.75 trillion euros of private capital for infrastructure by 2040; international money is available. The added value of private participation lies in risk management, life cycle orientation, speed and capacity – despite higher costs.

Infrastructure Markets

Is a price more transparent if you ban it – or if you see it?

The Federal Court of Justice prohibits administrators from charging commissions for the rental of apartments that they manage themselves (Az. I ZR 224/25). The aim is more market transparency; However, costs do not disappear and could be priced differently. This could favor scaling and disadvantage smaller HOAs.

Markets Regulatory