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AnalysisWeekly

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.

AnalysisWeekly

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

CommentWeekly

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

AnalysisWeekly

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

AnalysisWeekly

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

ReportWeekly

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

ReportWeekly

Who still needs a product law?

Luxembourg plans to allow SCS/SCSp-AIFs umbrella structures with legally separate compartments even without a fund product law with draft law 8814 (30 July 2026). The aim is unbundling: regulation via the approved EU AIFM, product design as required – for example for concentrated assets.

Markets Regulatory

AnalysisWeekly

Functional splitting under investment law and real estate transfer tax – More than a Luxembourg special case

On 17.12.2025 (5 K 2500/22), the Tax Court of Baden-Württemberg denies that the change of the management company of a Luxembourg FCP triggers a transfer of shares pursuant to section 1 (3) no. 4 GrEStG. Legal positions are decisive, not functions. The implications extend beyond Luxembourg.

Markets Regulatory

AnalysisWeekly

The real AI revolution is taking place in the investment process

AI is shifting competition in real asset management from information advantage to efficient processing in the investment process. China's focus on rapid diffusion rather than maximum model performance supports this view. Alpha is created through better process integration and faster decisions.

Cases Markets

CommentWeekly

Secondaries: When a market emerges around long-term capital commitment

The global secondaries market reached record volumes in 2025, but it does not simply make private markets liquid. Instead, an infrastructure is being created for orderly entry and exit of long-term tied capital. Artificial intelligence is likely to accelerate this development even further.

Cases Markets

AnalysisCommentWeekly

Is this the turning point in the real estate market?

JLL and CBRE report a higher transaction volume for H1 2026 (JLL: EUR 17.6 billion, +15%; CBRE: €16.2 billion, +13%). Nevertheless, pricing is inconsistent; the market is becoming broader, but remains selective. Rising opportunity costs are driving deals.

Markets Real Estate

CommentWeekly

What Ronald Coase could reveal about the future of private markets

Based on Coase's transaction cost theory, the article outlines how AI could change the structure of private markets. AI makes due diligence, matching, sales and secondaries more efficient – with possible effects on platform models and illiquidity discounts.

Cases Markets

Markets

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