YPOG

A few interesting findings from the European Securities and Markets Authority (ESMA) updated Sustainabable Finance Disclosure Regulation (#SFDR) Q&As: 🌍 Website disclosures: An AIFM must have a website and must clearly explain all revisions and changes to the information provided. This may include the website of the group to which the AIFM belongs. 📊 It is the ESMAs supervisory expectation that the templates for pre-contractual disclosure and periodic reporting are used for website disclosure – extra scrutiny of confidential information advisable. However, no obligation to disclose documents that would not otherwise have to be disclosed – such as the AIFMD or EuVECA mini-prospectus (Art. 23 AIFMD / Art. 13 EuVECA). 🌳 If a quota on taxonomy-aligned investments is given, pre-contractual disclosures must use turnover by default but can switch to CapEx or OpEx if more appropriate – may be interesting for VC funds! 🔭 ESMA confirms that a fund of funds must look through the underlying fund to the final investments to assess whether it holds “sustainable investments” and compliance must be ensured by the respective fund of funds – how should a fund of fund do this? 🔎 AIFMD sustainability risk DD must be made even if under SFDR an AIFM considers sustainability risks not relevant for its investment decisions. Summarized by YPOG's Fabian Euhus, Dana Franziska Ritter, and Florian Thrun.   ➡ Link to the complete document can be found in the comments below. #YPOG #Funds #VentureCapital #PrivateEquity

Attention, tax enthusiasts! If you're excited about the intersection of tax and digital workflows, we need you! Explore the exhilarating domains of venture capital and digital assets as we join forces with vibrant up-and-coming businesses. As a savvy Tax specialist or Tax advisor, be ready to leave your mark.   Join our collaborative, cross-location team, where we value diverse inputs and shared goals. Whether you're actively looking for a new job or considering your next career shift, we've got the perfect opportunity for you.   Intrigued? Don't miss out! ⏰Check the link in the comments for more details or reach out to your future colleagues Andreas and Tammo for any additional queries or insights. #tax #jobopportunity #career

YPOG advised the lead investors Vsquared Ventures, HV Capital and Molten Ventures on the €32 million Series B financing round of One Data. The German software company has developed a technology designed to simplify the handling of data. With this funding, One Data intends to further strengthen its leading position in data product management, broaden strategic partnerships and expand its software business to new international markets. Congratulations to our clients Vsquared Ventures, HV Capital as well as Molten Ventures and all parties involved! The YPOG team was led by Adrian Haase and included Benjamin Ullrich, Benedikt Flöter, Anna Eickmeier, Alexandra Steifensand, Christoph Cordes, Gerrit Breetholt, Falk Bothe, and Florian Bacher. ➡ Link to the press release in the comments below. #PartnersOfGamechangers #VentureCapital #Growth #Funds #Transactions

Carried Interest – a (never) ending story?   In the court ruling dated April 16, 2024 (Ref. VIII R 3/21, published on July 18, 2024), the Federal Fiscal Court (BFH) affirmed its jurisprudence on the classification of disproportionate profit allocations (Carried Interest) in closed-ended funds. The BFH extended the considerations made in another court ruling in 2018 (Ref. VIII R 11/16) for commercial funds to the tax characterization of Carried Interest in mere asset-managing funds.   In our view, the key points of the BFH decision are as follows: 🔹In typical closed-ended funds, a profit allocation agreement (waterfall scheme) must be accepted for German tax purposes. 🔹A deviating pro-rata participation in the underlying assets (based on paid in capital) is irrelevant for the profit allocation. 🔹The application of the carried interest taxation rules of § 18 Abs. 1 Nr. 4 Income Tax Act remain unaffected by these principles.   YPOG’s Dr. Isabella Denninger, Tammo Lüken, Julian Albrecht, Andreas Kortendick, and Lukas Engels provide a legal analysis and practical advice in our latest #YPOG briefing. ➡ Read more in our YPOG briefing in German: https://lnkd.in/eCUauDKY   #CarriedInterest #Funds #Tax

YPOG advised lead investor Eight Roads Ventures on the €40 million Series B financing round of HERO Software. The Hanover-based start-up is the leading provider of business software for trade businesses in the DACH region.   With the new capital, HERO Software plans to invest in its team and new talent, expand into new markets and further develop its SaaS offering.   Congratulations to our client Eight Roads Ventures and all parties involved!   The YPOG team was co-led by Benjamin Ullrich and Tobias Lovett, and included Dr. Lutz Schreiber, Dr. Benedikt Flöter, Matthias Treude, Farina Weber as well as Florian Wittner.   ➡ Link to the press release in the comments below.   #YPOG #PartnersOfGamechangers #VentureCapital #Growth #Funds #Transactions

YPOG advised lead investor Vesalius Biocapital IV on the Series C financing round of HepaRegeniX GmbH. Existing investors such as Novo Holdings, Boehringer Ingelheim Venture Fund, and HTGF | High-Tech Gründerfonds also participated in the investment.   The new funding will support the Phases Ib/ IIa clinical trial focused on improving liver healing and preventing liver failure.   Congratulations to our client Vesalius and all parties involved!   The YPOG team was led by Martin Schaper and included Dr. Lutz Schreiber, Benjamin Müller, Matthias Treude as well as Cyra Dittberner.   ➡ Link to the press release in the comments below.   #YPOG #PartnersOfGamechangers #VentureCapital #Growth #Funds #Transactions

YPOG advised existing investors alfa8 and Amplifier on the €28.2 million Series A financing round of Hive Technologies ("Hive"). The round was led by Earlybird Venture Capital and included investors such as Tiger Global Management and Picus Capital and included a €10 million venture debt from Atempo Growth.   The Berlin-based start-up offers software and operational services designed to help brands that supply directly to customers simplify their processes from procurement to delivery.   Hive intends to use the new capital to further accelerate growth and product development.   Congratulations to our clients alfa8 and Amplifier and all parties involved!   The YPOG team was led by Johannes Janning and included Benedikt Kreuder, LL.M. (Berkeley).   ➡ Link to the press release in the comments below.   #YPOG #PartnersOfGamechangers #VentureCapital #Growth #Funds #Transactions

We are delighted to be part of #PAKCon24. Join us at our Defense Hive and get exclusive insights from esteemed leaders and experts in the defense sector. Check it out: https://lnkd.in/dYPy7NBu #YPOG #PartnersofGamechangers

"Shaken, not stirred!!" The YPOG team turned into bartenders at our unforgettable rooftop party on July 5, at our office in the heart of #Cologne. Beyond the clinking of glasses, the true essence of the event lay in the exchange of ideas and the fusion of connections. Like a perfect cocktail, our guests found the ideal blend of colleagues who aligned with their interests, leading to enriching conversations and enjoyable moments. Here's to everyone who contributed to the success of this event: We eagerly look forward to "mixing it up" with all of you again soon. Stay tuned for the next exciting round! #YPOG #PartnersofGamechangers #recruiting #rooftopparty 

YPOG advised Katjes Greenfood on the acquisition of a majority stake in mymuesli in the course of a capital increase and an acquisition of shares from existing investors. Katjes Greenfood will increase its existing participation from 10.1% to approximately 56%. The transaction is currently still subject to antitrust approval and the final approval of the banks involved. With the planned investment in Germany's largest organic muesli provider, Katjes Greenfood is strengthening its position in the market for future food concepts. Congratulations to our client Katjes Greenfood and all parties involved!   The YPOG team was led by Johannes Janning and included Benedikt Kreuder, LL.M. (Berkeley), Laura Franke, Matthias Kresser, Boris Schinzel, LL.M. (EMLE), Thomas Tüllmann, Florian Oppel, Yusuf Z. Karaman, LL.M., and Ferdinand Bordes. ➡ Link to the press release in the comments below. #YPOG #PartnersOfGamechangers #VentureCapital #Growth #Funds #Transactions