The language of the world of finance is often incomprehensible. We would like you to understand us. Important concepts relating to capital investment in general and limited partnership funds in particular are explained in our glossary.

First letter:


Active (property) management

Concept aimed at increasing the value created by a property by actively managing the property – for instance by implementing new marketing strategies or repositioning the asset on the market by developing different use concepts and/or increasing the value of the property fittings.

After-tax return

The after-tax return, or projected return after taxes, in contrast to the pre-tax return, is the return on the investment depending on the personal tax rate taking into account the tax effects. It is mainly calculated as an example for various tax rates in prospectuses.

AIFM (Alternative Investment Funds Manager)

Manager of alternative investment funds; it falls under the AIFM Directive. Initiators of closed-end funds are also included here.

AIFMD (Alternative Investment Fund Managers Directive) / AIFM Directive

EU Directive on the regulation of managers of alternative investment funds and thereby also initiators of closed-end funds. This Directive entered into force on 21 July 2011 and has to be implemented in the national laws of the EU member states within two years - binding national regulations can thus be expected mid-2013.

Aircraft fund

see closed-end fund

Articles of association

This contract governs the interests of a company. It is one of the most important contracts of a closed-end fund and a full copy is reproduced in the sales prospectus.

Asset category

The general term for asset classes with fund properties belonging to the same segment - e.g. the asset category “real estate” at KGAL includes the following asset classes: office, residential and retail.

Asset class

This term describes different types of assets, such as bonds, property, equity holdings or other capital investments. The term is often divided into further sub-categories, including in the area of closed-end funds. Depending on the fund property, KGAL distinguishes between e.g. the asset classes office, residential, aircraft, photovoltaics, wind etc.


The Aircraft Value Analysis Company, an expert in the field of aviation.