#  What is this product?
Type: Alternative investment fund (AIF) organised as a Limited company with variable capital
Objectives: The investment policy aims to benefit from the disintermediation in the banking sector in lending to small and medium-sized enterprises (SMEs), which was caused in part by the last financial crisis. For access to capital has become complicated and expensive for many German SMEs. Corresponding opportunities in the DACH region (Germany/Austria/Switzerland) could be utilised. The loan receivables usually have a joint and several guarantee by the partners of the companies requesting the loan. It is important to note that every credit platform has to subject itself to a portfolio manager’s due diligence process prior to a transaction. Each platform will be screened against various criteria such as the borrower assessment and credit-rating process‚ the organisation‚ settlement procedures‚ etc.‚ in order to meet the high quality requirements of the subfund for the purchase and settlement of securitised and unsecuritised loan receivables.The main risk of investments is a loss due to the inability of individual debtors to pay the loan receivables. The creditworthiness and parameters of the individual loan receivables are therefore reviewed before each investment‚ and then determined from the standpoint of the entire portfolio. The debtor quality of each borrower is assessed according to a platform-specific ratings model. For this‚ the main key figure used is the probability of default. The level of the probability of default allows the loan to be allocated to a so-called risk class. Depending on the platform‚ the credit projects are divided into four to five such risk classes. The general rule of thumb here is: the higher the returns the greater the (default) risk. To avoid clustering and other risks‚ investments are made in a diversified portfolio.
Retail investor target group: In the member state of origin, the product is intended for professional investors only with a long-term investment horizon‚ experienced experience and who are able to bear a financial loss of Full. The product may be used for capital appreciation.

## Term
Maturity date	none
PRIIP manufacturer is entitled to terminate the PRIIP unilaterally
Yes
Automatic termination of the PRIIP	No

Translation (ENDE, 2020-08-14):
#  Um welche Art von Produkt handelt es sich?
Art: Alternativer Investmentfonds (AIF) in der Rechtsform einer Aktiengesellschaft mit veränderlichem Aktienkapital
Ziele: Das Anlageziel besteht darin, ein langfristiges Kapitalwachstum durch weltweite Investitionen‚ direkt oder indirekt‚ in Aktien‚ Obligationen Alternativen- sowie Geldmarkt-Anlagen zu erwirtschaften. Der Teilfonds investiert diversifiziert überwiegend in Anlagefonds und ETFs. Investitionsentscheidungen hinsichtlich der Anlagen und der Gewichtungen der Anlageklassen werden auf Basis von aktuellen Kapitalmarkteinschätzungen getroffen‚ ohne sich nach einer bestimmten Benchmark zu richten.
Kleinanleger-Zielgruppe: Der Teilfonds richtet sich im Herkunftsmitgliedstaat nur an Professionelle Anleger mit langfristigem Anlagehorizont und viel Erfahrung, die einen vollen finanziellen Verlust tragen können. Der Teilfonds kann für den Kapitalzuwachs genutzt werden.

## Laufzeit
Fälligkeitsdatum	keines
Einseitige Kündigung durch PRIIP Hersteller möglich	Ja Automatische Kündigung des PRIIPS	Nein