How do I create a new emission?

Path: "Projects" > "Emissions" > "New Emission"

Getting started

In order to create an emission you will first need to define the following three categories

• Asset class
• Financial instrument
• Distribution channel

Asset class

You can choose between the following asset classes

• Private Equity
• Venture Capital
• Hedge Funds
• Private Debt
• Real Estate
• Infrastructure
• Natural Resources

The selection is for classification purposes only and has no further impact on the issue creation process. You can find more information on the asset classes here.

Financial instruments

In this category, you can choose between

• Alternative Investment Fund
  • AIF specification of investment processing
    • amount due in full after subscription
    • commitment drawn via Capital Calls
• Alternative Instrument
• Security

Please note that the selection of the financial instrument fundamentally influences the structuring of the emission and cannot be changed afterwards.

You can find more information on the financial instruments here.

Distribution channel

The three distribution channels you can choose from are

• Execution only
• Brokerage
• Advisory

Je nach dem, über welchen Kanal das Produkt vermittelt wird, verändern sich Einstellungen der Emission. Die Compliance Richtlinien werden dabei berücksichtig, wie beispielsweise, dass bei Eigenvermittlung keine Angemessenheitsprüfung der Investierenden notwendig ist oder, dass nur bei Vermittlung über den Vertrieb Emissionen auf next gelistet werden können.

You can find more information on the distribution channels here.

Once you have completed the first steps for creating an emission, you will see an overview with the detailed settings based on the previously selected settings.

You can also adjust these afterwards.

General settings

Status

Your emission is in preview mode by default. As long as your emission is in this status, you can test your investment process and place test investments. As soon as you change the status to "Enabled for projects", all investments placed at this point are deleted.
⚠ Please note that you cannot switch back to preview mode afterwards.

Automatic Investment Confirmation

This setting defines whether investments are automatically confirmed after they have been placed and the investor receives a request for payment after completion, or whether the investment must be checked and approved manually. This depends largely on your internal compliance regulations.

Define issuer and project

Select an issuer and a project to assign the emission accordingly.

Timeframe for investments

Specify the investment period

• you can specify the start date and time from which the emission should be investable
• you can also specify the date and time up to which the emission should be investable

If you activate your emission for investments (status set to "activated for projects") but the start date is in the future, the emission is closed until the start date arrives. If the emission is in an active funding, you can set the status to "deactivate" and the emission is no longer accessible until the status is set to active again.

Financial settings

Defining the financial instrument

First add a description, the financial instrument and if you like, the specification of the financial instrument. The name of the financial instrument and the name of the project will be printed on the investment certificate. The overview of the specific financial instruments depends on your selection of financial products in the first step of creating the emission.

In general, you can choose from the following financial instruments:

Alternative Instruments

Subordinated loans, Participatory loan, Profit participation right, Profit participation right (not HGB EK), Silent participation, Other financial instrument

Alternative Investment Funds

Reserved Alternative Investment Fund (RAIF), Closed-end funds, Special-AIF

Security

Profit participation certificate, Profit participation certificate (not HGB EK), Bearer bond, Registered bond, Registered share

Investment process

Select the investment process that suits your product. The basic compliance settings are defined by the selection of which distribution channel you selected.

Internal emission reference

The reference can be freely selected and is used for internal reference.

Maximum volume

The maximum amount that may be invested in this emission. This may not exceed the maximum volume of the project.

Additional information for Security emissions

If you issue a security, you must provide further information in this section. The ISIN of the security is mandatory and must be entered for each security emission.

If accrued interest is payable on the investment, this must be specified. In addition, the dates for the start of the calculation and the subsequent date must be provided.

Payments

Define the payment provider through which investments are being processed

• Own payment processing: Enter the details of the account to which investors should transfer the investment amounts.
• secupay: Enter the API key that you received from secupay in advance or request an API key (this is subject to a fee). This functionality is only available if a platform API key has been entered in advance in Settings - Integrations - API Keys.
• Bankhaus Gebr. Martin: Enter the data of Bankhaus Gebr. Martin and the ISIN number of the security.

Choose a Interest calculation method.

You can select one of the following options: ISDA Actual/360, ISDA Actual/365, ISDA 30E/360 (Eurobond Basis), ISDA Actual/Actual, ICMA Actual/Actual

If an agio (emission premium) is due for investments, you can enter the amount as a percentage value.

Taxes

Define whether taxes (under German law) are charged for this emission. This function refers to the capital gains tax that must be paid for all investors. If you select Yes, solidarity surcharge and capital gains tax are calculated and paid.If individual investors are not liable to pay tax, they can be exempted from paying tax via the detailed view in the investors menu item.

If extended tax information is requested, the tax ID, the tax number and the registered office of the tax office including address are mandatory for investors.

Investment Settings

Define a minimum and maximum investment amount for investors. You can also define the divisibility of the investment amount.

Subscription Process

Custom templates for additional queries

If you have already created templates under Settings - Platform - Custom queries, you can add them here. You have the option of determining the order if you want to add more than one to your investment process. If you have not yet created any query templates, click on "Create new template" and you will be forwarded directly to Settings - Platform - Custom queries.

Your own queries are completely customizable and can contain elements such as text fields, checkboxes or radio buttons. You can freely define which information should be printed on the investment certificates.

Adequacy audit templates

This step is not required for self-brokerage. If an intermediary distributes the emission, a template for the adequacy audit must be selected in most cases. The adequacy audit must be made available to the investor as a questionnaire during the investment process. The exception here is brokerage in accordance with Section 2 VermAnlG. If you have created a template under Settings - Platform - adequacy audit, you can add it here. If you do not have your own adequacy audit template, you can use the "Frankfurt Standard" provided by portagon.

Checkboxes

You have the option of defining mandatory checkboxes that are displayed to investors during the investment process and must be confirmed by them.

The checkbox text for preliminary information is displayed after the documents marked as preliminary information have been sent. The checkbox is usually used as confirmation of receiving the documents.

The summary checkboxes are displayed in the last step before the investment is completed. You can define two checkboxes here.

Sample texts for the checkboxes are displayed in the creation form.

Investment sum suggestions

You have the option of making suggestions for investment amounts to your investors, so that they can quickly select an amount. However, they can still enter an individual amount. The suggestions should be based on the minimum and maximum investment amounts of the emission.

Marketing Tools

Bonus codes

If you would like to offer your investors a bonus, such as a cashback bonus, you can create this in the Marketing Tools menu item under Bonus codes and activate it for an emission. To do this, first select a query that defines the text to be displayed to investors and then one or more rules. The bonus code appears in the first step of the investment process after entering the investment amount.

Compliance

Investor information delay

Here you can optionally set a delay (in minutes) before investors can continue the investment process after receiving the preliminary information through the automatically generated link sent to them via email.

Identification method

Select the provider to be used for identification when investing in this emission. You specify the threshold value directly below the provider selection. Issuers are legally obliged to identify investors from an investment amount of €15,000. However, some brokers and issuers would like to identify investors from the minimum amount specified above.

Eligible Countries

If you would like to exclude residences and nationalities from investments, you can make a corresponding selection in the last two fields.

We hope we have been able to help you. If you have any further questions, please contact our support team.