Joachim Mogck, Co-Founder and Partner of Berlin-based fund law boutique Orbit, takes us through German fund structuring from a tax perspective, focusing on the strategic fork between non-trading and trading fund profiles — and why the choice can materially influence foreign LP appetite, admin burden, and tax leakage. We discuss the practical role of Germany’s PE tax framework (the “PE Decree”), what actually makes a structure robust in real life (governance, documentation, and consistency), and how to think calmly about risk narratives that can distort decision-making. Joe then moves to pragmatic structuring tools for “trading” scenarios: blocking/feeder concepts, parallel vehicles, and “fine-tuning” via workflows and LPA mechanics, plus what emerging policy direction could mean for future fundraising routes.