PIE – Purpose Impact Economy SPV
Pre-Marketing Fund Facts
German Spezial-AIF | Evergreen | SFDR Article 8 | Professional Investors Only
0. At a Glance — Executive Summary Table
Parameter | Details / Placeholder |
Fund Name | PIE – Purpose Impact Economy SPV |
Legal Form | Offener Spezial-AIF (§ 284 KAGB) |
AIFM / KVG | [TBA] |
Investment Advisor | wait, what. AG (Zürich) |
Fund Strategy | Asset-backed financing of circular consumer goods |
Geography | European Union |
SFDR / Taxonomy | Article 8 · Target ≥ 60 % taxonomy alignment |
Target Fund Size | € 25 m (total) · 20 % equity · 80 % debt |
Structure | Standalone evergreen SPV with ABS pool |
Typical Ticket | € 1 m |
Target IRR (net) | > 12 % p.a. |
Target Yield (distribution) | ~ 6 % p.a. |
Duration | Evergreen · rolling 2-4 year product cycles |
Exit Mechanism | Product-linked repayment / refinancing |
Collateral Type | Receivables + asset pledge on physical goods |
Launch / First Close | Marketing Q4 2025 · First Close Q1 2026 |
Currency | EUR |
Minimum Commitment | € 0.5 m |
Target Investors | Private / Family Office Investors (professional only) |
1. Philosophy & Vision
“We finance ownership models that keep products —and resources— in motion.”
PIE bridges impact finance and everyday life.
By owning pools of high-quality, circular consumer goods—such as modular furniture, kids’ toys, and home systems—PIE turns depreciation into regeneration.
Each investment expands an ecosystem of purpose-driven brands proving that reuse, repair, and shared ownership can be financially self-sustaining.
2. Investment Thesis — Why Now / Why Us / Why This Strategy
Why Now — EU circular-economy policies and consumer demand are redefining value chains. Physical assets with reuse potential create new collateral classes for impact yield.
Why Us — The wait, what. ecosystem unites finance, product-design, and data tracking — linking asset pools with measurable carbon and waste savings.
Why This Strategy — PIE’s mezzanine-ABS hybrid funds the “use-phase” of circular goods – earning returns as users renew, upgrade, or repurchase sustainably.
3. Manager & Track Record
- wait, what. (Zürich) – systemic investment advisor for real assets and circular finance.
- PIE SPV – dedicated Spezial-AIF for circular consumer assets within the wait, what. platform.
- Founding team experience > 15 years in structured finance and impact ventures.
- Reference platforms: ARC (Circular Real Estate Mezzanine) · PIF (Placemaking Fund) · VIAE (Systemic Infrastructure).
4. Investment Strategy & Structure
4.1 Investment Profile
- Objective: Provide asset-backed growth finance to circular goods companies.
- Assets: Modular furniture, children’s toys, and durable consumer goods designed for reuse and refurbishment.
- Mechanism: Purchase / finance product inventories or receivables and receive repayment linked to use or resale cycles.
- Deal Size: € 1 m average.
- Exit: Refinancing through banks or ABS pool sale.
4.2 Structure Overview
Layer | Function / Entity |
Legal Form | Offener Spezial-AIF (§ 284 KAGB) |
AIFM / KVG | [TBA] |
Investment Advisor | wait, what. AG |
Depositary / Custodian | [TBA] |
Auditor | [TBA] |
Tax Status | Transparent under InvStG |
Liquidity | Rolling redemption after each product cycle (2-4 yrs) |
5. Market Context & Opportunity
- EU Circular Economy Action Plan creates mandatory re-use targets (2024–2030).
- Consumer goods worth € 500 bn p.a. in Europe are under-financed for reuse and take-back models.
- PIE structures purpose capital for “Circular-as-a-Service”: assets stay in circulation, cash flows stay predictable.
Anchor brands: Nomadi (mobility-based ownership models) and Parkly (modular urban furniture).
6. ESG / Impact Framework
Classification: SFDR Article 8 – Promotes environmental and social characteristics.
Taxonomy Alignment: Target ≥ 60 % taxonomy eligible activities (EU Circular Economy Objective § 10).
Verification: External impact audit by third-party ESG assessor (TÜV / DNV recommended).
Dimension | Indicator | Target (Portfolio Avg.) |
Carbon Impact | t CO₂ avoided per € 1 m financed | > 250 t CO₂ eq |
Waste Reduction | % of assets re-used / remanufactured | ≥ 80 % |
Social Equity | % workforce in inclusive circular supply chains | ≥ 30 % |
Reporting Standard | Impact weighted accounting framework | Annual external review |
Impact Narrative: Each loan funds real, measurable reductions in waste and carbon while expanding ownership models that strengthen local employment and product longevity.
7. Financial Overview & Key Terms
Term | Details / Placeholder |
Total Fund Size | € 25 m (total) · 20 % equity · 80 % debt |
Target IRR | > 12 % p.a. (net) |
Target Yield | ~ 6 % p.a. distributed |
Leverage / ABS | Securitised pool structure (ABS tranches) |
Duration / Cycle | Evergreen · 2–4 yr repayment |
Exit Mechanism | Product-linked repayment / refinancing |
Fees | Mgmt Fee __ % · Perf Fee __ % > __ % hurdle |
Auditor | [TBA] |
Reporting | Quarterly financial + impact reports (SFDR L2) |
8. Governance & Risk Management
- Independent Investment Committee via AIFM / KVG.
- Risk framework covers counterparty default, market liquidity, valuation of receivables, ESG non-alignment.
- Valuation by external auditor (IDW S10 / IFRS 9 ECL).
- Impact Advisory Board to review PAI and taxonomy metrics annually.
9. Pipeline & Partnerships
Committed Pipeline: € 1 m across Nomadi and Parkly circular goods.
Brand / Partner | Asset Type | Volume (€ m) | Status |
Nomadi | Circular mobility & furniture leasing | 0.5 | Active |
Parkly | Modular urban furniture | 0.5 | Under review |
Partnerships under discussion with certifiers (DGNB Circular Product Label) and EU Circular Valley initiative.
10. Reporting & Transparency
- Quarterly financial and impact statements to investors.
- PAI Indicators (1–14) reported annually under SFDR L2.
- Carbon / waste dashboard per portfolio asset available through secure data room.
11. Timeline & Lifecycle
Phase | Period | Milestone |
Pre-Marketing | Q4 2025 | Investor engagement and NDA stage |
First Close | Q1 2026 | Deployment of initial € 3–5 m |
Cycle 1 | 2026 – 2028 | ABS pool established · rolling repayments |
Re-Investment Phase | 2028 onwards | Continuous deployment from repaid capital |
12. Contact & Next Steps
Role | Contact |
Managing Partner | Tobias Temmen · tobias.temmen@wait-what.co |
Investment Advisor | wait, what. AG (Zürich) |
AIFM / KVG | [TBA] |
Address | wait, what. AG · Zürich · Switzerland / wait-what.co |
Next Steps: NDA → Data Room Access → Term Sheet → Subscription.
Annex A — Extended Risk & Legal Disclaimers
(for pre-marketing under KAGB § 306 / AIFMD Art. 30)
- This document is a marketing communication for professional investors only.
- It does not constitute an offer or invitation to subscribe for interests in an AIF.
- Performance targets are forward-looking estimates and not guarantees.
- Investments may lose value; liquidity depends on product repayment cycles.
- Tax treatment depends on the individual investor and may change.
- Reproduction or redistribution without written consent is prohibited.