Capital for Resilience Advisors (CFRA) observes how private markets, investment platforms and long-term capital systems are changing—and what those changes mean for senior decision-makers at asset managers, banks, insurers, platforms and institutional investors.
Our collaboration includes leading firms, institutions and think tanks. Our work is featured on leading platforms and connects market developments, regulatory requirements and commercial implications
THOUGHT LEADERSHIP
Recht der Finanz-instrumente (RdF) – Issue 3, 2026
Title: "AV-Depot und ELTIF: Governance der Zwei-Ebenen-Struktur und Anforderungen an Steuerrecht und Produktgestaltung"
Core Thesis: The Altersvorsorgedepot is not a simple new pension product; it establishes a completely new market architecture and private pension channel.
Authors: Dr. Oliver Heiland, CFRA; Dr. Marcus Helios, Grant Thornton
Key Insight: This paper details the strict legal and tax-law separation between Platform Providers (Level 1) and Investment Product Providers (Level 2). It provides the blueprints for how asset managers can decouple structural dependencies and design European Long-Term Investment Funds (ELTIFs) for the new German private pension channel.
DER BETRIEB (DB) – Issue 35, 2026
Title: "Gesamtrisikoindikation im AV-Depot" (DB 2026, pages 2141–2143)
Core Thesis: Under the new Altersvorsorgereformgesetz (AVReformG), the Summary Risk Indicator (SRI) becomes the critical operational lever for pension products.
Authors: Dr. Oliver Heiland, CFRA; Dr. Marcus Helios, Grant Thornton
Key Insight: The authors analyze the highly volatile "SRI Governance" required under the AltZertG. They outline major compliance risks for management, focusing on what happens during subsequent SRI rating fluctuations, how to handle portfolio risk aggregation, and how the SRI dictates not just initial depot certification but whether a fund is legally permitted to remain inside a citizen's lifecycle portfolio long-term.
DEUTSCHES INSTITUT FÜR ALTERS-VORSORGE (DIA)
Die nächste Phase der Altersvorsorge-reform (July 2026)
Authors: Dr. Oliver Heiland, CFRA; Dr. Peter Schwark, DIA
Focus: A high-level strategic outlook arguing that the reform transitions Germany from a fragmented landscape of isolated pension products into a unified, market-driven capital infrastructure ecosystem.
Privatwirtschaft als Rückgrat der Altersvorsorge-Reform: Gestaltungs-aufgaben vor dem Start des Altersvorsorge-depots (Mai 2026)
Authors: Dr. Oliver Heiland, CFRA; Dr. Peter Schwark, DIA
Focus: One of the first publications establishing the German private pension reform as new market structure and systematically outlining the market effects of the 2-level structure (2-Ebenen Struktur) for platforms and product providers. The articles outlines the design task for financial platforms, banks, and asset managers to position product offerings as the traditional Riester-Rente is phased out.
AV-Reform als Motor der deutschen Infrastruktur-wende (June 2026)
Authors: Dr. Oliver Heiland, CFRA; Dr. Peter Schwark, DIA
Focus: A dedicated framework mapping out how the AV-Depot can act as a catalyst to channel billions in retail citizen capital directly into German infrastructure projects without violating retail fiduciary safety guardrails.
JOURNAL FOR INTERNATIONAL BANKING AND FINANCIAL LAW
Featured in the Butterworths Journal of International Banking and Financial Law (JIBFL), this global series addresses the structural evolution of alternative investments.
Governance-by-design for private markets platforms: From Funds to Platforms (June 2026)
Authors: Dr. Oliver Heiland, CFRA; Chris Gardner, Dechert LLP
Focus: Diagnoses the systemic "governance paradox" where authority has shifted to multi-asset platforms, but fiduciary duties remain isolated in individual funds. Introduces Five Governance-by-Design Principles to manage cross-vehicle risk, platform-level valuation shocks, and structural conflicts of interest.
Governance-by-design for private markets platforms: From Platforms to Capital Infrastructure (July 2026)
Authors: Dr. Oliver Heiland, CFRA; Chris Gardner, Dechert LLP
Focus: Transitions theory into execution. Outlines how sovereign wealth and pension funds are operating as "platform architects" rather than passive investors, demanding overarching, institutionalized platform governance models.
