In November 2014, the German Financial Supervisory Authority, BaFin, issued a guidance notice with regard to the minimum investment criteria of German retail closed-ended funds, with a view to avoid so-called blind pool funds. Accordingly as of the end of the investment period of such a fund, at least 60% of its assets need to comply with specific and detailed investment criteria to be set out in the fund rules. The guidance notice is available here (in German).