- Published date:
- 17 June 2025
On 17 June 2025, AREF held the first session in our new FUNDamentals Training Series, designed to build knowledge and confidence around the structuring and operation of real estate funds. While this was originally intended to be an in-person event, it was held as a webinar due to unforeseen circumstances—and we were pleased to welcome a wide range of participants from across our membership.
Sponsored by the Aztec Group, the session opened with a short introduction from Ben Grainger, who also shared details of Aztec’s new NextGen networking group for young professionals, before the main training began.
The session focused on the foundations of fund structures, setting the scene for the five sessions still to come.
We were joined by Charles Crowe (Managing Director, PGIM Real Estate) and Darren Stolzenberg (Partner, CMS), who led the training. They covered:
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An overview of the current investment environment and opportunities
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Fund structuring and regulatory frameworks (including AIFMD)
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The differences between open-ended and closed-ended funds
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Fund vehicles such as limited partnerships, REITs, JPUTs and the new Reserved Investor Fund (RIF)
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Key considerations around deployment, leverage, fees and fund lifecycles
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Trends in thematic investment, operating platforms and evolving investor needs
The session also included practical insights for fund managers, particularly around capital raising, redemptions, and how to navigate today’s challenging market conditions. Charles and Darren also answered questions from attendees on fund structures, VAT implications, RIF applications and more.
View slides and video recording below
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