- Published date:
- 04 March 2026
AREF’s FUNDamentals Training Series continued on Wednesday 4 March 2026 with Session Four, “Introduction to Fund Terms”, hosted by PGIM Real Estate.
Part of AREF’s six-part training programme, developed by the Education and Training Committee and sponsored by Aztec Group, the series aims to build members’ understanding of real estate funds across key areas of fund management.
Following a welcome from Aztec Group, the session was led by:
- Will Lawrence, Partner, Funds and Indirect Real Assets, CMS UK
- Martin Gilbert, Senior Director, DTZ Investors UK
The session explored key terms commonly found in fund documentation and the considerations investors should keep in mind when assessing them.
Key topics covered
Governance:
- When and How
- Core principles & Key players
- Some regulatory challenges
Economics:
- Fees
- Waterfalls
Liquidity Challenges:
- Open vs closed ended funds
- The liquidity crisis
The session included interactive discussion and questions, helping bring technical fund concepts to life through practical examples and investor perspectives.
Thank you to Aztec Group for sponsoring the FUNDamentals series, PGIM Real Estate for hosting, and Will Lawrence and Martin Gilbert for sharing their expertise.
View slides and video recording below
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