This guide gives a quick review of some of the most popular fund vehicles for institutional investment in real assets.
The selection of a vehicle has a number of common themes including the location of the assets, management and the investors. Funds targeted at local investors and markets will frequently involve suitable local vehicles. The position changes where the assets are more spread, and investors are more international. In these cases, such as the UK and Luxembourg are popular fund jurisdictions, but the choice is not exclusive.
Structures are also selected due to structural flexibility, tax and regulatory reasons, such as the Alternative Investment Fund Managers Directive (AIFMD). They also often combine vehicles in more than one country. These aspects are reviewed in outline in this guide. Advice should always be sought on a specific structure.
CMS can give you direct access to cutting-edge knowledge and insights into the latest trends in fund terms, tax, regulation and markets. Whether you need strategic or transactional advice, whether you are fundraising or investing, whether you are operating domestically or internationally, we can deliver effective, bespoke solutions to meet your needs. With clear, commercial and pragmatic advice, we can help you navigate every challenge of the funds environment – old and new alike – to manage your risk and seize your opportunities.