Home / Publications / CMS Funds Market Study 2021 / Sample Funds
Table of contents
  1. Summary of study findings
  2. Sample Funds
  3. Interview with Anne Breen, Aberdeen Standard Investments
  4. Strategies
  5. Fund terms
  6. Interview with Edmund Craston, PATRIZIA
  7. Management fees
  8. Interview with Austin Mitchell, Nuveen
  9. Management fee step down rates
  10. Carried interest
  11. GP commitment
  12. Redemptions and limits on liquidity
  13. Interview with Matthias Reicherter, Golding Capital
  14. Governance
  15. Interview with Eric Byrne, UBS
  16. Predicted fund trends
  17. Glossary of terms
  18. CMS Funds Market Study 2021 - Webinar materials

Sample Funds

Jurisdictions

Chart below shows the breakdown by jurisdiction for the Sample Funds, with Luxembourg dominant for European funds and Delaware dominant for funds aimed at US investors. Most of the funds in the sample were marketed at European investors and therefore Luxembourg funds are common in the sample.

Fund location


Chart below shows the types of funds that have been advised on by our Asian offices. Cayman, Delaware and Luxembourg are the most popular structures.

Sample Funds advised on in Asia


Funds in the sample

The Sample Funds covered a range of asset classes with a majority focused on real estate and private equity (see chart below).

Types of Sample Funds


Structures of the Sample Funds

The majority of the Sample Funds are closed-ended whilst those classed as open-ended funds typically allow redemptions on a limited basis as they hold illiquid assets.

Open Ended/Close Ended Funds Sample Funds


In 2020, several UK open-ended property funds in the retail sector needed to suspend redemptions (none of which feature in this study). Although few semi-open-ended private funds have suspended redemptions, some investors now question the extent to which allowing redemptions in funds investing in illiquid assets ought to be permitted. Anne Breen, Head of Investment Strategy (Real Estate) at Aberdeen Standard Investments remarks: “So the recent environment hasn’t been positive for open-ended funds, because obviously for investors it is fairly challenging when the funds are suspended.” Our research indicates that even though the Covid crisis has highlighted difficulties with valuation methods and redemption gates in times of stress, there is still demand for funds offering periodic redemptions.

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