Key Takeaways
- • LuxReal convened an Investment Funds Forum addressing regulatory reform in Luxembourg's real estate fund industry, featuring sessions on reserved alternative investment funds, EU anti-BEPS directives, and risk management frameworks.
- • Reserved alternative investment funds were positioned as a regulatory tool to accommodate oversight requirements, with Jones Day partner Catherine Martougin leading discussion on this emerging fund structure.
- • EU anti-BEPS compliance emerged as a key concern for alternative investment fund managers, with EY's Gergely Szatmari (director of tax for alternative investment funds) addressing whether operators should expect material regulatory impact.
- • Risk management in real estate investments formed a central session, with RICS Luxembourg and LRI Invest SA contributing expertise on operational and portfolio-level safeguards as reforms reshape fund operations.
- • The forum examined how the real estate fund industry is adapting to regulatory reforms, with industry leaders assessing both compliance challenges and competitive positioning in a shifting landscape.
Summary
LuxReal, Luxembourg's real estate association, hosted an Investment Funds Forum on June 23, 2025, bringing together institutional investors, fund managers, and professional advisors to address structural and regulatory changes affecting the real estate fund industry. The event was led by Vincent Bechet (president of LuxReal) and René Ensch (partner at EY), establishing a dialogue between industry operators and professional services leadership.
The forum's agenda centered on three primary regulatory and operational themes. Reserved alternative investment funds—a newly emerging fund vehicle—were examined as a mechanism to balance regulatory oversight with operational flexibility. Catherine Martougin, a partner at Jones Day specializing in fund structures, presented on how this tool accommodates compliance requirements. Separately, Gergely Szatmari from EY's alternative investment funds tax practice addressed the EU's anti-BEPS directive, helping investors and managers assess materiality and compliance obligations.
Risk management in real estate investing received dedicated coverage from RICS Luxembourg and LRI Invest SA, with Jürgen Wiegand (MRICS, director of business development at LRI Invest SA) leading a session on frameworks for identifying, measuring, and mitigating risks specific to real estate fund portfolios. The overarching forum theme—"How the real estate fund industry is facing or surfing on reforms?"—positioned regulatory change as both a challenge and potential competitive advantage for market participants navigating Luxembourg's evolving fund environment.
The event concluded with a cocktail reception, facilitating networking between fund managers, legal counsel, tax advisors, and institutional investors. Registration and additional details were available through LuxReal's official channels.
The forum's agenda centered on three primary regulatory and operational themes. Reserved alternative investment funds—a newly emerging fund vehicle—were examined as a mechanism to balance regulatory oversight with operational flexibility. Catherine Martougin, a partner at Jones Day specializing in fund structures, presented on how this tool accommodates compliance requirements. Separately, Gergely Szatmari from EY's alternative investment funds tax practice addressed the EU's anti-BEPS directive, helping investors and managers assess materiality and compliance obligations.
Risk management in real estate investing received dedicated coverage from RICS Luxembourg and LRI Invest SA, with Jürgen Wiegand (MRICS, director of business development at LRI Invest SA) leading a session on frameworks for identifying, measuring, and mitigating risks specific to real estate fund portfolios. The overarching forum theme—"How the real estate fund industry is facing or surfing on reforms?"—positioned regulatory change as both a challenge and potential competitive advantage for market participants navigating Luxembourg's evolving fund environment.
The event concluded with a cocktail reception, facilitating networking between fund managers, legal counsel, tax advisors, and institutional investors. Registration and additional details were available through LuxReal's official channels.
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