To be classified as an investor or funds of funds/ multi manager member your company needs to meet the following definitions or in some cases provide evidence of your activities.
Investor member definition
INREV Investor members shall include investors whose role is to invest directly into non-listed real estate vehicles on their own account and/or on behalf of partners with full discretionary power, where non-discretionary capital is below 15% of the total invested capital into non-listed real estate.
Most of the capital is balance sheet capital from the main investor organisation and only like-minded investors are allowed to invest alongside the main capital provider.
This may include:
- Pension Funds including Pension providers owned or controlled by pension funds and/or social partners;
- Life Insurance Funds;
- Insurance Companies;
- Sovereign Wealth Funds;
- Family Offices / High Net Worth Individuals;
- Charities / Endowment;
- Any other organisation approved by INREV in its absolute discretion.
An Investor Member may be an organisation or a division of a broader organisation, whose investor function can be demonstrated to be organisationally separate from any investment management, advisory, capital raising or other activities that could potentially give rise to a conflict of interest with other INREV Investor Members.
Funds of funds / Multi manager member definition
INREV Funds of funds / Multi Manager members shall include investors whose role is to invest directly into non-listed real estate vehicles on their own account and/or on behalf of clients with full discretionary power, where non-discretionary capital is above 15% of the total invested capital into non-listed real estate.
This may include:
- Investment Managers with an organizationally separate investor function;
- Multi Managers and Fund of Fund managers;
- Consultants
- Private Bank
- Any other organisation approved by INREV in its absolute discretion.
A Fund of funds / Multi manager Member may be an organisation or a division of a broader organisation, whose investor function can be demonstrated to be organisationally separate from any investment management, advisory or other activities that could potentially give rise to a conflict of interest with other INREV Investor and Fund of Funds / Multi-Manager Members.
Self-certify
Any delegate appointed by the Investment Manager as the representative for its separate Investor or Fund or funds / Multi manger membership may be required to self-certify (and provide evidence to INREV, if required) that their principal role is that of an investor and that they are organisationally separate from any investment management or equity raising activity.
Examples:
Organisation A is carrying out organisationally separate investment management activities within its subsidiary AA and organisationally separate investor or fund of funds management activities in its subsidiary AB.
| Case 1 | Case 2 | Case 3 | Case 4 |
|---|---|---|---|
| Organisation A applies for INREV membership, it will be regarded as an Investment Manager member; staff of subsidiary AA may participate in events targeted at Investment Managers Only, while investor staff of subsidiary AB may not participate in Investor Only events or Investment Manager Only events and will not qualify to join the Investor Advisory Council or have access to Investor Only restricted areas of the website. | Organisation AA applies for INREV membership, it will be regarded as an Investment Manager member; staff of organisation AA may participate in events targeted at Investment Managers Only. Investor staff of organisation AB may not participate in Investor Only events or Investment Manager Only event and will not qualify to join the Investor Advisory Council or have access to Investor Only restricted areas of the website. | Organisation AB applies for INREV membership. If AB wants to be regarded as Investor or Fund of fund/ Multi manager member then only staff of organisation AB may participate in Investor Only events, join the Investor Advisory Council or have access to Investor Only restricted areas of the website. Organisation AA does not have Investment Manager membership; therefore, staff of organisation AA may not participate as member representatives in events targeted at Investment Managers Only or join the Fund Managers Advisory Council. | Organisation AA and AB apply for separate INREV memberships. AA will be regarded as a Investment Manager member; staff of organisation AA may participate as member representatives in events targeted at Investment Managers only or join the Fund Managers Advisory Council. AB will be regarded as an Investor or Fund of fund/ Multi manager member, only staff of organisation AB may participate in Investor Only events, join the Investor Advisory Council or have access to Investor only restricted areas of the website. |