With many institutional investors preferring to have greater involvement in strategy with investment managers and more control over their investments, the market for joint ventures (JV) and club deals (CD) structures continues to grow. According to our annual INREV Investment Intentions Survey, JVs and CDs are the second preferred capital route of entry for real estate allocations. This course gives participants a deeper understanding of market practices related to JVs and CDs.
If you are not an INREV member and wish to register, please contact INREV Academy.
This course gives participants the chance to examine market practices and developments, as well as learn about the fund manager and investor perspective on these products. It will also examine regulatory and tax issues and best practices for governance.
Through presentations from industry professionals, a panel discussion, as well as a case study, participants will gain a better understanding of the opportunities that can be found in this type of investment vehicle from formation to operation.
The course will cover the following topics:
- Rationale for investing through JVs or CDs from the investor and investment manager perspectives, including alignment and suitability
- Regulatory considerations and challenges for JVs and CDs
- Common structures and tax issues
- Governance and operational aspects
Practical examples and lessons learned
Upon completion of the course, participants will be able to:
- Understand the business case for JVs and CDs from both manager and investor perspectives
- Know the key business and legal terms and structures used for real estate JVs and CDs
- Have a good overview of governance provisions from decision-making frameworks and financing to liquidity mechanisms
- Gain specific knowledge about execution and operational risks
- Identify potential areas of dispute and misalignment
This course is tailored for professionals with several years of expertise in the non-listed real estate investment industry. It is ideal for institutional investors or investment managers who are considering entering a JV or CD, as well as those already managing these products and wanting to improve their knowledge of related aspects.
Location
This course is open to INREV members and non-members and counts towards the INREV/Henley Certificate for Non-listed Real Estate Investments.