Indirect Property Funds Group

The Indirect Property Funds Group was set up in November 2008 to focus on unlisted pooled investment funds (whether close or open ended) that are managed by an independent third party. This would include private equity-style real estate funds together with sector specific, balanced and opportunity funds.

Geographically, the focus is on UK property, so funds based in Jersey and Luxembourg with UK property holdings are included within the Group’s remit.

Objectives of the Group

• Be an focal point for the IPF on indirect property investment;
• Seek to increase the industry's understanding of indirect investment and associated vehicles/structures;
• Lead on promoting research into key issues such as 'What lessons can we learn from the current financial crisis and what action should we promote as a result'; and
• Liaise with other relevant organisations, e.g. AREF and INREV.

Group’s top 3 priorities for 2009

To consider:

• The valuation of funds and the determination of NAVs, including the approach to valuing any indirect property holdings within a fund, derivatives, performance fees, debt etc;
• The degree of liquidity within indirect property products; and
• Levels of debt within funds.

Members of the Group

Phil Clark – AEGON Asset Management (Chairman)
Andrew Appleyard - Aviva Investors
Suzanne Ashwell - PricewaterhouseCoopers
Mark Bunney - ING Real Estate
Sue Forster - IPF
John Gallatly - BlackRock
Amanda Howard - Nabarro
Deborah Lloyd - Nabarro
James McDonald - Lovells
Guy Morrell - HSBC
Ros Rowe - PricewaterhouseCoopers
Graeme Rutter - Schroders
Julian Schiller - Jones Lang laSalle
Michael Stancombe - Lovells
Matt Tombs - Deloitte
Neil Turner - Schroders