Indirect Property Group

The Indirect Property Group was set up in November 2008 to focus originally on unlisted pooled equity investment funds (whether closed- or open-ended) that are managed by an independent third party. 
The remit of the Group has since been extended to include debt funds (whether closed- or open-ended) and other corporate vehicles, both listed or unlisted, that enable indirect investment in the UK property market.



•    Be a focal point for the IPF on indirect property investment; 
•    Increase the industry's understanding of indirect investment and associated vehicles and structures;
•    Lead on promoting research into key issues; and
•    Liaise with other relevant groups within the IPF, e.g. PDIG, and external organisations, e.g. AREF, BPF, BVCA, EPRA, INREV and ULI.


To consider:

•    The impact of Brexit provisions on the UK unlisted investment funds industry;
•    The impact of local government pension scheme (LGPS) investment pooling;
•    Liquidity within indirect property products; and
•    The role of property within the defined contribution pension regime.

Indirect Property Funds Group member biographies


Members of the Group joined the Project Team of the End of Fund Life Project, launched jointly by AREF, IPF and INREV in September 2015. See press release here

An industry consultation during the first half of 2016 sought to identify simple overriding principles that would aid the real estate industry in enhancing the end of fund life processes.  This consultation also led to the development of guidance and best practice on the key criteria identified – as detailed in the final report published on 27 September 2016 and available to download below: 

End of Fund Life Report 2015-16

Articles written by members of the Group

Members of the Group have contributed a number of articles to the IPF’s Journal, Investment Property Focus, as detailed below: 

Co-investment alongside discretionary funds: a growing trend’: A summary of the panel discussion organised by members of the Group in October 2015 to explore the rationale for this emerging trend and to take a look at the strategies for securing and deploying co-investment capital. Focus No. 29, Winter 2015

Benchmarks and measuring performance – what is changing?’: Matthew Abbott, Mercer, summarises the thoughts of members of the Indirect Property Funds Group who participated in a round table discussion on the topic. Focus No. 27, January 2015

Hold the Gherkin’: Graeme Rutter of Schroders and Justin Cornelius of Berwin Leighton Paisner outline the attraction of large iconic UK property investments to Asian investors and the legal structures through which their purchases are made.  Focus No. 27, January 2015

Lessons for property funds following the crisis’: Sue Forster, IPF, reports on the IPF/AREF seminar, where participants considered what had changed within the property funds sector since the global financial crisis and whether further changes were required. Focus No. 26, September 2014

The benchmarking of property fund performance – Under Pressure?’: Graeme Rutter, Schroders, considers whether commonly-used property benchmarks are fit for purpose. Focus No. 23, April 2013 

Secondary liquidity and misleading NAVs’: Dan Batterton, Legal & General Property explores whether unlisted funds are really liquid and the reasons for this perception. Focus No. 24, July 2013

Solvency II and IORP update’: John Forbes provides an update on Solvency II and Occupational Retirement Provisions (IORP). Focus No. 24, July 2013

Terms of endearment’: Matthew Abbott, Mercer considers key areas of fund governance that still need addressing. Focus No. 24, July 2013

‘At a global tipping point’: John Forbes, PwC discusses the impact of shifting global power and the impact this may have on the real estate investment management industry. Focus No. 23, April 2013

Solvency II and real estate funds’: John Forbes, PwC, explains the impact that the implementation of the Solvency II regulations for European insurance companies will have on the  real estate industry. Focus No. 19, December 2011