The AREF CTI & Expense Ratio Working Group has been providing input via the Technical Expert Panel to Cost Transparency Initiative (CTI) which is an industry standard for institutional investment cost data. The CTI have now updated their website for the work that the working group has done on closed ended fund reporting. What was the CTI Private Equity Sub-template is now:
The Private Markets Sub-template is a cost disclosure template to be completed by asset managers of closed-ended private equity, private debt and real estate (property) funds.
and so can be used for closed-ended real estate funds and real estate debt funds, which was the objective of the working group in asking for the change. The template now includes property level cost disclosures (the same as in the standard template) and can be found here.
A Q&A can be found on the AREF website here.
The working group will now be moving on to its next task, reviewing and updating AREF expense ratios.
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