29 Jul 2020

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.


John Forbes

John Forbes

Independent Consultant, John Forbes Consulting

John Forbes is an independent consultant advising real estate investment managers, investors and others in the real estate industry in the rapidly changing areas of product development, governance and regulatory matters for real estate funds.  He has advised on the restructuring of high profile open and closed-ended real estate funds in the UK and elsewhere in Europe, as well as the establishment of new funds. He has advised service providers to the real estate investment management industry on the strategic implications of regulatory and other changes.  Prior to setting up John Forbes Consulting LLP in 2013, he spent over twenty-five years with PwC, where he led the firm's Real Estate Industry Practice in Europe, the Middle-East and Africa across all of the firm's services to the real estate industry.

 John is the chairman of the Independent Supervisory Board of the UBS Triton Property Fund, independent chair of the Urban Splash Residential Fund and non executive chairman of Ginkgo Advisor UK Limited.