On 17 June, AREF held the first session in our new FUNDamentals Training Series, designed to build knowledge and confidence around the structuring and operation of real estate funds. While this was originally intended to be an in-person event, it was held as a webinar due to unforeseen circumstances—and we were pleased to welcome a wide range of participants from across our membership.
Sponsored by the Aztec Group, the session opened with a short introduction from Ben Grainger, who also shared details of Aztec’s new NextGen networking group for young professionals, before the main training began.
The session focused on the foundations of fund structures, setting the scene for the five sessions still to come.
We were joined by Charles Crowe (Managing Director, PGIM Real Estate) and Darren Stolzenberg (Partner, CMS), who led the training. They covered:
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An overview of the current investment environment and opportunities
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Fund structuring and regulatory frameworks (including AIFMD)
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The differences between open-ended and closed-ended funds
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Fund vehicles such as limited partnerships, REITs, JPUTs and the new Reserved Investor Fund (RIF)
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Key considerations around deployment, leverage, fees and fund lifecycles
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Trends in thematic investment, operating platforms and evolving investor needs
The session also included practical insights for fund managers, particularly around capital raising, redemptions, and how to navigate today’s challenging market conditions. Charles and Darren also answered questions from attendees on fund structures, VAT implications, RIF applications and more.
View Recording, Slides, Podcast
The materials are available to AREF members via the secure Members Area of our website. Please click here or the blue button to log-in and view.

We’d like to thank Ben Grainger and the team at Aztec Group for their generous sponsorship of this series, and to Charles and Darren for delivering such a comprehensive and engaging session.

Next session: Introduction to Fund Transactions – Tuesday 8 July, by webinar. The October session will take place in person.