As part of the evolution, INREV also launched a web-based self-assessment tool allowing fund managers to check their compliance with the reporting module from the guidelines. But INREV did not work independently and counted on its members to be proactive in assisting the association to streamline its guidelines. Carpenter adds that these will be monitored, reviewed and redrafted consistently to reflect changes in the unlisted real estate fund market. “We encouraged members to actively participate in the guidelines integration process as well as provide input for the set-up of a compliance framework through workshops and committee meetings.”

 

The integration of the guidelines was considered an important step in implementing common principles and recommendations for governance and transparency in what has now become a major investment asset class that continues to grow. The launch of a single set of guidelines made it easier to meet the demands of fund managers who are increasingly looking for common direction, and of investors, who continue to support their implementation. 

 

“But we offer more than just guidelines. We also provide verification tools to review any fund’s compliance, which ultimately helps investors make more informed choices and the actual fund managers in marketing their products. We will continue to consult with members to ensure we can further develop and refine the guidance and information we offer as well as enhance the multi-faceted skills they bring to the table,” Carpenter concludes.