Substance Survey 2019: Real Estate - KPMG Luxembourg
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Real Estate

Real Estate

Real Estate

Key figures at a glance

  • 20 GPs interviewed
  • 19 regulated AIFMs, 9 in Luxembourg
  • 550 employees in Luxembourg
  • 1,900 entities in Luxembourg
  • 107 investment funds in Luxembourg
  • €1.125 trillion of global assets under management

RE Luxembourg offices – employees and entities managed

The below chart illustrates the correlation between the number of employees and the number of entities managed by the RE firms surveyed.

On average, the GPs surveyed employ 15 people and manage 93 entities (represented by the red dot in the chart below).

Overall Market

Half of those surveyed has less than 11 employees, and half manages less than 83 entities in Luxembourg.

Internal organization of an RE office

The below chart illustrates the team composition of the RE offices surveyed.

internal organization of a Luxembourg office

RE offices are mainly staffed by accountants. There is a significantly higher number of paralegal experts in RE offices compared to PE offices. As RE offices are generally bigger than the average office, the weight of the director function is naturally smaller.

External organization of a Luxembourg office

External organization of an RE office

In the RE sector, 80% of Luxembourg investment fund offices outsource some back office functions. The main functions that are outsourced are tax, legal and accounting.

How do Private Equity funds consider their substance?

investment funds

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