Virtual Exchange Series: Implications of AIFMD2

Description

The NAREIM Virtual Exchange Series is a new set of short, interactive discussions by members for members around timely operational topics and peer insights. 

Once registered, participants will receive an Outlook calendar invitation directly from NAREIM. ZOOM dial-in details will be shared one week prior to the meeting.

This meeting will not be recorded.

DETAILS

Wednesday, May 13
Location: ZOOM Link
Time: 2:00pm - 3:00pm ET

AGENDA 

Welcome Remarks

• Katie Maher, Deputy Chief Compliance Officer, Cabot Properties
• Jeff Jacobs, Chief Legal Officer, PGIM Real Estate

Presentation: AIFMD2 - Implications for U.S.-Based Investment Managers
The European Union's Alternative Investment Managers Directive (AIFMD) has undergone a review process and the amended Directive, AIFMD2, came into force on April 15, 2024, requiring implementation by European Economic Area (EEA) member states by April 16, 2026. Although AIFMD2 does not constitute a complete overhaul of the original rules, it affects several aspects of real estate investment management for non-EU managers and sponsors with EU investors or fund structures. The presentation will focus on these key impacts, including marketing under the National Private Placement Regime, investor and regulatory reporting requirements, and ‘liquidity management’ requirements.

Speakers:

• Justin Cornelius, Partner, Goodwin Procter
• Andrew Henderson, Partner, Goodwin Procter

Discussion: What Are You Seeing?
Attendees will be invited to share how their firms are interpreting AIFMD2 requirements and what changes they are implementing to fund structuring and fundraising strategies. Peer-to-peer sharing will be encouraged to surface key implementation challenges—including areas of regulatory ambiguity, operational complexity, and divergent market practices—while highlighting where further regulatory guidance or industry consensus is still needed.

Virtual Exchange Adjourns

Note: The 2026 Legal, Compliance & Risk committee will soon come together to begin planning the group's annual in-person meeting, which will take place in New York City on November 4, 2026. Registration is open.