The Alternative Investment Fund Managers Directive (AIFMD) has made risk management one of the fundamental functions for real estate investment funds. Given the importance of real estate for Europe’s alternative investment fund industry, RICS Europe has produced this guidance note to provide guidance to AIFMs on risk management for real estate.

It covers:

  • Purpose, target audience and effective date
  • The role of the AIFM real estate risk manager
  • Defining the approach of the AIFM real estate risk manager
  • Implementing valuation controls
  • Core office risk matrix, covering asset level risks and fund level risks
  • Glossary


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