ALFI REIF Survey 2022

Welcome to the ALFI REIF survey 2022.

Year on year, our survey offers a more comprehensive picture of the real estate investment fund market in Luxembourg.

This 16th edition illustrates the continued strength and resilience of Luxembourg’s real estate investment sector, confirming that, despite geopolitical uncertainties this year in Europe, Luxembourg remains the favoured location to establish and maintain multi-geographical and multi-sectoral regulated REIFs, which continue to appeal to institutional investors and fund managers from around the world.

In the 2022 edition, the number of surveyed REIFs has continued to increase reaching 621 vehicles, up 20% compared to 2021.  By Q3 2022 AuM reached EUR 126.769 bn* which is a 25.12% increase compared to the same period last year. With numerous new funds launched by initiators and AIFMs in Europe and the USA, and few REIFs encountering special situations over the period surveyed, the REIF market seems resilient although the impact of geopolitical uncertainties is yet to be seen.

(*) Source: CSSF/ ALFI, net assets under management of Luxembourg investment funds (Part II funds and SIFs) as at 30 September 2022.


Net assets under management in Luxembourg real estate funds

Luxembourg Real Estate Investment Funds Survey 2022

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Total number of surveyed REIFs

EUR bn

By Q3 2022 AuM reached EUR 131.337 bn, a 25.8% increase compared to the same period last year.


increase in AuM compared to the same period last year.

Continued growth for larger funds

One major trend observable is that larger funds, in excess of one billion EUR AUM, see continued growth. When looking at launches in 2022, it is not a surprise that numbers are low, as we expect substantially more funds to be reported for 2022 in next year’s survey.

Interest in RAIF remains

Statistics confirm that the interest in RAIF has not slowed down, with a total of 172 funds surveyed, compared with 134 in 2021.

Europe, main investment destination

Similar to 2021, 66% of the surveyed REIFs invest in Europe, whereas 8.2% of funds invest globally, 9.2% in North America and 6.9% in the Asia-Pacific region.

SCS/SCSp continue being popular

The use of SCS/SCSp legal forms con-firms their popularity since their introduction into Luxembourg law in 2013 with 53% (53% as well in 2021 and 52% in 2020).

Multi-sector strategy, the new trend

Multi-sector remains the most popular strategy for investors, with a 47% allocation

Smaller funds

Smaller funds continue to form the majority of REIFs, with 46.7% sub EUR 100 million.



Legal regime and structure


Origin of investors


Investment style

Target sectors

About this survey

The ALFI REIF survey is compiled annually by the ALFI head office with the help of the ALFI REIF Survey Working Group in the most comprehensive form possible.

The ALFI REIF Survey Working Group would like to thank all those involved in the survey, from responding to the survey questions and compiling the data to providing commentary.



The main objective of producing this survey is to gain an understanding of market trends rather than claiming to provide complete and comprehensive data, although a significant proportion of the Luxembourg REIF market is captured, see section V.



The ALFI REIF survey was conducted during the third quarter of 2022 and reflects the market composition as at the end of September 2022.

It is based on a comprehensive questionnaire that included questions relating to each fund’s:

  • liquidity management actions related to various factors (Covid-19, geopolitical, inflation and central bank responses),
  • legal structure and regime,
  • investment style,
  • geographical investment region,
  • target segment of investment,
  • net asset value (NAV), gross asset value (GAV) and target gearing,
  • distribution method,
  • fees,
  • investor type and origin,
  • accounting standard (GAAP),
  • consolidated accounts,
  • valuation methodology, and
  • service providers.

In order to offer additional perspective and insight into market trends, certain results are compared with those of previous ALFI surveys.