The ongoing tax and regulatory developments put increasing pressure the requirements fund structures have to meet in order to be efficient, compliant, sustainable and attractive to investors. Particularly on the tax side there is a paradigm shift with the focus now changing from “substance” to the “business rationale” of a structure.

From a professional standards perspective we consider this a very relevant topic as good fund governance entails designing a fund structure that is not only compliant with the tax, legal and regulatory requirements as they apply at the inception of the fund but also as they are expected to apply during the fund’s term. The round table allowed the participants to share their perspectives and experiences on the developments in the fund-structuring and fund-raising process thereby engaging in peer-to-peer learning.

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ANREV Professional Standards Committee would like to thank the participants who have engaged in the discussion as well as Joep Ottervanger from Loyens & Loeff and Eric Roose from Withers KhattarWong, who kindly helped to facilitate the discussion and wrote this paper.

To learn more about this Committee, please click here.