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Secondary Markets and Liquidity Committee


The goal of the secondary markets and liquidity committee is to formulate standardised language for use in the documentation of non-listed real estate vehicles. This will help to increase liquidity, which will in turn stimulate the creation of a secondary market.

Key objectives

  • The committee explores and provides guidance on issues related to liquidity in the non-listed market and how these have led to secondary markets.
  • Contribute on an ongoing basis to update the (Liquidity) Guidelines
  • Develop best practice guidelines for all types of fund exits in both open and closed ended real estate funds.
  • Promote best practices for liquidity
  • Identify opportunities for standardised language in documentation
  • Increase awareness of and activity in secondary trading of unlisted funds
  • Provide guidance and discuss the influence of national regulations on secondary trading and liquidity in general to understand any barriers in different European countries, public disclosures and redemption mechanism.


Committee members

Name Company Country
Thomas Kallenbrunnen (Chair) GARBE Germany
Ashley Marks (Vice-Chair)   United Kingdom
David Dix  The Townsend Group, an Aon Company United Kingdom
Jakob Kær Bille Krogh Nielsen PFA Pension Forsikringsaktieselskab Denmark
Keeran Kang  Partners Group United Kingdom
Kieran Farrelly StepStone Group United Kingdom
Lauren O'Brien AREIM AB United Kingdom
Sander Veltman Syntrus Achmea Real Estate & Finance The Netherlands
Sonia Gonzalez Valverde Shell Asset Management Co The Netherlands
Steffen Hartmann Helaba Invest Germany


Related Information

Better frameworks for fund liquidation and investor exits

The Liquidity Module helps investors understanding their liquidity rights and managers to fairly manage subscriptions, redemptions and secondary transactions.

Learn more about INREV Liquidity Guidelines

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