Webinar - The Fund Resilience Playbook: Valuations, Liquidity, Cost & Credibility

Real Estate:UK, in partnership with Apex, hosted a webinar exploring how real estate funds are adapting their operating models under sustained market pressure. The discussion focused on the practical issues managers can control: fund structure, liquidity management, investor expectations, cost pressures, data, technology and operational resilience. A joint paper for members on the same topic is due to be published in July 2026.

Moderated by Lucie Liss, Fund Manager at Schroders, the panel brought together Marc Cox, Head of UK Sales at Apex; Paolo Alonzi, COO at Aberdeen Investments; Hugo Llewelyn, CEO of Newcore Capital; and Neil Meikle, CFA, Head of Private Markets Distribution at Legal & General. Together, they considered how the real estate fund management landscape is being reshaped by investor consolidation, fee pressure, liquidity scrutiny and rising operational standards.

A key theme was the growing influence of larger, more sophisticated investors, particularly as pension pooling and consolidation continue to gather pace. The panel noted that this is increasing pressure on fees, but also raising expectations around transparency, reporting, data quality and governance. Managers are now expected to demonstrate not only a strong investment proposition and track record, but also robust institutional-grade processes, clear audit trails, cyber resilience, risk management and the ability to meet increasingly detailed information requests.

Liquidity was another major focus. The panel reflected on previous gating cycles in UK open-ended real estate funds and questioned whether the industry, investors and regulators had always understood the nature of the liquidity challenge correctly. While views differed on the future of open-ended real estate structures, there was broad agreement that liquidity mechanisms need to be clearly understood, properly communicated and matched to the underlying asset class. The discussion also touched on whether similar issues may emerge in other private market areas, including private credit and infrastructure.

The conversation then turned to operating models, technology and data. Paolo Alonzi argued that real estate remains behind public markets in terms of data quality and structure, and that better data, technology and process should not simply be seen as ways to reduce cost, but as ways to become better investors. The panel also discussed the role of AI, with some seeing clear benefits in areas such as distribution, client information and operational efficiency, while others cautioned against over-reliance on generic AI-generated engagement.

For specialist managers, the message was clear: scale is helpful, but it does not replace professionalism. Smaller or niche managers can still compete if they offer a differentiated strategy, clear relevance to investor needs, strong performance credentials and operating standards that match those of larger institutions. As Marc Cox put it, being smaller does not provide “a free pass” on operating model robustness.

The webinar closed with a forward-looking discussion on what fund managers need to get right over the next two to three years. The answers included AI, data, inflation-aware real returns and the ability to respond to changing client demands. Overall, the session highlighted that fund resilience is no longer just about portfolio construction or performance. It is increasingly about credibility, transparency, operational discipline and the ability to adapt as investor expectations continue to rise.