Great companies keep great company

The alternative investment fund industry is growing rapidly as investors seek non-traditional sources of income and asset growth, particularly in real estate and infrastructure. More than 600 real estate investment funds and other alternative investment funds have chosen Luxembourg as their domicile.

But growing business also brings growing challenges – from planning launches to daily compliance, reporting, tax and accounting, managing a fund throughout its lifecycle requires substantial resources and management focus. Finding and keeping experienced service staff is an increasing issue for large and small fund providers in Luxembourg.

KPMG Real Estate Fund Administration services, comprising fund and entity level accounting and consolidation services, are designed to ease that pressure on resources, leaving you and your fund management team to focus on investment performance. Our service strategy is founded on an all-embracing understanding of your business and your needs, at every level and throughout your operations. That’s why we say: great companies keep great company.

Brochure cover

6 growing challenges for real estate funds

Download our article ›

We bring real expertise to real estate accounting

KPMG’s real estate fund administration team consists of industry experts with decades of experience. We understand every aspect of the alternative fund lifecycle and are dedicated to ensuring that you and your fund can respond quickly to shifting conditions in the alternative investment landscape.

Real estate asset managers tell us they are concerned about the pace of regulatory change, including the EU’s MiFID II, SFDR and AIFMD legislation. Service providers must have the flexibility to adapt to the changing dynamics and challenges of the asset class, from valuation and transparency to fund liquidity.

Our business philosophy sees technology as vital to provide our clients with the best possible service, but not as the entire solution. We don’t offer completely automated cookie-cutter services; we don’t believe that one size fits all. Our experienced team is on hand to create bespoke, value-driven solutions for our real estate fund clients – and only then do we deploy the technological tools to deliver the services our clients need with maximum efficiency.

For the past 15 years, our team’s expertise and the tailored accounting and administrative services we provide have delivered results for a wide range of alternative investment fund clients, especially in the private equity, real estate and infrastructure markets, including the European operations of major international investment groups. Here’s what they say:

“By choosing KPMG Luxembourg, we knew we were choosing a large, international global network. We are working with a team of local experts who create global-minded solutions.”

—Head of Depository, Financial Services

Meet the experts

Contact our team today ›

Take advantage of our local expertise and global reach

Unlike many providers of fund administration services, we benefit from the international reach and wide range of expertise offered by KPMG, both in Luxembourg and worldwide. That means we can take a holistic view of your international operations and requirements.

Whatever the challenges you face, our team of experts is here to help you by taking non-core administrative responsibilities off your hands. With our support and our multidiscipline global network, you can focus on your core activities while we maximize operational performance. You build the real estate portfolio; we’ll be the foundation.

Set up / Transfer phase

Structuring / Offering

  • Support client in determining the legal structure that might suit the best (no legal advice)
  • Market Analytics
  • Registration & Maintenance
  • KYD


  • Review of issuing documents
  • Review subscription agreements
  • Commenting on potential issues arising from wording in fund documents
  • Guidance on operational aspects

Migration- in

  • Analysis of old data model
  • Mapping to new data model
  • Transfer of data
  • Validation of data transfer

Core Fund administration services

SPV Accounting & Consolidation

  • Bookkeeping of all underlying SPVs & HoldCos
  • Set up and coordination of consolidation
  • Execute consolidation
  • Transitions to NAV adjustments (INREV/ILPA)

Fund Accounting & Nav calculation

  • Bookkeeping of all transactions (Fund level)
  • Consolidation services
  • Nav per share calculation
  • Performance calculations
  • Calculation of provisory or interim NAV

Transfer Agent*

  • Management of Subscriptions/Commitments
  • Issuance of notices for Draw downs
  • Issuance of notices for Distributions
  • Register keeping
  • Investor Statements

*License pending

Regulatory Reporting


  • Registration
  • TPT
  • RAIF


  • U1.1
  • Annual accounts
  • RE levy

Investor Level

  • Solvency
  • VAG
  • CRR II

Tax compliance and Reporting

Fund Level

  • Taxe d’abonnement
  • WHT on distributions

Board Level

  • WHT declarations
  • Regular Reporting by Board member

Investor Level

  • Investor Tax reporting

Other add on Services

Valuation & Performance Metrics

  • Valuation of Property, Loans and SPVs
  • Performance fee calculation set up
  • LTV
  • Fund Modelling
  • INREV Metrics
  • Budget vs. actual comparison

Regulated Support

  • Loan servicing
  • PSDC & E-archiving
  • Data agents
  • Domiciliation & Corporate Secretarial support

Upgrade your operations with KPMG Real Estate Fund Administration

Focus on what’s important

Don’t waste time wrestling with the latest regulatory changes. Our team will ensure your fund is always compliant, while you focus on the key investment strategy decisions.

Benefit from scale and save on costs

Future-proof your business and reduce your operational costs with an outsourced provider. KPMG’s real estate fund administration has access to a talent pool that provides you with flexibility, scalability and cost-efficiency as your business grows.

Don’t risk spreading yourself too thin

Given the constraints of skilled resources, don’t let your in-house teams become too stretched and put the timeliness or quality of your operations at risk. We’re there to make sure the services you deliver meet with your clients’ complete satisfaction.

Solutions tailored to your individual requirements

Whatever your market, specialization or unique characteristics, KPMG’s real estate fund administration is ready to create custom solutions that fit your particular needs.

Speed your workflow and time to market

Our deep knowledge of international jurisdictions and regulation can maximize the effectiveness and speed of processes for your fund.

Our commitment to you

A close long-term relationship

Trusted partnerships are central to our business model, across all of our managed services solutions.

Providing you with the best expertise

Expertise is critical to success, so we put a premium on attracting and retaining experienced, skilled and specialist staff. Our resources are on hand to enhance your business.

State-of-the-art technology for maximum efficiency

Human expertise is essential, but we also invest constantly in state-of-the-art technology to improve operational processes, from compliance to data reporting.

Sustainability in the forefront

Sustainability and ESG investment factors are becoming central to investment decision-making and processes. In addition to regulatory compliance and transparency, we provide a full range of ESG services to meet the needs of you and your own clients.

We put our people’s expertise first. We use it to create custom processes for you, and then we introduce technology to streamline and accelerate.

Eric Wilhelm

Eric Wilhelm,

Partner and leader of KPMG Real Estate Fund Administration team

Meet the experts

Contact our team today ›

Our promise to you:

We’ll review your request and get back to you as quickly as possible.

A member of our team will set up an initial meeting.

Shortly after, we will schedule a more in-depth discussion to understand your business’s needs better and draw up a tailored package of solutions.

Meet our team

Yves Courtois

Yves Courtois

Head of Advisory,
EMA Head of Managed Services,
KPMG Luxembourg

View profile ›

Show bio

Yves Courtois is KPMG Luxembourg’s Head of Advisory, member of the Executive Committee, and EMA head of Managed Services. He has over 24 years' experience in M&A and valuation across industries, including banking, insurance, commercial and industrial markets, asset management, private equity, real estate and infrastructure. He is a lecturer at University College London and has been a consultant to the CFA Institute for the past 15 years.

Eric Wilhelm

Eric Wilhelm

Partner, KPMG Luxembourg

View profile ›

Show bio

Eric is a KPMG Partner and leader of the accounting & corporate services team at KPMG Luxembourg. He is a qualified chartered accountant in both Luxembourg and France, and was also a board member of the Professional Order of Chartered Accountants in Luxembourg. With more than 20 years' business experience, Eric has an extensive and thorough understanding of all financial and accounting matters in the fields of private equity, real estate and corporate entities.

Gerard McCaul

Gerard McCaul

Partner, KPMG Luxembourg

View profile ›

Show bio

Gerard is a Partner in the corporate and accounting service line at KPMG Luxembourg. Gerard has acquired a deep knowledge of the Luxembourg accounting landscape and has extensive experience in providing bespoke corporate and accounting solutions to a wide range of clients from holding companies to large private equity and real estate structures. He is a qualified chartered accountant and also holds a certificate in International Treasury Management.

Natalie Ebert

Natalie Ebert

Partner, KPMG Luxembourg

View profile ›

Show bio

Natalie is the dedicated Partner for fund administration services at KPMG Luxembourg, specializing in the fund administration of regulated real estate structures, including direct real estate, debt and infrastructure funds. She has over 16 years’ experience in the alternative investment fund industry, 4 in which she had a leading role in the AIFM of a Global Real Estate Investment Fund Manager, supporting the areas of fund structuring, transactions, fund and corporate accounting, as well as investor reporting.