Real Estate Club Deals: After the Recent Sanctions, Is This the End of a Model or the Beginning of a New Structuring Discipline?, Caption Podcast

Partner Hugues Bouchetemble spoke to Caption Market on the consequences of the Autorité des Marchés Financiers’s (AMF) recent decisions on real estate club deals.

The discussion focused on where to draw the line between a traditional club deal and an “Other Alternative Investment Fund,” what governance “bricks” are required, and when to adopt a regulated structure. Hugues emphasized the AMF’s focus on investor protection, noting that investors must have real, enforceable rights over key decisions—otherwise, “you are effectively doing collective management.” He also highlighted practical challenges, such as setting appropriate voting thresholds and ensuring genuine, traceable investor involvement to demonstrate regulatory good faith.

Listen to the Caption Podcast >>
Subscription may be required.