John stressed the importance of:

a)  Understanding investors attitudes to liquidity and creating a subscription and redemption methodology to match this;

b)  As redemption and subcription is based on Net Asset Value, a robust and transparent valuation process is vital to investor confidence;

c)  Transparency and good governance is key;

d)  INREV guidance is a good starting point for building a framework within which to operate and the model of AREF with its Code of Conduct would be a good model for the industry to follow.