2. What significance does the secondary market have in the trading of fund units?
The secondary market for trading institutional fund units has enormous upside potential. According to the BVI Federal Association for Investment and Asset Management, the volume of open-ended real estate special AIF has increased by c. 60 billion euros since 2010. At the same time, the Bundesbank registered a massive surge in cash outflows from real estate special AIF, especially since 2016, in a total amount exceeding 12 billion euros. The combination has fuelled a growing demand for intermediaries between sellers and buyers of institutional fund units.