In general, a fund is a financial market investment vehicle where an issuer (the fund sponsor) collects funds from investors for a specific investment project or type of investments.
Most often, funds are classified and named based on their preferred investment objects. For example, a real estate fund invests in buildings and/or land (real estate).
As real estate funds represent tangible assets, they are always categorized as Alternative Investment Funds (AIF) according to the definitions of the Capital Investment Code (KAGB) and are subject to comprehensive legal regulations, primarily aimed at protecting investors.
Therefore, it is accurate to always refer to them as real estate AIFs.