||The implications of regulations on real estate funds are crucial, not only for the investment opportunities but also for the stability of the investment vehicle. We observe internationally several attempts to establish (or re-establish) open-end funds, as well for real estate as for other illiquid assets, e.g. hedge funds or private equity funds. Nevertheless, after the crisis of the German open-end funds, one of the largest institutions for private investors, we observe now difficulties of the PUTs, the well-established British counterpart for institutional investors. In our paper, we try to analyze the reasons and their implications for the open-end fund's evolution.