Interview: Paul Jiang-Kalbe
A couple of questions about...
INTREAL Luxembourg S.A. is a CSSF-licensed AIFM specialising in institutional AIFs. With approx. €3B assets under administration, they offer end-to-end solutions from fund structuring to investor reporting, emphasising regulatory excellence, ESG integration and stringent risk frameworks. Their innovative approach ensures clients receive tailored strategies for Luxembourg’s dynamic fund landscape.
What fund services does INTREAL Luxembourg S.A. offer?
INTREAL provides end-to-end AIFM solutions for real estate and infrastructure alternative investment funds (AIF) as well as private debt across both asset classes. Our AIFM services comprise portfolio management, risk management, oversight and regulatory compliance. We also offer central administration services, both for our AIFMs and as a stand-alone service. In addition, our services go beyond and include fund structuring (in Luxembourg and Germany), investor onboarding, liquidity management, regulatory reporting as well as specific client reporting for banks, insurance companies, pension funds etc. Crucially, we act as a strategic partner, not just a service provider in key areas such as ESG due diligence and cross-border distribution support, ensuring clients navigate complexity while maximising investor value. We are committed to enabling our clients to focus on managing the real assets that investors entrust to them, while we take care of all the rest.
On the ESG journey, how do you assist clients?
We integrate ESG at three levels:
1. Regulatory Alignment (SFDR/TAXONOMY compliance),
We systematically integrate ESG principles into every fund’s core structure by establishing mandatory compliance gateways aligned with the SFDR, AIFMD, and EU Taxonomy Regulation. These gateways serve as regulatory and operational checkpoints throughout the fund lifecycle, ensuring not only adherence to evolving sustainability disclosure obligations but also enabling transparent ESG positioning in line with Article 6, 8, or 9 classifications. As an AIFM based in Luxembourg, our approach combines regulatory rigour with active ESG risk management, embedded from pre-launch screening through to ongoing portfolio monitoring and reporting.
2. Asset-Level Action (energy audits, decarbonisation roadmaps for real estate portfolios)
As part of our ESG integration strategy, INTREAL implements a multi-tiered approach to asset-level sustainability across real estate portfolios. This approach is deeply embedded in regulatory frameworks, notably the SFDR, EU Taxonomy, and CSRD disclosures, ensuring that each initiative is not only environmentally effective but also fully compliant and investment relevant.
Example 1: Energy Efficiency and Building Optimisation
INTREAL monitors and supports clients that conduct comprehensive energy audits across managed real estate portfolios to identify carbon and energy performance gaps. These audits serve as a foundation for tailored strategies such as on-site renewable energy solutions. These improvements enhance operational efficiency, reduce energy intensity, and contribute to the asset’s alignment with Article 8 or 9 SFDR classifications, increasing its attractiveness to sustainability-focused investors and tenants alike.
Example 2: Decarbonisation Roadmaps
INTREAL monitors and supports clients that focus on forward-looking decarbonisation strategies that are fully aligned with the lifecycle of each asset. These roadmaps prioritise actionable, phased interventions, including transitioning to low-carbon energy, installing smart metering systems, and integrating climate-resilient materials. These frameworks are underpinned by CRREM (Carbon Risk Real Estate Monitor) pathways and aligned with EU Taxonomy benchmarks, helping to mitigate physical and transition risks under the AIFMD’s risk management obligations.
3. Investor Transparency (customised ESG reporting dashboards).
For example, we recently structured an Article 9 fund targeting renewable energy assets in Germany, turning compliance into a competitive advantage. As a regulated AIFM under Luxembourg law, INTREAL places climate strategy at the core of its portfolio and risk management responsibilities. Our customised ESG reporting is designed to ensure regulatory compliance, market relevance, and positive contribution to climate change.
What are your expectations from the regulatory environment for the next 5 to 10 years?
Luxembourg must balance innovation with stability.
We anticipate:
- “Digital Assets”: Tokenised fund shares (via blockchain) requiring new custody models.
- “Consolidated Supervision”: Tighter CSSF oversight of delegated activities.
- “Global Alignment”: AIFMD 2.0 converging with SEC/FINMA standards.
Proactivity is key — we are piloting AI-driven AML monitoring and standardised ESG scoring to stay ahead.
How do you maintain relationships with delegated portfolio managers or investment advisors of funds?
While we can delegate the portfolio management function to our fund partners, most of our clients expect us to retain the portfolio management function, while they “only” act as portfolio advisor. Thus we take full ownership and responsibility for the investment decisions on behalf of our clients.
Our model, retaining portfolio management while clients act as advisors, addresses two critical market gaps:
- Strategic Focus vs Regulatory Burden:
Investment managers excel at asset selection, lease negotiation, etc. By absorbing portfolio management functions, including AIFMD mandated risk oversight, liquidity management and Annex IV reporting, we free clients so they can focus solely on value creation.
2. Accessibility for Mid-Market firms:
Small and mid-sized companies drive niche strategies, such as sustainable logistics, healthcare real estate, etc., that require deep market insight but operate within lean operational structures.
Requiring them to obtain portfolio management license under AIFMD can present significant burdens, both financially and administratively; for example, annual costs for staffing and tech systems. The licensing process is also time-consuming.
Instead, by adopting our model, they can leverage our existing infrastructure, accelerate time-to-market while ensuring full regulatory compliance. This is not delegation – it is a strategic partnership model, where asset and market expertise remain with the manager. This enables each party to focus on its core competencies.
How would you describe any unique or innovative strategies or approaches that you have used in servicing Luxembourg AIFs?
We pioneer “Compliance-as-Strategy”:
- “Speed-to-Market”: RAIF launches in 6–8 weeks;
- “Cross-Border / Cultural Bridges”: Multilingual teams structuring funds for institutional investors, semi-professional investors, family offices, etc. from Europe and rest of the world;
- “Tech-Enabled Oversight”: Automated regulatory reporting tool, e.g. AIFMD Annex IV reporting, cutting errors by an estimated 40%.
This hybrid approach, regulatory rigour paired with commercial agility, enables clients to capture opportunities others see as obstacles.

Paul Jiang-Kalbe
Director of Business Development
INTREAL Luxembourg S.A.
INTREAL Luxembourg S.A.
Paul Jiang-Kalbe is Director of Business Development at INTREAL Luxembourg S.A., where he drives growth for the AIFM’s fund solutions spanning real estate, infrastructure, private debt and FoFs.
With over eight years of experience in regulatory-driven fund structuring across Germany and Luxembourg’s alternative investments sector, he brings deep expertise in CSSF/AIFMD compliance combined with a strong track record in cross-border client acquisition and distribution.