KPMG Luxembourg today announced the release of the Private Equity and Real Estate Substance Survey 2020. Substance continues to be a hot topic as Brexit looms, with managers enhancing their presence in Luxembourg to distribute financial services in the EU. In its third edition, the survey explores the results of 60 participants with a combined total of €500 billion assets under management. Representative of asset managers of all sizes, the results shed light on trends that have emerged over the past twelve months.