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KalkBay Sarl

LUXEMBOURG

Luxembourg-basedInvestment Governance
& Regulatory Compliance

Sail to safe harbour with KalkBay Sarl.

Navigating the wide waters of alternative investment may feel like wayfinding through the open sea. Expert Luxembourg-based investment governance and regulatory compliance can transform your voyage.

With Keith Burman’s Independent Non-Executive Director (I-NED) services, you’re not just another skiff tossed by the storm, but a steadfast vessel with a seasoned navigator at your helm. Set your sails, harness the wind, and trust in a partner who understands the sea.

Meet Your Navigator
A two-sail sailboat moving fast across the sea is a metaphor for companies guided by the service of Luxembourg-based Investment Governance and Compliance offered by Kalkbay Sarl.

Sustainable Horizons

Looking beyond the immediate horizon, our commitment to the SDGs, CSR, and ESG means setting a course for profit AND a brighter future.

Sustainable Development Goals

Do you see opportunities in the 17 SDGs?

End poverty and hunger. Improve health, well-being, education and gender equality. Achieve clean water and sanitation, affordable clean energy, decent work opportunities and economic growth.

Improve industry, innovation and infrastructure. Reduce inequality. Build sustainable cities and communities. Enable responsible consumption and production.

Combat climate change. Protect marine and land ecology. Facilitate peace, justice, strong institutions and partnerships to achieve these goals.

Corporate Social Responsibility

Does your mission improve the world?

Do you nurture positive relationships with all stakeholders, including suppliers, shareholders, employees, and the broader community, while simultaneously seeking profit?

The CSR commitment extends to environmental sustainability, ethical governance, and the promotion of societal and economic well-being.

Today, the Sustainable Development Goals (SDGs) provide clear guidance for how companies can advance societal progress through their corporate missions.

Environmental & Social Governance

Do stakeholders value your ESG actions?

Do they see you aiding the ecology by promoting biodiversity, energy and water conservation, waste treatment and recycling; reducing carbon footprint and disposables, and adapting to climate change?

Are employees and customers loyal due to your support for human rights, diversity, fair pay, benefits, community outreach, philanthropy, and consumer protection?

Do your directors strive for board diversity, risk oversight, shareholder engagement, supplier rights, and worker safety, and uphold ethical, anti-corruption and ESG standards and transparency?

Streamlined Compliance

Stay ahead of the tide with our expertise in Administration, Depositary & Custody, Corporate Governance, and AML/KYC. We do the regulatory sail trimming, so you focus on your strategic journey.

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Strategic Insight

Our Investment Management, Portfolio Strategy, Acquisitions & Disposals, Valuation, and Research know-how equips you to anticipate market shifts and position for success.

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Expert Guidance

Our deep understanding of 3rd Party AIFM Management Companies, Real Estate & Private Equity Alternative Fund Structuring ensures a streamlined route to profitability.

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Luxembourg Directorship

Establish substance in Luxembourg with an experienced Independent Non-Executive Director (I-NED).

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Governance Consultancy

Provide your board or committee with expert guidance on compliant governance and control.

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Specialist Speaking

Upskill and motivate your team or class with recent developments and the rationale of regulatory changes.

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Testimonials

“I’ve worked alongside Keith since 2014 on multiple Real Estate and Infrastructure boards. His deep expertise, clear-sighted guidance, and calm demeanour have been invaluable to our governance work on Luxembourg fund and investment structures. His pleasant manner makes complex discussions constructive and enjoyable, which facilitates consensus.”

— Tony Whiteman, Independent Director, Luxembourg

“It has been a pleasure to work closely with Keith on the governance of alternative real estate funds and on the ILA Fund Committee. I’ve especially valued his thoughtful, steady presence and his willingness to support others. He is calm, knowledgeable, well-connected, and highly experienced—a true expert in fund governance.”

— Valerie Warland, Independent Director

“Having served on several boards with Keith, I can attest to his extensive experience and deep industry knowledge. His proactive approach and thoughtful insights significantly enhance board discussions and decision-making processes. Keith is a reliable and skilled professional who consistently adds value.”

— Massimo Paolo Gentili, Founder, Gentili & Partners

“I've collaborated with Keith for over 15 years, including in ALFI, ILA, INREV, and RICS. I audited Luxembourg real estate funds where he led Real Estate administration and depositary services at BBH Luxembourg and State Street AIS, and others where he served as board member or chairman. His expertise and commitment are indispensable.”

— Mike Hornsby, former Senior Partner at Ernst & Young Luxembourg, European Head of Real Estate Investment Funds

Keith and I began collaborating as I-NEDs in 2014. His governance and Real Estate expertise make him a very valued colleague. His dedication, insight and knowledge-sharing are his trademarks. Extremely reliable, he is one of the most trusted Luxembourg I-NEDs.

— Thierry Logier, Independent Non-Executive Director

"In my experience, Keith is deeply committed to good governance and doing the right thing, with an eye on the long term. A quiet leader, he brings impressive knowledge, expertise, experience and pragmatism, and surrounds himself with strong professionals. As chair, he listens carefully, encouraging all voices before deftly steering towards consensus."

— Yann Power, Independent Director / Governance & Compliance Coach

"While at M&G, I sat on boards of real estate funds and a MiFID firm with Keith. I now enjoy working with him on the ILA AIF Committee and Fund Governance Masterclass. His deep regulatory and governance expertise, and experience of funds and investment fund managers, is evident in pragmatic, considered decisions. He is a very safe pair of hands."

— Bronwyn Salvat-Winter, Independent Director & former Conducting Officer, Compliance – M&G Luxembourg S.A.

Frequently Asked Questions

What is the role of a Non-Executive Director (NED)?

Unlike an Executive Director who is deeply involved with daily functions, a Non-Executive Director (NED) contributes oversight and governance without operational duties. They use their industry knowledge to guide executive management and ensure sound decision-making. NEDs play a key role in monitoring performance and advising on strategy.

How does an Independent NED (I-NED) differ from a NED?

While a NED’s role is oversight, they may have loyalty or employment ties to the company or group they serve. An Independent Non-Executive Director (I-NED) has no internal ties, so is impartial. This objectivity is crucial in decision-making to serve the best interests of the company and its stakeholders, especially in complex or conflict-prone situations.

What does it mean to establish "substance" in Luxembourg?
Establishing “substance” in Luxembourg means having a genuine presence and making strategic decisions within the country. This is essential for meeting regulatory and tax compliance requirements. An I-NED ensures that key decisions are made locally and aligned with Luxembourg’s legal standards, supporting governance and compliance.
What experience and qualifications do you bring to the role?
With over 30 years of experience in real estate, private equity, and private debt, Keith Burman specialises in providing directorial substance in Luxembourg. His expertise includes cross-border fund structuring, governance consultancy, and AIFMD compliance. Keith is a Fellow of the Royal Institution of Chartered Surveyors (FRICS) and a Certified Director of the Institut Luxembourgeois des Administrateurs (ILA).
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