A couple years ago, asset managers (such as alternative investment fund managers active in the real estate sector) started preparing for a new bundle of compliance obligations arising from the introduction of inter alia Regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services sector (the SFDR) and Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment (the Taxonomy Regulation). What back then may have been regarded as a complicated set of new rules, raising numerous questions and uncertainties, has now increasingly become a daily attention point of our clients and us. With an increasing number of eligible economic activities and technical screening criteria becoming available under the Taxonomy Regulation, the ESG landscape for real estate fund managers with an ESG ambition becomes increasingly complex.