The Beam Gas Vertex (BGV) instrument is a non-invasive transverse beam profile monitor being designed as part of the High Luminosity Upgrade of the LHC (HL-LHC) at CERN. Its aim is to continuously measure bunch-by-bunch beam profiles, independent of beam intensity, throughout the entire LHC cycle. The primary components of the BGV monitor are a gas target and a forward tracking detector. Secondary particles emerging from inelastic beam-gas interactions are detected by the tracker. The beam profile is then inferred from the spatial distribution of reconstructed vertices of said interactions. Based on insights and conclusions acquired by a demonstrator device which was operated in the LHC during Run 2, a new design is being developed to fulfil the HL-LHC specifications. This contribution describes the status of the simulation studies being performed to evaluate the impact of design parameters on the instrument’s performance and identify gas target and tracker requirements.