Friday Letter

Real estate investors have a lot on their minds

PEI’s largest Investor Perspectives study to date reflects the increasingly complex concerns affecting today’s capital allocators.

Managers targeting capital distress will be tested by rate cuts 

Deployment strategies formed now to capitalize on a down market risk being too late.

Lone Star’s fundraising shortfall was caused by multiple factors

Performance is just one reason why a fund with an original target of $6bn ultimately collected less than half that amount.

Bressler’s final vindication  

Renowned real estate leader and investor Léon Bressler passed away last Friday after an illness. Most will remember his many market achievements, but his meticulous estate planning must be lauded, too.

APAC managers are not immune from deployment challenges

Asia’s top real estate managers hold at least $65bn of dry powder, but are struggling to invest it.

Cortland fundraise signals persistent confidence in multifamily

The oversubscription of the Atlanta-based manager’s sixth fund exemplifies how the asset class continues to attract investors despite headwinds

Blackstone and Brookfield are no longer the default option

The ‘big two’ remain private real estate’s biggest fundraisers, but evidence points to other firms getting more investor attention these days.

Listed managers indicate green shoots for private real estate

Second quarter earnings calls at KKR, Ares and Carlyle in the last week start to substantiate claims of a market turnaround.

Three signs of today’s challenging fundraising market

The prevalence of non-mainstream products, such as debt and data center funds, have yet to be reflected amid tumbling fundraising totals.

Is CalSTRS’ net-zero progress a glass half-empty or half-full?

The pension plan is now measuring the emissions of half of its property portfolio. Whether that is a positive or negative is a perspective call.