Friday Letter

Today’s capital markets are further cause for manager retrenchments

This week’s news that Gaw Capital Partners is winding down its western institutional businesses to emphasize its focus on Asia is not just about deglobalization.

BGO’s hybrid fundraise demonstrates cautious ambition in data centers

By raising co-investment capital for digital assets alongside a logistics fund, the manager is mitigating some risk and keeping its options open.

Real estate secondaries is becoming a crossover play

As StepStone and Greykite’s €1.5bn recapitalization shows, some of the most compelling deal opportunities are coming from non-real estate sponsors.

Not all global investors are souring on the US

As Canadian and European institutions convey skepticism, APAC firms see a moment to swoop in.

Brookfield’s lofty growth ambitions will be tested in Asia-Pacific

The mega manager aims to reach $120bn in real estate AUM in the region over the next five years. Achieving that target is another matter.

For mid-sized managers seeking M&A, one factor is essential

There may be a swath of real estate firms seeking a capital partner to stay competitive, but only those with targeted growth plans are catching investors’ attention.

Is the Maple 8’s real estate dominance on the wane?

The turnover of property chiefs at Canada’s largest pensions coincides with the investors’ declining allocations to the asset class.

In succession planning, continuity is not always the priority

As other managers favor internal promotions for top real estate posts, Starwood chairman Barry Sternlicht says he chose his successor in part for a fresh perspective.

Is the real estate recovery finally beginning?

Early indications of an uptick in transaction activity signal the end is in sight for the drought of real estate fund distributions.