Value-Add

The platform bypasses managers such as Blackstone and Brookfield in favor of smaller, specialized firms for wealthy client portfolios.

The 10 largest funds accounted for 43 percent of capital raised for closed-end private real estate vehicles in the first half of 2026, more than double 2021’s share.

Core real estate investors are looking beyond the traditional sector menu to new asset types capable of delivering resilient, long-term income.

The cost of waiting to future-proof real estate assets is rising as core and core-plus investors weigh energy-efficient retrofits against the risk of future obsolescence, writes Elisabeth Jeffries.

Local conviction, specialist capabilities and the ‘APAC lag’ are essential for prioritizing asset-level alpha over scale, says BlackRock’s Hamish MacDonald.

Looking to build an investment platform rivaling its property management empire, the firm is targeting $1bn for a logistics fund with plans for another in the living sector.

In a departure from its recent activity, the investor has committed most of its real estate capital to indirect vehicles so far this year.

Between flagship real estate fundraises, the New York-based manager has prioritized deployments into manufactured housing, outdoor storage and medical offices.

Among the four funds nearing a first close is TPG Real Estate Partners V, the largest real estate fund in market with its $8.5bn target.

A broader range of return outcomes among vintage-2023 funds demonstrates the impact of the market correction on private real estate performance.