This research contributes to a better assessment of risk factors impacting non-listed real estate fund returns. Both … highlight the significant impacts of real GDP growth, interest rates, inflation components, money supply and stock market … macroeconomic risk factors although our analyses suggest that non-listed real estate is more akin to direct real estate than it is …

over time, even for long holding periods, so that yield risk becomes an increasingly important component of property …-level risk for longer investment horizons …

due to the shifting preference towards investment vehicles that position higher on the risk-return curve. Non-listed value …, (2) competitive risk-adjusted performance, and (3) significant portfolio diversification potential in a mixed …