This study sets out a practical methodology for assessing and measuring the risk of unlisted property funds on a forward looking basis. Renewed investor interest in property as an asset class had led to tremendous growth in the size and importance of the indirect property investment market....

This study sets out a practical methodology for assessing and measuring the risk of unlisted property funds on a forward looking basis. Renewed investor interest, particularly cross-border, in property as an asset class had led to tremendous growth in the size and importance of the indirect...

An unlisted real estate fund is a private investment vehicle, which aims to provide direct real estate total returns and may also employ financial leverage which will accentuate performance. They have become a more prevalent institutional real estate investment conduit since the early...

This paper seeks to provide a better understanding of the performance implications for investors who choose to combine listed real estate with an unlisted real estate allocation. Specifically, it provides a detailed investor level analysis of the impact of combining UK unlisted fund and global...

The perspective of property investors and advisors is increasingly global and the importance of accurate forecasts in assisting in decision making is well known. . This is especially the case in office markets which are arguably the most developed sector for global investors. This paper seeks to...

This study examines whether closed-ended private real estate funds exhibit performance persistence across vintage years. The relationship between capital flows and track-record, namely the performance flow relation, is also analyzed. The results provide evidence that performance persistence is a...

Since the mid 1990s, in a generally strongly performing property market, there has been huge growth in the aggregate size and number of global property funds in both listed (REIT) and unlisted formats. Fund managers have been able to raise capital for funds which reward them with performance...

This study makes use of a unique dataset of predominantly US and global closed-ended unlisted real estate funds to investigate their performance characteristics. The sample covers multiple vintage years and includes a number of fund specific features. These are used to identify the key...

This chapter employs an asset pricing approach to quantify the exposure of private property funds to publically traded and private real estate risk factors. These factors include the traditional size and growth factors, liquidity risk and macroeconomic drivers. Liquidity risk has been...