Real Estate Equity Investments
Real Estate Debt and Sustainability
Mar 14th, 2021 | Filed under: Real Estate, Infrastructure, Industry Size & Managers, Socially responsible investing, Alternative energy, Operationally Intensive Real Assets, ESG, Climate change, Real Estate Equity InvestmentsA new report from two executives at Aviva Investors, the global asset manager that is part of the UK-based Aviva Group, looks at real estate debt as a way to play the transition to a low-emissions or even a no-net-emissions world. One key source of value here is that theRead More
European Green Deal: Challenges and Opportunities for Listed Real Estate
Mar 4th, 2021 | Filed under: Real Estate, Liquid and Fixed Income Real Estate, Newly Added, ESG, Real Estate Equity Investments
By Jana Bour, LL.M., EU Policy Manager at the European Public Real Estate Association (EPRA) With the ‘European Green Deal’ (EGD), as with every growth-oriented policy strategy, come challenges but also opportunities. The European Commission aims to transform our continent to achieve net-zero emissions of greenhouse gases in 2050. WhileRead More
Lenders: Project Financing Availability is Key to EGD’s Success
Jan 24th, 2021 | Filed under: Real Estate, Infrastructure, Newly Added, Institutional Investing, Other Issues in Private Investments, Operationally Intensive Real Assets, ESG, Institutional Asset Management, Private Investments, Real AssetsEUPOPEAN GREEN DEAL – TOWARDS A ZERO-CARBON URBAN ENVIRONMENT, Part 5 By Christos Angelis, CAIA – Director at Masterdam This is the fifth article in this series. For Part 1, please click here. LENDERS TO PLAY A MAJOR ROLE IN THE SUCCESS OF EGD As discussed in previous articles, theRead More
European Green Deal: Towards a Zero-Carbon Urban Environment (Part 4)
Dec 3rd, 2020 | Filed under: Real Estate, Infrastructure, Newly Added, Socially responsible investing, Alternative energy, Operationally Intensive Real Assets, Alternative Investments in Context, ESG, Climate change, Emerging Alternative Investments, Private Investments, Real Assets, SRI and Clean EnergyPart 4: Real Estate Developers: Hostage of Trophy Hunting Investors & Certification Standards? By Christos Angelis, CAIA – Director at Masterdam This is the fourth article in this series. Please read Part 1, Part 2 and Part 3. THE RELEVANCE OF THE EUROPEAN GREEN DEAL FOR DEVELOPERS Real estate development in the EuropeanRead More
European Green Deal: Towards a Zero-Carbon Urban Environment (Part 3)
Nov 5th, 2020 | Filed under: Real Estate, Newly Added, Alternative energy, ESG, Climate change, Real Estate Equity Investments, Real Assets, SRI and Clean EnergyPart 3: Real Estate Tenants: Free Riders or Simply Uninformed? CHRISTOS ANGELIS, CAIA – Director at Masterdam This is the third article in this series. Please read Part 1 & Part 2. BLAME GAME BETWEEN TENANTS & LANDLORDS The European Green Deal (EGD)[i] is expected to be a catalyst forRead More
Assessing the Impact of COVID-19 Across Real Estate Sectors
Nov 1st, 2020 | Filed under: Real Estate, Liquid and Fixed Income Real Estate, Newly Added, Real Estate Equity Investments, Real AssetsBy Wu Guowei Jack, CFA – Director of Content, APAC at CAIA Association The COVID-19 pandemic has had a devasting toll on human life, and has impacted economies and industries globally. The effect on real estate is significant, as real estate can be considered a service sector that fulfills end-userRead More
European Green Deal: Towards a Zero-carbon Urban Environment
Oct 8th, 2020 | Filed under: Real Estate, Liquid and Fixed Income Real Estate, Newly Added, Natural Resources and Land, Other Issues in Private Investments, Alternative Investments in Context, Real Estate Equity Investments, Private Investments, Real AssetsPart 2: Real Estate Owners: Moral Obligation versus Economic Benefit CHRISTOS ANGELIS, CAIA – Director at Masterdam This is the second article in this series. For Part 1, please click here. EUROPEAN RENOVATION WAVE The European Green Deal (EGD)[i] is paving the way for stricter regulations and more applied measuresRead More
India: An Alternative Investment Industry Growth Story
Sep 27th, 2020 | Filed under: Real Estate, Industry Size & Managers, Newly Added, CAIA Alternative Viewpoints, Alternative Investments in Context, Hedge Funds, Private InvestmentsBy Shreekant Daga, CAIA, CFA, FRM – Associate Director of Industry Relations, India at CAIA Association & Guowei Jack Wu, CFA – Director of Content, APAC at CAIA Association Through August-September 2020, CAIA Association hosted a 10-part educational webinar series titled 10 Lessons in Finance. The event brought together academics fromRead More
Missed Rents’ Impact on Real Estate
Sep 24th, 2020 | Filed under: Real Estate, Newly Added, Real Estate Equity Investments, Real AssetsBy Niel Harmse & Bryan Reid of MSCI Real Estate Lockdowns and social distancing have impacted many tenant businesses, resulting in an unprecedented number of requests for rental relief, stressing real estate rental income streams. For equity investors, income returns have weakened, despite softening asset values. Recent income returns mayRead More
Real Estate and COVID-19: The Devil Is in the Dispersion
Jul 22nd, 2020 | Filed under: Real Estate, Newly Added, Real Estate Equity InvestmentsBy Fritz Louw and Niel Harmse The recent market turmoil has resembled the global financial crisis and other volatile periods, in that we have observed a widening of the dispersion of returns across real estate assets. This widening spread has been most pronounced in retail property — a sector thatRead More
Diversification Strikes Back!
Mar 13th, 2020 | Filed under: Real Estate, Private Equity, Hedge Fund Strategies, Newly Added, Asset allocation, CAIA Alternative Viewpoints, Asset Allocation Models, Institutional Asset Management, Real Estate Equity Investments, Risk Management Strategies & Processes, Hedge Funds, Private Investments, Real Assets, Allocating to AltsBy Aaron Filbeck, CFA, CAIA, CIPM, Associate Director, Content Development at CAIA Association, and Keith Black, PhD, CFA, CAIA, FDP, Managing Director, Content Strategy at CAIA Association “Diversification is back” – now that’s not a phrase we’ve heard in a long time…long time. Considering recent market performance, we thought thatRead More
Real Assets ‘Inception:’ Diversification within Diversification
Feb 27th, 2020 | Filed under: Consultants, Real Estate, Liquid and Fixed Income Real Estate, Newly Added, Institutional Investing, Risk management, Asset allocation, Natural Resources and Land, CAIA Alternative Viewpoints, Asset Allocation Models, Operationally Intensive Real Assets, Endowments & Foundations, Institutional Asset Management, Real Estate Equity Investments, Risk Management Strategies & Processes, Real AssetsBy Aaron Filbeck, CFA, CAIA, CIPM, Associate Director, Content Development at CAIA Association Excerpted from the Alternative Investment Analyst Review, Volume 8, Issue 1 The Alternative Investment Analyst Review is the official publication of the CAIA Association. Access to the most current issue is an exclusive benefit of CAIA MembershipRead More
Making Your Portfolio About #Goals
Feb 13th, 2020 | Filed under: Performance, Analytics & Metrics, Retail Investing, Newly Added, Institutional Investing, Asset allocation, Benchmarking & Performance Attribution, CAIA Alternative Viewpoints, High-net-worth investors, Asset Allocation Models, Endowments & Foundations, The Alts Industry, Institutional Asset Management, Real Estate Equity Investments, Family Offices, Hedge Funds, Commodities, Private InvestmentsBy Aaron Filbeck, CFA, CAIA, CIPM, Associate Director, Content Development at CAIA Association Central Issue of the Paper If you’re a social media junkie, you have probably seen “#goals” in your timeline. In most cases, the hashtag is referring to an attractive couple or an aesthetically pleasing plate of food.Read More
Alternative Data: A Road to Alpha
Feb 2nd, 2020 | Filed under: Hedge Fund Industry Trends, Real Estate, Private Equity, Newly Added, Fintech, Technology, Artificial Intelligence, The Alts Industry, Real Estate Equity Investments, Machine Learning, Hedge Funds, Private Investments, Allocating to Alts, Other Topics in AltsInvestment management firms are increasingly hard-pressed to hedge away risks, increase alpha, and lower costs: a daunting agenda. One way of going about that is by knowing what is going on in the underlying markets more quickly than the competitors and counterparties do. To that end: alternative data. Investment firms,Read More
Considering Investing in Qualified Opportunity Funds? Caveat Emptor
Dec 25th, 2019 | Filed under: Real Estate, Newly Added, Qualified Opportunity Zones, Other Issues in Private Investments, The Alts Industry, Real Estate Equity Investments, Private Investments, Real Assets, Other Topics in AltsBy David O’Brien, CFP, CAIA The Opportunity Zones Program, enacted as part of the Tax Cuts and Jobs Act of 2017, has great potential to create jobs and spur economic growth while creating a potentially powerful tax strategy for investors and asset managers. The Opportunity Zone Program is designed toRead More
Alternative Investments: Investing By Numbers
Nov 19th, 2019 | Filed under: Real Estate, Private Equity, Debt Types of Private Equity, Liquid and Fixed Income Real Estate, Newly Added, Fintech, Technology, Equity Types of Private Equity, Technology, The Alts Industry, Real Estate Equity Investments, Hedge Funds, Private Investments, Real Assets, Risk Management & OperationsWhat’s in the future for alternative investments asset management? A new publication from Ernst & Young, London, contends that allocations to alternative investments and are “robust,” but that there is an important shift underway in favor of private equity and at the expense of hedge funds. In 2018, 40% ofRead More
The Case Against REITs
Nov 9th, 2019 | Filed under: Real Estate, Liquid and Fixed Income Real Estate, Newly Added, Other Issues in Private Investments, The Alts Industry, Real Estate Equity Investments, Real AssetsBy Nicolas Rabener of FactorResearch (@FactorResearch) INTRODUCTION Surveys often reveal investor behaviour that is challenging to understand. For example, Preqin’s Alternative Investor Outlook for H2 2019 highlighted the following: 65% of institutional investors believe that real estate is overvalued and a correction likely to occur in 2019, 2020, or beyond.Read More
Real Estate Investing: From Farmland to Berlin
Aug 18th, 2019 | Filed under: Real Estate, Agriculture, Liquid and Fixed Income Real Estate, Newly Added, Farmland, Natural Resources and Land, Other Issues in Private Investments, The Alts Industry, Real Estate Equity Investments, Private Investments, Real AssetsA new study from Nuveen looks at how to assess properly the value of real estate and farmland. There are four key points: That a “doubleness” of vision is necessary. You need to take a macro view of the investment world and a micro view of the farms and otherRead More
A Fintech Revolution in Commercial Real Estate
May 9th, 2019 | Filed under: Real Estate, Newly Added, Technology, Operationally Intensive Real Assets, The Alts Industry, Real Estate Equity InvestmentsCushman & Wakefield, Chicago, has released a discussion of blockchains in connection with real estate. The paper argues that the technology could “transform CRE transactions ranging from property listings, asset management, and the purchase and sale of properties.” It reminds us that blockchains are shared digital ledgers, both tamper-proof andRead More
The Illiquidity Premium and the Market for Private Assets
Apr 14th, 2019 | Filed under: Real Estate, Private Equity, Debt Types of Private Equity, Liquid and Fixed Income Real Estate, Newly Added, Asset allocation, Equity Types of Private Equity, Asset Allocation Models, Other Issues in Private Investments, Operationally Intensive Real Assets, The Alts Industry, Real Estate Equity Investments, Private Investments, Real Assets, Finance & EconomicsThe illiquidity premium is one of the most frequently discussed and hotly disputed subjects in financial economics. Speaking broadly, an investment is not a checking account. One generally cannot just “get the cash back” at a moment’s notice, by visiting some equivalent of an ATM. How long will it takeRead More
Alternative Real Estate Shows Attractively
Mar 28th, 2019 | Filed under: Real Estate, Liquid and Fixed Income Real Estate, Newly Added, Operationally Intensive Real Assets, The Alts Industry, Real Estate Equity Investments, Real AssetsPricewaterhouseCoopers, the London-based professional services network, in conjunction with the Urban Land Institute, has prepared a report on ongoing trends in real estate, which sheds some light on the attractions of alternative real estate. The background to the report is the continued and intensifying consensus that a recession is nigh,Read More
Pension Funds Not Quite Swamped by ‘Grey Tsunami’
Mar 5th, 2019 | Filed under: Real Estate, Private Equity, Hedge Fund Strategies, Infrastructure, Equity Hedge Funds, Debt Types of Private Equity, Newly Added, Institutional Investing, Asset allocation, Event-Driven Hedge Funds, Equity Types of Private Equity, Natural Resources and Land, Asset Allocation Models, Operationally Intensive Real Assets, The Alts Industry, Institutional Asset Management, Macro and Managed Futures Funds, Real Estate Equity Investments, Hedge Funds, Commodities, Private Investments, Real Assets, Allocating to AltsA recent study of public employee retirement systems in the United States reaches conclusions, that, after a fair amount of “grey tsunami” alarmism in recent years, sound reassuring. The study, based on a recent survey of system managements conducted by the National Conference of Public Employee Retirement Systems (NCPERS) inRead More
Agtech: Comfort Zones and Value Chains
Dec 11th, 2018 | Filed under: Real Estate, Agriculture, Investing in Commodities, Debt Types of Private Equity, Liquid and Fixed Income Real Estate, Newly Added, Venture capital, Farmland, Equity Types of Private Equity, Natural Resources and Land, Other Issues in Private Investments, The Alts Industry, Real Estate Equity Investments, Commodities, Private Investments, Real AssetsAn agtech-focused venture firm has issued a report about global VC activity across agtech and its subsectors. The firm, Finistere Ventures, which describes itself as in the business of helping “ambitious founders transform food and agriculture,” collaborated with Pitchbook in preparing the review. Finistere looks specifically at: (a) macro trends,Read More
Pensions and Real Estate: CEM Benchmarking
Oct 11th, 2018 | Filed under: Real Estate, Newly Added, Institutional Investing, Asset allocation, Asset Allocation Models, Operationally Intensive Real Assets, The Alts Industry, Institutional Asset Management, Real Assets, Allocating to AltsA new paper by Alexander D. Beath and Chris Flynn examines the significance of real estate investing within the portfolios of large European institutional investors from 2005 to 2016. Beath is a senior research analyst with CEM Benchmarking, with a PHD. from McGill University on condensed matter and materials physics.Read More
Intralinks/Global Fund Media Survey of LPs Shows Satisfaction
Sep 25th, 2018 | Filed under: Real Estate, Private Equity, Debt Types of Private Equity, Liquid and Fixed Income Real Estate, Newly Added, Institutional Investing, Equity Types of Private Equity, High-net-worth investors, Other Issues in Private Investments, Endowments & Foundations, The Alts Industry, Institutional Asset Management, Real Estate Equity Investments, Family Offices, Hedge Funds, Private Investments, Real Assets, Allocating to AltsIntralinks has once again collaborated with Global Fund Media in a survey of limited partners on their satisfaction with recent results and on how they see global investment opportunities near-term. As to satisfaction: 18% of LPs say that their results from alternative investments have been better than they expected. ARead More
(IRR)ational Aggregation
Sep 10th, 2018 | Filed under: Real Estate, Private Equity, Debt Types of Private Equity, Newly Added, Equity Types of Private Equity, What about beta?, Real Estate Equity Investments, Private InvestmentsBy Bill Kelly, CEO, CAIA Association Many of us have had the experience of buying a home and often turn to the bank to provide some level of secured funding for that purchase. Banks, of course, require documentary evidence for the value of their collateral which, invariably, results in a market-based appraisal process resultingRead More
KPMG on Real Estate Funds
May 17th, 2018 | Filed under: Real Estate, Liquid and Fixed Income Real Estate, Newly Added, Real Estate Equity Investments, Real Assets, Risk Management & OperationsThe outsourcing of fund administration tasks in real estate is not a new idea. But, as KPMG says in a new paper, the marketplace has been slow to take the administrators up on their offerings. So it may still be the wave of the future even though it has aRead More
The Realities of Real Assets
Apr 3rd, 2018 | Filed under: Real Estate, Liquid and Fixed Income Real Estate, Newly Added, Real Estate Equity Investments, Real AssetsA London-headquartered specialist consultant, bFinance, has prepared a report on the trends that have emerged over the last decade in the way both investors and managers think about the real assets in portfolios. There are, the paper says, three trends at work. First, investors are becoming both more sophisticated andRead More
KPMG’s Report Cards on Real Assets
Jan 23rd, 2018 | Filed under: Real Estate, Infrastructure, Liquid and Fixed Income Real Estate, Newly Added, Institutional Investing, Natural Resources and Land, Operationally Intensive Real Assets, Institutional Asset Management, Real Estate Equity Investments, Real AssetsKPMG has posted a new paper looking at the role of real assets (defined as “anything where there is a tangible/physical asset being traded”) within a portfolio, with a focus on opportunities for U.K. based institutional investors, especially pension schemes. It begins with a brief survey of the field. RealRead More
EY on Real Estate Private Equity Trends
Feb 5th, 2017 | Filed under: Real Estate, Newly Added, Equity Types of Private Equity, Other Issues in Private Investments, Real Estate Equity Investments, Private Investments, Real AssetsThe global real estate division of financial consultancy Ernst & Young recently published a report on the private equity outlook in the real estate space. As the head of the division, Mark Grinis, says in an introduction, the premise of the report is that success in this space requires managerialRead More
MIND THE GAP—LENDERS APPROACHING
Nov 14th, 2016 | Filed under: Real Estate, Debt Types of Private Equity, Newly Added, Private Investments, Real AssetsBy Diane Harrison It’s been years since investors have been able to get excited about the term “yield” when referencing their investment portfolio. Too many individuals have been hanging onto cash while searching fruitlessly for somewhere other than equities to put their money to work. Advisors haven’t been much helpRead More
Study Says Pensions May Be Looking for Returns in the Wrong Places
Aug 7th, 2016 | Filed under: Alpha & Beta, Newly Added, Real Estate Equity Investments, Private Investments, Allocating to AltsAlex Beath, senior research analyst at CEM Benchmarking, the Toronto-based pension research firm, has produced a white paper on the pension fund performance in the U.S. since 1998, and the news he brings is not good (for pension funds themselves, or for the hedge funds to which they have allocatedRead More
Private Capital Fundraising Slows: Green and Brown Valleys
Jul 14th, 2016 | Filed under: Real Estate, Infrastructure, Newly Added, Farmland, Natural Resources and Land, Operationally Intensive Real Assets, Real Estate Equity Investments, Real Assets, Other Topics in AltsPreqin, the multinational data and consulting firm, has looked at the second quarter and found it was, for private capital fundraising … slow. So was the quarter before it. Together they made up the first half of 2016, in which the funds closed in the world of private capital globallyRead More
Real Estate: Footloose Money Chasing Cross-Border Deals
Feb 2nd, 2016 | Filed under: Real Estate, Liquid and Fixed Income Real Estate, Newly Added, Real Estate Equity Investments, Real AssetsSavills, a global real estate services provider listed on the London Stock Exchange, has released its annual report on the role that real property plays in the investment world. Here are some of its key points: Real estate assets constitute 60% of the value of all assets worldwide; Residential realRead More
An Overview of Real Asset Investing
Aug 26th, 2015 | Filed under: Real Estate, Private Equity, Infrastructure, Risk management, Intellectual PropertyGuest columnist Andrew Smith, CAIA, provides an overview of real assets and their commensurate risks and rewards.Read More
Who Will Meet Yahoo at the Altar?
Jun 16th, 2015 | Filed under: Real Estate, Alpha Strategies, Technology, Intellectual PropertyThere was some excitement as recently as January 2015 over renewed talk of a Yahoo/AOL deal, but after the bloom finally came off that rose, YHOO settled into a trading range has been roughly from $42 to $46. Faille guesses that there is an opportunity here on the upside of that range, because another suitor is bound to appear.Read More
Farm Land: The Risks & Rewards of Buying Direct
Jun 7th, 2015 | Filed under: Real Estate, Infrastructure, Institutional Investing, FarmlandGuest columnist Andrew Smith, CAIA, examines the risks and rewards of investing directly in farmland.Read More
Top Hedge Fund Managers: They Aren’t Wizards, but They Are Masters
May 28th, 2015 | Filed under: Hedge Fund Industry Trends, Real Estate, Hedge Fund Strategies, Institutional Investing, Alpha Hunters, Alpha Strategies, Alpha SeekersFor Faille, the stand-out essay in this collection of case studies, from CNBC's Maneet Ahuja, concerns Marc Lasry and Sonia Gardner, of the Avenue Capital Group. As Myron Scholes says in his afterword to this volume, Lasry and Gardner take returns from those whose demand for liquidity makes them willing to give them up. Read More
Tax & Election Seasons Create Alternative Altercations in the US
Apr 20th, 2015 | Filed under: Real Estate, Venture capital, Legislation/Court rulings, Partner accountingAs a general rule, politicians [mostly] on the Democratic side benefit by raising the issue of the taxation of carried interest during campaigns and then quietly letting it die, as their donors expect, when the legislature is actually working on tax bills. It's a way of signaling who is a "populist" and who isn't. Read More
Does Private Real Estate Actually Have a Low Correlation with Public Real Estate?
Mar 15th, 2015 | Filed under: Real Estate, Private Equity, Institutional Investing, Alpha Hunters, Alpha StrategiesBrad Case, Ph.D., CFA, CAIA, looks at the relationships between public and private real estate.Read More
Focus on U.S. Real Estate Benchmarks: NCREIF Transaction Based Index
Feb 20th, 2015 | Filed under: Real Estate, Alpha Hunters, Alpha Strategies, IndexesBy Brad Case, PhD, CFA, CAIA This is the third in a series of articles focusing on the strengths of different indices that are published regularly and may be appropriate for benchmarking, risk assessment, and other real estate investment purposes. The first article focused on two similar index families, the Moody’s/RCARead More
How Bad is the Cash Drag on Open-End Private Equity Real Estate Funds?
Jan 22nd, 2015 | Filed under: Real Estate, Private EquityGuest columnist Brad Case, Ph.D., CFA, CAIA, examines the effects of cash drag on open-end private equity funds.Read More
Focus on U.S. Real Estate Benchmarks: NCREIF Property Index
Jan 4th, 2015 | Filed under: Real Estate, Alpha Hunters, Alpha Strategies, IndexesBrad Case, Ph.D., CFA, CAIA, guest columnist, continues his series on U.S. real estate benchmarks as he looks at the NCREIF Property Index.Read More
Does Leverage Have a Positive or Negative Effect on Private Equity Real Estate Investments?
Dec 14th, 2014 | Filed under: Real Estate, Private EquityGuest columnist Brad Case, Ph.D., CFA, CAIA, explores the effects of leverage on private equity real estate investments.Read More
Focus on U.S. Real Estate Benchmarks: Moody’s/RCA CPPI and CoStar CCRSI
Nov 30th, 2014 | Filed under: Real Estate, Alpha StrategiesBrad Case, Ph.D., CFA, CAIA, guest columnist, examines the value of U.S. real estate benchmarks.Read More
Is Private Real Estate Actually Less Volatile than Public Real Estate?
Nov 18th, 2014 | Filed under: Real Estate, Alpha HuntersGuest columnist Brad Case, Ph.D., CFA, CAIA, examines the differences between private and public real estate investments.Read More
Parking Lot Arbitrage: The Latest Trend in Indian Real Estate
May 21st, 2013 | Filed under: Real EstateAlternative investments have always been the home of innovation. Guest columnist Sourabh Jeswani looks at parking lots as the latest innovation in the Indian real estate market.Read More
On Not Using the Phrase ‘New Normal’ Here
Sep 26th, 2012 | Filed under: Real Estate, Private Equity, Institutional Investing, Venture capital, Asset allocationAcceptance of the higher levels of volatility as a fact of life means that careful ongoing attention to risk has become the means of operations. In the United States specifically, 31 percent of institutions say that they monitor their risk budget daily to keep the overall amount of risk in the portfolio under check: more than half (53 percent) say that they do such monitoring on a weekly or monthly basis.Read More
Preqin: Investor Interest in Real Estate Revives
Sep 18th, 2012 | Filed under: Real EstateThe good news from the Preqin survey is that 37 percent of the interviewees said they expect to deploy more capital to real estate over the next 12 months than they did over the last 12 months. The better news is that in a January 2012 survey only 26 percent had said that. Read More
McKinsey: Allocations Will Rise Despite Sticky Fees
Jul 31st, 2012 | Filed under: Real Estate, Private Equity, Alpha Strategies, Asset allocationThe reason for the increased interest in alternatives, McKinsey says, isn’t that the alternatives’ managers are slashing the price of their services. It is, rather, a discontent with the return to be gained from traditional investment. “Even with downward pressure likely over the next few years, revenue yields for institutional alternative products should remain well above the 35 bps average earned on today’s traditional institutional products.” Read More