Browsing: Real Estate

Real Estate

On Not Using the Phrase ‘New Normal’ Here

Sep 26th, 2012 | Filed under: State of the Industry, Real Estate, Private Equity, Asset Allocation

Acceptance 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 Estate

The 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, Asset Allocation, Hedge Funds

The 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


More than $3 Trillion AUM for Top 100 Alternative Investment Managers

Jul 25th, 2012 | Filed under: State of the Industry, Real Estate, Private Equity, Infrastructure, Hedge Funds

The survey also asked that the asset managers state where their total assets are invested, using four geographical categories: Europe; Central/North America; Asia Pacific; Other. Commodity funds were easily the most heavily invested in C/NA, to the extent of 94 percent of their portfolios. Private equity funds are 61 percent invested in C/NA, and PE FoFs also have the majority of their portfolios there, at 54 percent.Read More


Dear SEC: Comments on the JOBS Act

Jul 19th, 2012 | Filed under: Access to Alternatives, Real Estate, Private Equity, Hedge Funds

A veteran of hedge funds and private equity, Jeff Joseph offers some comments to the U.S. Securities and Exchange Commission on the JOBS Act and what this legislation has the potential to mean to the global alternative investment community.Read More


Alpha Hunters: Investing in Urban Communities

Jun 18th, 2012 | Filed under: Real Estate, ESG

K. Robert "Bobby" Turner has overseen more than $12 billion of investment into urban communities (with partners including Magic Johnson and Andre Agassi), find out why..Read More


Alpha Hunters: Looking at Alternative Investments From the Inside Out

Jun 7th, 2012 | Filed under: State of the Industry, Real Estate, Private Equity, Asset Allocation, Hedge Funds

A deeper look at alternatives with Dr. Bob Swarup, a world-renowned expert and commentator on alternatives and financial markets as well as being a visiting fellow at London School of Economics.Read More


U.S. Rejoins the Globe, Say Consultants

Mar 28th, 2012 | Filed under: State of the Industry, Real Estate, Private Equity, Manager Selection, Hedge Funds

Consultants expect that managers' need to generate steady income in a low interest rate environment will drive a lot of portfolio turnover in 2012, inclusive of the movement of alternatives into core positions within portfolios, and it will drive one-time U.S. focused investors and managers to look abroad. Meanwhile, pensions are retreating toward passive mandates. Read More


The Great Recapitalization: Maturing Mortgage Debt Wave Creates Value Opportunities

Aug 29th, 2011 | Filed under: Real Estate

By: BNY Mellon Published: August 2011 Abstract: Urdang discusses historic opportunities in the commercial real estate market as about $1.7 trillion in debt is set to mature over the next four years, with property value declines and high delinquency rates in CMBS creating potentially attractive buying opportunities. Related Post: Don’t TryRead More


Report from Yonkers: ‘Hit ’em where they ain’t!’

Aug 26th, 2011 | Filed under: Real Estate, Private Equity

Alpha isn't always where you'd expect it, especially in the crowded private equity field. Read More


Everybody Back in the Water! Deep Diving the Family Office Investment Pool

Jul 28th, 2011 | Filed under: State of the Industry, Access to Alternatives, Real Estate, Private Equity, Manager Selection

According to the latest research, confidence in family office investing is back.Read More


An Alternatives Expert Viewpoint on Alternative Alternatives

Jun 29th, 2011 | Filed under: State of the Industry, Access to Alternatives, Real Estate, Private Equity, Manager Selection, Commodities & Natural Resources

Tongue- and portfolio-tied investors are looking for alternatives for their alternatives in order to achieve non-correlation.Read More


US Real Estate Investment Opportunities

Jun 13th, 2011 | Filed under: Real Estate

By: Thomas N. Trkla Published: May 2011 Abstract: We are entering a period in which there will be historic opportunities to acquire high quality commercial properties and loans from distressed sellers in selected regions of the United States at significant discounts. Although we are still experiencing the longest recession sinceRead More


Strip mall in central Nevada, 50% off! Act now!

Jun 12th, 2011 | Filed under: Real Estate, Private Equity, Manager Selection

Private equity shops are finally smelling opportunity in the U.S. commercial real estate market. The question is whether the roses they smell are as sweet as they think, or if they just plain stink.Read More


Green Acres may indeed be The Place to Be

May 30th, 2011 | Filed under: Real Estate, Manager Selection, Commodities & Natural Resources

By Steve Deutsch, MBA, CFA, CAIA, AllAboutAlpha Editorial Board Who would have thought investment ideas would come from the 1970s television series Green Acres? However, it looks as though Eddie Albert and Eva Gabor may have been well ahead of their time when they left New York’s Park Avenue forRead More


Emerging Trends in Real Estate: Europe 2011

May 9th, 2011 | Filed under: Real Estate

By: PricewaterhouseCoopers Published: May 2011 Abstract: Regulation, Austerity Europe, the sovereign debt crisis, and lending market that seems weaker than ever are the challenges facing Europe’s real estate Industry in 2011. Last year, a series of curveballs were thrown at the industry. First came Greece and its debt woes; thenRead More


New spin on the Fundamental Law of Active Management finds US mutual funds were “a victim of their own success”

Mar 31st, 2011 | Filed under: Real Estate, Manager Selection, Risk Management

Finally, a version of the Fundamental Law that fundamental managers can actually use. But be forewarned, if you're a fundamental mutual fund manager, you won't like what it has to say... Read More


Hard assets hard to buy

Mar 22nd, 2011 | Filed under: Real Estate, Manager Selection

Real estate and infrastructure are usually considered separate asset classes. But a new study suggests that they diversify a portfolio by diversifying each other – at least on the downside.Read More


Public and Private Real Estate: Pieces of the Same Puzzle

Mar 1st, 2011 | Filed under: Real Estate, Manager Selection

Is it location, location, location? Or valuation, valuation, valuation? Or is it timing, timing, timing? Perhaps all three describe both public and private real estate investing. But figuring out valuation is the tricky part.Read More


An Overview of Equity Real Estate Investment Trusts (REITs): 1993-2009

Feb 15th, 2011 | Filed under: Real Estate

By: Zhilan Feng, S. McKay Price, C. F. Sirmans Published: February 2011 Abstract: This study documents the publicly traded equity Real Estate Investment Trust (REIT) universe during the modern REIT era (early 1990s through the present). We show the growth and consolidation of the industry, changes in property type focus,Read More


The house that REITs built… casting a shadow on hedge funds?

Feb 14th, 2011 | Filed under: State of the Industry, Real Estate, Manager Selection

Real estate in various forms continues to gain favor among institutional investors. For hedge funds, the problem is the shadow being cast.Read More


Perspectives on Real Estate Investments

Dec 3rd, 2010 | Filed under: Real Estate

By: Mercer Published: December 2010 Abstract: While real estate investments declined in unison during the financial crisis, the depth of the decline and the recovery are very much tied to local economic activity and countr-specific factors. We are seeing a divergence in return and risk characteristics across various strategies. RelatedRead More


Real Estate Funds of Funds June 2010

Aug 13th, 2010 | Filed under: Real Estate

By: Preqin Research Group Published: June 2010 Abstract: Real estate funds of funds play an important role in the private real estate market as a whole, acting as key investors for fund managers and allowing smaller institutions, which lack the capital or resources to construct their own fund portfolios, to gainRead More


Real Estate Spotlight

Aug 13th, 2010 | Filed under: Real Estate

By: Preqin Research Group Published: July 2010 Abstract: As a result of the slow fundraising market, there has undoubtedly been a change in the balance of negotiating power from General Partners (GPs) towards Limited Partners (LPs), which has precipitated shifts in certain areas of fund terms and conditions.


Private Equity Real Estate Fundraising Update

Aug 13th, 2010 | Filed under: Real Estate

By: Preqin Research Group Published: July 2010 Abstract: Preqin looks at real estate fundraising over the last month and the target IRR distribution of real estate funds in market.


Q2 2010 Private Equity Real Estate Fundraising Update

Aug 13th, 2010 | Filed under: Real Estate

By: Preqin Research Group Published: August 2010 Abstract: Fundraising hit a new five-year low in Q2 2010, when 20 private quity real estate funds closed having reaised an aggregate $7.3 billion. This is the lowest quarterly aggregate since Q3 2004, when 30 private quity real estate funds raised $6.1 billion. TheseRead More


Fees in real estate

Apr 1st, 2010 | Filed under: State of the Industry, Real Estate

By: Towers Watson Published: April, 2010 Abstract: For the first time in a number of years we are positive about new investment opportunities in real estate, notably those being offered by certain specialist fund managers. These so-called private equity-style real estate funds (including ‘opportunity’ and ‘opportunistic’ funds) appear well placedRead More


Alpha and Persistence in Real Estate Fund Performance

Feb 11th, 2010 | Filed under: Real Estate

By: Shaun A. Bond Published: February 11, 2010 Abstract: This paper investigates whether fund managers investing in the direct real estate market can systematically and persistently deliver superior risk-adjusted returns. The research that has been published has typically focused on the performance of managers trading public real estate securities. OurRead More


Real Estate Allocation Puzzle in the Mixed-Asset Portfolio: Fact or Fiction?

Feb 3rd, 2010 | Filed under: Real Estate

By: Pink Cheng, Florida Atlantic Published: February 3, 2010 Abstract: Direct application of Modern Portfolio Theory (MPT) to the mixed-asset portfolio often suggests that allocation to real estate should be far more than what is practically acceptable. This paper reveals that the puzzling gap is caused by inappropriate application ofRead More


Does Valuation-Indifferent Indexing Work for the Real Estate Market?

Feb 1st, 2010 | Filed under: Real Estate

By: Feifei Li, Research Affiliates, LLC Published: February 01, 2010 Introduction: In historical testing, valuation-indifferent indexing produces statistically significant and economically large outperformance relative to traditional capitalization-weighted indexes. This result has been found for both U.S. and global equity data as well as U.S. corporate bonds and emerging market bonds.Read More


2010 seen to be a year of bottom fishing for institutional real estate investors

Jan 20th, 2010 | Filed under: State of the Industry, Real Estate

Commercial real estate investors have been reeling in empty hooks for some time. But according to one survey of institutional investors, their may be some good fishing grounds right around the corner.Read More


Risk-Neutral Valuation of Real Estate Derivatives

Jan 14th, 2010 | Filed under: Real Estate, Private Equity, Manager Selection

By: David Van Bragt, ORTEC Consultants Published: January 14, 2010 Abstract: We propose a novel and intuitive risk-neutral valuation model for real estate derivatives. We first model the underlying efficient market price of real estate and then construct the observed index value with an adaptation of the price update ruleRead More


Investors to Real Estate Private Equity: We don’t want any (right now)!

Oct 8th, 2009 | Filed under: Real Estate, Private Equity

Private equity real estate funds are having troubles raising assets. Join the club.Read More


UK Market Outlook: Commercial Property Review

Oct 1st, 2009 | Filed under: Real Estate

By: Knight Frank Published: October 2009 Summary: Six months ago the newspaper business pages were full of pictures of the Great Depression era next to forecasts of the recession lasting deep into 2010. Now the equity markets seem to have forgotten that it was only recently we were nationalising banks.Read More


Preqin: Private Equity Real Estate Update

Oct 1st, 2009 | Filed under: Real Estate

By: Preqin Published: October 2009 Summary: The industry’s problems have been compounded by the direct effects of the credit crunch which has left uncertainty hanging over real estate markets worldwide. Liquidity issues have hit the real estate industry hard and part of the fall-out has been for investors in theRead More


The Real State of Real Estate

Oct 1st, 2009 | Filed under: Real Estate

By: Greycourt Published: October, 2009 Introduction: When asked during World War II whether he believed the end was near, Winston Churchill said that “now is not the end. It is not even the beginning of the end. But it is perhaps, the end of the beginning.” This could sum upRead More


Digging into the Infrastructure Debate

Jul 1st, 2009 | Filed under: Real Estate, Hedge Funds

By: Kevin L. Kliesen and Douglas C. Smith for the Regional Economist Published: July 2009 Introduction: The nation’s public infrastructure is crumbling and in dire need of repair, according to conventional wisdom. This view seems to have become more strident after the Minneapolis bridge collapse in 2007. The American RecoveryRead More


Time and Risk Diversification in Real Estate Investments: Assessing the Ex-Post Economic Value

Jan 1st, 2009 | Filed under: Real Estate

By: Carolina Fugazza, Massimo Guidolin and Giovanna Nicodano (Federal Reserve Bank of St. Louis) Published: January 2009 Abstract: Welfare gains to long-horizon investors may derive from time diversification that exploits non-zero intertemporal return correlations associated with predictable returns. Real estate may thus become more desirable if its returns are negativelyRead More