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Real Estate

Private real estate equity and debt: funds, deals and people, for GPs, LPs, and fund service providers.

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Who advises real estate funds

The directory

From the directory: US professionals, each profile drawn from the firm’s own public bio page.

Key terms

The glossary
Co-investment
Co-investment is when investors put money directly into a deal alongside a fund, usually with lower or no fees and no carried interest.
Evergreen fund
An evergreen fund has no fixed end date and lets investors join and redeem on a regular schedule, often quarterly, instead of locking money up for a decade.
Interval fund
An interval fund is a registered closed-end fund that offers to buy back a set share of its shares, between 5% and 25%, at regular intervals such as quarterly.
Distribution waterfall
A distribution waterfall is the order a fund pays out proceeds: investors’ capital, then the preferred return, then the manager’s catch-up, then the split of what remains.
Hurdle rate
A hurdle rate, or preferred return, is the minimum yearly return, often 8%, that investors must receive before the manager can start earning carried interest.
Blocker
A blocker is a corporation placed between certain investors and an investment, so those investors, often tax-exempt or foreign, receive dividends instead of pass-through business income.
SPV
An SPV, or special purpose vehicle, is a separate legal entity set up to hold one investment or deal, keeping its assets and liabilities apart from the sponsor’s.
NAV
Net asset value, or NAV, is a fund’s assets minus its liabilities. In private funds it is usually reported quarterly and rests on the manager’s valuations.

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