TY  - BOOK
AU  - Tim Schabsky
PY  - 2013
CY  - München, Germany
PB  - GRIN Verlag
SN  - 9783656478478
TI  - Real Estate Fund Management: Non-Listed Funds and the Risk-Reward Space
DO  - 10.3239/9783656478478
UR  - https://www.hausarbeiten.de/document/231341
N2  - This essay examines the ability of investors to take desired positions in the risk-reward space by building a portfolio of non-listed funds of different investment styles. The question is examined from the viewpoint of a major institutional investor not subject to meaningful capital constraints. While it is acknowledged that there might be significant practical barriers when implementing the desired portfolio strategy, the essay focuses on the basic theoretical viability. The latest research on non-listed property fund performance was drawn upon. Furthermore, data from the Association of Real Estate Funds (AREV), the European Association for Investors in Non-Listed Real Estate Vehicles (INREV) and the Investment Property Databank (IPD) was used for illustrative purposes. To begin with, a brief introduction to non-listed funds and the concept of risk and reward is given. Subsequently, the methodologies applied by AREF and INREV to classify non-listed property funds are illustrated. Thereafter, the historic performance achieved by different styles is discussed. Then, factors determining the INREV style classifications are compared with the performance drivers identified by recent research. The findings are summarized in the last section.
KW  - Real Estate, Property, Fund Management, Investment Style, Core, value-added, opportunistic, risk-reward, fund, open-ended, closed-end, private equity
LA  - English
ER  -