The PERE Podcast

US fund managers have responded optimistically to president Donald Trump’s executive order last week aimed at allowing 401(k) and other defined-contribution retirement plans greater access to alternative investments, including private real estate. Carlyle Group is “ super enthusiastic ,” said its chief executive Harvey Schwartz, who also praised the move as “long overdue." Some managers, like Blue...

Launching a real estate fund management business in a historic market downturn is bold. Doing so as a woman in the Asia-Pacific region, where female-founded and private real estate managers remain exceedingly rare, is even bolder. “I’ve found that, especially in Asia, women tend to basically step back from the table,” says Angel Li, a former real estate executive at CLSA and Macquarie who became f...

As a wave of newly imposed US tariffs arrive to test the global economy this week, real estate investors, managers and lenders are left to grapple with the short- and long-term implications for their strategies. Are tough times ahead for logistics? Is there an upside to rising construction costs? Are interest rate cuts still on the table? How are real estate market participants making sense of it...

Since Houston-based developer-turned-investment manager Hines started raising and deploying third-party capital, the majority has come from institutional sources. That is changing rapidly. Indeed, according to the firm’s global chief investment officer, David Steinbach, as much as 50 percent of its capital is expected to come via private wealth channels within five years. Steinbach makes this bold...

This week PERE published its latest investor report , with figures for the first half of 2025 providing key insights into the private equity real estate investor environment. In this episode, we discuss the standout finding: Investor allocations to private equity real estate pulled back overall during the period, with most investor types lowering their exposures to the asset class. Meanwhile, some...

Starwood Property Trust ’s $2.2 billion purchase of Fundamental Income Properties – a 467-asset, US sale-leaseback platform established by Brookfield five years ago – is just the latest example of real estate managers’ insatiable appetite for net-lease strategies. Given the promise of long-term, resilient and predictable income typically associated with these portfolios, it is not difficult to see...

MF1, a joint venture between Berkshire Residential Investments and Limekiln Real Estate, closed its third CLO this year and 21st overall securitization as of May 31, 2025. The transaction comes as CRE CLO issuance is rebounding. The first half of 2025 saw almost five times the issuance rate as the same period of 2024, according to data from the CRE Finance Council, a New York-based trade group. In...

On its face, PERE’s just-released first-half fundraising report brings welcome news to the private real estate sector, revealing that capital commitments to the asset class jumped 16 percent from H1 2024. After a multi-year slowdown, is fundraising ramping up again? Or is there more to the story? In this episode, join host Greg Dool, PERE editor Evelyn Lee and PERE Asia-Pacific reporter Christie O...

Madison Realty Capital, one of the first real estate private credit funds, has been originating a series of loans that are changing city skylines. The most recent of these were in New York. In mid-May, the company funded a $720 million loan to finance the conversion of the former Pfizer headquarters into a 1,600-unit apartment complex. And earlier this month, a joint venture between Madison Realty...

Real estate is a people business, and this month, PERE is highlighting those that have made their mark on the asset class. On this episode, we take a deep dive into PERE’s second-ever Most Influential list , ranking the individuals who've made the biggest impact on private real estate over the 10-year period since we last compiled such a list in 2015. Numerous forces have reshaped the industry dur...

Is “defense” the next major theme in private real estate? Are sector-based investment strategies outdated in the current market cycle? How can allocators and their asset managers act with conviction in an era of deglobalization, trade tension, inflation, recession risks and interest rate volatility? In this episode, PEI real estate editor-in-chief Jonathan Brasse speaks with François Trausch, chie...

The fraught macroeconomic climate and its impact on property markets has been a regular topic of The PERE Podcast as investors allocate capital in a deglobalizing world. This week the spotlight is on geopolitics, as escalation in the Middle East and rising defense budgets in Europe portend significant consequences for global property markets. On this week’s episode, host Greg Dool sits down with P...

In this episode, we break down the key takeaways from the PERE Network Europe Forum 2025. Some 200 market participants representing private real estate’s top institutional investors, asset managers, lenders and advisers came together at the two-day event in London last week to trade insights and strategies amid rapidly changing global property markets, and we have all the details. Listen as host L...

This episode is sponsored by Bouwinvest Real Estate Investors The Dutch residential market has remained resilient despite economic turbulence and rising interest rates and is now emerging as a prime destination for international investors. In this episode, Paul van Stiphout of Bouwinvest Real Estate Investors and Jorrit Arissen of Van Lanschot Kempen Investment Management unpack the forces driving...

Did you miss a rare opportunity to hear Brookfield Asset Management chief executive Bruce Flatt speak on stage at the PERE Network Europe Forum 2025 this week? Fear not. The team behind The PERE Podcast is stepping aside from our usual format to showcase the entire unabridged conversation between Flatt and PEI’s real estate editor-in-chief, Jonathan Brasse. In this wide-ranging interview, Flatt ex...

The latest  PERE 100  and  200  rankings of private real estate’s top fundraisers, out this week, reflects a changed reality for managers in an increasingly competitive capital-formation environment. For one thing, lengthier fundraising timelines – and ever-larger fundraising targets – contributed to an unprecedented level of year-to-year  volatility  throughout the list and even within the top 10...

This week, PERE revealed that Chicago-based alternatives specialist Harrison Street held a first close for its 10th flagship US real estate fund, Harrison Street Real Estate Partners X , with $1 billion in commitments – after just one month on the road. The fundraise comes as economic and geopolitical uncertainty threaten a potential real estate recovery. The speed of the first close, which brings...

This episode is sponsored by LaSalle Debt Investors and Kayne Anderson In the wake of rising rates and falling transaction volumes, US real estate debt markets are undergoing a significant transformation. Traditional lenders – especially regional banks – have stepped back, opening space for private credit providers to play a larger role. As a looming wave of loan maturities approaches, participant...

How should investors think about private real estate portfolio construction amid today’s highly uncertain macroeconomic volatility? Brian Klinksiek, head of research and strategy at  LaSalle Investment Management , has a compelling answer. The Chicago-headquartered manager's latest research note – The Trade War, Relatively Speaking: Tariffs and Real Estate Fair Value – is the second of two papers...

Brookfield Asset Management is nearing a final close on its largest real estate fundraise yet. The New York-based manager’s opportunistic Strategic Real Estate Partners V fund has raised $16 billion from institutional investors, and a further $2 billion is expected to come from private wealth investors and regional sidecars in the coming months, PERE understands. This is the biggest real estate fu...

After a six-month search, Norges Bank Investment Management has found its next global real estate chief: Alex Knapp , who joins after 17 years at Houston-based manager Hines , where he was chief investment officer for Europe. Starting next month, Knapp will take the helm of NBIM’s massive $70 billion global listed and unlisted real estate portfolio , managed on behalf of Norway’s $1.7 trillion sov...

On the heels of PERE's exclusive report last week on New York-based manager StepStone Group raising the private real estate sector's largest-ever secondaries fund, we spotlight the massive capital haul and the emergence of real estate secondaries more broadly as a major fundraising theme in a time of market dislocation. Indeed, StepStone is not the only private real estate manager eyeing big oppor...

As real estate investors scramble to size up the effects of tariffs on global markets, some of the earliest impacts are already emerging in the commercial mortgage-backed securities market. US manager Pretium Partners is reportedly pumping the brakes on a $778.5 million single-family residential securitization it had planned to price on April 24, while a report this week from ratings agency Scope...

A long-awaited recovery in private real estate fundraising finally arrived in the first three months of 2025, with PERE’s latest report showing a year-on-year increase in capital allocations to the asset class for the first time since 2022. Now, as an oncoming trade war and inflationary pressure cloud the industry’s outlook, the question becomes: Will the recovery last ? In this episode, PERE edit...

Property investors gained some relief on Wednesday when US president Donald Trump announced a 90-day pause on his administration’s sweeping “Liberation Day” tariff hikes, but the outlook for global real estate markets remains anything but certain. As the prospect of a US-China trade war looms, private real estate managers and investors have been forced to reassess short-term business while adaptin...