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Real Estate Fund Openings and Cannibalization

URN to cite this document:
Downs, David H. ; Sebastian, Steffen P. ; Woltering, René-Ojas
Date of publication of this fulltext: 09 Jun 2020 06:58


This article examines the trade‐offs in launching new real estate funds, specifically open‐end, direct‐property funds. This investment vehicle, which is designed to provide the risk‐return benefits of private market real estate, is available to retail investors in a number of countries. At the same time, these funds are also subject to liquidity risk, because they hold an inherently illiquid ...


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