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A New Paradigm

Working paper #683
David R. Hodes and Doug Weill

The authors offer a fresh perspective on several key issues currently impacting the real estate private funds industry. Following the dislocation in the commercial real estate market, fund managers are grappling to adjust business plans and expectations to reflect the new reality while institutional investors are trying to find solutions to address their concerns about fee levels, control, transparency and effective governance. It is apparent that the typical private fund designed to align interests in the previous market cycle needs to evolve. The article concludes that a constructive engagement between fund managers and investors is needed in order to re-establish trust and move the private funds industry from defence to offense, which is an outcome that will benefit all.

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