Real Estate Private Equity Performance: Recent Evidence and Its Implications
综述了房地产私募股权基金绩效的近期学术研究，重点讨论了收益平滑的影响、管理选择对绩效的作用以及面向零售投资者的基金表现，并指出了研究局限性。
This article reviews some of the recent academic research on the performance of real estate private equity (REPE) funds. In doing so, it emphasizes the findings of those papers as well as the implications those findings have for investors. The article focuses on three central themes. First, it examines new evidence on the implications of return smoothing (including the NAV-timing and fund fragility risks created by smoothing) and the importance of recently developed unsmoothing techniques. Second, it explores the role of managerial choices in shaping the performance outcomes investors actually experience (including the effects of managerial discretion on the timing of capital funding, the impact of specialization, and the consequences of style drift). Third, it evaluates the evidence related to the performance of REPE vehicles designed for retail investors. In addition to summarizing this research, the article also identifies important limitations that should be considered when interpreting these findings.