In the fall of 2024, IPC introduced the Real Assets Research Initiative (RARI), a dedicated research initiative in the real assets space, replicating the success of IPC’s Private Equity Research Consortium in equities. With this new initiative, IPC aims to address the current lack of academic research in real assets, especially through the investor/portfolio perspective, with the goal of connecting academic researchers and industry practitioners to advance research and solve the most pressing problems faced by industry.
In conjunction with this initiative, we’ve introduced a new data sharing agreement between MSCI and IPC, which will make MSCI’s Real Capital Analytics database available for academic research. Applications for data access are accepted semi-annually and reviewed by the RARI Advisory Board.
Greg Brown
Research Director, IPC; Weatherspoon Distinguished Professor of Finance, UNC Kenan-Flagler Business School
Sarah Franks
Executive Director, IPC
Andrew Hoffman
Investment Director, NC Investment Management Office
Monica Huffer
Portfolio Director, Private Markets, Texas Municipal Retirement System (TMRS)
Bill Kieser
Principal, Quantitative Research Group, Ares Management
Albert Lee
Senior Portfolio Manager, APG Asset Management
Qi Liu
Director, Portfolio Management, StepStone
Christian Lundblad
Director, Senior Fellow, IPC; Edward M. O’Herron Distinguished Scholar and Professor of Finance, University of North Carolina, Kenan-Flagler Business School
Sam Spencer
Vice President, Global Portfolio Management, QuadReal
Willem Vlaming
Vice President, Private Assets Index R&D, MSCI
William Volckmann
Research Professor, IPC
Louis Yu
Head of Data Science, BroadVail Capital Partners
This paper examines whether high levels of risk retention effectively align incentives in securitizations, using evidence from the $100 billion-plus CRE CLO market
This paper estimates the effect of sustainable shareholder engagement on firm's investments. We study the real estate industry where investments are sporadic and occur following depreciation cycles.
Using granular data on U.S. hotel investments over the past two decades, we show that industry-specialist PE firms achieve higher net income from operations and higher capital gains from sale than generalist PE firms for comparable properties.
Private Commercial Real Estate (CRE) funds provide institutional investors an opportunity to access the CRE market, but most of them are inaccessible to typical individual (retail) investors. In this paper, we study the early performance (2016 to 2023) of a special and emerging class of non-listed CRE funds that are accessible to individual investors.