Capital Formation

Trumbull Property Fund’s massive exit queue makes it unique in the core fund space, but much can be learned from where investors go next.

The Hong Kong-based firm has already raised around $1bn, surpassing the target and the hard-cap for its sixth opportunistic real estate fund.

IGIS Asset Management has raised almost double the equity for its second core/core-plus discretionary real estate fund.

JLL Income Property Trust is the second product of its kind to sell through multiple wirehouses.

With managers increasingly putting pressure on investors to enter the carry early, Threadmark partner Patricia Wilkinson and Infrastructure Investor, PERE and Private Equity International senior editors Bruno Alves, Jonathan Brasse and Toby Mitchenall look across asset classes to find out whether the status quo really is changing.

One limited partner considers Fund X to be value-add, although it classified the vehicle’s predecessor as opportunistic.

Blockchain and other innovations could help to remove some of the hurdles in reaching individual investors.

The property doyen, who built several of the biggest publicly-traded REITs, told NYU’s real estate conference, ‘you don’t have billionaires running these [non-traded] funds and they don’t own any part of it themselves.’

In adding to the $5bn raised in a first close for Blackstone Real Estate Partners Asia II last October the firm once again has beaten the region’s capital raising record for private real estate funds.

With Oaktree becoming the latest private equity firm to launch a non-traded REIT, the market could see the number of competitors double in the next two years, said the president of a competing vehicle.