As the full spectre of CMBS refinancing looms ever more closely over real estate markets, the need for fresh equity has become increasingly urgent. If only there were large global sources of capital that banks and troubled property owners could turn to. If only there were a group of global investors, with long-term investment horizons, a constant need to deploy capital and a desire to diversify into illiquid asset classes, who could effectively bail out the impending real estate securitised loans crisis.

Of course, these investors do exist. It’s just that sovereign wealth funds (SWFs) don’t seem to have turned up to the party yet. A handful of high-profile deals have been made — the Qatar Investment Authority (QIA) has certainly raised a few eyebrows in London — but, considering the growing volume of capital at their disposal, so far the SWF story has bee