More time was perhaps the most valuable commitment many investors made to fund managers in the wake of the global financial crisis. And the need for it is firmly back for some.

“I’ve been investing in real estate for 35 years, and this is as complicated a cycle as I have seen,” says Ron Dickerman, founder and president of Madison International Realty, citing factors including the lingering impacts of the pandemic, the war in Ukraine, high inflation and monetary policy.

The real estate market — well-known for its tendency to lag other alternative asset classes — is still picking itself up from COVID-19’s blow to portfolios, with some managers not yet finished writing down assets, says Dickerman.

The comments came as the Federal Reserve hinted at holding interest rates and warned President Trump’s tariffs on international trade could risk higher inflation. The latest macroeconomic developments were expected to exacerbate concerns about when to deplo