Real estate private markets have never been more sophisticated, more global or more central to institutional portfolios than they are today. Yet for all their growth and maturity, the private markets still struggles with something remarkably basic: clarity.
In an environment where billions of dollars hinge on performance reporting, valuation practices, and investor communication, the absence of shared standards creates friction, confusion, and unnecessary cost. That is why the development and deployment of robust industry standards — such as the closed-end fund reporting standards recently proposed by NCREIF and PREA — should not be viewed as a bureaucratic exercise, but as a strategic imperative for the future of the asset class. And the sooner these kinds of standards become programmed into fund management,
