An increasing availability of attractive real estate investments, coupled with a need by local and regional entrepreneurial real estate firms to access equity capital, is creating an opportunity for institutional investors to participate with emerging managers, firms that are often well positioned for success. These firms typically possess close local market relationships and local market understanding and insights that can provide a significant competitive advantage in sourcing, underwriting and managing investments. In the current market environment of selective real estate investment success, as distinguished from the marketwide appreciation characteristic of the recent prior cycle, this competitive advantage can provide the foundation for superior investment returns.

Emerging managers provide unique access to attractive investment opportunities that may not be apparent to larger, more established real estate companies and, accordingly, are an important component of a comp