Publications

- July 2008: Vol. 20 No. 7

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Equitable Terms: A Principle Worth Defending as Funds Proliferate

by Steve Hays

The number of private equity real estate funds pursuing opportunistic returns amid the fallout from the credit crunch continues to grow rapidly. In a recent position paper, fund of funds manager Clerestory Capital Partners argues that “equitable terms” for all investors is a principle worth defending.

“The results of our recent market survey clearly show that the proliferation of funds pursuing higher-returning investment strategies is continuing,” says Joanne Douvas, principal and co-founder of Clerestory. “But we also sense that the velocity of capital-raising has decreased significantly. This convinces us that the principle of equality of terms among investors in funds is even more crucial now, as we believe it leads to a more efficient management process, a better product, a higher-quality investor base and, ultimately, better performance,” she adds.

Clerestory’s latest research shows 128 small cap opportunistic funds in the market in first quarter 20

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