According to the latest investment intentions survey from INREV, access to expert management is the main reason for investing in unlisted real estate, as it was five years ago. Risk appetite varies over time, but the need for high-quality investment management remains constant. Those fund managers with a solid record of outperformance will, more often than not, have built it on the bedrock of a consistent investment philosophy. Benjamin Graham, the father of security analysis, maintained that an intelligent investor’s strategy should be rooted in solid principles: “To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.”

Any organisation will prove more effective with shared values. This is particularly the case for fund managers: acquisition teams