Revived, Renewed: The Property Fund Industry Has Been Through Turbulent Times and Is Now Re-Engaging with Investors
Much has been written about what is wrong with the property fund model, much less about the important role that it plays. The last two years have stressed a system that was still in its infancy and we must be careful not to throw the baby out with the bathwater, rather to nurture and guide it to maturity.
It is just 25 years since property fund management started to emerge as a distinct discipline in Europe and 10 years since it reached any meaningful scale. The combination of Invesco’s first entry into European real estate through MIM in 1984, the opening of JLW Fund Management in London in 1987 and of The Yarmouth Group the following year probably marks the birth of the European industry. The US opportunity funds arrived following the recession of the early 1990s,