Our lead story this month — “Finding its place” — looks at the defined contribution retirement sector and how private real estate investment can become part of the changing retirement landscape. This is an important topic for the institutional real estate industry because the shift from defined benefit to defined contribution retirement systems will overturn all of the capital sources as well as the investment products involved.

This column has long been on record warning about this shift, and its effects on institutional real estate investing. Below is a reprise of a classic discussion of this topic in the April 2012 edition, whic