Publications

- September 1, 2013: Vol. 25, Number 8

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Sizing up fund managers: Does today’s market reward speed or size?

by Samuel Herman

 

In today’s volatile investment markets, the window of opportunity to gain outsized returns in a particular property type or market can be brief. For that reason, investing in U.S. and international real estate requires a flexible investment approach and fast, thoughtful decision making.

During the past several years, institutional investors, including some of the world’s leading pension funds, have made significant commitments to small fund managers with an average fund size of less than $500 million under the premise that these managers provide diversification and greater focus and attention. There is also strong sentiment among investors that small fund managers are more nimble and more adaptable to today’s ever-changing investment environment. This trend has been especially evident in real estate, where the discrepancy in returns between top and bottom performers is often so great and smaller funds are likely to have a distinct advanta

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