In 1992, relationship counselor, lecturer and author John Gray published his book Men Are from Mars, Women Are from Venus, which went on to spend 121 weeks on the New York Times bestseller list. The book’s thesis is relationship problems between men and women are rooted in fundamental psychological differences between the sexes.

Similar “relationship issues” are inherent in joint ventures between institutional investors (typically represented by their investment managers) and real estate operating companies. A match between the two interests makes perfect sense: The operator gets access to capital, and the investor (via an investment manager) can tap into the operator’s expertise, local market knowledge and deal flow. But, like men and women, these two interests come from different planets. One is tax-exempt; one is taxable. One is institutional; one is entrepreneurial. Institutions invest, via their investment managers, on behalf of the investor’s