Open-end diversified core funds, such as those tracked in the NCREIF Fund Index — Open-end Diversified Core Equity (NFI-ODCE), remain a compelling investment vehicle for institutional investors seeking exposure to private real estate. Their enduring appeal can be attributed to several key factors: immediate investment access, broad diversification, high-quality properties, conservative management practices and low fees. These characteristics make the NFI-ODCE funds an attractive base for real estate portfolios, offering a solid foundation that investors can build upon with additional, more specialised strategies. But in the post-pandemic era, concerns about valuation and performance have seen investors heading toward the exits, and redemption queues have become substantial