Real estate stages a fundraising comeback. Will it last?
A long-awaited recovery in private real estate fundraising finally arrived in the first three months of 2025, with PERE’s latest report showing a year-on-year increase in capital allocations to the asset class for the first time since 2022.
Now, as an oncoming trade war and inflationary pressure cloud the industry’s outlook, the question becomes: Will the recovery last?
In this episode, PERE editors Jonathan Brasse, Charlotte D’Souza, Greg Dool and Evelyn Lee explore the biggest takeaways from PERE’s fundraising report – including the close of Blackstone’s largest-ever European vehicle – and break down the biggest factors that will impact allocations to the asset class going forward.
Also sharing their perspectives on the real estate fundraising environment are Geoffrey Regnery, senior managing director at Chicago-based manager Harrison Street, and Nancy Lashine, founder and managing partner of capital advisory firm Park Madison Partners.
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19:40
‘To pause or not’: Tariffs force the private real estate sector to decide
Property investors gained some relief on Wednesday when US president Donald Trump announced a 90-day pause on his administration’s sweeping “Liberation Day” tariff hikes, but the outlook for global real estate markets remains anything but certain.
As the prospect of a US-China trade war looms, private real estate managers and investors have been forced to reassess short-term business while adapting their longer-term strategies to a changing risk environment. But in times of volatility, there are also opportunities.
On this episode, Greg Dool sits down with Jonathan Brasse, Evelyn Lee and Samantha Rowan to break down how market participants have responded to an unpredictable few weeks and what it all means for investment in the property sector moving forward.
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18:35
Why Ares, Goldman and Blackstone are charging back into retail real estate
Retail’s real estate resurgence is in the spotlight again as a pair of massive private-equity-backed deals target neighborhood shopping centers across the US. On the heels of Blackstone’s $4 billion take-private deal involving 93 grocery-anchored strip malls, fellow investment giants Goldman Sachs Asset Management and Ares Management are getting in on the action as well.
As PERE reported last week, Goldman and Ares provided equity backing for Atlanta-based RCG Ventures’ $1.8 billion acquisition of a 100-asset shopping center portfolio from listed real estate investment trust Global Net Lease.
Taken together, the two deals represent the transfer of nearly $6 billion-worth of US retail properties from publicly traded REITs to private investment vehicles, and they signify a major comeback for a property sector that had been largely exiled from institutional portfolios.
On this episode, PERE Americas editor Greg Dool is joined by PERE Credit editor Samantha Rowan and PERE Deals editor Guelda Voien to explore the numerous layers to the RCG, Ares and Goldman deal and shine a light on retail’s renaissance more broadly.
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11:50
C-PACE hits a $10bn milestone as real estate navigates ESG backlash
Against a backdrop of existential challenges to the decarbonization agenda in both the US and Europe, the 10th episode of The PERE Podcast examines whether the real estate industry is, as a consequence, shying away from its sustainability commitments.
Listen as Lucy Scott, deputy editor of Real Estate Capital Europe; Randy Plavajka, deputy editor of PERE Credit; and Guelda Voien, editor of PERE Deals, break down how market forces are working to overcome an era of ESG backlash.
In conjunction with PERE Credit's in-depth look this week at the latest issuance data for C-PACE – a form of finance for decarbonization upgrades in the US that is rapidly evolving – we ask whether this is likely to change in the current political climate. We then turn to Europe to discuss whether changes to key sustainability regulations are tempering ambitions to future-proof assets and mitigate the impacts of the climate crisis.
Also read:
Decarbonisation remains critical despite ESG backlash, say managers
Real estate ESG professionals feel lost and burned out
Real estate's 'mind blowing' climate financing need and other Cop29 takeaways
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16:32
‘The pensions want in’: What Jadian’s $2bn fundraise suggests about niche strategies
Achieving fundraising targets and substantially growing capital commitments from one vehicle to the next have become rare feats for private real estate managers, especially those lacking lengthy track records to fall back on. So when an emerging manager not only outraises its initial target by over 40 percent, but also quadruples the size of its predecessor vehicle, it is well worth a closer look.
The latest episode of The PERE Podcast does just that, shining a light on PERE's exclusive report about Connecticut-based manager Jadian Capital lining up over $2 billion for its second opportunistic real estate fund – as PERE exclusively reported Friday – more than triple the size of the manager's inaugural vehicle, which it closed on $650 million in 2020.
Listen as PERE senior reporter Harrison Connery breaks down Jadian's massive fundraise in conversation with PEI real estate group editor-in-chief Jonathan Brasse and PERE Americas editor Greg Dool, including insights from Jadian founder Jarrett Cohen on the manager's unique deployment strategy and why it resonated with institutional investors.
Also read: "Jadian Capital lines up $2bn for second fund, 40% above target"
The PERE podcast is a weekly discussion between members of our senior editorial team providing you with analysis-led commentary about the biggest events in private real estate capital markets around the world. Our discussion spans formation, strategy and deployment and draws from the ongoing coverage of PERE, PERE Credit and PERE Deals.
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