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Performance and Cash Flow Drivers of Private Real Estate Funds

Author

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  • Kieran Farrelly
  • Simon Stevenson

Abstract

This study makes use of a unique dataset of predominantly US and global closed-ended unlisted real estate funds to investigate their performance characteristics. The sample covers multiple vintage years and includes a number of fund specific features. These are used to identify the key performance drivers of these vehicles through cross-section regression analysis. Particular attention is paid to the study of the performance persistence of managers. We also are able to make use of detailed cashflow histories for a number of the funds. This enables us to explore the investment timing abilities of fund managers and the determinants of both capital drawdown and distribution rates.

Suggested Citation

  • Kieran Farrelly & Simon Stevenson, 2013. "Performance and Cash Flow Drivers of Private Real Estate Funds," ERES eres2013_326, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2013_326
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2013-326
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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