Real estate funds launched between 2011 and 2020 tend to fall short of their return targets, but the extent of that shortcoming varies based on geographic focus, strategy, and even fund size.
For 2011 through 2020 vintages, a greater average shortcoming is observed in Europe-focused funds over those focused on North America because of more frequent regional market shocks affecting the former
A standout 2021 proved to be a valuable exit opportunity for earlier vintages
Smaller funds demonstrate a greater ability to achieve return targets
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