Performance and Cash Flow Drivers of Private Real Estate Funds

Kieran Farrelly and Simon Stevenson

ERES from European Real Estate Society (ERES)

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.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2013-01-01
References: Add references at CitEc
Citations:

Downloads: (external link)
https://eres.architexturez.net/doc/oai-eres-id-eres2013-326 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2013_326

Access Statistics for this paper

More papers in ERES from European Real Estate Society (ERES) Contact information at EDIRC.
Bibliographic data for series maintained by Architexturez Imprints ().