The Evolution of the Market for Indirect Investments in Commercial Property (February 2010)
This paper explores the growth of the indirect investments market, tracking the known universe of indirect funds from 1998. The drivers for the development of the market, as well as for future growth, are examined. There is a focus on the role of leverage in indirect investment and whether indirect investment is as liquid as expected. Both leverage and liquidity remain issues for the industry to understand for the asset class to develop successfully.