By increasing allocations to more-direct strategies, LPs both lower their costs and retain greater control over decision making and cash-flow timing-both attractive attributes.Many large LPs will continue to invest in funds and look for partners that can service their full range of needs (such as one-off development JVs). Others are tying up with operating companies, either by buying them outright or by investing through exclusive agreements. Many larger, at-scale LPs have built in-house capabilities, increasing control and discretion through separate accounts, discretionary sidecars, coinvestments, and direct investment through large-scale joint ventures (JVs). In keeping with the broader shift across most private markets, the traditional drawdown vehicle has lost ground to more flexible structures. But the permanent nature of open-end vehicle capital and incremental cash flow over time have led to greater share for these vehicles. Private equity–style closed-end structures are not dead indeed, fundraising has recently accelerated, particularly for opportunistic funds. Their share of core and core-plus investment grew from 21 percent to 28 percent during that time (Exhibit 4). Open-end funds have grown at 18 percent annually in the past five years, as GPs have favored capital without a set hold period. referenced by most pensions and their investment teams. For LPs, core plus might be said to combine the yield of core with the opportunity to outperform the leading benchmark 3 The NCREIF Fund Index – Open End Diversified Core Equity (NFI-ODCE), based on more than 35 large open-end and commingled core US real estate funds. One early-moving core-plus fund has grown massively, and others are quickly following. While that has attracted much interest, lower expected returns in core strategies, driven by compressed cap rates, have prompted a shift to core plus. 2 “North America Cap Rate Survey H1 2019,” CBRE, Half 1 2019,. Even with prime yields for Class A office space falling as low as 3 percent, core real estate has provided a 200- to 400-basis-point spread over ten-year Treasuries (and also did well through the last downturn). One likely reason is a search for yield, as many investors have rotated away from sustained low yields in traditional fixed income. Allocations to core, core-plus, and debt strategies have grown more quickly than value-add, opportunistic, and distressed strategies (Exhibit 3). As a share of their real estate allocations, LPs have traded down the risk spectrum in the years since the global financial crisis. Simply email brief statements of interest ASAP to In order to present, see how to present a position paper for presentation.How exactly are the needs of LPs evolving? We see four trends: Registration is free although a statement of interest or position paper is needed. These standards will enable the transformation of today’s enterprises to tomorrow’s cross-enterprise social businesses and to create a whole new round of innovation across the Web. The OpenSocial Foundation and W3C believe that now is the time to make progress on the standards in this space. What are the next steps for social specifications, ranging from OpenSocial to the Federated Social Web (Open Graph Protocol, ActivityStreams, PubSubHubbub, PortableContacts, Salmon Protocol)?.What approaches are organically emerging as best practices in areas without standardization such as user engagement?.What is the difference between standards inside the enterprise and across enterprises?.What is the overall architecture of social business?.What technologies can be standardized to solve the problems facing social business?.What use-cases and requirements are driving social business?.Workshop, hosted by AppFusions, to address a number of important W3C and OpenSocial are jointly organizing a ![]() At the same time, specifications like the Open Graph Protocol are gaining widespread traction. The demand for interoperable social standards is growing, yet the landscape of specifications is fragmented, making it difficult to create new software that serves the needs of both users and organizations. ![]() Social business can transform the enterprise: enterprises are increasingly applying social tools to become more efficient and gain a competitive advantage, and soon these tools will reach deep into an enterprise's architecture. ![]() "Social" is revolutionizing all aspects of life, from our personal communications to how work is accomplished in an organization.
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