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Ultimately, private market investing means active ownership of less liquid assets, as value creation takes time. Liquidity needs at the total portfolio level are one important consideration before allocating to private equity. In addition, manager selection may be of particular importance given the wider dispersion of returns compared to public markets. Key manager attributes include scale, staying power and a long track record.

Education is also critical to understanding both the asset class and the secular tailwinds that drive returns. The right, longterm partner must commit to broadening investors’ understanding of private real estate and what it can bring to their overall investment strategy.