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Will Private Equity and Hedge Funds Replace Real Estate in Mixed-Asset Portfolios?

Shaun A. Bond, Soosung Hwang, Paul Mitchell and Stephen E. Satchell
The Journal of Portfolio Management Special Real Estate Issue 2007, 33 (5) 74-84; DOI: https://doi.org/10.3905/jpm.2007.698908
Shaun A. Bond
A Senior Lecturer in Real Estate Finance Department of Land Economy University of Cambridge, Cambridge, UK and UQ Business School University of Queensland St Lucia, Australia
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  • For correspondence: sab36@cam.ac.uk
Soosung Hwang
A Director, GSA Capital, London, UK
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  • For correspondence: soosung.Hwang@gsacapital.com
Paul Mitchell
A Director, Paul Mitchell Real Estate Consultancy, London, UK
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  • For correspondence: paul@pmrecon.com
Stephen E. Satchell
A Reader in Financial Econometrics, Faculty of Economics University of Cambridge, Cambridge, UK
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  • For correspondence: stephen.satchell@econ.cam.ac.uk
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Abstract

The role of commercial real estate in the investment portfolios of institutional investors is now well established, and allocations towards real estate are increasing. However, fund managers are also gaining interest in alternative asset classes such as hedge funds, private equity, commodities, and infrastructure. This raises the question of whether real estate could fall out of favor with institutional investors. To investigate this issue, the authors examine historical return data from a wide range of asset classes. They find strong support for increasing allocations towards real estate and that real estate has significantly better risk-hedging characteristics than any of the other asset classes studied.

TOPICS: Real estate, portfolio management/multi-asset allocation, risk management

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Will Private Equity and Hedge Funds Replace Real Estate in Mixed-Asset Portfolios?
Shaun A. Bond, Soosung Hwang, Paul Mitchell, Stephen E. Satchell
The Journal of Portfolio Management Sep 2007, 33 (5) 74-84; DOI: 10.3905/jpm.2007.698908

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Will Private Equity and Hedge Funds Replace Real Estate in Mixed-Asset Portfolios?
Shaun A. Bond, Soosung Hwang, Paul Mitchell, Stephen E. Satchell
The Journal of Portfolio Management Sep 2007, 33 (5) 74-84; DOI: 10.3905/jpm.2007.698908
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