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Paper eres2013_326:
Performance and Cash Flow Drivers of Private Real Estate Funds

id eres2013_326
authors Farrelly, Kieran; Simon Stevenson
year 2013
title Performance and Cash Flow Drivers of Private Real Estate Funds
source 20th Annual European Real Estate Society Conference in Vienna, Austria
summary 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.
keywords Unlisted funds, Finance, Investment, Performance, Performance persistence
series ERES:conference
type paper session
discussion No discussions. Post discussion ...
session O-8: Real Estate Finance & Investment
last changed 2014/10/21 21:51
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