The Role of Financial Leverage in the Performance of Core, Value-Add and Opportunistic Private Equity Real Estate Funds

2013 ◽  
Author(s):  
Jamie Alcock ◽  
Andrew Baum ◽  
Nicholas Colley ◽  
Eva Maria Steiner
Keyword(s):  
Real Estate ◽  
Private Equity ◽  
Financial Leverage ◽  
Core Value ◽  
Value Add

The Role of Financial Leverage in the Performance of Private Equity Real Estate Funds

2013 ◽  
Vol 39 (6) ◽  
pp. 99-110 ◽  
Author(s):  
Jamie Alcock ◽  
Andrew Baum ◽  
Nicholas Colley ◽  
Eva Steiner
Keyword(s):  
Real Estate ◽  
Private Equity ◽  
Financial Leverage

The Role of Financial Leverage in the Performance of Private Equity Real Estate Funds

2013 ◽  
Vol 17 (1) ◽  
pp. 80-91 ◽  
Author(s):  
Jamie Alcock ◽  
Andrew Baum ◽  
Nicholas Colley ◽  
Eva Steiner
Keyword(s):  
Real Estate ◽  
Private Equity ◽  
Financial Leverage

The Role of Financial Leverage in the Performance of Private Equity Real Estate Funds

2013 ◽  
Vol 39 (5) ◽  
pp. 99-110 ◽  
Author(s):  
Jamie Alcock ◽  
Andrew Baum ◽  
Nicholas Colley ◽  
Eva Steiner
Keyword(s):  
Real Estate ◽  
Private Equity ◽  
Financial Leverage

The Role of Financial Leverage in the Performance of Private Equity Real Estate Funds

2013 ◽  
pp. 130919012318000
Author(s):  
Jamie Alcock ◽  
Andrew Baum ◽  
Nicholas Colley ◽  
Eva Steiner
Keyword(s):  
Real Estate ◽  
Private Equity ◽  
Financial Leverage

Intermediation in Private Equity: The Role of Placement Agents

2019 ◽  
Vol 55 (4) ◽  
pp. 1095-1116
Author(s):  
Matthew D. Cain ◽  
Stephen B. McKeon ◽  
Steven Davidoff Solomon
Keyword(s):  
Real Estate ◽  
Information Asymmetry ◽  
Private Equity ◽  
Abnormal Returns ◽  
Theoretical Predictions ◽  
Illiquid Investments ◽  
First Time ◽  
High Information

Intermediation in private equity involves illiquid investments, professional investors, and high information asymmetry. We use this unique setting to empirically evaluate theoretical predictions regarding intermediation. Using placement agents has become nearly ubiquitous, but agents are associated with significantly lower abnormal returns in venture and real estate funds, consistent with investor capture and influence peddling. However, returns are higher for buyout funds employing a top-tier agent and for first-time real estate and venture funds employing an agent, and are less volatile for agent-affiliated funds, consistent with a certification role. Our results suggest heterogeneous motives for intermediation in the private equity industry.

Reframing Finance

2017 ◽  
Author(s):  
Ashby Monk ◽  
Rajiv Sharma ◽  
Duncan L. Sinclair
Keyword(s):  
Real Estate ◽  
Private Equity ◽  
Green Energy ◽  
Service Firms ◽  
Sovereign Wealth Funds ◽  
Traditional System ◽  
Financial Capitalism

The role of financial intermediaries has come under close scrutiny in recent times as many of the practices of these service firms have been exposed for their opaque, rent-seeking and dishonest behavior. This book questions the traditional system of Financial Capitalism by examining how beneficiary organizations such as pension funds, sovereign wealth funds, endowments and foundations can reduce the inefficiencies of intermediaries in the savings-investment channel. This book argues that the large pools of long-term capital held in beneficiary organizations has not been mobilized efficiently enough into the capital-intensive long-term projects such as infrastructure, green energy, agriculture, private equity and real estate development. In particular, the book examines a new ‘collaborative’ form of investing that a large number of beneficiary organizations have started to embark on in order to address the problem of mainstream financial intermediation and achieve their long-term investment objectives. The book conceptualizes the ‘collaborative’ model of investment, drawing upon economic sociology, and emphasizes the importance for investors to build their social capital. By providing case study exemplars of collaborative vehicles such as co-investment platforms, joint ventures, and platform companies that invest in infrastructure, agriculture, private equity and real estate, the book provides useful insights for how long-term investment management might be shaped in the future.

scholarly journals Extracting rents through foreclosures: The rescue of Catalunya Banc as a new urban strategy following the burst of the Spanish bubble

2017 ◽  
Vol 21 (4) ◽  
pp. 151-159 ◽  
Author(s):  
Sònia Vives-Miró ◽  
Aaron Gutiérrez
Keyword(s):  
Real Estate ◽  
Private Equity ◽  
The Real Estate ◽  
Role Of The State ◽  
Equity Funds ◽  
Private Equity Funds ◽  
Mortgage Foreclosures ◽  
Urban Strategy ◽  
Spanish Model

AbstractUsing the paradigmatic example of Catalunya Banc, this paper analyses the Spanish varieties of the new financial engineering used to appropriate urban rent by home dispossession. It aims to contribute to the study of the new forms of financialization that have appeared since 2008. Particular attention is given to the role of the state, the emergence of private equity funds as global real estate owners and how this has translated into a wave of evictions due to mortgage foreclosures. In short, this article highlights the implications of the uneven development resulting from the exhaustion of the so-called Spanish model of accumulation during the real estate boom years.

scholarly journals International Real Estate Review

2015 ◽  
Vol 18 (2) ◽  
pp. 149-154
Author(s):  
James D. Shilling ◽  
Keyword(s):  
Real Estate ◽  
Private Equity ◽  
House Price ◽  
Real Estate Investment Trust ◽  
Real Estate Investment ◽  
Market Anomalies ◽  
Price Inflation ◽  
Public Markets ◽  
Wide Range

The four articles presented in this special issue of the International Real Estate Review were prepared for and presented at an international real estate symposium organized by DePaul University, which took place on 3-4 July 2012 at the Grand Hyatt Hotel, Macao SAR China. Each paper subsequently went through the typical review process of the International Real Estate Review. The four papers cover a wide range of topics, from the role of public markets in international real estate diversification, to international evidence on REIT (Real Estate Investment Trust) market anomalies, to house price inflation in China, and to evidence on the relative performance of private equity real estate joint ventures. The papers presented here generated spirited discussions at the conference. Those attending the conference offered helpful comments and suggestions.

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