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Defined contribution Survey

In collaboration with the Defined Contribution Real Estate Council (DCREC) and Ferguson Partners, NAREIM provides an in-depth view of Defined Contribution (DC) capital raising and organizational metrics from the real estate manager perspective relating to scale and growth of DC offerings and the management of DC real estate vehicles. It also highlights five-year AUM growth and DC real estate capital flow trends for the sector.


The Survey also highlights DC investor appetite for private real estate strategies and offerings and explores increasing investor sophistication towards the asset class, and manager products.

For more information on participating in the survey and accessing the full Survey results, contact IvyLee Rosario, NAREIM meeting director.

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Approximately $60 billion of defined contribution capital is currently invested in private real estate, according to the 2023 results of the Defined Contribution Survey.


The $60bn of DC capital includes:

  • $17.7 billion in corporate DC vehicles

  • $15.4 billion in public DC vehicles

  • $26 billion in vehicles open to 403(b) DC plans


More than three-quarters of managers participating in the Survey also say they either had a product, or were actively developing or considering developing a dedicated product for the DC marketplace.

The 2023 DC Survey was produced by the DC Real Estate Council, NAREIM and Ferguson Partners and covers DC real estate capital raising and organizational metrics as well as breaking down trends, including AUM growth and DC real estate capital flows over the past five years. 


The goal of DCREC and NAREIM is to produce a single, comprehensive DC capital raising and organizational resource that NAREIM members can use to better understand, enter and scale successful DC real estate platforms. Click here to download.

Note, participants will also receive data on staffing and organizational resources. Only participants can see this section of the 2023 DC Survey. To participate in 2024, please contact IvyLee Rosario.

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investor interview: New mexico PERA & Meketa

The private real estate roadmap four years in the making

An interview with:

  • Karyn Lujan, Public Employees Retirement Association of New Mexico (PERA)

  • Paul Cowie, Meketa Investment Group

The introduction of core real estate into a defined contribution plan offers the benefits of diversification, stable income returns, stronger risk-adjusted returns, and the potential for inflation protection with the benefits of reducing volatility in the portfolio. But what happens in an extreme market? How do illiquid assets work in reality?


Karyn Lujan of Public Employees Retirement Association of New Mexico and consultant Paul Cowie of Meketa Investment Group speak with NAREIM and DCREC about how the public pension’s voluntary deferred compensation plan introduced core private real estate into their target date funds and the lessons learned during the Covid-19 pandemic when rebalancing was top of mind.


Their key lessons learned? Understand the legal reviews required, be proactive in rebalancing and embrace the fiduciary oversight you provide participants.

Click here to download the New Mexico/Meketa interview.

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