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Defined contribution Survey


In collaboration with the DC Real Estate Council, NCREIF and PREA, NAREIM provides an in-depth view of Defined Contribution (DC) capital raising and organizational metrics by real estate investment managers.


The annual Survey benchmarks: 

  • Net capital flows of DC capital into private real estate strategies 

  • Amount of capital contributions from existing and new investor mandates

  • AUM growth YoY

  • Resourcing and staffing to support private real estate DC products


For more information on participating in the survey and accessing the full Survey results, contact Zoe Hughes, NAREIM CEO

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The 2024 Defined Contribution Survey will open for participation on May 24 - and we invite all real estate investment managers to participate.


NAREIM has partnered with NCREIF and PREA - in addition to the DC Real Estate Council - on the 2024 report, which will focus on net capital flows of DC commitments into dedicated private real estate vehicles as well as open-ended/ODCE funds and retail vehicles targeted private real estate strategies.

As part of the Survey, members are asked about vehicle structure, AUM growth, liquidity targets and sleeves as well as resources and staffing. Click the links below to access the 2023 report, which revealed almost $60bn of DC capital was invested in private real estate.

To participate in the 2024 Survey, email Zoe Hughes


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 Zoe Hughes.

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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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