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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 Zoe Hughes, NAREIM CEO.

NAREIM research is not for sale to non-members.

Only investment manager members of NAREIM can access benchmarking research.

The 2023 Defined Contribution Survey is open for data collection. The deadline is June 2. 

The Survey tracks DC capital targeting private real estate vehicles. Whether dedicated DC funds or non-dedicated vehicles, such as ODCE funds, get involved.


Email Zoe Hughes to access the Survey portal.

2023 Survey
June 2

Approximately $79.4 billion of DC capital is currently invested in private real estate, including $16.9 billion in vehicles structured for DC investors, $31.2 billion in vehicles open to all categories of investors, and $31.3 billion in vehicles open to 403(b) DC plans, according to the 2022 DC Survey - with three-quarters of managers saying they either had a product, or were actively developing or considering developing a product and the DC marketplace.

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2022 DC Survey: executive summary

The above link is for the executive summary only.

For a copy of the full results, contact NAREIM.


NAREIM members can access the full report below.

The 2022 DC Survey produced by DCREC, NAREIM and Ferguson Partners 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.

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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