Defined contribution Survey
2024 DC SURVEY
The 2024 Defined Contribution Survey is closed for participation. Results will be released in Q4 2024.
NAREIM™ (the National Association of Real Estate Investment Managers™) has partnered with the DC Real Estate Council, NCREIF and PREA to produce the 2024 DC Survey, which focused on inflows and redemptions of DC commitments into dedicated private real estate vehicles as well as open-ended/ODCE funds and retail vehicles targeted private real estate strategies.
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As part of the Survey, members were asked about vehicle structure, AUM growth, liquidity targets and sleeves as well as resources and staffing. In 2023, the DC Survey revealed almost $60bn of DC capital was invested in private real estate.
In collaboration with the DC Real Estate Council, NCREIF and PREA, NAREIM™ (the National Association of Real Estate Investment Managers™) provides an in-depth view of Defined Contribution (DC) capital raising and organizational metrics by real estate investment managers.
The annual Survey benchmarks:
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Net capital flows of DC capital into private real estate strategies
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Amount of capital contributions from existing and new investor mandates
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AUM growth YoY
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Target allocations and liquidity sleeve targets
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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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2023 DC SURVEY RESULTS
$60bn OF DC $ IN PRIVATE RE
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:
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$17.7 billion in corporate DC vehicles
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$15.4 billion in public DC vehicles
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$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.
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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.
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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:
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Karyn Lujan, Public Employees Retirement Association of New Mexico (PERA)
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Paul Cowie, Meketa Investment Group
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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.
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Click here to download the New Mexico/Meketa interview.
