By Daniil Shapiro, Cerulli Associates

Real estate investment managers are not new to gathering assets from retail investors (e.g., advisor intermediated as opposed to institutions). Indeed, of all alternative asset classes, real estate has been the only one to earn a seat at scale in defined contribution plans and more broadly in investor portfolios via a range of structures from traded REITs to mutual funds and ETFs. 

What managers need to be increasingly aware of is growth in intermittent liquidity products, such as non-traded REITs (NTRs) and interval funds, which are steadily gaining adoption as a way for affluent investors to access the asset class. 

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