• Revenue: Capital raising and net and gross AUM growth year-over-year, new commitment trends, investor concentration ratios, use of daily-valued private RE vehicles, dry powder and subs lines, leverage use, acquisition & disposition volumes and revenues.

 

• Expenses & Organizational Metrics: Headcount growth, employees per $1bn AUM, employee breakdowns per function, per function and seniority, including portfolio management, asset management and acquisitions. Span of controls, turnover and layoffs, valuation policies, functional group trends - ESG, Data Strategy, Asset Management​ and more.

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• Financial Metrics: YOY financial performance, EBITDA (pre- and post-bonus) margins, bonus pools, revenue and expense breakdowns, treatment of fund-level expenses.

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• Fund/Account T&Cs: Target returns, asset management fees, acquisition & disposition fees, fee prevalence, promote/carried interest trends, promote catch-ups, GP co-investments, fund employees.

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• Governance: Composition of executive committees, board of directors, management committees and investment committees; IC deal flow, voting and decision trends; SEC registration and audit frequency.

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NAREIM members participating in the Global Management Survey can access the full report through the Ferguson Partners member portal. Other NAREIM members can access the executive summary through the link below. Note, access is restricted to designated personnel of NAREIM member firms only and Executive Officers.

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• Real estate investment managers that are not NAREIM members should contact Zoe Hughes for more information and to request a copy

 

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

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