战略如何塑造私人地产的回报
Key findings Private real-estate funds have experienced significant near-term return dispersion by strategy, with core andcore-plus funds weathering the recent rate and valuation cycle considerably better than value-added andopportunistic peers. Over 15 years, higher-risk strategies delivered stronger returns than core strategies, confirming a risk-returntrade-off across global private real-estate funds, but one that demands patience and careful timing tocapture. Strategy selection and entry point are dominant drivers of investment outcomes. The MSCI All Private RealEstate Fund Index introduces a consistent cross-strategy benchmark for LPs and GPs to evaluate thesedynamics. The market for private real-estate (PRE) funds has navigated one of its most challenging periods in recentmemory. The sharp rise in interest rates from 2022 caused a significant slowdown in transaction volumes andvaluation corrections that have weighed heavily on fund performance across the risk spectrum. Yet the pictureis far from uniform. And for limited partners (LPs) and general partners (GPs) who can look beyond near-termnoise, a more instructive story emerges. The MSCI All Private Real Estate Fund Index (APRE) brings that story into focus for the first time globally. Byaggregating fund-level data across the full strategy spectrum, from core to opportunistic, APRE offerssomething that has been largely absent from PRE benchmarking: a single, consistent lens through which tocompare how different investment approaches have performed across cycles. Core and non-core strategieshave historically operated in parallel ecosystems, each with their own benchmarks, performance measures andinvestor communities. Bringing them together shows dynamics that neither ecosystem can see in isolation. Near-term pain, long-run premium: The gap in strategy returns Not all strategies have felt the recent downturn equally. Lower-risk strategies, core and core-plus funds, havedemonstrated relative resilience over the past 12 months, delivering annualized total returns of 3.8% and 3.1%, respectively, in the year to March 2026. This outperformance in a difficult environment is unlikely coincidental.Core funds, by design, lean on stabilized income from high-quality, well-leased assets with conservative capitalstructures. When financing costs rise and transaction markets contract, lower leverage is a meaningful buffer.Less exposure to growth strategies also benefits core funds when discount rates are elevated.More-active strategies have fared worse in the near term. Value-added funds delivered 1.1% over the trailing12 months, while opportunistic funds — which rely heavily on execution, leverage and exit timing — produceda return of -0.5%. For managers running these strategies, the combination of compressed exit markets,elevated financing costs and extended hold periods has been a genuine headwind. An entirely different picture over a 15-year horizon Loading chart...Please wait. Data as of March 2026. Past performance — whether actual, backtested or simulated — is no indication or guarantee of futureperformance. Source: MSCI All Private Real Estate Fund Index Over 15 years, however, value-added and opportunistic strategies have delivered annualized returns of 7.9%and 7.3%, respectively — meaningfully ahead of core (5.8%) and the all-fund average (6.6%). The risk-returntrade-off holds, at least over this horizon. Timing matters in a cyclical asset class The 12-month and 15-year comparison makes for a compelling headline, but it risks oversimplifying afundamentally cyclical asset class. Private real estate doesn’t move in straight lines, and the same strategy canlook very different depending on when capital was deployed, when assets were acquired and when funds werebenchmarked. This is where the full index time series, and the flexibility to explore it, becomes genuinely usefulfor both GPs and LPs. Using the chart below, hover the mouse to see what impact rebasing the index at variouspoints in time has on performance comparisons. Core and non-core strategies have performed differently throughmarket cycles Loading chart...Please wait. Past performance — whether actual, backtested or simulated — is no indication or guarantee of future performance. The takeaway for LPs is not that one strategy is superior, but that the timing of commitments, duration ofmeasurement and phase of the cycle all profoundly shape observed outcomes. Having a benchmark thatcaptures the full spectrum in a consistent framework, as APRE now does, is the prerequisite for making thosecomparisons rigorously. For GPs, the implications are equally pointed. In a fundraising environment where LPs are more discerning about the risk they are underwriting, the ability to contextualize a fund’s recent performance against thebroader strategy universe — and across the cycle — is a meaningful tool for transparent investorcommunication. Getting the full picture Private real estate has alwa