Understanding Open vs. Closed End Real Estate Funds

Hey WSO,

One thing I’ve not found much literature on is the concept of open vs. closed end real estate funds.

Aside from the obvious details that closed end funds have a finite life and therefore are (most likely) IRR driven, what other details are relevant? Where do these vehicles fall on the risk spectrum? Seems like they are more so passive, ultra core investments. But who are the players? How common are they? What kind of strategies do you see at work? What are the levers of the fund structure? Would love to hear the WSO insight.

Thanks in advance.

 

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