Created in the late 1980s to meet a pressing need for real estate equity capital, these funds have raised more than $100 billion in equity from pension funds and other investors, invested in every form of income-producing property and equity and debt as well as com-panies in homebuilding, construction and development, real estate technology and other specialties, and expanded into global markets. Now funds and their sponsors are under pressure from investors and their consultants to provide greater transparency and standard-ization in reporting information and to meet yet-to-be-defined performance standards.
