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James Jacobs, head of real estate for Lazard’s private capital advisory group, says the easing of restrictions on both sides of the Atlantic is changing institutions’ appetite for risk.

The oversubscribed vehicle attracted commitments from institutional investors and high-net-worth individuals alike betting on a hospitality comeback.

Is now the time for private real estate investors to generate returns in retail property and, if so, how should they go about it?

More than half of the capital for the California firm’s latest vehicle came from the region, much of it from first-time investors.

Asia-Pacific real estate funds recorded the biggest year-on-year growth in terms of total capital raised in the first half of 2020.

The Chicago-based manager’s latest real estate debt fund carries the same strategy as its predecessor, but the lower return targets are a function of the late cycle, PERE has learned from a source.

The $356bn manager’s purchase of New York-based Almanac Realty Partners also marks its largest acquisition to date.

Following positive return performances in 2018, family office allocations to the strategy increased by 2.1 percentage points – more than any other asset class.

The pension fund, among others, is concerned about the additional risks managers in the strategy are taking in order to meet higher return targets.