Before the 1990s, real estate was mostly owned by families, developers, insurance companies, and pension funds. Closed-end, blind-pool private equity funds debuted in early 1990s. The model benefitted from: High cap rates (purchasing fragmented real estate, typically owned by families without other liquidity options) Decreasing interest rates Institutional value-add initiatives Later, portfolio level synergies (internal infrastructure, property level costs) Now we are