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首页> 外文期刊>Journal of property research >Is real estate private equity real estate? - Dynamic interactions between real estate private equity funds, non-real estate private equity funds, and direct real estate investments
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Is real estate private equity real estate? - Dynamic interactions between real estate private equity funds, non-real estate private equity funds, and direct real estate investments

机译：房地产是私募股权房地产吗？ -房地产私募基金，非房地产私募基金和直接房地产投资之间的动态互动

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In this study, we investigate long-and short-run synchronicity of the US-focused non-core real estate private equity (REPE) fund indices in relation to direct real estate (RE) and non-real estate private equity fund (PE) indices. We test cointegration relationships between the indices and specify different vector error correction models for opportunistic and value-added REPE funds. Our results are robust to various model specifications and suggest that in the long-run risk and return of both, opportunistic and value-added REPE markets follow the direct real estate market more closely than the private equity market. Moreover, short-run opportunistic REPE returns are significantly cointegrated with the direct real estate as well as the private equity market. For value-added REPE fund returns, we find short-run interactions only with the private equity market, but not with the real estate market. Based on the risk/return characteristics, we suggest to use the term real estate private equity over private equity real estate, as value-added and opportunistic real estate funds are a lot closer related to direct real estate than to private equity.
机译：在这项研究中，我们调查了以美国为重点的非核心房地产私募股权（REPE）基金指数与直接房地产（RE）和非房地产私募股权基金（PE）的长期和短期同步性索引。我们测试指数之间的协整关系，并为机会型和增值型REPE基金指定不同的矢量误差校正模型。我们的结果对各种模型规格都具有鲁棒性，并表明在长期风险和收益两者中，机会型和增值型REPE市场比直接房地产市场更贴近直接房地产市场。此外，短期机会性REPE收益与直接房地产以及私募股权市场显着整合。对于REPE增值基金的收益，我们发现仅与私募股权市场发生了短期互动，而与房地产市场却没有。基于风险/收益特征，我们建议使用术语房地产私募股权而不是私募股权房地产，因为增值和机会型房地产基金与直接房地产的关系要比与私募股权的关系更为紧密。

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