Following the publication of the previous Have Property Funds Performed? report in 2011, further research was undertaken by ULI and Property Funds Research into the reasons for the disappointing performance of unlisted property funds of all types between 2003 and 2009. The report looked to establish if the under-performance of these funds was being caused by leverage or by poor or high risk property selections.

In June 2012, ULI held a Funds Symposium at AREA Property Partners offices in London to review the 2012 results with leading fund managers, investors and academics. The report is an executive summary of the research presented by ULI’s Visiting Fellow, Professor Andrew Baum, and of the subsequent discussion.

Download the Report