2024 Defined Contribution Survey

Four industry associations, the Defined Contribution Real Estate Council (DCREC), NAREIM, NCREIF and PREA, have joined forces to conduct the 2024 Defined Contribution Survey.

This survey is meant to provide insights into defined contribution (DC) capital sources for private market commercial real estate investment, including the size and breadth of the DC investment vehicles in the industry, the organization and structure of DC real estate investment vehicles, and DC capital inflows and outflows over time.

To participate, we are asking real estate investment managers if they are (or are not) actively managing or considering managing DC capital. All participants will receive a copy of the results.

The deadline for survey responses is June 25, 2024.

For questions or further information, contact Zoe Hughes at NAREIM on zhughes@nareim.org.

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* 1. Firm: Please provide your firm name. Note, this will not be used beyond this Survey/data collection.

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* 2. Current DC efforts: Please select the option below that best describes your firm’s current efforts in the defined contribution space. Choose only one.

We actively manage DC capital within our real estate portfolio (via dedicated and/or non-dedicated vehicles.)

We are actively developing an offering targeted to the DC space but do not manage such capital today.

We are considering developing an offering targeted to the DC space within the next two years.

We have no intention of pursuing DC capital in the foreseeable future.

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* 3. Actively managing DC capital: If you are actively managing DC capital within your real estate portfolio, we will send you a separate questionnaire on your DC capital flows. Please provide your email below, then move to Q6.

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* 4. Developing a DC product: If you are actively developing an offering targeting the DC space, when do you expect to have a product ready to launch? Choose only one, then move to Q6.

1-2 years

2-3 years

3-5 years

5 years+

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* 5. Considering a DC product: If you are considering developing an offering targeting the DC space, when do you expect you might have a product ready to launch? Choose only one, then move to Q6

2-3 years

3-5 years

5 years+

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* 6. Not pursuing DC: If you have no intention of pursuing DC capital in the foreseeable future, why not?

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* 7. Firm ownership: Which of the following best characterizes your company? Choose only one

Independent real estate investment manager/private equity firm

Affiliate/Subsidiary of an insurance company

Affiliate/Subsidiary of a non-insurance financial institution (e.g., commercial bank, private equity firm, etc.)

Other (please specify)

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* 8. AUM: What was your company’s total real estate NET and GROSS assets under management as of 12/31/2023?

Definition: “Net Managed Assets” is defined as the market value, excluding leverage, of invested capital. If you invest in joint ventures, please provide your company’s portion only (e.g., if you buy a $100MM asset in a 50/50 joint venture, your portion would be $50MM).

“Gross Managed Assets” is defined as the market value, including leverage, of invested capital.

Net managed assets (market value of invested capital, excluding leverage)

Gross managed assets (market value of invested capital w/ leverage)