Content (60)
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White papersMeasuring risk in the private credit markets
The direct lending market has experienced significant growth and has become an important part of institutional investors’ portfolios, offering potentially attractive risk-adjusted returns with higher current income than most fixed income alternatives. For middle market direct lenders (“MMDLs”) such as Principal Alternative Credit (“PAC”), the ability to properly analyze the underlying risk profile of a borrower and protect against principal loss is the primary determinant of future returns.
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White papersThe next chapter for global office
The global office market is moving past its post-pandemic malaise and is engaged in the early stages of recovery. Leasing activity is improving, transaction markets are beginning to reopen, credit is increasingly available, and capital values are stabilizing across a growing number of markets.
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White papersCommercial real estate under higher inflation and interest rates
Why the interaction between inflation and real rates matters more than either variable alone
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White papersREIT Market Perspectives - a REIT reawakening
A strong market rotation into listed REITs to start 2026 is prompting renewed investor interest in an asset class that has been overshadowed by artificial intelligence (AI) and private markets in recent years. With durable cash flows, improving fundamentals…
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White papersStable income from backbone assets: An institutional investor’s introduction to infrastructure debt
Infrastructure means backbone assets that help the modern world function. Typically, these assets are physical facilities, networks, or systems. The common link across all the different types of infrastructure is that they enable economic, social, and operational function…
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White papersCRE’s recovery masks a widening divide
The CRE recovery remains intact, but the headline obscures an increasingly uneven landscape. A 144 basis point spread between the top and bottom quartiles of NPI returns in 1Q26 underscores the extent of this divergence. With limited scope for further cap rate compression, NOI growth is likely to be the primary driver of returns this cycle. For the first time in 30 years, alpha will likely be earned, not given, through disciplined property and market selection paired with operational execution.
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White papers2026 Mid-year update: Inside Real Estate Outlook
Amid geopolitical volatility and shifting macro crosscurrents, the CRE recovery is intact - but uneven, with wider dispersion than headlines reveal. This creates a market that is ripe for alpha discovery through careful property, market, and fund selection.
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White papersPrivate markets offer financing solutions during periods of geopolitical transition
Private markets have long financed infrastructure, but their role may be becoming more important as geopolitical transition reshapes global priorities. As countries place greater value on strategic physical assets, private capital is likely to play an increasingly important role in funding critical infrastructure and other public goods.
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White papersFive forces shaping the data center investment landscape
The data center investment landscape is being shaped by five structural forces that are redefining risk, returns, and execution across the sector, click here to see them all.
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White papersHeadline ODCE returns mask a selection-driven cycle
Performance across core real estate funds, as reported by ODCE indices, improved in 1Q26, but the underlying story remains one of divergence rather than uniform recovery. Europe outperformed the U.S., though for different reasons: U.S. returns are still income-led, while Europe is increasingly benefiting from recovering capital appreciation.
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White papersWhere real estate meets infrastructure: The evolution of data center investing
Discover our examination of how data centers have evolved from a niche real estate sector into a critical, infrastructure‑like asset class, driven by cloud computing, AI, and global digitalization. Our analysis highlights the structural demand tailwinds, power and supply constraints, and investment implications shaping data center markets today.
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White papersCommercial real estate: Early-cycle advantage as investors reevaluate private credit
Commercial real estate (CRE) is drawing renewed attention as investors reassess allocations amid rising concerns about the durability of private credit returns. Slowing earnings growth, elevated leverage, and tighter refinancing conditions have raised questions about the performance trajectory of some private credit strategies…
