Key Benefits
- Understand the private equity real estate market structure, strategy choices, and performance drivers more clearly in investment work
- Strengthen fund structuring and capital analysis across closed-end funds, fee arrangements, fund-level debt, and property-level leverage
- Improve property investment decisions through better due diligence, valuation, modelling, reporting, and exit management
Do You Need to Attend This Course?
This real estate private equity course is designed for professionals currently or potentially involved in PERE transactions across the UK, European and other developed jurisdictions. Training is especially valuable for:
Insurance, pension and other LP investors: C-suite executives wishing to enhance their appreciation of PERE
Those performing due diligence on PERE funds and other investment vehicles
Finance and legal department managers
Private Equity and other real estate investors:
C-suite executives involved in strategy and international real estate investment
Investors and fund managers involved in deals with a projected real estate component
Lenders:
Those responsible for the PERE fund and loan due diligence
Lending managers at banks and other institutions oversee property lending and investment portfolios for PERE clients
Advisors and Consultants:
Lawyers and accountants intending to broaden their understanding of PERE will find value in private equity real estate
Valuers seeking to appreciate the particular circumstances surrounding valuations in a PERE context
Government and Regulators:
Those involved in regulating private equity in the UK and European jurisdictions
Public servants involved in property legislation and the regulation of developers and investors
ESG (Environmental, Social, and Governance) professionals involved in real estate transactions
Practitioners from specific regions:
Professionals from the UK looking to expand their knowledge of PERE in Europe and globally
Real estate investors from EU countries seeking to understand differences in PERE practices across member states
Technical Content
Private Equity in Real Estate (PERE)
The PERE Market: T he UK, Europe and Globally
This real estate private equity course starts with the following:
Size and structure of the PERE market
Case studies: landmark PERE deals
Private equity investment goals in real estate
Comparison with private credit in real estate
Investment Choices and Outcomes
Strategic issues for PERE investors: Geographic reach and currency issues
Sectoral choices
Objectives and financial performance of Core, Core+, value-added and opportunistic strategies
Measuring PERE performance (including ESG reporting)
Success and failure of PERE investments:
Comparisons with public real estate equity performance
Macro-economic, sectoral, infrastructure and local drivers of performance
Assets under Management as a strategy:
Calculating AuM
Acquisitions and joint ventures by PERE funds:
Residential, commercial, industrial, land and indirect investment
Relative sectoral performance in the UK, Continental Europe, the USA and other jurisdictions
Geographic diversification of PERE funds
Proptech as a PERE investment destination is covered in private equity in real estate
Structuring PERE Investment
Creation of closed-end funds: Comparison with open-ended and other funds
Case studies: UK, Luxembourg and other EU jurisdiction funds
The use of LLPs and SPVs in PERE:
Issues of greenwashing and taxation
Fee types (asset, acquisition, management, finance), levels and carried interest
PERE Regulation
Accounting for investments, holding and disposal
PERE taxation rules in the UK, Continental Europe and comparison with the USA
Portfolio management
Use of derivatives
PERE Investment and Management
Sources of Capital for PERE
Equity and hybrid capital: Pension funds
Insurance companies
Scope of other investors
Debt at the fund level:
Sources of fund level debt – banks and direct lenders
Typical PERE covenants (capex, opex, equity injection
Security arrangements
Debt servicing and alternative structures
The role of property debt:
Leverage levels and debt sources at the property level
Senior, junior and mezzanine loans
Structuring PERE debt at the property level
Refinancing mechanisms
Case studies are included in this real estate private equity course: cashflow waterfalls and their outcomes
Decision-Making at the Individual Property Level
Screening individual properties: Deal pipelines auditing
Tools, timeframes and content of due diligence reporting
Sustainability considerations for individual properties
Timeframes, relationships with consultants and decision-making
Valuations and their role in PERE returns:
Valuer selection and relationships between PERE and valuers
Value creation for PERE investment (including distressed assets)
Case studies: Excel and Argus models compared
Managing property exits:
Contribution of individual property exits to PERE performance
PERE Documentation
Investment agreements (including joint ventures)
Investor (LP) relations: Fund performance data for investor reporting and requests (routine and ad hoc)
Reviewing annual and quarterly financial statements and investor reports
Fund liquidity management (capital calls/distributions and credit facilities),
Fund level models
Management of the fund, database, IT and adherence to regulatory requirements
Individual asset-level reporting
Outsourcing administration concludes private equity in real estate training
Training Objectives
Private Equity in Real Estate ensures participants will:
Understand the size and structure of the PERE market in the UK, Europe and globally
Contrast the objectives and financial performance of Core, Core+, value-added and opportunistic strategies
Know how to measure PERE performance (including ESG reporting)
Appreciate how successful PERE has been by comparison to public real estate and other asset classes across multiple jurisdictions
Comprehend the strategic decisions that drive the creation of value by PERE funds, including sectoral and geographical choices and the use of technology
Compare and evaluate the capital structure and fee arrangements of PERE funds across multiple jurisdictions
Understand how PERE is regulated and taxed in the UK, Continental Europe, the USA and other jurisdictions
This real estate private equity course reviews developing relationships with Limited Partners for a PERE fund
Understand how different types of PERE debt are structured at multiple levels
Conduct due diligence to make informed investment decisions regarding individual properties
Audit and create financial models to support property investment decisions, monitoring and exit
Understand the role and importance of property valuation in PERE performance
Draft PERE investment documentation
Assess the effectiveness of PERE fund management arrangements, including reporting and regulatory compliance
Sessions focus on what distinguishes PERE from private equity investment overall, which conventional private equity tools it employs, and how structure and investment choices drive performance at both a fund and individual property level.
Your trainer
Course Trainer · 10 yrs experience
- Real Estate Finance Courses
Delivering Redcliffe’s real estate private equity course is an expert who comes from an old real estate family in the UK. Graduating with a first-class degree in Philosophy, Politics and Economics from Oxford University and amongst other postgraduate degrees, he holds a PhD on developer strategy from Curtin University. He also holds the CLC legal qualification.
This expert began his career with the UK public sector as an analyst, subsequently joining the mainstream Civil Service fast stream. Returning to economic analysis, he became a divisional forecasting head for what is now S&P’s Global Insight.
He subsequently worked on a range of derivative contracts for the London Commodity Exchange before setting up his own consultancy. He had a range of international property sector clients, including banks and chartered surveyors and advised on aspects of investment, infrastructure, governance and real estate financing, valuation and audit. Our real estate private equity course leader advises sovereign wealth funds on real estate investments and also currently serves as Chief Economist of a chartered surveyor.
With a wealth of experience, he regularly presents seminars on a range of real estate topics to developers, investors, bankers, government agencies, and other organisations worldwide. He currently delivers around sixty days of training a year and has also published several books, including those on valuations, derivatives, governance and real estate modelling.
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