The Different Types of Real Estate Funds

J.M. Shapiro: What are the different types of real estate funds out there? When I think about the fund landscape, I think about deal by deal, so that's not even a fund. And then you can get to another side of direct, but is programmatic, where some large joint venture partner will give you equity. J.M.: For us, we're always discretionary. It's the way we've built our fund business.