How to Maximize Returns Over a Very Long Period of Time

I was tasked with going and building a real estate portfolio really from a blank sheet of paper. And so I went down kind of the traditional paths where I said, okay, we have long duration capital. How do we maximize returns over a very long period of time? For us, it became very clear that for long duration capital, the private, typical private equity vehicle was not that attractive because you lose a lot of tax benefits associated with real estate when you go through the private equity structures. From there, it was obvious that in the shop that I was in, we really couldn't manage the assets directly. So we had to go to local operating partners. We then started putting capital out

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