This episode is sponsored by Manulife

As new industries evolve and accelerate, new opportunities are constantly arising for institutional investors in the private real assets space.

It isn’t always easy, however, for managers to grasp hold of these opportunities. As assets like data centers have become investable in recent years, managers have found that they need to devote time and effort to understand the dynamics around these unfamiliar assets. And the private markets industry has occasionally been guilty of obsessing over which labels to apply to emerging assets.

This is the first episode of our Private Markets 2030 podcast miniseries, part of PEI Group’s wider initiative exploring how private markets are evolving as we enter the decade’s second half. Across the series, we unpack how managers can adapt, attract capital and deliver performance in an increasingly complex market.

Joining us are three guests from Manulife: Erin Patterson, global co-head of research and strategy; Maggie Coleman, the firm’s chief investment officer for real estate equity and co-head of global portfolio management; and John Anderson, global head of corporate finance and infrastructure. They discuss how multi-product managers have an advantage in expanding into new opportunity sets and argue that a multi-product approach offers obvious benefits around diversification, while allowing managers the flexibility to pivot into new opportunity sets.

A recurring theme in real estate private equity this year has been the proliferation of capital into so-called “niche” or alternative property types beyond the traditionally institutionalized sectors such as office, retail, industrial, multifamily residential or hotels.

But while much attention has been paid to the emergence of segments including data centers, student accommodations or outdoor storage, another area of rising conviction among both institutional investors and their asset managers is affordable housing – particularly in the US, where mounting supply shortages have evolved into what most observers describe as a crisis.

Increasingly, private market investors want to be a part of the solution, and a growing cohort of asset managers are devising ways to address the problem while also creating strong opportunities for risk-adjusted returns.

On this episode, co-host Greg Dool is joined by PERE Credit editor Samantha Rowan and PERE Deals editor Guelda Voien for a look at why affordable housing is increasingly viewed as a strong match for institutional investment portfolios and the managers hoping to capture those allocations. We also hear from Alicia Glen, co-founder of New York-based private equity firm MSquared, which is currently raising its second impact-focused essential housing fund, in conversation with PERE Podcast co-host McKenna Leavens.

Further reading:

• PERE: MSquared’s Glen: ‘We need to do things differently’ in affordable housing
• PERE: CIM Group holds first close on debut fund focused on US affordability crisis
• PERE Credit: Mamdani win underscores need for affordable, middle-income housing
• National Association of Realtors: First-time home buyer share falls to historic low of 21%, median age rises to 40
• American South Capital Partners announces $60 million first close of its third affordable housing fund
• Federal Reserve Bank of New York: 2025 Case Study on Managers of Multifamily Affordable Housing Private Investment Vehicles

In this episode, host McKenna Leavens sits down with Jonathan Brasse, PERE editor-in-chief, and Evelyn Lee, PERE editor, to unpack the optimism circulating at PERE Network’s 20th annual America Forum, held earlier this week in New York City. The flagship event brought together a record-breaking number of industry leaders and investors across the private real estate landscape.

“Palpable optimism” is the way Brasse described the feeling in the air. Listen as he relays the growing confidence among participants that the worst of the capital markets dislocation is over. The podcast reflects on key themes contributing to a positive mood, including the expectation of a rebound in transaction activity and the growing prevalence of core risk-return strategies. Development is also becoming a talking point.

Listeners will also hear from Jesse Hom, chief investment officer of real assets and head of real estate credit at Blue Owl, who joined a panel discussing signs of a strong recovery in the market.

But there were also notable degrees of skepticism, as Lee explains. Despite improving supply-demand dynamics, there are still uncertainties around long-term interest rates, rising inflation and government deficits, leading some to feel the industry is not yet out of the woods.

Read also: PSP, La Caisse explore recalibration of property portfolios