We improve public understanding of the role of private capital in the global economy. Academic and industry experts work together to generate new knowledge about private capital markets based on objective academic research.
This conference serves as a forum for investment managers, institutional investors and academics to network, share ideas and stay abreast of the latest industry trends. 
Designed to bring together practitioners and academics, the symposium will allow for presentation of new work in real estate and allow for discussion and collaboration to help find, gain and organize data in commercial real estate.
AMRA’s primary area of focus is the intersection of public and private markets and the role of hedge funds and other active managers in the financial intermediation process.
We invite submissions of theoretical and empirical papers for The 2019 Real Estate Research Symposium and The 11th Annual Private Equity Research Symposium
 

Latest Research

Have Private Equity Returns Really Declined?

May 06, 2019

In a recent paper, “Demystifying Illiquid Assets – Expected Returns for Private Equity,” Ilmanen, Chandra and McQuinn (of AQR) give a perspective on the past, present, and expected future performance of private equity. They conclude that “private equity does not seem to offer as attractive a net-of-fee return edge over public market counterparts as it did 15-20 years ago from either a historical or forward-looking perspective.” This analysis provides our perspective based on more recent and, we think, more reliable data and performance measures – the historical perspective is more positive than Ilmanen et al. portray. More

Crowded Trades and Tail Risk

February 02, 2019

A growing body of research examines the implications of common holdings for asset price determination; however, far less is known about the impact of hedge fund ownership concentration on risk and return. Yet, hedge fund positions are an important component of the degree of crowdedness because these investment vehicles tend to be particularly active in their pursuit of out performance, they often take highly concentrated positions, and they utilize leverage and short sales. Using a large database of U.S. equity position-level holdings for hedge funds, we measure the degree of security level crowdedness. More

Commercial Real Estate as an Asset Class

November 29, 2018

We survey the properties of commercial real estate (CRE) as an asset class. We first illustrate its importance relative to the US economy and to other asset classes. We then discuss CRE ownership patterns over time. While the academic literature has emphasized Real Estate Investment Trusts (REITs), about two thirds of CRE is owner-occupied. We next study the return properties of CRE indices, indices on particular property types, and discuss what is known about the returns to individual properties. We briefly discuss CRE debt before turning to property derivatives. More

Recent News & Media

IPC Co-hosts Annual NYC PERC Symposium

May 15, 2019

IPC was happy to co-host its annual NYC PERC symposium along with AlpInvest Partners on April 12th. Steve Kaplan (Univ. of Chicago) and Prof Arthur Korteweg (USC) on topics of risk-adjustments in private equity returns and convergence of public and private market returns. Panelists included a number of industry experts such as Iain Leigh, Managing Director of Global Private Equity, APG and Monica Spencer, Senior Portfolio Manager, The Andrew W. Mellon Foundation. We thank AlpInvest Partners for once again hosting this event at its offices and look forward to next year. More