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.
Commercial real estate is a major asset class, with an estimated value of more than $12 trillion in the U.S. alone. But the stay-at-home orders and business closures precipitated by the COVID-19 pandemic have the potential to negatively – and disastrously – affect commercial properties.
Please join us as we discuss the pandemic’s impact on commercial real estate.
 

Latest Research

Private Equity: Accomplishments and Challenges

July 08, 2020

Since the 1980s, there has been an ongoing discussion about the role of private equity (PE) in the economy. As investors have flocked to the asset class, voices critical of the negative social impact of PE have grown louder. In this article, we examine what is known from the academic literature about the effects of private equity on corporate productivity, the returns for investors, and possible broader economic and social consequences. More

The Evolution of Private Equity Fund Value

June 07, 2020

This paper provides the first large-sample analysis of buyout and venture capital fund values over their lifetimes. Specifically, we examine interim fund investment multiples (TVPIs), internal rates of return (IRRs), and direct-alphas based on the current reported net asset values (NAVs) at each quarter of a fund’s life. More

A First Look at the Impact of COVID19 on Commercial Real Estate Prices: Asset Level Evidence

May 04, 2020

This paper examines the impact of the COVID-19 pandemic on commercial real estate prices. We construct a novel measure of real estate investment trusts’ (REITs’) exposure to the growth in COVID-19 cases at the asset level. We document a negative relationship between this geographically weighted case growth and risk-adjusted returns. More

Recent News & Media

Top Academic Researchers Become Newest Members of First Street Foundation Flood Lab, Studying Flooding Impact on the U.S.

May 27, 2020

Researchers at UNC Chapel Hill, including Jacob Sagi, an expert on financial economics, decision theory, and real estate finance, Andra Ghent, associate professor of finance, and Greg Characklis, professor of Environmental Engineering, have recently joined the First Street Foundation Flood Lab, a partnership that provides free access to cutting edge flood risk data for critical public analysis. More