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Features of the Operation of Real Estate Investment Funds
Skybinskyi O. S., Romanyshyn O. I.

Skybinskyi, Oleksandr S., and Romanyshyn, Oleksandr I. (2025) “Features of the Operation of Real Estate Investment Funds.” Business Inform 5:205–213.
https://doi.org/10.32983/2222-4459-2025-5-205-213

Section: Investment Processes

Article is written in Ukrainian
Downloads/views: 7

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UDC 330.3

Abstract:
This article highlights the topic of the peculiarities of real estate investment funds’ operations. The article examines the historical development of the real estate investment market – from private individuals or organizations to PropTech platforms. The main categories of investors are analyzed, including: institutional investors, real estate investment trusts, private investors, direct investment funds, corporate investors, as well as crowdfunding online platforms. Their main characteristics and investment strategies are systematized. The dynamics of off-market assets under management over the last fifteen years is presented, along with an analysis of the dynamics of total investment volumes across real estate segments from 2011 to 2024, specifically for office, retail, warehouse, residential, and hotel segments. A systematic comparison of the key characteristics of private equity funds and real estate investment trusts (which fall under the general category of real estate investment funds) has been conducted from the perspective of their structure and categories of investors, investment goals and timeframes, minimum investment amounts and liquidity, levels of risk, and expected returns. The key functions of real estate investment funds that ensure effective management and profitability from real estate investments have been summarized, as well as the benefits for investors from engaging in investment activities through real estate investment funds. The main structural elements of private equity funds have been schematically represented and characterized – the management company, investors, administrator, auditor, etc., whose tasks are to ensure professional asset management, strategic and operational management of the funds, monitoring and protecting the interests of investors, as well as distributing responsibilities among stakeholders and minimizing risks.

Keywords: investment activity, commercial real estate, real estate segments, categories of investors, real estate investment fund, private equity fund.

Fig.: 5. Tabl.: 2. Bibl.: 12.

Skybinskyi Oleksandr S. – Candidate of Sciences (Economics), Professor, Department of Management and International Business, Lviv Polytechnic National University (12 Stepana Bandery Str., Lvіv, 79013, Ukraine)
Email: [email protected]
Romanyshyn Oleksandr I. – Postgraduate Student, Department of Management and International Entrepreneurship, Lviv Polytechnic National University (12 Stepana Bandery Str., Lvіv, 79013, Ukraine)
Email: [email protected]

List of references in article

Halahan, D. V. “Rynok nerukhomosti yak riznovyd investytsiinoho rynku“ [The Real Estate Market as a Type of Investment Market]. Investytsii: praktyka ta dosvid. 2010. http://www.investplan.com.ua/pdf/9_2010/7.pdf
Zhyruk, T. V. “Zahalnoteoretychni osoblyvosti ta vydy investytsii v nerukhomist v Ukraini ta krainakh Yevropeiskoho Soiuzu“ [General Theoretical Features and Types of Real Estate Investments in Ukraine and the Countries of the European Union]. Ekonomika ta suspilstvo, no. 59 (2024). DOI: https://doi.org/10.32782/2524-0072/2024-59-82
Rizva, L. A. “Investytsiini stratehii na svitovomu rynku nerukhomosti: priorytety i spetsyfika rozvytku“ [Investment Strategies in the World Market of Real Estate: Priorities and Specification of Development]. Naukovyi visnyk Khersonskoho derzhavnoho universytetu. Seriia «Ekonomichni nauky». 2018. https://ej.journal.kspu.edu/index.php/ej/article/view/165/161
“Emerging Trends in Real Estate“. PwC ta Urban Land Institute. 2025. https://www.pwc.com/us/en/industries/financial-services/asset-wealth-management/real-estate/emerging-trends-in-real-estate.html
“Global Real Estate Total Markets Table“. European Public Real Estate Association. Brussels, Belgium. 2024. https://www.epra.com/media/EPRA_Total_Markets_Table_-_Q4-2024_1737474139239.pdf
“How are real estate funds structured?“ Altus Group. 2021. https://www.altusgroup.com/insights/how-are-real-estate-funds-structured/?utm_source=google&utm_medium=organic
“INREV Fund Manager Survey 2024“. NREV. 2024. https://www.inrev.org/research/fund-manager-survey
Misonzhnik, E. “A Look at the Size of the Global Commercial Real Estate Market“. 2023. https://www.wealthmanagement.com/investment-news/a-look-at-the-size-of-the-global-commercial-real-estate-market
“MSCI Real Assets Q4 2023“. CBRE Research. https://www.cbre.com/insights/briefs/global-investment-activity-stays-subdued-in-q4-recovery-expected-in-h2-2024
“REITs vs. Private Equity Real Estate: Differences Explained“. First National Realty Partners. https://fnrpusa.com/blog/reits-vs-private-equity/?utm_term=blog%2Breits-vs-private-equity
“The role of public and private strategies in real estate“. J.P. Morgan Asset Management. 2024. https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/institutional/insights/portfolio-insights/siag-wp-real-estate.pdf
“The Wealth Report“. Knight Frank. 2025. https://www.knightfrank.com/wealthreport

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