It’s easy to forget how much the real estate market has changed over the last 20 years. The investors have changed, the core business models of the investors have often been transformed and the asset class has been transformed. Some large-scale pension funds, insurance companies have mutated into fund houses In addition, the importance of investment banks, specialist real estate fund management service providers, listed real estate companies/trusts, sovereign wealth and buffer funds, specialist open and closed end real estate funds, private equity groups, endowment funds, family trusts and high net worth individuals has grown. Many of these large institutional investors and their service providers are globalised (can’t think of a better word to describe the change in their scope of the investment portfolios and operational capabilities). They invest in assets directly but also increasingly in joint ventures, limited partnerships, unlisted real estate funds, real estate debt and specialist real estate derivatives. This report by Real Estate Capital reminded me of how much the so-called alternative real estate sectors have grown. Student accommodation, healthcare (senior housing), hotels, data centres and self-storage are discussed. It doesn’t mention infrastructure (often bundled with real estate as a ‘real’ asset) and residential (long established in most markets as an institutional asset class). More investors/business models, more asset categories, more markets…more material to teach!