| Sponsor | Full-cycle deals | Avg. annual return | Avg. equity multiple | Avg. hold period | Success rate |
|---|
Preferred sponsor — a firm I’ve worked with repeatedly and whose full-cycle track record I follow closely. Success rate is the share of a sponsor’s full-cycle deals that returned investors’ capital or better (equity multiple of 1.0x or higher). Where a sponsor didn’t report a figure it’s shown as “—” and left out of that average.
| Asset class | Deals | Avg. annual return | Avg. equity multiple | Avg. hold period | Success rate |
|---|
Asset classes here are the normalised classes held in the underlying dataset, not the raw property-type wording each sponsor used in its own offering documents — so every net-leased variant reports as net lease, and credit programs, which are loan positions secured by a property rather than ownership of it, report as one class rather than being mixed into the sectors they lent against. A few programs span two classes and are counted in both, so the counts add to more than the number of programs. Searching the full list below still matches a sponsor's own wording. A class with fewer than five completed programs shows its count and no averages: over one or two programs an average describes those programs, not the class.
| Investment name | Sponsor | Property type | Average annual return | Equity multiple | Hold period |
|---|---|---|---|---|---|
| Average across all full-cycle investments | |||||
These figures are sponsor-reported and reflect a limited sample of completed investments. They’re subject to selection and survivorship bias, don’t represent the entire industry, and don’t guarantee future results. Average annual return and equity multiple are as reported by each sponsor at the time of sale, before individual investor taxes. Averages shown are simple (unweighted) averages of the investments listed; where a sponsor did not report a figure it is shown as “—” and excluded from that average. Past performance does not guarantee future results; investments in DSTs and other private placements involve substantial risk, including loss of principal.
