Real Estate Reprices—GP Partnerships Emerge as the Alpha Channel

Neuberger Berman argues that a 13% drawdown in real estate values since 2022, alongside stabilising rates and thawing debt markets, is creating fertile ground for GP-focused capital solutions in 2026 

• Public REITs have materially lagged equities and now trade at discounts to private values, while securitisation volumes rebounded to ~$157bn in 2025, signalling improved liquidity.

• Institutional allocators are re-engaging, with 45% underallocated to real estate and rising intent to increase commitments.

• Platform-level investments, secondaries and GP recapitalisations offer access to seasoned assets and motivated sellers amid consolidation.

Is the opportunity cyclical mean reversion—or structural repositioning through operators? The full paper details the approach.