The PERE Podcast

PEI Group
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The PERE Podcast features a weekly discussion between members of our senior editorial team spanning formation, strategy and deployment, and regularly draws from the ongoing coverage of PERE, as well as affiliate titles PERE Credit and PERE Deals. We also occasionally host sponsored interviews providing analysis-led commentary about the biggest events in private real estate capital markets around the world. Visit perenews.com, peredeals.com and perecredit.com for more.

  1. 5 days ago

    Digital Realty CEO Andy Power: Private fundraising is 'critical to the success of our company'

    With digital transformation workflows already well engrained in data center demand, cloud computing needs growing by almost a third annually, and a world entering an era defined by artificial intelligence, Austin-based Digital Realty finds itself facing serious capital requirements. The world's biggest data center REIT by footprint, the firm is turning to private markets for a solution that can complement its already extensive use of public equity and debt markets. In the same month PERE broke news of the REIT’s plans to launch both open- and closed-ended private funds in each of the three major regions, CEO Andy Power spoke to The PERE Podcast about the thesis behind Digital Realty's plans amid the wider capital and opportunity context. Listen as Power speaks – in person – to PERE editor‑in‑chief Jonathan Brasse about the move and why private markets may be best positioned to support what the firm sees as an unprecedented wave of investment demand.

    40 min

  2. 19 May

    ‘A lot of unnecessary risk’: Lagging performance has managers’ losses under scrutiny

    The post-covid era and its historically challenged fund vintages have invited greater scrutiny of managers’ track records and particularly their willingness to accept risk. As investors consider allocating more capital into an anticipated market upswing, one metric is increasingly catching their attention. Loss ratios – in short, the percentage of a fund or manager’s deals that result in losses – have long been tracked as a simple way of assessing how much risk a firm typically takes on. But they are now rising in prominence as fund exits reveal just how widespread the losses have been over the last five years. This episode takes listeners inside this month’s PERE cover story on loss ratios and how investors and their consultants are using them to take a more nuanced view of fund and manager performance. Listen as host Greg Dool speaks with PERE editor Evelyn Lee to break down the numbers and how allocators are interpreting them. Joining the episode is Jeff Giller, head of StepStone Real Estate, who shares his perspective on loss ratios and how they relate to other key metrics.

    23 min

  3. 8 May

    Sixth Street’s Alvarado: Future winners ‘need to be more than capital’

    It's difficult to have any conversation about private capital markets today without artificial intelligence adoption or private credit tension coming up. Whether the take is positive, neutral or negative, very real risks are leading more capital partners to look for alternative realms in which to diversify their holdings and line up management partners who excel beyond pure investment activity. For globally scaled managers in the space, such as Sixth Street, today’s market is shaping up to offer more opportunities, but the real estate market still has its own obstacles to grapple with. Whether vying for a slice of the senior housing market or simply trying to stave off turbulence until clear skies emerge, being an active dealmaker in 2026 carries its own set of hurdles. In this episode of The PERE Podcast, Marcos Alvarado, a partner at Sixth Street and its head of US real estate, gives us an inside look at how his team is approaching the investment puzzle as it relates to private real estate credit and equity markets. The global real estate investment manager has been looking beyond pure capital relations to further differentiate itself from contemporaries in the current market. As Alvarado notes, market participants are prioritizing firms that can add to their artificial intelligence understanding and implementation, enhance their portfolio allocation approach, and provide bespoke data insights beyond what is available in the mainstream.

    23 min

  4. 1 May

    David Hodes: ‘Why Chatham? They leaned in heavily on technology’

    Consolidation comes for every facet of the real estate landscape at some point, or so the most scaled participants and their acquisition targets often say.  But in today’s market, specialized managers and their business partners are looking for more than just assets under management when evaluating inorganic growth opportunities. In the case of Chatham Financial's acquisition of Hodes Weill & Associates, broken exclusively last week by PERE, the value of connectivity was on full display.  In this episode, David Hodes, co-managing partner and founder of the business named in his and Douglas Weill's sake, joins the discussion to unpack where the team sees opportunities moving forward, especially as repeat relations and data capabilities play more outsized roles in a perceivably tougher capital-raising environment.  The blending of Chatham and Hodes Weill ultimately creates an all-weather outfit which will see real estate debt and equity lines merged into a larger combined force, a resounding theme playing out among fund managers in today’s market too. And with allocators wanting more concentrated partner rosters, such a combination is expected to make a smoother roadway for capital relations ahead.

    33 min

  5. 24 Apr

    The cost of capital is climbing – and dealflow is feeling the strain

    The real estate investment management market is coming to terms with its latest hurdle this week. The cost of debt has been on the rise for some time, as select managers have told affiliated PERE titles. And in today’s market, the cost of doing business may now be outweighing borrowers’ ability to keep pace and hold their investment strategies steady heading into this market cycle. Though the impact to date has been moderate, as highlighted earlier this week in analysis shared by PERE, central banks are moving toward more defensive positions. The possibility of rate cuts has diminished as a result, as noted in a March episode of The PERE Podcast. All this sets the table for how borrowers will need to reshape their own tack to keep lines open with debt capital markets while they have liquidity to keep capital moving. In this episode, PGIM’s head of real estate credit strategies Bryan McDonnell provides his perspective on the situation at hand. Be it at the Newark-based manager or beyond, real estate fund managers and investors are having to recalculate their basis and re-order how they navigate the next wave of acquisitions, holds and exits arriving in their pipelines.

    24 min
  6. Arrow Global’s playbook for value-add returns in European hospitality

    21 Apr

    Arrow Global’s playbook for value-add returns in European hospitality

    This episode is sponsored by Arrow Global European hospitality markets have thrived in the post-pandemic period, supported by a surge in international visitor numbers. And the warmer climate of Southern Europe makes countries like Spain, Portugal, Italy and Greece enduringly popular with holidaymakers. Investment capital has flowed in, driving rapid institutionalization of a market formerly characterized by family-run hotels. Southern European hospitality markets offer a range of entry points for investors across the capital stack, from equity to senior credit, and the opportunity to make attractive income-driven returns. However, increased competition means bargains have become hard to find. In this special episode of The PERE Podcast, John Calvao, co-founder and head of real estate and hospitality at Arrow Global, offers insights on how to navigate the challenges of a market where execution risk is considerable and customers are demanding ever-increasing levels of service. He argues that local expertise and on-the-ground delivery capability are crucial to managing costs and ensuring that capex is spent where it generates the greatest impact on returns. Calvao also explains the importance of controlling resort “ecosystems” so that hotels, amenities and attractions like golf courses combine to generate year-round activity and maximize revenue.

    23 min

  7. 20 Apr

    Latest fundraising data: volumes fall but less time is spent on the road

    In this episode, the team looks at the preliminary findings of PERE's Q1 2026 fundraising report. Listen as host Lucy Scott discusses the trends behind these numbers with PERE senior reporter Christie Ou, Real Estate Capital Europe editor Daniel Cunningham, and PEI research manager Kristina Savcenkova, who worked on the data. Among the headline themes is that fundraising is down, with managers raising just under $44 billion globally in Q1 2026, down from $81.4 billion a year earlier. While the drop partly reflects the absence of the mega-fundraisings seen in early 2025, it also points to a more selective market. Another key shift this quarter was the resurgence of value‑add strategies, which accounted for more than half of all capital raised. Debt strategies also remain in favor. However, despite subdued volumes, there were encouraging signs beneath the headline numbers. Funds are closing faster, and a growing proportion are meeting or exceeding their target sizes – suggesting that the market is finding its footing, even amid ongoing macro uncertainty.

    27 min

  8. 10 Apr

    Realty Income’s Sumit Roy: Why private fundraising will now fuel listed property specialists

    In this episode, we explore a trend reshaping the relationship between public and private real estate markets: listed REITs stepping confidently into private capital fundraising.   While many first-time private managers continue to face an uphill battle in securing commitments, a different cohort is gaining meaningful traction. Last week, data center specialist Digital Realty raised $3.25 billion for its debut private fund, targeting hyperscale development in the US. The fundraising effort ranks alongside the top five private real estate funds closed so far this year.   Meanwhile, sale-leaseback specialist REIT Realty Income is accelerating its own private market push. In just a few months, the REIT has launched two major private joint ventures, most recently with Apollo Global Management. In March, Apollo said it will deploy $1 billion for a 49 percent stake in the newly formed JV with Realty Income. Earlier this year, the REIT formed a US logistics venture with Singapore sovereign wealth fund GIC for a total capitalization of $1.5 billion.   In this episode, Realty Income’s president and CEO Sumit Roy joins Jonathan Brasse, PEI’s editor-in-chief, real estate, to unpack how scale, performance, track record, sector specialization and meaningful co-investment are in line with investor demands. Roy also reveals how the firm plans to double, or even triple, its private partnerships by this time next year.  The discussion points to a shift that the market is increasingly seeing unfold: more specialist listed REITs are becoming suitably positioned to follow in the footsteps of firms like Realty Income and Digital Realty, becoming a new type of contender in private real estate fundraising in the process.

    34 min
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About

The PERE Podcast features a weekly discussion between members of our senior editorial team spanning formation, strategy and deployment, and regularly draws from the ongoing coverage of PERE, as well as affiliate titles PERE Credit and PERE Deals. We also occasionally host sponsored interviews providing analysis-led commentary about the biggest events in private real estate capital markets around the world. Visit perenews.com, peredeals.com and perecredit.com for more.

Information

  • Channel
    PEI Group
  • Creator
    PEI Group
  • Years Active
    2025 - 2026
  • Episodes
    86
  • Rating
    Clean
  • Copyright
    © Copyright 2025 All rights reserved.
  • Show Website
    The PERE Podcast

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