In this episode of The Asset, Jonathan Schein, Founder and CEO of the Real Estate Limited Partner Institute (RELPI), joins host Scott Ramsey for a candid conversation on how institutional investors are navigating one of the most complex investing environments in recent memory. Drawing from his extensive work with pension funds, endowments, family offices, sovereign wealth funds, and leading investment managers across North America, Europe, and the Middle East, Jonathan shares what he's seeing behind closed doors: a market driven less by headlines and more by disciplined decision-making, operational stability, and a renewed focus on durable returns. Together, Jonathan and Scott explore the disconnect between market uncertainty and investor behavior, the growing appeal of specialized real estate strategies, increasing international interest in U.S. commercial real estate, and the evolving role of AI infrastructure and data centers in institutional portfolios. They also discuss why operational excellence, strong systems, and long-term resilience have become critical differentiators for investment managers seeking capital in today's environment. More than a market update, this conversation offers a thoughtful perspective on leadership, adaptability, and maintaining a forward-looking mindset through periods of disruption. For allocators, managers, and private market professionals alike, it's a timely discussion on finding opportunity amid uncertainty and building for long-term success. Disclaimer: “MUFG Investor Services” is a service brand name for select subsidiaries of Mitsubishi UFJ Financial Group, Inc. ("MUFG"). Certain products and services discussed may only be offered by select MUFG subsidiaries and may only be available in certain jurisdictions or for specific types of clients. The information provided in this publication is for general informational purposes only and does not constitute legal, compliance, or accounting advice. Listeners should consult their own advisors before making any decisions based on the content of this publication. Any opinions, findings, conclusion, or recommendations expressed in this publication are those of the author(s) and do not necessarily reflect the view of MUFG Investor Services. The content of this publication is the property of MUFG Investor Services and is protected by copyright law. Unauthorized reproduction, distribution, or use of this publication, in whole or in part, is strictly prohibited without the prior written consent of MUFG Investor Services. ©2026 MUFG Investor Services. All rights reserved