Given the severity of the global financial market collapse in 2008 and the subsequent economic fallout, one might have expected an opportunistic property-buying free-for-all in recent years. It didn’t happen. But recently limited partner investors have shown signs of shifting their intense focus on core strategies to higher risk, higher return strategies, and general partners say there are ample investment opportunities as U.S. banks begin to address their bad loan portfolios.

Today’s investment environment represents a shifting landscape. U.S. banks are dealing with more of their bad loans, so there are opportunities; a similar reckoning is likely in Europe’s near- to mid-term future. But industry watchers say opportunistic-style investors might run into headwinds again if limited partners retreat to more risk-averse approaches and if financial markets — the euro zone in particular — grow more volatile.

For now, general partners claim there are amp