According to Sheila Hopkins, our managing director of Europe and infrastructure, the halls of PREA were swarming with frustrated investment managers who are finding it increasingly challenging to find takers for their latest investment offerings.

In fact, the real estate investment funds management business has clearly turned into a world of “haves” and “have-nots.”

Some of the “haves,” such as Blackstone and Lone Star, continue to raise billions for their mega-funds. While even they would admit that the fundraising climate has become a lot more challenging, most — if not all — of their offerings continue to be fully subscribed or even oversubscribed.

What’s their secret? Although both would admit to having done some deals that have not quite panned out the way they hoped, in general,