Nori Gerardo Lietz is chief strategist for private real estate investment management with Zug, Switzerland–based global alternative investment manager Partners Group. In 2007 Partners Group acquired the discretionary real estate asset management side of U.S.-based Pension Consulting Alliance, a firm she co-founded. Gerardo Lietz recently spoke with The Institutional Real Estate Letter – Asia Pacific editor Jennifer Molloy about the impact of the global financial crisis on the Asian real estate market.

How would you describe the current global economic and capital market situation? How is it affecting the global institutional real estate investment market in general and the Asian market in particular?

The current economic capital market situation is a mess. Most major U.S. institutions are currently capital constrained, either involuntarily due to the denominator effect or because they just can’t figure out where the dust is going to sett