KKR deep dive: US real estate's $5.1T middle market is underserved by traditional institutional capital.
Nearly 5,800 middle-market sponsors control 85% of the institutionally sponsored market and manage nearly 300,000 properties across the US.
Only 31% of the institutionally sponsored market sits in closed-end fund structures. The other 69% is held in joint ventures, syndications, and deal-by-deal relationships that require bespoke capital solutions.
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