NAREIM members manage investment capital on behalf of third party investors in commercial real estate assets. Investment sectors include office, retail, multi-family, industrial and hotels. Investment is made throughout the “capital stack” meaning that investments are made in equity positions (direct ownership) and debt (first and subordinate mortgages). In the debt sector, investment managers have platforms to buy existing debt (mortgages and other instruments such as mezzanine and CMBS) and to make private equity financed loans. The typical investor profile is institutional although a significant amount of investment is made on behalf of high net worth individuals and retail investors. The investor base is global in many instances. The investment vehicles managers use are separate accounts (investment programs on behalf of one large investor), comingled funds (multi-investor platforms), publicly traded exchange listed REITs, non-traded, public REITs and fund to fund investing. Importantly, investment managers develop and manage the assets in which they invest. NAREIM members serve the investment goals of public and corporate pension funds, foundations, endowments, insurance companies and individuals — domestic and foreign. Collectively, they manage over $1 trillion of real estate investment assets around the world. NAREIM members range from the largest institutional firms in the world with fully integrated service platforms to specialized entrepreneurial firms.