Global capital market 101: Breit, one of the best investment targets for domestic high net worth people

In the previous one Global Capital Market 101 in , The author has collected and sorted out the total amount of three categories of assets in the world , Recently, I saw the relevant investment methods of real estate , In addition, it has recently been found that QDLP Gradually releasing , For domestic heads 0.1% Of the high net worth group is a major positive , But you may need to break your head .

Real estate investment mode

The main ways for high net worth people to invest in real estate are ：

• Self owned property ： After all, I bought it recently “ Mediterranean palace ” only one , On the one hand, it is difficult to buy absolutely good positions , On the other hand, only a few people can buy houses in the core urban areas of the world like Dahua , I can't get out now , It is impossible to lay out more , If most of their wealth is in a country's non first tier non School District Housing , I guess I can't sleep recently , I also want to put my money there after selling it .

  • The top self owned Yale fund used to 20 The annualized return in 8.3%, It is estimated that some people in a certain country feel 8.3% You might as well own your own property , Look back ,8.3% It may be extravagant .
• The real estate company ： globally , The supply of the most core urban areas is always scarce , It is estimated that the development of real estate companies can only be carried out in non core areas , Especially in a country , Real estate companies are typical of high leverage , It's estimated that the rich can't sleep .
• Overseas listing Reits： Overseas listed Reits It's great , Such as the American iron tower 、CCI etc. Reits The annualized rate of return is 20%+, But after all, daily fluctuations , U.S. stock trading in the evening , I can't sleep anymore .
• Blackstone 、Brookfield、Starwood And other real estate funds ： There are several legends in the real estate investment industry , Blackstone is the most legendary one , Peterson in his 《 The choice of Blackstone 》 wrote from 1992 Founded in until 2007 year , Blackstone real estate Partnership Fund realized 39.2% The annual rate of return , To see this , I think I can put my money out to sea and buy Blackstone real estate fund. I think I can sleep , But in the following text, Blackstone 2007 The annual return is expected to be disappointing .
• Unlisted Reits： May be in QDLP Opening up is the most suitable investment method for high net worth people , Later, I will expand .

Real returns from real estate funds

Fortunately, Blackstone 、Brookfield It's a public company , The financial report will announce the return of each fund , Here is the return of Blackstone ：

• Blackstone's opportunity real estate funds are divided into flagship opportunity funds BREP、 International Opportunity Fund BREP Int、 European opportunity funds BREP Europ、 Asian Opportunity Fund BREP Asia

  • Flagship Opportunity Fund 1999 period 、2003 period 、2005 period 、2007 period 、2011 The return of the period is **21%、12%、11%、13%、15%**.
• Blackstone Core+ A real estate fund BPP、BREIT, The annualized income is 13%, Regular dividends , Quarterly redemption . The size of Blackstone Opportunity Fund is 200 Over US $100 million , Of the world 4 Trillion dollar real estate fund 0.5%, But the returns have fallen to 12%~15%, With the further increase of the size of opportunity funds , The overall return expectation does not allow people to sleep completely . Instead, it's Core+ Type fund ,BPP、Breits The total scale of is 1200 Billion dollars , Annualized earnings are in 13%, And regular dividends , It is a necessary anti inflation asset .
• Breits The biggest decline since its establishment is only 2020 year 3 Of the month -8%, Very stable interest payments

QDLP A summary of fund performance in

The outbreak in Shanghai did not stop QDLP The development of , In Shanghai, 10 From a big case Breits The best ：

• BlackRock ：ETF King , Buyers need to take the initiative to choose ETF,Sp500 ETF It's the biggest ETF, Annualized 8%
• Canyon Value realization fund ：08 From to this year 5.3%, source FLORIDA STATE BOARD
• Warburg Pincus investment ：05、06、09 The foundation of the year IRR Respectively 9.7%、9.5%、13.1%, source FLORIDA STATE BOARD
• CarVal：07、08、11、13、15、18 The foundation of the year IRR Respectively 6.9%、17.5%、19.4%、8.2%、8.0%、5.2%, source VENTURA COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION
• Oak capital ：05、07、10 Annual fund IRR Respectively 9.2%、5.1%、17.9%, source FLORIDA STATE BOARD
• Neuberger Berman： There is a listed company fund In ten years 4 times , It's worth paying attention to
• Value Patner： period flagship Classic Fund In recent years, I have basically followed Hang Seng If QDLP to open up , And private business to construct a SP500 ETF+Carval Or oak capital's Fund + Blackstone Breits I guess I can fall asleep .