Paul Von Steenburg

Real Estate Credit Environment: Risk Off – Risk On

Posted by Paul Von Steenburg on Jan 9, 2017

Topic: Asset Allocation | Real Estate | Risk Management

Earlier last year real estate markets received a scare as CMBS spreads widened, particularly in lower-rated and more junior tranches. Additionally, one of the most respected U.S. real estate research firms predicted outright price declines for the asset class in 2016. While credit conditions have tightened, particularly for construction financing, wider scale credit concerns have largely dissipated and CMBS spreads have tightened.

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Real Estate – Rates, Rates, Rates

Posted by Paul Von Steenburg on Sep 30, 2016

Topic: Investment Strategy | Real Estate

“There are three things that matter in property: location, location, location”. While the age-old adage still holds in many respects, real estate risks...

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Commonfund Roundtable | Impact Investing

Posted by Roundtable Participants, Paul Von Steenburg on Aug 17, 2015

Topic: Industry Knowledge | Responsible Investing

Impact investing is showing growth around the world. According to the most recent J.P. Morgan/Global Impact Investing Network Impact Investor Survey, the number of institutional investors engaging in meaningful impact investing (committing $10 million or more to impact investments) increased by 26 percent in 2014, and the amount such investors planned to commit to impact investments was projected to increase by 19 percent to $12.7 billion in 2014 from $10.6 billion in 2013.

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Impact Investing

Posted by Paul Von Steenburg on Jul 1, 2015

Topic: Governance and Policy | Responsible Investing

Recently, Commonfund convened an expert panel of investment managers to hold  a roundtable discussion and take a closer look at the different impact investing strategies being implemented today.The roundtable participants were: Timothy Coffin, Senior Vice President of Breckinridge Capital Advisors; David Richardson, CFA, Head of Business Development and Client Service for Impax Asset Management in…

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What, me? Illiquid?

Posted by Kent Scott, Paul Von Steenburg, Tim Yates on Oct 1, 2013

Topic: Industry Knowledge | Private Capital

In the wake of the Global Financial Crisis, institutional investors were rightfully concerned about the liquidity profiles of their long term portfolios. Although markets have recovered substantially since the depths of that crisis, illiquidity remains an important topic with lingering concerns about locking up capital for 10-plus years.

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‘What, me? Illiquid?’

Posted by Kent Scott, Paul Von Steenburg, Tim Yates on Apr 12, 2013

Topic: Industry Knowledge | Private Capital

Although it has been five years since the collapse of Lehman Brothers—an event that transformed a bad recession into a global financial crisis—the scars of that traumatic episode remain etched in the psyche of many institutional investors. We have new worst-case scenarios in our risk models and a greater appreciation for so-called “black-swan” or “left-tail” events. Nowhere is this lingering fear more palpable than in the consideration of illiquid investments as investors continue to think through the amount of capital to lock up in “illiquid” strategies. Because of this recent history and uncertainty about the future, we often hear investors ask, “Why should I lock up capital for 10-plus years? And if I should, how much?”

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