According to the article discussed in class by Arnold, Ling, and Naranjo titled "Private Equity Real Estate Fund Performance: A Comparison to REITS and Open-end Core Funds," closed-end private equity real estate funds O have, on average, underperformed investments in an equity REIT index O are typically less risky than investments in an equity REIT index O have, on average, outperformed investments in an equity REIT index have produced returns for passive (LP) investors that do not vary much by vintage year (i.e., the year the fund came to the market)