Problem 1: Private vs public real estate investing

Read the media articles on NYU Classes on private vs public real estate investments ("A comparison of the investment performance of stock exchange-listed REITs and Private Equity Real Estate Funds"; "Heard on the Beach - Alternative Facts" and "Why Investors Should Think Twice about Nontraded REITs" under assigned reading for Session 9).

Now briefly answer the following questionsin a few sentences

1. A pension fund seeking exposure to real estate could invest via any of the following options:
2. Directly purchasing commercial real estate
3. Investing in a real estate private equity fund (either a low-risk "core" fund or a
4. higher risk opportunistic fund)
5. Investing in a publicly REIT
6. List at least one advantage of each of these three forms of investing.
7. Historically, do pension funds earn higher returns on investing in private directly in real estate or in REITs? Which one has experienced higher volatility?
8. Investors sometimes lower price volatility as a reason to prefer private REITs or private equity real estate funds instead of public REITs. Do you think this argument makes sense? Why or why not?
9. Do private REITs have higher or lower fees than public REITs? Which type of investment is more liquid?