A PERE study reveals that transparency, value creation, and true partnership form the bedrock of successful investor-manager relationships in private real estate. 65 percent of respondents prioritize value creation ability, while 64.3 percent emphasize transparency and reporting. True partnerships, ranked third, hinge on trust and aligned incentives. This finding underscores the shift from transactional to strategic collaborations as allocators seek deeper engagement.

The research, based on 100 manager and investor interviews, shows 49 percent of investors plan to increase relationships in 2026, signaling a market rebound in deal-making. True partnerships require mutual respect and open communication, with one investor stressing face-to-face interactions over virtual meetings. Value creation demands clear articulation of sources and timelines, while transparency includes proactive risk disclosure. These pillars collectively define the modern private real estate partnership framework.