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Advisor enablement

Acting on alternatives: Your toolkit for guiding clients into real estate and private markets

2 minute primer

Matt Ciambriello, Director on our Global Wealth Alternatives team, discusses how your clients can access real estate and private market investments, and debunks some of the common myths investors may have about alternative investments.

Highlights

You can take multiple avenues when introducing alternative investments to private wealth clients, each with pros and cons.
Your clients may have misconceptions about alternatives. Debunking those myths is an important step before taking action.
A good investment management partner will help you find client-appropriate options and help you discuss them with your clients.

For clients seeking diversification beyond public stocks and bonds, real estate and private markets can present a compelling opportunity. These alternative investments can provide a wider set of options for clients looking for uncorrelated returns, real income, and long-term capital appreciation.

At the same time, these investments can be unfamiliar to both advisors and their clients, which can lead to many misconceptions. But the right information, tools, and support can help you feel confident putting the power of real estate and private markets to work in client portfolios.

Accessing real estate and private markets: Direct vs. indirect

Investing in real estate and private markets can mean selecting individual companies or properties, but it doesn’t have to. Advisors and clients have multiple options for gaining exposure to real estate and private markets, each with different levels of potential returns, control, and operational complexity.

Direct investments

Direct investment strategies involve buying physical property or participating in direct private equity and debt deals or co-investment opportunities.

Pros: Direct control, potential for higher returns.

Cons: High minimum investment amounts, extensive need for due diligence, significant legal, administrative, and operational responsibilities, which can eat into returns.

Even for the wealthy, true direct access to institutional-level real estate or private markets investments is uncommon. These opportunities are typically reserved for institutions or ultra-high-net-worth investors with the ability to make large commitments while still maintaining a diversified portfolio.

Practice insight:

Direct investments may be appealing for high-net-worth clients who want maximum control, but properly sourcing and vetting them can be challenging—and costly.

Indirect investments

Indirect investments allow investors to access diversified portfolios managed by professionals. Indirect investments via funds include REITs (Real Estate Investment Trusts), private real estate funds, private equity/credit funds, and interval funds. You can also access fund of funds, which package together multiple strategies.

Pros: Lower minimums, broader diversification, professional oversight.

Cons: Layered fees and less investor control over individual assets.

Indirect investments typically involve multiple levels of fees. These fees might include management, performance, platform, or advisory fees. Gauging the impact of these fees, and whether they are justified by performance, is critical to using these vehicles successfully.

Practice insight:

Gross-to-net return differences can be substantial depending on the structure and fees. Working with a seasoned manager can help you choose wisely and avoid unnecessary fee drag.

Debunking common myths about alternative investments

Many misconceptions prevent advisors and clients from fully embracing real estate and private market strategies.

Myth 1: Alternatives are too risky.

REALITY: When professionally managed and appropriately integrated into a portfolio, alternative investments can reduce overall portfolio volatility. Their returns often have low or even negative correlation to traditional asset classes like public equities and bonds. This diversification benefit can help smooth out returns across market cycles.

For example, real estate and private credit strategies may continue to generate income even during equity market downturns. Furthermore, a capable investment manager can use tools like due diligence, rigorous underwriting, and long-term investment horizons to potentially enhance risk-adjusted performance.

Myth 2: Only ultra-wealthy clients can access alternatives.

REALITY: New products and technologies have significantly lowered the barriers to entry for a wider range of investors. Vehicles such as interval funds and feeder funds now allow accredited—and in some cases, non-accredited—investors access to private market strategies with minimums starting as low as $2,500.

These products are often regulated under the Investment Company Act of 1940, offering more regulatory oversight and liquidity features than traditional private placements.

Myth 3: Alternatives lack transparency.

REALITY: While private investments may not offer the daily pricing and public disclosure of listed securities, transparency has improved dramatically with the development of new product options. Reputable managers provide detailed reporting, audited financials, independent valuations, and frequent updates to attract a wider audience.

Many platforms also offer digital dashboards that allow advisors and clients to track performance, capital calls, distributions, and underlying portfolio holdings. This level of transparency is especially beneficial to investors who are using alternatives for the first time.

Myth 4: Alternative investments are too expensive.

REALITY: Alternatives often come with higher headline fees due to the active management, operational complexity, and illiquidity premium they offer. However, costs should not be viewed in isolation.

Net-of-fee returns are the critical metric. Private equity, infrastructure, and certain real estate strategies have demonstrated the ability to outperform traditional benchmarks over long periods, even after fees. In addition, many alternatives deliver value in the form of lower volatility, enhanced income, or tax efficiency—factors that are not always reflected in headline returns but are crucial to portfolio outcomes.

Practice insight:

Ask clients their perceptions of private investing—their answers may offer insight into the products or opportunities that will best fit their needs and you can tackle any concerns head on.

Talking to clients about incorporating alternatives

Real estate and private markets can seem complex to clients who are used to public securities. When talking with clients, focusing on a few key messaging points will help align expectations:

Diversification: Describe how these investments impact portfolio diversification, and what that implies about risk and volatility.
Access: Indicate the spectrum of investment options that may not be available in the public markets, noting market inefficiencies and opportunities for asymmetrical returns.
Long-term perspective: Set clear expectations around limited liquidity and longer holding periods.

Practice insight:

Frame alternatives as complements to traditional investments, not replacements.
Highlight the importance of due diligence and professional management.
A knowledgeable investment manager can equip you with educational materials, data, and performance models that help clients feel confident in their choices.

Download full article (PDF)

Download client infographic (PDF)

If you have questions on how real estate and private markets alternatives can fit into your clients’ investment approach, ask an expert on our team.

Submit your questions

The bottom line: Why partnering with an experienced investment manager matters

Real estate and private markets can offer compelling benefits—but they come with complexities. Sourcing deals, conducting due diligence, understanding financing structures, and managing reporting are just a few of the many layers that need to be addressed.

For that reason, partnering with the right investment management firm or firms is an important choice for every advisor. You’ll need providers with experience who can offer strategic insight into key sectors, access to institutional-quality deal flow, robust due diligence and research capabilities, and support in portfolio construction and client education. They can also help in navigating ongoing operational, compliance, and reporting obligations.

Ultimately, with the right partner, you can confidently expand your offerings and bring sophisticated, diversified solutions to your clients.

Disclosure

For Public Distribution in the United States. For Institutional, Professional, Qualified, and/or Wholesale Investor Use Only in other Permitted Jurisdictions as defined by local laws and regulations.

Risk considerations

Investing involves risk, including possible loss of principal. Past Performance does not guarantee future return. Real estate investment options are subject to some risks inherent in real estate and real estate investment trusts (REITs), such as risks associated with general and local economic conditions. Investing in REITs involves special risks, including interest rate fluctuation, credit risks, and liquidity risks, including interest conditions on real estate values and occupancy rates. Private market investments, unlike publicly traded stocks, involve various risks due to illiquidity, lack of transparency, and higher minimum investment requirements. These risks include liquidity risk, market risk, capital risk, and regulatory risk. Additionally, private market investments often involve higher fees and expenses and may have longer investment horizons. Investment risk may be magnified with alternative investment strategies due to their use of arbitrage, leverage, and derivatives. Asset allocation and diversification do not ensure a profit or protect against a loss.

Important information

This material covers general information only and does not take account of any investor’s investment objectives or financial situation and should not be construed as specific investment advice, a recommendation, or be relied on in any way as a guarantee, promise, forecast or prediction of future events regarding an investment or the markets in general. The opinions and predictions expressed are subject to change without prior notice. The information presented has been derived from sources believed to be accurate; however, we do not independently verify or guarantee its accuracy or validity. Any reference to a specific investment or security does not constitute a recommendation to buy, sell, or hold such investment or security, nor an indication that the investment manager or its affiliates has recommended a specific security for any client account.

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This material may contain ‘forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader.

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In Switzerland by Principal Global Investors (Switzerland) GmbH. This website is considered as advertising and information contained herewith be treated as such. Investors can obtain free of charge the prospectus, trust deed, the prospectus, the key investor information document (KIID), and the annual and semi-annual reports from the representative in Switzerland.

In Europe and United Kingdom, this website is directed exclusively at Professional Clients and Eligible Counterparties and should not be relied upon by Retail Clients (all as defined by the MiFID and FCA respectively). If you are viewing the material as a retail investor, you should seek independent investment advice before deciding whether the products and services in question are suitable to meet your investment needs and objectives, as the language has not been complied to a retail client standard.

Principal Global Investors Funds
Principal Global Investors (Ireland) Limited is the issuer of the Funds. Investments may only be made on an application form attached to a current prospectus and following receipt by the investor of the KIID in respect of the Fund in which they intend to invest. The latest version of the prospectus of the Funds is dated 14 December 2012.

For Real estate investors in the European Economic Area (“EEA”), this website and the information on it is only directed at persons who are professional investors for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”), professional clients or eligible counterparties for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (“MiFID II”) or as otherwise defined under applicable local law and regulation and at whom this website and the information on it may lawfully be directed in any relevant jurisdiction (“Eligible Persons”). In relation to each member state of the EEA (“Member State”) which has implemented AIFMD (and for which transitional arrangements are not/ no longer available), this website may only be accessed and interests in Funds may only be offered or placed in a Member State to the extent that: (i) the relevant Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (ii) this website and its information may otherwise be lawfully distributed and the interests in Funds may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). In relation to each Member State of the EEA which, at the date of accessing this website, has not implemented AIFMD, this information may only be distributed and interests in Funds may only be offered or placed to the extent that this information may be lawfully distributed and the interests in Funds may lawfully be offered or placed in that Member State (including at the initiative of the investor).

Persons who are not Eligible Persons, including but not limited to those individuals or other persons who fall within the FCA’s definition of ‘retail clients’, should not use or rely upon this website or the information contained therein and may not engage the services of Principal Real Estate or any of its affiliates, or invest in any Fund. Potential investors are advised that all or most of the protections provided by the UK regulatory system will not apply and that the UK Financial Services Compensation Scheme may not be available in relation to an investment in a Fund or separate account.

The contents of this website have not been verified or approved by any competent regulatory or supervisory authority. No liability, whether in negligence or otherwise, arising directly or indirectly from the use of the information or any part of it on this website is accepted and no representation, warranty or undertaking, whether express or implied, is or will be made at any time by Principal Real Estate or its affiliates or any of their respective advisers, directors, officers, employees, representatives or other agents (“Principal Agents”) for any information or any of the opinions contained herein or for any errors, omissions or misstatements.

None of Principal Real Estate or its affiliates or any Principal Agents makes or has been authorised to make any representation or warranties, whether express or implied, in relation to Principal Real Estate or regarding the truth, accuracy or completeness of any of the information contained on this website at any time. No representation or warranty is given by Principal Real Estate, its affiliates or the Principal Agents as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in the information on this website. Furthermore, nothing contained on this website is or should be relied on as a promise or representation as to the future. No reliance may be placed by any person for any purpose whatsoever on the information or opinions contained on this website or on its completeness, accuracy or fairness at any time.

Principal Global Investors (Europe) Limited is not authorised by the FCA to directly deal with retail investors; any distribution of the Fund to retail investors in Europe is facilitated by fund distributors with which Principal Global Investors (Europe) Limited has entered distribution arrangements, pursuant to advice provided to investors by those distributors, based on the documents Principal Global Investors (Europe) Limited provides. Retail investors should not be provided with access to this website.

The name of the Swiss representative is ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zürich. The name of the Swiss paying agent is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva. Investors can obtain the prospectus, trust deed, the simplified prospectuses and the annual and semi-annual reports free of charge from the representative in Switzerland.
The value of units and the income from them may fall as well as rise.

Investments in the Funds are neither insured nor guaranteed by the US Government or the Federal Deposit Insurance Corporation and are not deposits or obligations of, or guaranteed by, Principal Global Investors.

No Solicitation
Nothing contained in this website shall constitute an offer or solicitation, in relation to units in the Funds or generally, in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised.

In particular, shares issued by the Company, and units in the Funds, have not been and will not be registered under the United States Securities Act of 1933 as amended or the securities laws of any state or political subdivision of the United States and may not, except in a transaction which does not violate US securities laws, be directly offered or sold in the United States or to any US Person. The Company will not be registered under the United States Investment Company Act of 1940 as amended.

This website is reserved exclusively for non-US persons and should not be accessed by any person in the United States.

No Investment Advice
The information in this website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such nor should it be construed as specific investment advice, an opinion or recommendation. The general information it contains does not take account of any investor’s investment objectives, particular needs or financial situation, nor should it be relied upon in any way as a forecast or guarantee of future events regarding a particular investment or the markets in general. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision.

You should also inform yourself as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which you might encounter under the laws of the countries of your citizenship, residence or domicile and which might be relevant to any investment, including the subscription, holding, transfer or disposal of units in the Funds

Delegation of Investment Management to Affiliates

Products upon which composite results contained in this material, if any, are based may not themselves be available in the United Kingdom and certain other jurisdictions; however, the underlying investment management capability can be made available to institutional investors subject to all applicable local regulations and restrictions. In connection with its management of client portfolios, PGIE may delegate management authority to affiliates that are not authorised and regulated by the Financial Conduct Authority. In any such case, the client may not benefit from all protections afforded by rules and regulations enacted under the Financial Services and Markets Act 2000.

Disclaimer
The information on this website is given by Principal Global Investors in good faith and has been derived from sources believed to be reliable and accurate as at their date. However, Principal Global Investors makes no representation or warranty of any kind for the accuracy or completeness of the information and it is under no obligation to update or correct any errors in the information after the date of publication. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

Subject to applicable law, Principal Global Investors and its affiliates and their respective directors, employees and associates do not accept any responsibility arising in any way (including by reason of negligence) for errors in, or omissions from, the information and do not accept any liability for any loss or damage, however caused, as a result of any person relying on any information on the website or being unable to access the website.

The Internet is not a totally reliable and secure medium of communication. Principal Global Investors accepts no liability for the security or confidentiality of information transmitted in this way and any such transmission of information shall be at your own risk.

The entire content of this website is subject to copyright with all rights reserved. You may not copy, reproduce, distribute or modify the content of this website without the prior written permission of Principal Global Investors.

No instructions for investment purposes will be accepted directly from this website or by e-mail.

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You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

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This website contains general information only on investment matters and nothing in this website is intended to constitute or form part of any offer or inducement to issue or sell, or any solicitation of any offer to subscribe for or purchase, any securities or investment products in the UAE (including the Dubai International Financial Centre) and accordingly should not be construed as such. Information in this website is not directed at you if we are prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use that would be contrary to local law or regulation. Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions.

The information in this website is being made available on the basis that the recipient acknowledges and understands that the entities and securities to which it may relate have not been approved, licensed by or registered with the UAE Central Bank, the Dubai Financial Services Authority or any other relevant licensing authority or governmental agency in the UAE or elsewhere in the Middle East.

The information in the following website should not be construed as investment advice or a recommendation for the purchase or sale of any security. The value of investments and the income from them may fall as well as rise. Member firms of Principal (collectively, the “Firms”) do not guarantee any investment results and there can be no assurance that the strategies employed will improve investment performance, and make no guarantee that a client’s investment objectives will be achieved and no warranties or representations, expressed or implied, are made by the Firms concerning the benefits of these strategies discussed herein. The information in this website has been developed internally and/or obtained from sources that the Firms believe to be reliable; however, the Firms do not guarantee the accuracy, adequacy or completeness of such information and are not responsible for any errors or omissions. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

This website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The information it contains does not take account of any investor’s investment objectives, particular needs or financial situation. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision. You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision.

Nothing in this website should be construed as investment, tax, legal or other advice.

The content of this website has not been approved by or filed with the UAE Central Bank or Dubai Financial Services Authority.

Access to this website is only permitted for “Professional Clients” as defined in the Conduct of Business of the Dubai Financial Services Authority’s Rulebook. If you are not a “Professional Client”, you may not access this website and you should select the “Decline” link below.

By selecting the “Accept” button below, and entering this website, you agree to these terms and confirm and represent that you are a “Professional Client”.