Where did this go? It has always been overlooked, but it’s about time to revisit the Risk Premium of these illiquid alternative investments and make the reader aware of the returns they should require. Based on investment size and illiquidity alone, the risk premium for real estate securities, in my opinion, requires at least a 300 basis point premium over the comparable US Treasury. Add in deal specific risks and the Risk Premium gets even greater. How many programs are offering returns 400 basis points over their comparable US Treasury? I’m waiting…..