U

Unlisted Infrastructure Fund

A vehicle, usually with a limited partnership-type structure, that is closed ended and not listed on a stock market. The fund invests in infrastructure assets and may also invest in infrastructure-related companies.

Unlisted Real Estate

Unlisted real estate funds are closed end real estate funds that are not traded on any exchanges, however they do not have a private equity structure. Unlisted real estate funds include property unit trusts, private REITs and Unlisted REITs.

Unlisted REIT

An unlisted REIT is a REIT that files with the SEC but does not trade its shares on any national exchanges.

V

Value

Invests in securities perceived to be selling at deep discounts to their intrinsic or potential worth. Such securities may be out of favour or underfollowed by analysts. Long-term holding, patience, and strong discipline are often required until the ultimate value is recognised by the market.

Value Added

Investment in moderate to high-risk real estate that provides moderate to high returns. Investments are typically in lower quality buildings, in both primary and secondary markets in the main property types. Buildings often require enhancement to upgrade them to class A buildings (i.e. redevelopment/repositioning/releasing). Investments require between 50 to 70% leverage, additional capital investment and will acquire an expected internal rate of return (IRR) in the low double digits to the mid-teens.

Venture (General)

Venture capital is a type of private equity investment that provides capital to new or growing businesses. Venture funds invest in start-up firms and small businesses with perceived, long-term growth potential.

Vintage

The vintage year represents the year in which the fund made its first investment.

Volatility Arbitrage

Strategies designed to speculate on changes in the volatility of the market rather than the direction of the market.

W

Whole Loan

A mortgage loan when the owner of the debt also owns the servicing rights.

Wilshire 5000 Index

A market capitalization-weighted index composed of more than 6,700 publicly-traded companies that meet the following criteria: The companies are headquartered in the United States; the stocks are actively traded on an American stock exchange; the stocks have pricing information that is widely available to the public.

Y

YK

YK stands for Yugen Kaisha. It is a Japanese structured vehicle often held by a Cayman SPV.