Strategy · Quantitative View
Strategy, in numbers.
Cap rate spreads, vintage returns, sector performance versus benchmark. Underwriting views update each quarter.
Realized vintage IRR · gross
15.2%
2018
17.1%
2019
11.4%
2020
13.8%
2021
10.2%
2022
12.6%
2023
14.1%
2024
Sector returns vs. benchmark
Sector
PCCP
Benchmark
Spread
Multifamily
14.2%
9.1%
▲ 5.1 pp
Industrial
16.8%
11.4%
▲ 5.4 pp
Office
4.2%
-2.1%
▲ 6.3 pp
Hospitality
12.1%
7.8%
▲ 4.3 pp
Retail
8.4%
5.2%
▲ 3.2 pp
Capital structure positioning · LTM
Senior debt
38%
Mezzanine debt
14%
Preferred equity
12%
JV equity
28%
Recap equity
8%