Oskar Goyvaerts

Education: Resilient, Defensive — and Evolving The education sector continues to demonstrate its resilience across economic cycles. Demand remains structurally strong, underpinned by demographics, rising income levels, and parents’ long-term commitment to quality education. There is increasing shift towards asset-light operating models. Many operators are moving away from heavy real estate ownership and instead partnering with capital providers. This allows them to: • Focus on delivering academic excellence • Invest in teachers, curriculum, and student experience • Improve capital efficiency and return on equity • Accelerate expansion without balance sheet constraints In volatile markets, this combination of defensive demand and scalable growth makes education particularly compelling. For investors and operators alike, alignment between educational quality and capital structure is becoming a key differentiator. #Education #AssetLight #PrivateEducation #K12 #Investing #RealAssets #GrowthStrategy

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Liquidity Is No Longer Assumed — It’s Underwritten. For most of the past decade, liquidity was treated as a constant. Assets could be refinanced. Buyers were available. Exit timelines were predictable. In many underwriting models, liquidity wasn’t analyzed, it was simply assumed. That assumption no longer holds. Today, liquidity has become a variable that needs to be underwritten just as rigorously as rent growth or operating expenses. According to MSCI Real Assets data, U.S. commercial real estate transaction volume declined roughly 50–60% from its 2021 peak and has only partially recovered. Markets didn’t freeze completely, but they slowed dramatically. That slowdown isn’t just about pricing disagreement. It reflects a broader shift: capital has become more selective. When capital is selective, liquidity becomes conditional. Buyers are still active but only for assets that meet stricter underwriting criteria. Liquidity in real estate ultimately depends on financing. When debt markets tighten, asset liquidity tightens with them. The Federal Reserve’s Senior Loan Officer survey has repeatedly shown tighter lending standards for commercial real estate loans over the past two years. Even when base rates stabilize, underwriting discipline and loan proceeds remain more conservative than during the previous cycle. That changes the entire exit equation. A buyer’s ability to transact is now constrained by: lower leverage availability stricter DSCR thresholds wider credit spreads refinancing uncertainty An asset that cannot support financing at current underwriting standards is effectively less liquid, regardless of demand fundamentals. Liquidity pressure is also building through the debt maturity cycle. Trepp estimates that more than $1 trillion in U.S. commercial real estate debt is scheduled to mature between 2025 and 2026. Those maturities don’t automatically translate into distress, but they do introduce negotiation risk. Assets approaching maturity must either refinance, recapitalize, or sell. Each of those outcomes depends on market liquidity at the time the clock runs out. Sophisticated operators have started treating liquidity as a risk variable rather than a background assumption. That means stress testing questions that used to be afterthoughts: • What happens if refinancing proceeds are lower than expected? • How durable is the asset’s debt service coverage if rates remain elevated? • Can the asset carry a longer hold period without forcing a sale? • How deep is the buyer pool for this asset type in a constrained credit market? Liquidity today is not simply the ability to sell an asset. It is the ability to control timing. Assets with strong cash flow coverage, moderate leverage, and resilient operations have optionality. While assets that depend on perfect exit timing do not. And when liquidity is conditional, optionality becomes one of the most valuable characteristics a real estate investment can have. #pere #realestate #investing

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What returns do you need to attract institutional equity?    I reviewed return targets from 17 different institutional equity providers I spoke with recently.    It depends on the risk and every group is different. These numbers aren't exact but from my conversations, it's a decent ballpark.    𝐂𝐨𝐫𝐞  9% - 10% IRR    𝐂𝐨𝐫𝐞+  12% - 15% IRR    𝐕𝐚𝐥𝐮𝐞-𝐀𝐝𝐝  14% - 20%+ IRR    𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐬𝐭𝐢𝐜  18% - 25%+ IRR    A few things to note:    -These numbers are levered returns net to the LP  -Most of the capital available is for Value-Add and Opportunistic deals  -These are typically based on 3-5 year holds  -There's some overlap between categories. That shows the variation between different investors.  -Everything is negotiable. A strong sponsor with a good story can make these targets flexible.    This is just based on my limited conversations. Curious to know what other people are seeing.    Disclaimer: Returns are just one of SEVERAL boxes that need to be checked to get institutional capital. The barrier to entry is high for most sponsors.    #RealEstateFinance #ManeStreetPartners #CommercialRealEstate #PrivateEquity #InstitutionalEquity #CapitalStack #Core #CorePlus #ValueAdd #Opportunistic   

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Propy, a Miami, FL-based tech company using AI and blockchain to automate real estate closings, raised a $100M credit facility. Metropolitan Partners Group made the investment. The company plans to acquire firms generating $5M to $20M in annual revenue across California, Texas, Tennessee, and other states, retaining local teams while using automation to increase volume and expand margins. Founded by CEO Natalia Karayaneva, Propy is a tech company with licensed title and escrow operations powered by AI and smart contracts. Its platform automates the entire real estate closing process, from offer to deed recording, allowing transactions to occur 24/7 with fewer intermediaries, less paperwork, and higher security. Since 2021, Propy has processed more than $5 Billion in transactions, with transaction volume roughly doubling year-over-year. Its advisory board includes Chris Campbell (former Assistant Secretary of the U.S. Treasury), Mike Jones (Science Inc.), Dr. Michael S. Piwowar (former SEC Commissioner), and Michael Casey (Chairman of the Advanced AI Society).

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