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February 4, 2026

Growth, Regulation, and the Next Phase for Small Alternative Asset Managers

Alternative asset managers experienced another year of meaningful growth in 2025, reinforcing the sector's transition from a niche allocation to a core component of global investment portfolios. By mid-2025, global private markets AUM had reached approximately $22 trillion.

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Net Asset Value Real Estate Investment Trust Valuations: The Role of Third-Party Valuation Experts

The only rules that govern how publicly offered NAV REITs1 must calculate the net asset value (NAV) of their shares are Financial Industry Regulatory Authority (FINRA) rules applicable to broker-dealers participating in the offerings.2 Under FINRA Rules 2310 and 2231,3 for a broker to participate in an NAV REIT public offering and include the NAV per share on customer account statements, the NAV per share must be:

Net Asset Value Real Estate Investment Trust Valuations: The Role of Third-Party Valuation Experts

The only rules that govern how publicly offered NAV REITs1 must calculate the net asset value (NAV) of their shares are Financial Industry Regulatory Authority (FINRA) rules applicable to broker-dealers participating in the offerings.2 Under FINRA Rules 2310 and 2231,3 for a broker to participate in an NAV REIT public offering and include the NAV per share on customer account statements, the NAV per share must be:

What Are NAV REITs?
Answers to Some Frequently Asked Questions

Alternative investment vehicles raised a record $86.1 billion in 2021, according to Robert A. Stanger & Co., Inc., an investment banking ﬁrm focused on alternatives.[1] Stanger ﬁnds that non-traded real estate investment trusts (“REITs”) were the largest component (42 percent) of the alternative investment market with $36.5 billion in 2021 fundraising. Stanger projects non-traded REITs will raise $45 billion in 2022.[2] Among non-traded REITs, most of the new capital is being raised by NAV REITs.

Full Article List:

— Aug 2026 - Creating a NAV Fund with Asset Contributions as the Primary Capital Formation Tool

— Aug 2026 - Converting a Closed-End Real Estate Fund to an Evergreen (Open-End) NAV Structure, Part 4: Share Classes and Distribution

— Apr 2026 - U.S. Department of Labor Proposed Rule on Fiduciary Duties and Investment Selection Under ERISA

— Apr 2026 - SEC Proposes Increase to Qualified Client Thresholds

— Mar 2026 - Converting a Closed-End Real Estate Fund to an Evergreen (Open-End) NAV Structure, Part 3: Capital Formation

— Mar 2026 - Converting a Closed-End Real Estate Fund to an Evergreen (Open-End) NAV Structure, Part 2: Liquidity

— Mar 2026 - Madison Capital and a Decade of SEC Scrutiny of Conflicts in Adviser-Managed Vehicles

— Mar 2026 - Converting a Closed-End Real Estate Fund to an Evergreen (Open-End) NAV Structure, Part 1: Why Sponsors and Investors Benefit

— Feb 2026 - Growth, Regulation, and the Next Phase for Small Alternative Asset Managers

— Fall 2023 - NAV REIT Valuations: The Role of Third-Party Valuation Experts

— Fall 2022 - What Are NAV REITs? Answers to Some Frequently Asked Questions

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