Who We Serve · Private Equity & Real Estate Funds
Real Estate Investment Analysis for Private Equity
Private equity real estate returns are built on a value-creation thesis and realized at exit. We test the thesis at entry, track it through the hold and evaluate the exit on evidence.
Scope
What this analysis is for
A fund's investment case usually rests on three movements: buying at a basis below replacement or intrinsic value, increasing NOI through operations or capital, and selling into a market that values the improved asset. Each movement is an assumption. Wert-Berater separates them, tests each against market evidence and shows how much of the projected return each contributes.
We work for general partners seeking independent support for committee and lender processes, and for limited partners and co-investors seeking a view that does not originate with the sponsor.
Analytical framework
The fund investment lifecycle we analyze
- 01
Acquisition
Basis, in-place operations and the achievable operating case.
- 02
Development
Feasibility of ground-up programs and forward commitments.
- 03
Value creation
Attribution of projected value to market growth, operations, capital and cap-rate movement.
- 04
Repositioning and adaptive reuse
Whether capital programs close a competitive gap and at what cost per dollar of NOI.
- 05
Recapitalization
Alternatives for continuation, partial liquidity or restructuring of the capital stack.
- 06
Exit
Buyer universe, timing, exit capitalization and net proceeds.
- 07
Portfolio monitoring
Fund-level tracking of variance against acquisition underwriting.
Evidence
Value-creation attribution
Each line is tested against independent market and operating evidence, not accepted from the sponsor or seller model.
| Variable | What we test |
|---|---|
| Basis | How does entry price compare with replacement cost and recent trades? |
| Operational lift | What NOI improvement is attributable to management changes alone? |
| Capital lift | What incremental NOI does each dollar of capital expenditure produce? |
| Market growth | How much return relies on rent growth beyond observed trends? |
| Cap-rate movement | How much return relies on exit pricing tighter than entry? |
Application
Typical engagements
Pre-committee diligence
Independent testing before final investment committee.
Co-investment verification
A limited partner's independent view on a sponsor deal.
Mid-hold re-underwriting
Updated case ahead of refinance, recapitalization or continuation decisions.
Exit readiness
Hold-versus-sell analysis and preparation of the evidence buyers will test.
Work product
What you receive
- Value-creation attribution analysis
- Independent acquisition or development underwriting
- Recapitalization and exit alternatives analysis
- Fund-level monitoring reports
Scope boundary. Wert-Berater is not a placement agent, broker-dealer or investment adviser, and does not co-invest in client transactions.
Analytical continuity
After the Investment: Independent Performance Monitoring
Across a fund, monitoring shows which assets are executing the business plan and which are drifting, before the variance reaches investor reporting or refinance conversations.
The analytical relationship does not have to end when the feasibility study is delivered. Wert-Berater can continue monitoring the asset against the original underwriting assumptions, updating market conditions, testing coverage, identifying performance variances and maintaining a recurring analytical record.
-
Individual Asset Monitoring
- Revenue
- Expenses
- NOI
- DSCR
- Occupancy
- Market rents
- Competitive supply
- Value
- Original underwriting assumptions
-
Watchlist Monitoring
- DSCR deterioration
- NOI deterioration
- Occupancy
- Revenue
- Expenses
- Market conditions
- Collateral / value
- Stabilization
- Refinancing risk
-
Construction Monitoring
- Progress
- Budget
- Cost-to-complete
- Schedule
- Change orders
- Draws
- Remaining costs
- Lease-up
- Stabilization
-
Portfolio Monitoring
Most relevant here- Portfolio performance
- Risk
- Concentration
- Market exposure
- Annual review
- Re-underwriting
- Watchlist
- Portfolio-level trends
Related analysis
Continue through the lifecycle
Discuss the analysis before you commit to it.
A briefing is a working conversation about the decision, the evidence available and the scope that would answer it. There is no obligation, and nothing is subscribed.