Inside PRISA III: Performance, Strategy, and Value-Add Fund Insights

Pulling back the curtain on a leading value-add fund.
PRISA III's performance over the last...

1 year: -4.5%
3 years: 1.6%
5 years: 7.0%
7 years: 7.4%
10 years: 9.9%
Since inception: 11.0%

[Note: What return profile should a value-add fund offer?]

Fund overview...

$6.7 billion GAV
$2.9 billion NAV
Inbound queue of $400 million
No redemption queue
46% LTV
$4.9 billion development pipeline (gross)

An exception to the closed-end rule...

Unlike most other value-oriented funds, PRISA III is an evergreen/perpetual/open-end fund with no end date.

Check out the full PGIM Real Estate report here.