As the third largest of the major asset classes, real estate comprises a myriad of investment strategies both in the United States and abroad. In general, investment returns are tied to the risks undertaken. However, because real estate is not a commodity, opportunities exist to capture return in excess of that warranted by the risk. As identified in the chart below, L4 is focused on achieving returns that exceed the commensurate level of risk typically required within those strategies. Put another way, our goal is to deliver the returns of Opportunistic investments while taking no greater risk than that typically required by Value-Add strategies.