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| The Real Estate portfolio has three investment structures: operating companies, commingled funds, and traditional advisors. |
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| Invest in regional or local real estate companies, as opposed to hiring a firm on a fee basis to manage properties on WSIB behalf. |
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| Commingled Funds |
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| Closed-ended, discretionary funds that invite the inclusion of many investors. |
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| Traditional Advisors |
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| Investment managers paid a fee to buy properties for various clients, but who have minimal or no co-investment. |
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