“Our current products are implementing share classes well-suited for RIAs and wirehouses. We have already made progress on a number of significant relationships in these areas. We are also quickly developing additional products that will have structures that are well-suited to this channel, and we’ll leverage our internal capabilities, like the potential interval fund with Townsend.

We’ve seen, and especially in those RIA and wire house channels, the interval funds, which customers can buy based on a CUSIP, so the really electronic entry versus the traditional sign a document and write a check, gain a lot of momentum. Townsend’s expertise in investing capital and running funds would be used to invest in the capital in a variety of products, it could be investing in opportunity funds. It could be buying direct real estate, and it could be investing in real estate related securities. So really, as we have done in the past, harvesting the power of a co-sponsor and applying that to a clear market demand, and trying to expand it into channels that have a lot more capital than the channels we been able to sell in previously. So we’re very excited about trying to get that launched and hopefully we will do it in the fourth quarter.”