A recent webinar sponsored by Strafford CLE Webinars discussed some of the structural considerations and legal complexities of forming, launching and operating a private real estate fund. The program featured Ropes & Gray partner Matthew Posthuma and Kilpatrick Townsend & Stockton partner Heather L. Preston. This first article in a three-part series details the typical range of investment strategies for real estate funds and ways the fund structure can be adjusted to suit the traits of investors. The second article will explore the use of a private real estate investment trust, along with other vehicles and structures that can be used for real estate funds. The third article will describe tax issues arising from the recent Tax Cuts and Jobs Act of 2017 that specifically apply to real estate funds. For further commentary from Ropes & Gray partners, see our two-part series “Survey and Forum Consider Credit Fund Structures, Leverage, Conflicts of Interest and Challenging Environment”: Part One (Jul. 19, 2018); and Part Two (Jul. 26, 2018).