While other types of alternative investments have experienced ebbs and flows in their popularity in recent years, real estate funds have been a consistently desirable option for investors. Strafford CLE Webinars hosted a recent webinar, featuring Ropes & Gray partner Matthew Posthuma and Kilpatrick Townsend & Stockton partner Heather L. Preston, to describe some of the issues and structural considerations for PE sponsors thinking of forming real estate funds. This final article in a three-part series highlights certain non-traditional terms and management considerations associated with real estate funds, as well as tax complications arising out of the recent Tax Cuts and Jobs Act of 2017. The second article outlined structures and vehicles that are optimal for real estate investing, including the use of a private real estate investment trust. The first article analyzed how the character of a real estate fund’s investor base can influence how the fund is structured and why. For more on trends in real estate investing, see “Monument Group Roundtable Explores PE Trends Related to Emerging Managers and Real Estate Investing (Part One of Two)” (May 21, 2019).