Key takeaways Higher interest rates since 2022 have lifted cap rates and pushed down property trading prices, but appraisal-based carrying values for many fund assets, especially in the US, still reflect much lower cap rates, leaving these funds overvalued. Non-core fund distributions have run at around half of long-term averages for three years as managers […]The post StepStone Real Estate liquidity insights appeared first on StepStone Group .