This paper uses a proprietary database of over 500 unlisted real estate vehicles in Europe to describe the rapid growth in unlisted real estate vehicles over the last 15 years and the typical features of these investment products. It considers the reported reasons for the rapid growth in this market as an alternative to direct and listed property. It then uses the existing body of real estate research and current research in alternative assets to pose questions that have, as yet, remained unanswered, and suggests some hypotheses that might for the basis of new research work. For example: should/will shares in these vehicles trade at a discount to NAV? What will be the performance characteristics of unlisted vehicles using leverage? How will efficient portfolios of vehicles be constructed? A Comparison of Company and Project-Level Partnerships between Real Estate