This chapter employs an asset pricing approach to quantify the exposure of private property funds to publically traded and private real estate risk factors. These factors include the traditional size and growth factors, liquidity risk and macroeconomic drivers. Liquidity risk has been empirically found to determine the cross section of returns for both public equity and other alternative assets, such as private equity. In similar vein to the empirical finance studies property factors, including a liquidity factor, are constructed using NCREIF sub-market data and are then incorporated into an asset pricing framework. The impact of capital market conditions upon the relationship between these factors and private real estate fund performance is also investigated.