- John Ferguson, co-chair of Goodwin’s global real estate group, has spent 26 years advising real estate fund managers on raising private capital, representing clients like Brookfield, Ares Capital, and The Carlyle Group.
- Ferguson sees shifting investor preferences post-pandemic, with sectors like logistics, data centers, and cold storage drawing capital, while traditional gateway office investments have cooled.
- Current tariff policies could chill non-US investment into American real estate, potentially raising the cost of capital and impacting fundraising strategies.
- Ferguson emphasizes the importance of client loyalty, branching into retail capital markets, and maintaining investment discipline despite pressures to deploy capital quickly.
Global Expertise
According to the Commercial Observer, John Ferguson has built a career at the intersection of law and commercial real estate fundraising. At Goodwin Procter, he advises managers raising private equity-style real estate funds, as well as open-end core funds and non-traded REITs. His practice spans across the US, Europe, and Asia, adapting to rapidly shifting investor interests—from office towers to logistics hubs and now, data centers. Ferguson’s experience makes him a key resource for developing effective fundraising strategies in changing market conditions.
Market Shifts
Ferguson notes that commercial real estate fundraising is closely tied to macroeconomic events. In the wake of new US tariff policies, he predicts a potential slowdown in non-US investment due to higher perceived risks. While late 2024 and early 2025 saw renewed transactional activity across sectors like office and refinancing markets, foreign investors are becoming increasingly cautious.
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Building Relationships
Ferguson stresses the importance of longstanding investor relationships. Existing investors re-upping their commitments are crucial signals to attract new capital. He also highlights a growing trend of institutional managers tapping into retail channels to diversify their capital base, using wirehouse platforms to appeal to high-net-worth individuals.
The Democratization Question
While private real estate funds remain largely the domain of institutional and accredited investors due to regulatory limitations, Ferguson points out that public pension funds—like CalSTRS—already represent a form of democratized participation. Broader public access exists through REITs and mutual funds investing in real estate equities.
Innovation and Commoditization
Over the past two decades, Ferguson has witnessed once-innovative finance structures, such as securitizations and complex fund formations, become standardized. He expects private real estate funds will similarly evolve into a more commoditized, high-volume business.
Strategic Advice
Beyond legal expertise, Ferguson says Goodwin provides strategic market intelligence to clients, helping them make informed decisions on fund structuring and investment approaches. He positions his role as akin to “enterprise architecture,” not just document production. A major part of this advisory role includes helping clients tailor their fundraising strategies to match evolving investor demands and economic cycles.
Best Investment Advice
Ferguson’s top counsel: maintain patience and avoid letting the pressure to deploy capital dictate investment decisions. He warns that fund managers often face investor expectations to invest quickly, but real discipline comes from adhering to sound investment convictions, even if it means slowing down deployment.
