News & Insights
Discover the latest perspectives and insights from Townsend’s leading team.

Latest News & Insights

Investment Implications of the 21st Century ROAD to Housing Act: SFR and BTR
The 21st Century ROAD to Housing Act became law on July 11, 2026, introducing important changes for the US housing market.
Our latest thought piece explores what the Act means for single-family rental (SFR) homes and build-to-rent (BTR) communities, while also examining implications across traditional apartments, manufactured housing, and affordable housing sectors.
As housing demand continues to evolve, understanding both the direct impacts and the broader competitive implications of this legislation will be critical for investors, developers, operators, and policymakers alike.
July 2026
‘As Good a Time as It Can Get’ to Invest in Secondaries, says Townsend
The Townsend Group believes a perfect storm of market pressures has created an attractive entry point for both LP-led and GP-led real assets secondaries.


The real assets advisor, which oversees $252bn worth of client assets, is advising LPs top capitalize on the macro uncertainty stemming from the new administration’s economic policies by acquiring high-quality assets at significantly discounted valuations.
June 2025
Risk and Opportunity in Late-Stage Fundraises
With slowing transaction volumes, many closed-end funds are taking a year or more to complete their capital raises. As fundraises grind on, funds accrue “catch-up interest”, retroactive management fees, and other expenses that act as a drag on returns. Without significant offsetting asset appreciation, investors committing to these funds could be starting in a significant hole. We have seen examples where a deficit as high as 3% of an investor’s total commitment exists almost entirely because of fees and interest.


As markets shift, this dynamic will invert at some point, and investors will find opportunities to buy into funds with built-in gains due to appreciation. Even today, determined investors can find embedded value in some cases. Either way, investors should consider their starting point when committing late in a fund’s capital raise.
May 2025
The Macro Implications of Tariffs: An Interview with Asieh Mansour
We recently sat down with Asieh Mansour to discuss tariffs, their potential long-term economic impacts, and their implications for investors. Asieh has been a Senior Advisor to Townsend and a member of our Global Macro Committee since 2013. She brings a wealth of knowledge and insight to our investment process, drawing upon 30 years of experience in global economic research and strategy, as well as a PhD in Economics.
April 2025