In this episode of Commonfund Point of View, Chief Investment Officer Julia Mord sits down with Paul von Steenberg, Managing Director and Head of Real Estate and Infrastructure Investing, to assess where the real estate market stands after three years of revaluation — a correction longer in duration than the GFC. Paul shares his views on the sector-specific dynamics driving recovery, the blurring boundary between real estate and infrastructure, the crowded but still-compelling data center opportunity, and what it takes to identify GPS with a genuine edge versus those who simply benefited from a decade of cheap debt. He also outlines what Commonfund targets as fair compensation for illiquidity in private real estate — and why the forward-looking picture looks more attractive than it has in years.