My guest today, Tim Bodner, doesn't just analyze capital markets - he helps shape them. As Partner at PwC and Global Leader of its Real Estate Deals business, Tim advises some of the world's largest investors – pensions, sovereign wealth funds, REITs, private capital firms - on transactions exceeding $300 billion. He also is a contributor to PwC's Global Real Estate and Real Assets Deals Outlook, giving him a uniquely panoramic view of how capital, policy, and real assets now intersect. In our conversation, Tim explains why the capital stack is being redrawn. Retail savings and annuities are moving from the periphery to the core of capital formation. Private credit, powered by insurers, is filling the vacuum left by banks. And the definition of "real estate" is expanding fast into "real assets" like data centers, senior housing, manufacturing facilities, sports or entertainment venues and infrastructure. It's not just about what's being built, it's about who's funding it, and how. Here are five questions Tim and I discuss that every serious investor or sponsor should be asking right now: 1. How will retirement-plan capital change the equity landscape for real estate? 2. What does the rise of insurer-backed private credit mean for developers and borrowers? 3. Why are institutions shifting from "real estate" to "real assets" and what falls inside that new perimeter? 4. How should sponsors navigate co-invest and direct-deal demand from pensions and sovereigns without slowing execution? 5. Is the "fog" of uncertainty finally lifting and where is capital rotating back into traditional sectors? If you want to understand where capital is truly flowing, how policy and product design are reshaping investor access, and why operating capability is emerging as the new alpha, this episode is worth your time. Listen to my full conversation with Tim Bodner of PwC, a rare, clear-eyed look at how capital formation in real assets is changing beneath the surface. *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing. With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection. Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get:

• Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff.
• Real implications of macro trends for investors and sponsors with actionable guidance.
• Insights from real estate professionals who've been through it all before.

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