In Privcap’s Q1 2017 “Rise of the Real Estate Debt Asset Class” managing director in Cambridge Associates’ real assets investment group Marc Cardillo raises concern that the pace of debt fund creation may not be commensurate with the opportunity to deploy debt at attractive rates of return. In a discussion about how many debt funds the market can support, Cardillo suggests most lenders and most funds will be even more cautious and conservative than they would’ve been a few years ago, citing the current late-stage real estate cycle.

Read the full Q&A here.