Private equity real estate refers to private equity funds that invest in real estate assets. These funds pool money from institutional investors like pension funds and endowments to acquire, develop, and manage residential, commercial, industrial, and other types of property. The goal is to generate returns for investors through strategies like fixing up distressed assets, changing property management, raising rents, etc. Private equity real estate funds have a longer time horizon than public real estate companies, allowing them to undertake more extensive redevelopment projects.