Direct-participation programs including non-traded real estate investment trusts and non-listed business development companies had equity capital flows that exceeded $10.7 billion in the first six months of 2013, setting a record, according to the Investment Program Association and Robert A. Stanger & Co. "Investors in today's yield-starved environment are eager for sources of above-average income and for the portfolio diversification provided by investments in hard assets and smaller companies. These external concerns will continue to underpin investment in the second half of 2013," Kevin Hogan, IPA's president and CEO, said in a statement.

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