Abstract
One of the most characteristic features of the real estate market is high capital intensity. It means that the costs associated with the purchase or build a new facility are considerably higher than for other goods. As a result, market participants are forced to use external sources of financing. Beside foreign capital coming from instruments such as bank loans, highly developed markets invent alternative ways of raising capital. A very important form of financing in the real estate investment is to take from the market capital with the participation of investment funds, which – according to the idea of collective investment, aggregate financial resources of many investors in order to achieve one purpose.