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Over the past few decades, Canada鈥檚 big pension funds have piled into direct real estate investments. But, as higher borrowing costs hit property markets, returns have gone negative. Some funds are considering whether they should take a step back and make this type of investment through third-party managers. 鈥淵ou have a few pension funds asking themselves, should I continue to go as direct?鈥� says Associate Professor of Finance聽Sebastien Betermier聽in an interview with BNN Bloomberg. 鈥淲henever you are deep into one subsidiary, you lose a little bit of flexibility because you are dependent on one particular asset class or one set of skills, as opposed to a capital allocator that might be more nimble.鈥�