 Funds organized to meet the needs of and attract the interest of tax-exempt investors typically are structured to satisfy the qualifications of Real Estate Operating Companies (REOCS) or Venture Capital Operating Companies (VCOCs).There is a long history of institutional investment in real estate through direct ownership of property, through individually managed separate accounts, and through pooled investment funds.Initially institutional real estate investments were in core real estate, however, market conditions in the early 1990s led to the emergence of value added and opportunistic funds which aimed to take advantage of falling property prices to acquire assets at significant discounts.