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John spoke on 'Unlisted Funds: Lessons from the Crisis' The financial crisis and economic downturn has caused investors to reassess their approaches and strategies, and the non-listed real estate funds sector has been particularly affected. John Forbes, addressed the key issues and explores what this means for the industry. In January 2012, PwC published an influential report for the UK Association of Real Estate Funds. He explored what has changed in the year and a half since it was first produced and examine its relevance to the rest of the world.