During the final quarter of 2013, MSCI conducted a survey into the asset allocation processes of institutional asset owners, with a particularly close examination of their real estate exposures. These results were written up in a summary document that was released in February 2014. This paper provides a more detailed analysis of the real estate element of the survey, with a particular focus on risk management through the investment process. As for the previous paper, the results are based on a desk-based analysis of 138 asset owners, as well as an on-line survey and in-person interviews with 40 investors carried out in conjunction with MSCI. To ensure clarity about the survey samples, the in-person and online interview participants are labelled Survey Participants, while the asset owner data obtained from public documents are referred to as the Sample Universe. The paper focuses on pension funds and Sovereign Wealth Funds, providing in-depth coverage of these institutions across 28 countries. The individual survey responses were anonymous, but the depth of coverage has allowed a series of rich insights to be drawn from the research. From a real estate perspective, the research provides a comprehensive review of the role of the $700bn of real estate equity in asset owner portfolios, including their allocations to different investment styles, their geographic exposures and their approaches to execution (Section 3).