UNITED STATES – Cohen & Steers is no longer pursuing private equity-style, opportunistic real estate strategies and will focus on its core business of investing in public markets.

The private real estate team led by Steve Coyle, known as Global Realty Partners, is leaving the company after joining in 2008.

Coyle said in an email: “The firm has decided to no longer be active in the private equity real estate space. As a result, my team and I will depart the firm effective this Friday.”

According to a source familiar with the matter, the departure was prompted by a lack of interest from investors rather than a shift in strategy.

Global Realty Partners raised a limited amount of capital over a six-year period, meaning the division remained a marginal part of the wider Cohen & Steers business.

Cohen & Steers specialises in global listed real estate investments, including real estate investment trusts (REITs), in addition to other listed strategies, including infrastructure, real assets and commodities.

The company has long argued that REITs should form the basis of a core real estate portfolio – instead of non-listed core investments – but also viewed non-listed opportunistic strategies as complementary. It is believed that Cohen & Steers still holds this view, despite the departure.

Coyle said the Global Realty Partners team was “currently reviewing a number of options”.

Cohen & Steers declined to comment.