|"If you're looking to raise your next fund, you're going into a marketplace with not as much capital, longer lead times, and a vastly more competitive atmosphere," Bruce says. Times are much more uncertain, and everyone is much more cautious. Even the most prominent fund managers in the country are having a hard time, Bruce explains. As for the debt side, he notes institutional-quality properties with stable cash flows are experiencing no shortage of long-term permanent debt. Among others, life companies, conduits, and the GSEs (for multifamily properties) are falling all over themselves to provide it.