In 2004, a United Nations report titled “Who Cares Wins” offered the first known reference to ESG — environmental, social, governance — or the idea that investment decisions should be closely aligned with how a company treats its workers, the environment and the broader community.

Private markets investing — or, better said, investing in anything that is not available in public markets on an exchange — has been a source of investment alpha and wealth creation since the beginning of time.

Despite the grim headlines, we see some investment opportunities in the office space sector.