What’s the difference between the two types of funds in terms of strategy, targeted returns and investment horizons. : With the near-term outlook for commercial real estate performance becoming clouded because of rising interest rates and lingering fears of a recession, more investment managers are talking about putting together funds targeting opportunistic real estate investments. But what are opportunistic real estate funds and how do they differ from the funds targeting distressed real estate that proliferated in the wake of the COVID pandemic in 2020?