year because I happen to have invested in the Apple, Netflix, Amazon, Facebook, etc that doesn't mean that US equity markets return assumption should be 20%, it just means that I was either lucky (most likely) or somehow so skilled at generating alpha that you should raise capital to start a fund ASAP.

Again, if institutional investors aren't using 20% IRR assumptions, that's telling for why a 20% IRR is (way) too high. People here may be making 20% a year; but the idea that this is a go-forward assumption is not prudent. People are treating RE as if it's some investing panacea