1. Brown's Law of Brokerage Product Compensation states that the more money a broker or financial salesperson is paid to sell you something, the worse it is for you. The commissions on non-traded REITs are in the range of 7% versus the $5 trade you could do to buy a public REIT.
2. Opacity is always indicative of information assymetry, and information assymetry always benefits The Street, not the clientele.
3. High-fee funds or vehicles will never match the underlying index by definition - the fees act as a drag in bull markets and add insult to injury in bear markets.
4. The only self-justification brokers ever had in recommending private REITs was that because they don't trade and reprice publicly each day, they somehow served to "smooth the volatility" of a client's portfolio. Which is Bullshit to the second power (BS²).