Private equity action in real estate has hit a snag. But such trends are being considered as a consequence of global sentiments, which are not necessarily too strong to support the cyclical nature of the business. As investors are now cautious about making new investments in this space, they prefer to take a safer route -- a mezzanine structure which offers some downside protection. In an exclusive video interview with VCCircle, Ravindra Pai, MD of Century Real Estate, talks about investors' concerns and what lies ahead. The real estate company is in talks with PE investors to raise about Rs 500 crore. Pai says that they are hopeful to close a transaction within the next three months.