This study session focuses on the following categories of alternative investments: real estate, private equity, and commodities. Real estate investments, both private and public, are described, and methods for analysis and evaluation are presented. Private equity, including venture capital and leveraged buyouts, is examined from the perspectives of a private equity firm evaluating equity portfolio investments and an investor considering participation in a private equity fund. The study session concludes with a discussion of commodities and commodity futures, including scenarios of contango and backwardation for futures prices.