Relationships and teamwork are crucial and now, more than ever, they are essential for real estate investors to navigate unchartered waters. Whilst the market is in flux, there are strategies which may be deployed to act as a springboard for growth, making it easier to put money to work when the time is right. One such strategy is the use of programmatic (or platform) joint ventures between a capital partner and operating partner to create a platform between the parties with settled terms and investment criteria ahead of downstream investments. Such platforms can harness and leverage an operating partner’s network, facilitate a right of first look at certain deals for equity investors and promote speed of execution, thereby achieving a competitive advantage for the parties. Programmatic JVs continue to be attractive in the midst of the COVID crisis as many investors look to the future to secure their share of deal flow. There are, however, certain considerations to be borne in mind to ensure the partnership works successfully. This alert, the first of two on programmatic JVs, focuses on the key considerations for equity investors in respect of exclusivity and deal origination, non-compete provisions and alignment of interests on which we share some insights.