Rod James
Rod James is a reporter with Secondaries Investor and also contributes to sister title PrivateEquityInternational.com. He is based in the London office. Prior to PEI, his roles included a stint as a freelancer covering fintech and transaction banking, CEEMEA capital markets reporter with EMEA Finance magazine, and editor of the Latin American political and economic risk team at IHS Global Insight.
StepStone Real Estate Partners IV, which has been in market since April last year, raised twice as much as its predecessor to invest in complex secondaries deals.
Real estate went against the trend, with the average top bid dropping from 81.04% of NAV to 79.88%, according to data from the intermediary.
High amounts of dry powder, new entrants such as Brookfield Asset Management and a pressing need to extend fund lives could result in the real estate market bouncing back this year.
The investment comes from Goldman's Vintage Real Estate Partners II, which closed in May on $2.75bn.
The coronavirus crisis has accelerated the transformation of real estate secondaries and presented tangible opportunities for buyers with the right information.
Strategic Partners Real Estate VII has raised $600m more than its predecessor and is looking at a strong pipeline of GP-led deals.
The firm's Vintage Real Estate Partners II is the third-largest RE secondaries fund yet raised.
The lower-risk nature of real estate exposure means sellers are less likely to opportunistically bring $1bn-plus portfolios to market.
Stakes in real estate vehicles accounted for 7% of total deal volume last year, according to advisor Greenhill.
Average top pricing for real estate stakes is up nine percentage points year on year, while buyout and VC funds have had declines, according to a new report from Setter Capital.
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