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.
The process involving Elion Partners is at least the third sizeable deal executed by Brookfield since entering the real estate secondaries market last year.
Landmark Real Estate Partners IX would overtake its 2018-vintage predecessor as the largest secondaries fund raised in the asset class.
The Swiss asset manager's private real estate Asia team has 20 professionals executing primary, secondaries and direct investments.
Investors in Hopu Masterfund II can roll into a continuation fund with real estate investor and operator GLP China or sell their stakes in a deal that could be worth as much as $2bn.
The $197bn private credit and private equity giant follows TPG and Brookfield in looking to gain exposure to the rapidly growing secondaries market.
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.
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