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EXCLUSIVE: Harvard sells half of RE secondaries offering

The university endowment had put $1 billion of real estate fund interests on the market earlier this year.

Harvard Management Company (HMC) has sold only about half of the $1 billion real estate secondaries it put on the market earlier this year, according to two sources familiar with the transaction. 

“They threw everything on the wall to see what would stick,” one source told PERE’s sister publication, Secondaries Investor. “They ended up selling only about $500 million.” Sellers in the secondaries market often test the market by putting a large portfolio up for sale. They typically end up selling only fund interests with the most attractive pricing. 

Secondaries Investor reported at the beginning of March that Harvard Management Company had hired Cogent Partners, now called Greenhill Cogent, to sell $1 billion of real estate fund interests as it continues its push into direct real estate investing and wind down its legacy portfolio. 

It’s unclear which fund stakes sold as part of the portfolio. Details on pricing for the transaction were not available either.

To read more, visit PERE’s sister publication, Secondaries Investor.