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Liquid makes new hire in preparation of secondaries wave

The San Francisco-based real estate secondaries firm has appointed former SL Green/Gramercy Capital executive as LPs increasingly look to liquidate some of their real estate positions. The appointment comes as Liquid works with LPs faced with capital calls in excess of their distributions.

Liquid Realty Partners has boosted its team in anticipation of a wave of private equity real estate secondaries opportunities hiring former SL Green/Gramercy Capital executive John Graham.

The analyst joins the San Francisco-based firm’s acquisition team amid rising demand for liquidity from limited partners in the real estate space.

Jeff Giller, Liquid managing principal and chief investment officer, said in a statement the industry would continue to grow as LPs “continue to evaluate their real estate portfolios” in the wake of the credit crunch.

Speaking to PERE magazine, Giller said the firm had seen a dramatic increase in the number of LPs actively rebalancing their portfolios, with interest expected to turn increasingly into solids deals over the coming months as real estate fundamentals decline. Liquid is also working with LPs faced with pending capital calls that are in excess of their distributions.

Other private equity real estate secondaries players are also anticipating the market to expand rapidly over the coming year, with Landmark Partners looking to raise the largest real estate secondaries fund ever targeting $750 million, according to people familiar with the matter.