It may seem like déjà vu, but Landmark Partners announced the results of its annual deal volume research last month, and again it showed an increase. The secondaries specialist estimated that transactions last year totaled approximately $4.8 billion – a $1.1 billion rise on the $3.7 billion recorded in 2013 and the sixth consecutive record year. There were plenty of fascinating aspects to the data, but most notably, Landmark suggested pension plans were the most active sellers, as was the case in 2013. It says US plans accounted for 20 percent of volume while non-US plans accounted for 18 percent, the majority of those being from Europe.
“Pension funds continued to rebalance portfolios and reduce the number of non-core GP relationships,” said the company. The majority of sellers were located in US, followed by Europe, Asia and the Middle East. Also, endowments and foundations appeared to have made a more concerted effort to manage their real estate portfolios, said Landmark, as demonstrated by their participation as active sellers, almost doubling from 13 percent in 2013, to 24 percent in 2014.
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