Secondaries & Recapitalizations
No longer the exclusive domain of private equity specialists, real estate secondaries are a hive of activity right now. With Blackstone’s €21 billion recapitalization of Mileway billed as the largest private real estate deal of all time, and total secondaries transaction volumes surging, it is increasingly clear that secondaries and GP-led recaps – with their myriad benefits for both managers and investors – have become a strategic play in the private real estate market.