Investing in real estate secondaries

PERE’s 2024 Secondaries & Recapitalizations report shows continuation funds are driving manager-led opportunities.

As investors seek liquidity and managers look to increase value, continuation funds and recapitalizations are gaining popularity. And while 2023 saw a dip in deal activity, this appears to be a blip. Real estate secondaries should see continued growth, driven by increased demand for capital and attractive discounts, among other trends outlined in this report.

Five key trends in real estate secondaries

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The real estate secondaries market is poised for significant growth, driven by increased demand for capital, attractive discounts to net asset value and a broadening range of transaction types.
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Real estate secondaries on the cusp of a golden age

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A broad pipeline of manager- and investor-led deals is emerging in the current liquidity-constrained market, fueling long-term growth.
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PREVIOUS REPORTS

2023

The last year has seen a sea change, with investor-led secondaries coming back into vogue as economic conditions have shifted. 2022 set a record for real estate secondaries transaction volume at $12.4 billion, but lost in that number is a slowdown for GP-leds which has continued into this year. While 2023 is shaping up to be a very different year to the one that went before, the LP-led revival suggests it will still be an active one.

2022

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.

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