indirect

StepStone Real Estate Partners IV, which has been in market since April last year, raised twice as much as its predecessor to invest in complex secondaries deals.

The Global Navigator Fund is the first fund to be launched by the firm's indirect business since the purchase of Aviva's Real Estate Multi-Manager team.

Real estate went against the trend, with the average top bid dropping from 81.04% of NAV to 79.88%, according to data from the intermediary.

High amounts of dry powder, new entrants such as Brookfield Asset Management and a pressing need to extend fund lives could result in the real estate market bouncing back this year.

The investment comes from Goldman's Vintage Real Estate Partners II, which closed in May on $2.75bn.

The coronavirus crisis has accelerated the transformation of real estate secondaries and presented tangible opportunities for buyers with the right information.

Strategic Partners Real Estate VII has raised $600m more than its predecessor and is looking at a strong pipeline of GP-led deals.

The $515bn Canadian asset management giant has hired two Partners Group executives to help with the effort.

Around $7.2bn worth of real estate secondaries deals closed or were placed under contract last year, according to research from Landmark Partners.

New York-based Pretium’s $1.5bn deal is one of the largest GP-led secondaries transactions recorded, as such deals account for a growing share of the market.