VIDEO: NorthStar talks secondaries

At the PERE Summit in New York, Al Tylis of NorthStar discussed his firm’s interest in secondaries and its appetite going forward.

At the PERE Summit in New York late last month, Al Tylis, president of NorthStar Realty Finance, joined PERE senior editor Erik Kolb for a one-on-one interview centering on the firm’s new focus on real estate secondaries.

In less than a year, NorthStar has built a nearly $2 billion portfolio through a pair of landmark secondaries transactions, purchasing sizable positions from TIAA-CREF and the New Jersey Division of Investment. This has led to many questions in the industry, including: “What do these investments mean for the marketplace?” and “Will NorthStar continue to make such bold moves?”

Listen in as Tylis discusses what led to the decision to invest in real estate secondaries (01:39), how the deals with TIAA-CREF (04:25) and New Jersey (06:07) came about, NorthStar’s appetite for further secondaries deals (11:40) and how the firm might look to raise a fund of its own (18:48).