Europe

Despite GP-leds’ strong lead in 2022, 2023 could be the year LP-leds race ahead.

Another year of growth for the 50 biggest debt capital raisers belies the slowdown in wider real estate fundraising.

Investors in real estate secondaries are more concerned with ESG matters than ever. But the passive nature of some investments reduces their influence.

The real estate secondaries market is growing considerably as it ages.

A fundamental shift in capital markets is forcing many institutional investors to rethink their portfolios, creating a perfect storm for the resurgence of investor-led secondaries.

As price discovery prevails, the €36.5bn total represents the lowest quarterly volume since Q2 2012, according to MSCI Real Assets.

High-net-worth investors are capitalizing on the absence of institutional capital ‘to acquire assets that are usually beyond their reach.’

Increasing interest from institutional investors in secondaries has not yet materialized in transaction volumes, writes James Jacobs, head of real estate for Lazard’s private capital advisory group.

Fiera Capital’s property arm is raising one of the only semi-open-ended real estate credit vehicles targeting the region.

Buyers say competition for deals is heating up amid sharper value declines and prices potentially bottoming out in some sectors.