North America

A growing cohort of institutional investors are turning to real estate secondaries as global buyers look for exposure to in-demand asset classes.

Specialty open-air retail centers are providing a notable investment opportunity in the current retail landscape, say Northwood’s Ward Kampf and Sam Payette.

Real estate secondaries has come of age in a higher-rate world, but investors need to do more than price illiquidity to gain an edge, say Henrik Orrbeck and Stefan Lempen at Partners Group.

The new entrants have closed some of the largest private real estate funds this year, but can they serve two disparate investor groups?

The strong growth of continuation vehicles signals that the real estate secondaries market has shed its reputation as a last resort for distress-driven strategies.

The strategy has moved beyond its opportunistic roots to become a key portfolio management tool, say CBRE IM’s Achal Gandhi, Kilian Toms and Chris Dickson.

Although the firms all leaned more heavily into niche strategies, they diverged on how to recalibrate their office exposures going forward.

With the manager’s real estate arm set to be acquired by Bridgepoint in a $1.4bn deal, CEO Al Rabil says investors’ changing allocation habits are driving a need to scale.

The sector, which represents 20% of the Canadian pension’s total portfolio, has been its only negatively performing asset class since 2023.

The South Carolina-based residential giant has already raised $1.5bn in six months for the value-add multifamily vehicle.