Regions

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.

The firm has a $3bn target and more rigid sector allocations for Realty Value Fund XII, the first launch in the global series since Angelo Gordon’s acquisition by TPG in 2023.

While the classic succession model in private real estate involves a single heir apparent, multiple founder-led businesses are prioritizing optionality instead.

Having resigned less than a year after he joined in September 2025, Ando will stay on in an advisory role for the next few months.

The Dutch investor’s CEO explains the significance of the group’s first-ever proposal for a reciprocal tax framework to boost cross-border pension investment.