Indirect

Chris Reilly, who spent the last six years leading Brookfield’s real estate secondaries group, is headed to Pretium to run its property debt and equity businesses.

Marcus Day, former co-head of Brookfield’s real estate secondaries platform, has joined LaSalle as it looks to expand its multi-manager and fund of funds offerings.

The multi-manager has already deployed $1bn out of its latest secondaries fund and related vehicles, with an early emphasis on data center investments.

As refinancing pressures mount and exits remain elusive, investors are turning to recapitalizations to unlock liquidity and extend hold periods in a challenging market, writes Giovanni Legorano.

As managers seek liquidity without relinquishing prized assets, secondaries are becoming a permanent channel for capital flow.

Investors are using secondaries to unlock liquidity, retain high-conviction assets and reposition platforms for growth.

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

Inside: How real estate secondaries have evolved from a niche liquidity tool into a capital formation strategy; Why continuation vehicles are shedding their distress-strategy reputation; Expert analysis from industry leaders; And much more…

Recapitalizations are emerging as a way to bridge Europe’s funding gap, combining capital discipline with operating expertise to enable platforms to institutionalize and grow, say Schroders Capital’s Kieran Farrelly and James MacNamara.

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.