Indirect

Private real estate rides the recap wave

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.

A rising tide for real estate secondaries

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

Secondaries are now a sophisticated capital formation tool

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

Rising confidence fuels secondaries dealflow

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

Download PERE’s 2026 Secondaries & Recapitalizations report

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…

Schroders Capital on why recapitalization is more than just a liquidity tool

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.

Partners Group on navigating the ‘complex middle’ of bespoke mid-market secondaries

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.

StepStone Group: Another record year for secondaries

The looming debt maturity wall is one of the factors expected to power manager-led secondary market transactions, says StepStone Group’s Jeff Giller.

Evercore: The natural emergence of continuation vehicles

This emerging style of secondary market solutions is all the rage in 2026, says Evercore’s Jarrett Vitulli.

Private real estate managers rewrite the playbook

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.