Indirect

Global real estate secondaries transaction volume increased last year, with larger-scale liquidity structures a growing feature of the market, per the manager’s latest research.

While fundraising volume fell 50% year-on-year in Q1 2026, more funds hit or exceeded their targets and took less time to reach final close.

As liquidity gradually returns to private real estate, much of the proceeds are not flowing back to where they came from, PERE heard at MIPIM.

The platform will focus on opportunities in the US and Europe, with future growth contingent upon its track record.

The firm, which closed its first vehicle in the series just three years ago, now has raised one of the largest funds ever in the strategy.

Founder Ron Dickerman expects his firm will begin deploying capital next year amid a ‘very intriguing’ time to explore real estate secondaries in the region.

As StepStone and Greykite’s €1.5bn recapitalization shows, some of the most compelling deal opportunities are coming from non-real estate sponsors.

But without three mega funds, the total capital raised in Q1-Q3 2025 would have fallen below that of the same period last year.

Having picked its first private markets fund, NOW: Pensions will move into other illiquid assets, potentially alongside Mercer, director of investment Martyn James tells PERE.