Indirect

Landmark Real Estate Partners IX has reached $1.47bn, according to a filing, against a $3.5bn target.

Over the course of the year, institutional investors have become more cautious as they navigate through a volatile market environment, according to James Jacobs, head of real estate for Lazard’s private capital advisory group.

The San Francisco-based capital advisory firm is targeting strategic capital investments in real estate managers.

The Los Angeles-headquartered asset management firm has followed the recruitment of an Asia real estate head on the direct side with a second appointment intended to lead its indirect investments in the region.

Goldman’s predecessor Fund II raised $2.75bn, making it the third-largest real estate secondaries fund raised at the time.

Ron Dickerman, founder of Madison International Realty, says a pause on all but the best growth-oriented investments is necessary while central banks bring inflation under control.

Market uncertainty could put more transactions on ice during the second half of the year, according to capital advisory firm Hodes Weill.

The New York-headquartered manager’s latest vehicle also marks its first dedicated secondaries vehicle with an opportunistic risk-return profile.

Private equity’s fastest growing subsector is also getting market participants excited in adjacent asset classes.

With secondaries funds growing to accommodate ever-larger deals, Rob Langston considers whether investors could be more affected by concentration risk.