Landmark Partners has raised $1.6bn (€1.4bn) for its latest real estate secondaries fund as interest from investors rises.
The investment manager said its Landmark Real Estate Fund VII vehicle attracted $600m of commitments beyond its initial $1bn target.
Institutional investors including public pensions, corporate pensions, insurance companies, asset managers and foundations backed the strategy.
Francisco Borges, chairman and managing partner, said the demand demonstrated “growing interest and strong appetite for real estate secondaries investments from investors”.
The sizeable raise puts Landmark’s fund near the $1.95bn that Partners Group raised last year for its global secondaries strategy, Partners Group Real Estate Secondary 2013.
The capital raise was claimed to be the largest for a programme dedicated to trading in real estate fund and portfolio interests on the secondary market.
Landmark Partners estimates real estate secondary market transaction volume reached $4.8bn last year – the sixth consecutive year of record transaction volume.
The company said it has invested $552m across 11 transactions from LREF VII capital.
In December last year, its Equity Partners XV closed at its hard cap of $3.25bn.
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