Landmark Partners has raised $600m (€528.7m) for its latest real estate secondaries fund, according to a potential investor’s meeting document.
According to a meeting report for the Connecticut Retirement Plans and Trust Funds, the pension fund is considering making a $100m commitment to Landmark Real Estate Partners IX and also plans to put $50m into a sidecar vehicle to invest alongside Partners IX.
Landmark seeks to raise $3.5bn for the value-add and opportunistic Partners IX fund to make secondary investments in various types of real estate and real estate related entities. The manager will be making a co-investment into the fund of 1% of total capital commitments issued for the fund.
Partners IX’s investments target will range from $10m to $50m on individual transactions as well as some large portfolio transactions.
The fund targets a 15% net internal rate of return.
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