Partners Group’s third dedicated private real estate secondaries strategy has reached its €2bn fundraising target.
The Swiss multi-asset manager said the capital was raised across Europe, Latin America and Asia.
Investors in the program constitute a mix of new and existing clients, including public and corporate pension plans, corporations, insurance companies, endowment funds and foundations from around the world, Partners Group said.
Partners Group’s founders, partners, and other employees, together with affiliates of the firm, also made a substantial investment into the program, committing close to €70m of the assets raised.
Partners Group’s private real estate secondaries program aims to seek opportunities to provide tailored asset and portfolio liquidity solutions to operators, developers and third-party investors in order to support asset-level business plans or to structure fund recapitalisations due to an upcoming fund or debt maturity.
As of the start of August, the program was already committed to 15 investments. The investments made include office and multifamily assets in the US and a property portfolio comprising seven assets across Sweden and Finland in the retail, logistics, hospitality and education sectors, the manager said.
Marc Weiss, a partner and co-head of private real estate at Partners Group, said: “We have seen strong demand from clients for this third iteration of our real estate secondaries strategy.
“Our real estate secondary deal flow has continued to grow in recent years, thanks to our integrated approach, and we are able to leverage the sourcing and execution advantages gained from investing across directs, secondaries and primaries in order to invest in the most attractive opportunities globally for the benefit of our investors.”
Mike Bryant, a managing director and co-head of private real estate at Partners Group, said: “With our focus on proprietary sourcing and ability to offer bespoke solutions to complex situations across our real estate business, we see increasing correlation between the profiles of our direct and secondary investments.
“Both strategies are centred on entrepreneurial ownership, requiring strong value creation capabilities, and both target markets that have a favourable investment outlook supported by sustainable social and demographic trends.”