Partners Group has bought a portfolio of US properties through an off-market secondaries transaction.
The investment manager paid $163m (€145m) for the portfolio, managed by DLJ Real Estate Capital Partners for its clients.
The portfolio, which includes seven assets, was held in a 1999-vintage programme that has been extended.
DLJ will continue to manage the portfolio, which includes two hotels in New York and Tennessee, for the next 3-4 years.
Two land plots in California are also part of the portfolio.
Marc Weiss, Partners Group partner and head of real estate secondaries, said: “Though tail-end secondary transactions are still fairly unusual in the US real estate market, 2015 marks the start of a wave of maturing real estate vehicles that are going to create other opportunities for tailored liquidity solutions like this one.”
Partners Group last year raised $1.95bn for its global real estate secondaries strategy.
New and existing institutional investors backed the fund, along with sovereign wealth funds, public and corporate pension plans, endowment funds, foundations and insurance companies.