The global secondary market for real estate funds has grown in size for the sixth year in a row, according to Landmark Partners.

The study estimates that $4.8bn (€4.2bn) of interests in real estate funds were traded last year, up from $3.7bn in 2013. The number of transactions rose from 57 to 92.

Landmark, itself a dedicated ‘secondaries’ investor, said: “The record-breaking growth of the secondary market for real estate is expected to continue in 2015 as institutional investors of all types increase their usage of the secondary market to actively manage their real estate portfolios.

“In particular, the market growth has enabled institutional investors to seamlessly implement strategic and tactical changes to their investment program due to changes in investment objectives or macro-economic conditions.”

Pension funds were the most active sellers of real estate funds on the secondary market in 2014, according to the research, accounting for 40% of trades.

Endowments and foundations (24%), and banks and insurers (22%) accounting for most of the remainder of the market.

US pension funds accounted for 20%, while their overseas counterparts (mostly European) accounted for 18%.

Landmark admitted that its data did not include the entire volume of “LP-to-LP trades” and therefore might understate the actual market.

“Such trades are naturally discrete and typically not publicly disseminated,” the company said.