Rod James
The coronavirus crisis has accelerated the transformation of real estate secondaries and presented tangible opportunities for buyers with the right information.
Strategic Partners Real Estate VII has raised $600m more than its predecessor and is looking at a strong pipeline of GP-led deals.
The firm's Vintage Real Estate Partners II is the third-largest RE secondaries fund yet raised.
The lower-risk nature of real estate exposure means sellers are less likely to opportunistically bring $1bn-plus portfolios to market.
Stakes in real estate vehicles accounted for 7% of total deal volume last year, according to advisor Greenhill.
Average top pricing for real estate stakes is up nine percentage points year on year, while buyout and VC funds have had declines, according to a new report from Setter Capital.
The program comprises four sleeves, one of which will continue to accept commitments from US investors.
The French private investment unit plans to invest in Europe and the US, including in funds for luxury hotels and pan-European value-added real estate.
The firm's eighth dedicated fund in the strategy is more than double the size of its predecessor and more than $1 billion larger that the previous record-setting vehicle by Partners Group.
The 80% invested fund has closed 26 secondaries deals.