Landmark launched the market’s first real estate secondaries fund in 1996. The firm has invested significant resources in this strategy, building a fully dedicated real estate investment team with extensive industry experience. To date, we have committed over $8.2 billion to real estate secondaries, generating a track record that spans over 150 closed transactions, through which we acquired over 675 underlying partnerships across more than 175 fund sponsors.
Investment Strategy & Portfolio Construction
Landmark’s real estate investment strategy seeks to:
Utilize extensive relationships with limited partners, general partners and advisors to drive transaction flow
Address market inefficiencies, including supply and demand imbalances and inconsistent information quality
Provide highly diversified exposure to the asset class
Drive investment results through underwriting, transaction structuring and portfolio construction
Key attributes of our real estate secondary transactions include:
Exposure to well-seasoned stabilized and stabilizing assets
Broad diversification by property sector and geography
Customized transaction structures that address key buyer and seller needs
With a thought partner approach and synergies with Landmark’s broad-based secondaries platform, Landmark’s real estate team has developed a track record of innovation through customized transaction solutions tailored to meet the needs of limited partners and general partners.
Our real estate secondaries team acquires interests across a range of partnership vehicles, including private real estate funds, multi-asset portfolios, as well as single property joint ventures. Transactions can be arranged as traditional sales or preferred equity structures. Landmark has established itself among the most active real estate secondary investors engaged in recapitalizing and restructuring real estate funds - transactions that can address pending fund maturity, strategy change or the need for additional equity capital.
Landmark’s real estate program can also structure and invest in general partner growth and transition. These transactions provide capital to general partners for product development or balance sheet growth, without requiring the sale of a permanent stake in their business.