Landmark launches Real Assets Fund II

North Carolina Department of State Treasurer made a $250m commitment to the fund.

Landmark Partners has launched a second real assets secondaries fund, according to documents from North Carolina Department of State Treasurer. 

The Simsbury, Connecticut-headquartered firm received a $250 million commitment to Landmark Real Assets Fund II from the $98.2 billion pension, according to documents prepared for its 17 May investment management division meeting.

North Carolina committed $1.25 billion in total to six Landmark vehicles. The others were:

  • Landmark Equity Partners XVI
  • Landmark Equity Partners XVI Opportunities
  • Landmark Equity Partners XVI Overflow
  • Landmark Real Estate Partners VIII
  • Landmark Real Estate Partners VIII Overflow

The documents did not provide further details of Real Assets Fund II and Landmark declined to comment on the vehicle.

The firm’s Real Estate Partners VIII fund closed on $3.3 billion in April and remains the largest pool of dedicated capital for real estate secondaries, according to PEI data.

Ohio Public Employees Retirement System also committed $400 million to two Landmark vehicles, according to a May alternatives market update document obtained by Secondaries Investor. This was split evenly between Landmark Real Estate Partnership VIII and Landmark VIII Co-investment.

A handful of firms have raised capital for real assets secondaries in the past year, including Blackstone’s Strategic Partners, which collected $1.75 billion for Strategic Partners Real Assets II, the largest such fund dedicated to secondaries.