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Landmark RE launches Fund VII co-investment vehicle

The firm is targeting $1bn for its main real estate fund and previously launched a separate $200m co-investment fund with the Ohio Public Employees’ Retirement System.

Landmark Partners has launched a separate co-investment vehicle for overflow deals from its Landmark Real Estate Partners VII, Secondaries Investor has learned.

A US regulatory filing this week did not disclose the side-car vehicle’s target size. Landmark declined to comment.

Landmark Real Estate Partners VII has a $1 billion target and held a first close on $560 million in the middle of June.

Fund VII will follow the same investment strategy as its predecessor funds by acquiring stakes in real estate funds and partnerships that are typically at least two years old, according to media reports. The co-investment vehicle is not a dedicated to co-investments but is instead reserved for large deals that may not fit in Fund VII, according to a source with knowledge of the situation.

Last month, Landmark filed documents with the US Securities and Exchange Commission for a Fund VII co-investment fund with the Ohio Public Employees Retirement System. According to documents from OPERS, the pension allocated $200 million to the co-investment fund and $200 million to Fund VII.

OPERS previously committed $200 million to a co-investment vehicle for Landmark Real Estate Fund VI, which closed on $718 million in 2010. That was the firm’s first real estate co-investment vehicle.