Real estate secondaries funds closed on $3.6 billion of capital in 2014, according to PEI’s Research and Analytics division.
While total private equity real estate capital raised declined from $118 billion in 2013 to $115.3 billion in 2014, real estate secondaries capital increased. In 2013, no real estate secondaries funds closed and in 2012 only $200 million was raised.
Still, secondaries only make up a fraction of total private equity real estate capital. This year it accounted for roughly 3 percent of the total.
It also makes up a small proportion of total secondaries capital raised in 2014, when 31 funds raised $28.9 billion.
Real estate secondaries funds that closed included the market’s largest-ever fund: Partners Group Real Estate Secondary 2013, which closed on $1.95 billion in October. Madison International also closed its fifth global secondaries fund on $825 million and Aberdeen Asset Management raised roughly $386.3 million for its debut real estate secondaries fund.
| Fund Name | Fund Manager | Current Size ($m) |
| Partners Group Real Estate Secondary 2013 | Partners Group | $1,950.00 |
| Madison International Real Estate Liquidity Fund V | Madison International Realty | $825.00 |
| Aberdeen European Secondaries Property Fund of Funds | Aberdeen Asset Management | $386.27 |
| UK Real Estate Recovery II | Aviva Investors | $222.72 |
| Landmark Real Estate Partners VII Co-Investment | Landmark Partners | $200.00 |
Source: PEI’s Research and Analytics division
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