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With only few active buyers, the secondary market for timberland fund stakes remains quite illiquid compared to other asset classes, creating inefficiencies and offering attractive discounts to net asset value, says Thomas Goodrich, a partner with Stafford Capital Partners.
The firm has already committed 21% of Stafford International Timberland VII’s $484 million and plans to open an office in Latin America in the third quarter.
Strategic Partners has a $500 million separate account for real assets secondaries, including infrastructure and energy.
Noah Keys has joined the firm to focus on secondaries and co-investments in the energy, infrastructure and natural resources sectors.
The Board of Regents State of Iowa has 15 funds of funds in its public and private equity portfolio.
Roughly 41 percent of secondaries buyers are able to price and invest in infrastructure secondaries this year, according to a survey conducted by Evercore.
Kevin Warn-Schindel will lead the firm’s primary and secondary investments across energy, infrastructure, natural resources and real estate.
The UPS Group Trust didn’t buy any real estate assets on the secondaries market during the second half of 2014 because of high prices.
Last year it emerged that Strategic Partners had a $400m separate account for the strategy.
Real estate represents the largest share of real assets secondaries and the growth of the market is one of the key trends of 2014, according to a quarterly update from Credit Suisse.

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