real estate

The firm's Vintage Real Estate Partners II is the third-largest RE secondaries fund yet raised.

Real estate secondaries volume hit a three-year high last year with $7.2bn trading.

The firm backs restructurings in private equity and private real estate, among other complex deal types.

Vintage Real Estate Partners II held an interim close on $330m last year.

The real estate direct secondaries firm has already invested one third of Fund VII’s capital since its launch.

The Q4 year-on-year drop from $7m to $1m is due to the run-off of legacy assets and several large fundraisings having yet to come to market, said co-chief executive Glenn Youngkin.

Around $7.2bn worth of real estate secondaries deals closed or were placed under contract last year, according to research from Landmark Partners.

Pretium’s $1.5bn deal is one of the largest GP-led secondaries transactions recorded, as such deals account for a growing share of the market.

Strategic Partners Real Estate VII is targeting very mature assets in major cities, with potential for a quick sale.

The Carlyle Group subsidiary's Sarah Schwarzschild and David Lei discuss drivers of RE secondaries deals, GP-led transactions in the asset class and their approach to Brexit.