Landmark Partners, an investor in the real estate, private equity and real asset secondary market, has held a $3.3 billion final close for Landmark Real Estate Fund VIII (LREF VIII). The final close stands as the largest real estate secondaries fund raised globally to date.
At the time of final closing, LREF VIII was 42 percent committed across six secondary transactions, totaling $1.4 billion of exposure.
LREF VIII, in line with its predecessor funds, continues Landmark’s secondaries investment strategy of acquiring interests in existing funds, partnerships and other structured entities invested in underlying real estate globally. The final close of LREF VIII brings Landmark’s total committed capital to approximately $25 billion.
“The demand for LREF VIII demonstrates growing investor appetite for real estate secondary investments. Landmark estimates real estate secondary transaction volume reached $6 billion in 2017, and LREF VIII’s deployment is off to a strong start,” said Francisco Borges, chairman and managing partner.
LREF VIII is mostly comprised of investors including public pensions, corporate pensions, insurance companies, asset managers and foundations.
The fund’s predecessor, Landmark Real Estate Fund VII, held a $1.6 billion final close in 2015, exceeding its $1 billion target. The fund completed its deployment in 2017.