{"id":1004104887,"date":"2014-10-02T07:27:34","date_gmt":"2014-10-02T15:27:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004104887"},"modified":"2022-12-08T17:58:47","modified_gmt":"2022-12-09T01:58:47","slug":"partners-group-breaks-record-with-closing-of-1-9b-secondaries-program","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/partners-group-breaks-record-with-closing-of-1-9b-secondaries-program\/","title":{"rendered":"Partners Group Breaks Record with Closing of $1.9B Secondaries Program"},"content":{"rendered":"

By Barbra Murray, Contributing Editor\u00a0<\/em><\/p>\n

\"Taipingqiao<\/a><\/p>\n

It\u2019s big; it\u2019s really, really big. Switzerland\u2019s Partners Group has made history with the closing of Partners Group Real Estate Secondary 2013 at its hard cap of $1.95 billion, making the vehicle the world\u2019s largest dedicated real estate secondaries program ever raised in the market.<\/p>\n

\u201cWe were very pleased with the strong reception of this program in the market–we believe it illustrates investors\u2019 growing recognition of the value of an allocation to secondaries as a lower risk way of getting international exposure than a global commingled opportunistic fund and a great way to mitigate the J-Curve,\u201d Marc Weiss, Partner & global head, Private Real Estate Secondaries with Partners Group, told\u00a0Commercial Property Executive<\/i>.<\/p>\n

\"Marc<\/a>

Marc Weiss, Partners Group<\/p><\/div>\n

It seems institutional investors of practically every type from all corners of the globe took an interest in Secondary 2013, which engages in the acquisition of real estate portfolios, including single assets and joint venture ensembles, on the secondary market. Participants, both new and returning to Partners Group\u2019s secondaries programs, include sovereign wealth funds, public and corporate pension plans, endowment funds and foundations, insurance companies and financial institutions. \u00a0California\u2019s San Bernardino County Employees’ Retirement Association is on the list, having committed $75 million earlier this year.\u00a0\u00a0<\/b>It was the widespread global participation that resulted in Secondary 2013 being \u201cheavily over-subscribed\u201d according to Partners Group.<\/p>\n

Secondary 2013\u2019s new distinction in the real estate investment world is symbolic, as it exhibits two aspects of the modern commercial real estate capital markets, Ben Carlos Thypin, director of market analysis with real estate research & consulting firm Real Capital Analytics, told CPE<\/i>. \u201cFirst, [this fundraising] demonstrates that the real estate capital markets have matured to the point where institutionally funded pools of capital exist solely to provide liquidity to heretofore illiquid interests in real estate investments,\u201d he said. \u201cSecond, it demonstrates that even in a relatively stable market environment such as this, there remains demand for recapitalization capital that can be used to address situations in which the interest and objectives of investment partners may no longer be aligned.\u201d<\/p>\n

More than 20-percent committed to investments at the time of the closing, Secondary 2013 has been quite active in its acquisition of interests in other property funds and ventures from their original investors, and the world appears to be the program\u2019s oyster. Recent purchases include a collection of retail and office properties in Finland and Sweden, and a development portfolio through Trophy Property Development in China\u2019s Taipingqiao district.<\/p>\n

\u201cThe program will evaluate opportunities on a case-by-case basis, without any particular target allocation to certain geographies or asset types,\u201d noted Weiss. \u201cNonetheless, we do have a preference for investing in more mature situations–for example, in tail-end liquidity solutions–which offer an opportunity for further value creation.\u201d\u00a0<\/b><\/p>\n

And opportunities abound in the real estate secondaries market, Weiss added, with the volume of deal flow increasing notably this year as sellers access the market for reasons ranging from active portfolio management to regulatory pressure to sell-down illiquid assets.<\/p>\n

\u201cAt the same time, the number of buyers has not yet increased meaningfully, although this will change in the future,\u201d he concluded. \u201cThis means that we see ample opportunities to deploy the fund, but are able to remain highly selective on the investments we make.\u201d<\/p>\n

Partners Group is accustomed to having more than a little bit of money to play with in its investment endeavors, but what a difference a few years can make; like a half-billion-dollar difference. The investment management firm\u2019s previous secondaries program, Partners Group Real Estate Secondary 2009, closed with $1.5 billion in commitments in 2010.<\/p>\n","protected":false},"excerpt":{"rendered":"

Switzerland\u2019s Partners Group has made history with the closing of Partners Group Real Estate Secondary 2013 at its hard cap of $1.9 billion.<\/p>\n","protected":false},"author":969,"featured_media":1004104892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742],"tags":[],"class_list":["post-1004104887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest"],"acf":[],"yoast_head":"\nPartners Group Breaks Record with Closing of $1.9B Secondaries Program - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/partners-group-breaks-record-with-closing-of-1-9b-secondaries-program\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Partners Group Breaks Record with Closing of $1.9B Secondaries Program\" \/>\n<meta property=\"og:description\" content=\"Switzerland\u2019s Partners Group has made history with the closing of Partners Group Real Estate Secondary 2013 at its hard cap of $1.9 billion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/partners-group-breaks-record-with-closing-of-1-9b-secondaries-program\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-10-02T15:27:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:58:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Taipingqiao-Lakeville.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"982\" \/>\n\t<meta property=\"og:image:height\" content=\"664\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/partners-group-breaks-record-with-closing-of-1-9b-secondaries-program\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/partners-group-breaks-record-with-closing-of-1-9b-secondaries-program\/\",\"name\":\"Partners Group Breaks Record with Closing of $1.9B Secondaries Program - 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