Landmark closes eighth real estate secondaries fund on $3.3 bln

Landmark Partners held a final close March 30 on its eighth real estate secondaries fund on $3.3 billion. At the time of the closing, the fund was 42 percent deployed across six transactions, totaling $1.4 billion of exposure. The final close brings Landmark’s total capital raised to $25 billion.

Press Release

Landmark Partners, a leading investor in the real estate, private equity and real asset secondary market, today announced that Landmark Real Estate Fund VIII (“LREF VIII”) held its final close on March 30, 2018, with commitments of US$3.3 billion. At the time of final closing, LREF VIII was 42% committed across six secondary transactions, totaling $1.4 billion of exposure. LREF VIII’s offering was oversubscribed and stands as the largest real estate secondaries fund raised globally to date.

LREF VIII, in line with its predecessor funds, continues Landmark’s dedicated 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 US$25.0 billion.

“Our dedicated real estate team, coupled with commitments from over 150 investors globally, positions Landmark as the leader in the real estate secondary market,” said Francisco L. Borges, Chairman and Managing Partner. “The demand for LREF VIII demonstrates growing investor appetite for real estate secondary investments. Landmark estimates real estate secondary transaction volume reached US$6.0 billion in 2017, and LREF VIII’s deployment is off to a strong start.”

LREF VIII is mostly comprised of investors including: public pensions, corporate pensions, insurance companies, asset managers and foundations.

Timothy L. Haviland, President and Managing Partner commented: “We are grateful for the continuing support of our existing investors and the partnerships that we have built with new investors. Their capital commitments allow us to source and evaluate real estate secondary transactions that lead to highly diversified property portfolios and provide accelerated income and capital distributions. In addition to the capital already deployed, we have a robust pipeline of prospective investments.”

Landmark’s prior real estate secondary fund, Landmark Real Estate Fund VII closed on US$1.6 billion in April 2015 and completed its deployment in 2017. Past performance is not a guarantee of future returns. This does not constitute an offer to sell or a solicitation of an offer to purchase an interest in any Fund.

About Landmark Partners
Landmark Partners specializes in secondary market transactions of private equity, real estate and real assets investments, with approximately $25 billion of committed capital as of March 31, 2018. Founded in 1989, the firm has one of the longest track records in the industry and is a leading source of liquidity to owners of interests in real estate, real asset, venture, mezzanine and buyout limited partnerships. Landmark has completed over 550 transactions in its 29-year history and acquired over 2,200 partnership interests, managed by over 750 general partners, as of December 31, 2017. Landmark Partners has more than 100 professionals across five offices in Boston, Dallas, London, New York and Simsbury, Connecticut.