Landmark Partners said Wednesday it closed its latest real estate secondaries fund at $1.6 billion. Landmark Real Estate Fund VII was oversubscribed and exceeded its $1 billion initial target. Investors include public pensions, corporate pensions, insurance companies, asset managers and foundations located globally.
Simsbury, New York, Boston and London – Landmark Partners, a leading investor in the real estate and private equity secondary market, today announced that Landmark Real Estate Fund VII (“LREF VII”) held its final close on April 28, 2015, with commitments of US$ 1.6 billion. Oversubscribed and exceeding its initial target of US$ 1 billion, LREF VII is Landmark Partners’ largest global dedicated real estate secondaries program.
LREF VII, in line with its predecessor funds, continues the dedicated secondaries strategy of acquiring interests in existing funds, partnerships, and other structured entities invested in underlying real estate globally. The final close of LREF VII brings the firm’s total committed capital to approximately US$ 15 billion.
“Our experienced real estate team, entrusted with commitments from over 80 investors, remains excellently positioned as a market leader to source opportunities and provide customized transaction solutions within the rapidly growing secondary real estate investment universe,” said Francisco L. Borges, Chairman and Managing Partner. “The demand for LREF VII demonstrates the growing interest and strong appetite for real estate secondaries investments from investors. Landmark Partners estimates real estate secondary market transaction volume reached US$ 4.8 billion in 2014, which constitutes the sixth consecutive year of record transaction volume.”
LREF VII is mostly comprised of institutional investors including: public pensions, corporate pensions, insurance companies, asset managers and foundations located globally.
Timothy L. Haviland, President and Managing Partner commented: “We are grateful for the strong support of our existing and new investors. Their substantial capital commitments provide us with the financial wherewithal to access and evaluate large real estate transactions requiring portfolio solutions. Due to their size, these opportunities often preclude the participation of a number of counterparties. We have already committed US$ 552 million across 11 transactions from LREF VII capital and have a very strong pipeline of prospective investments.”
In December of 2014, Landmark Equity Partners XV closed at its hard cap of US$ 3.25 billion, formed to acquire portfolios of limited partnership interests in private equity funds and interests in privately held companies. Landmark Partners has completed over 475 transactions over the past 25 years and currently has a dedicated 82 person team based in Simsbury, New York, Boston and London.
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About Landmark Partners:
Landmark Partners specializes in secondary market transactions of private equity and real estate investments, with approximately US$ 15 billion of committed capital as of March 31, 2015. 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 475 transactions in its 25-year history and acquired interests in over 1,750 partnerships, managed by over 650 general partners. Landmark is headquartered in Simsbury, Connecticut and has offices in New York, Boston and London, England. www.landmarkpartners.com