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Partners Group targets $1.5B for fifth real estate secondaries program
The firm said it has placed $6B into more than 120 real estate secondaries transactions since 2008, and is focusing on living and industrial assets as industrial transactions led the market in 2025.
Real estate secondaries have gained traction as an alternative liquidity path amid lower transaction volumes and slower fundraising cycles, according to Bisnow. Partners Group, a UK-based investment firm, has operated in the secondaries market for nearly 20 years, deploying $6B across more than 120 real estate secondaries deals since 2008.
The outlet reports that Partners Group describes the market as evolving from a broad discount-buying strategy into a more targeted tool for managers seeking to execute specific business plans and for investors looking to rebalance portfolios. Partners’ co-head of real estate, Henrik Orrbeck, said the approach now aims to address sharper, more defined needs rather than simply buying discounted assets.
Globally, CBRE data cited by Bisnow showed real estate secondaries transaction volume reached $25.1B in 2025, up 3% from $24.3B in 2024. General-partner-led secondaries made up $16.1B, or 64% of total estimated volume, while limited-partner-led secondaries totaled $8.8B, up 15% from 2024.
In the current environment, Orrbeck said some investors may be overexposed and need to release capital from older vintages to meet commitments to newer funds, creating opportunities for secondaries investors. Bisnow also said Partners is targeting a $1.5B raise for its fifth real estate secondaries program, announced last month, with more than $650M in commitments, and it prefers living and industrial assets, while industrial deals led global secondaries markets at $6.7B in 2025.