Real estate

While the region has seen growing secondaries appetite in the past few years, executed deals remain far and few between, market participants tell PEI Secondaries Investor.

Norway’s $2trn-odd state fund is ‘wildly underallocated’ to property, to which it has a $60bn allocation, says real estate head Alex Knapp.

A total of 66 CVs were known to have closed in the first half of 2026, up significantly from the 40 logged during the same period last year.

Scale has become a competitive edge in a rapidly expanding secondaries market.

The rapid growth of the secondaries market has led to suggestions that it could see transaction volumes of $500bn – or even $1trn – by 2030. Just four years out from this deadline, are such predictions realistic?

The institution is looking to boost its infrastructure exposure and eyeing further opportunities in private equity and real estate secondaries, says founder and CEO Antoine Prudent.

The director reunites with Michael Wieczorek, who joined UBS to head its EMEA secondaries advisory unit late last year from DC Advisory.

Secondaries-focused fundraising totals represented just 4% of private real estate fundraising in 2025, but the strategy continues to attract capital commitments.

The strong growth of continuation vehicles signals that the real estate secondaries market has shed its reputation as a last resort for distress-driven strategies.

The multi-manager has already deployed $1bn out of its latest secondaries fund and related vehicles, with an early emphasis on data centre investments.