Real estate

Three major themes emerge in real estate secondaries as private equity investors and fund managers look for liquidity.

The New York-based firm’s Korean investors include the National Pension Service of Korea, which has invested in at least two of its funds.

Despite closing its debut real estate secondaries fund below target, the manager perceives a lack of capital in the market relative to the opportunity set.

Apollo has agreed to acquire real estate investment manager Bridge in an all-in stock transaction worth approximately $1.5bn.

StepStone Real Estate Partners V will focus on GP- and LP-led real estate deals in the US.

The SMA would include a commitment to StepStone’s flagship real estate secondaries fund, which has surpassed the size of its $1.4bn predecessor.

The firm defines RE deals as any transaction where private equity is exchanged in the capital stack and where the operator maintains control over the asset.

The private markets firm backed a GP-led process involving Spain’s Bluesea, a hospitality platform.

Credit and real estate secondaries could see $7bn and $11bn of deal volume each this year, per advisory reports.

Secondaries are carving out a greater share of the private real estate fundraising market following successive record fund closures in the past 18 months.