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

The secondaries market is increasingly used to reconcile competing investor objectives with a broadening base of investors flocking to the asset class. These developments are permanent.

Investors are using secondaries to unlock liquidity, retain high-conviction assets and reposition platforms for growth.

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

The real estate secondaries market is poised for significant growth, driven by increased demand for capital, attractive discounts to net asset value and a broadening range of transaction types.