About Partners Group

• Founded: 1996

• Headquarters: Baar, Switzerland

• AUM: $149bn (as of 2024)

• Strategy: Multi-asset private markets, including private equity, infrastructure, real estate, and private debt

• Track record: Active in secondaries across asset classes since 2008; prior real estate secondaries strategies include PG Global Real Estate Secondaries 2019 ($575m) and 2022 ($1.25bn)

• Leadership: Steffen Meister (Executive Chairman), David Layton (CEO)

Partners Group has held a first close on its latest real estate secondaries strategy. The firm did not disclose the amount raised at first close or a target size for the fund. This marks the third iteration of the firm's dedicated real estate secondaries program, following vehicles closed in 2019 and 2022. The strategy acquires LP stakes in real estate funds and participates in restructurings of mature portfolios.

The first close timing suggests Partners Group is tapping sustained LP demand for real estate secondaries liquidity. Volume in real estate secondaries reached $22bn in 2023, up from $15bn in 2022, according to Evercore data, driven by LPs seeking exits from vintage funds facing valuation pressure and extended hold periods. Partners Group's prior 2022 vehicle raised $1.25bn, a 117% increase over the 2019 fund, indicating buyer appetite has outpaced seller urgency in recent years.

The gap between first close and final close will clarify whether that dynamic holds. Real estate secondaries pricing has compressed in 2024, with discounts to NAV widening to an average of 15–18% from 8–12% in 2022, per Jefferies secondary market data. If Partners Group reaches its target quickly, it signals buyers still see value in discounted real estate portfolios despite macroeconomic uncertainty. A slower fundraise would suggest pricing expectations between buyers and sellers remain misaligned, particularly for office-heavy or over-levered assets.

Source: Secondaries Investor