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Real Estate

Landmark Partners closes latest secondary real estate fund at $3.3 billion

Landmark Partners closed its latest real estate secondary market fund, Landmark Real Estate Fund VIII, at $3.3 billion, which is 106% larger than its predecessor fund, according to a news release on Tuesday.

Landmark executives declined to provide additional information, including the fund's fundraising target and hard cap, said spokeswoman Chelsea Stevenson in an email.

Landmark Real Estate Fund VIII held its final close on March 30 and invests in real estate limited partnership interests in funds and other structured entities. The fund had invested 42% of its capital in six secondary transactions, totaling $1.4 billion of exposure, as of March 30.

Landmark's prior real estate secondary fund, Landmark Real Estate Fund VII, closed in April 2015 at $1.6 billion and completed deploying capital in 2017.

Investors in the latest fund include the $209.1 billion New York State Common Retirement Fund, Albany; $92.4 billion Minnesota State Board of Investment, St. Paul; $27 billion Nebraska Investment Council, Lincoln; $34.2 billion Connecticut Retirement Plans & Trust Funds, Hartford; $16.1 billion Arkansas Teacher Retirement System, Little Rock; $8.1 billion San Diego City Employees' Retirement System; and the $4 billion Kern County Employees' Retirement Association, Bakersfield, Calif.