Have become really interested in Secondaries recently and was wondering what the deal with real asset secondaries is? Are you investing directly into the assets, or only into the continuation vehicles/funds which own these assets? This seems close to/almost direct investing, but was curious to hear more about the space, the types of deals, comp and what the future of the space looks like and leaders in the sector
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It’s just like PE secondaries but the underlying positions being real estate PE funds vs. corporate PE funds. So, just like in traditional PE secondaries, there are LP-led deals where you would buy an LP stake in a real estate fund, or there are GP-led deals where you would buy into a continuation fund with a real estate asset as the underlying investment rather than a company.
what about on the infrastructure side?
Re-read his comment but everywhere he says “real estate” you say “infrastructure”
Real assets encompasses farmland, timber, natural resources, real estate, infrastructure. You should look at Stafford - they have dedicated timber funds and even do secondaries.
wow - looks super interesting
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