Landmark Partners tallied 127 real estate secondary transactions in 2019, representing approximately $7.2 billion of net asset value that closed or were placed under contract in the past year — the second-highest volume Landmark has recorded, behind the $8.2 billion of aggregate volume in 2015. Activity during 2019 represents a 36 percent increase from the $5.3 billion transacted in 2018 and puts the average annual volume during the past three years at $6.2 billion.

The increase in activity in 2019 was achieved without any single transaction exceeding $1 billion. Comparatively, 2015 volume included two such large-scale transactions by U.S. public pension plans. Instead, the robust volume was driven by an increase in the total number of transactions and continued growth in fund and portfolio recapitalizations. Landmark recorded a total of 127 transactions in 2019, up from an annual average of 100 from 2015 to 2018.

For the first time, recapitalization of funds and pro