Landmark Partners tallied 127 real estate secondary transactions in 2019, representing approximately US$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 US$8.2 billion of aggregate volume in 2015. Activity during 2019 represents a 36 percent increase from the US$5.3 billion transacted in 2018 and puts the average annual volume during the past three years at US$6.2 billion.

The increase in activity in 2019 was achieved without any single transaction exceeding US$1 billion. Comparatively, 2015 volume included two such large-scale transactions by US 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 recapitalisations. Landmark recorded a total of 127 transactions in 2019, up from an annual average of 100 from 2015 to 2018.

For the first time, recapitalisation of funds