Real estate secondaries are no longer simply a last-resort source of liquidity—they are becoming a strategic source of capital.
In PERE’s latest Secondaries & Recapitalizations report, Townsend Chairman and CEO Anthony Frammartino and Managing Director Jake Heacox discuss how slower fundraising, constrained distributions and a higher cost of debt are reshaping the market.
Anthony and Jake explore why managers are increasingly turning to GP-led transactions, continuation vehicles and recapitalizations to create liquidity, preserve upside and keep strong business plans moving forward. They also highlight the importance of manager engagement, asset-level underwriting, thoughtful governance and alignment among sponsors, existing investors and new capital
Their perspective is clear: secondaries are becoming a permanent and maturing part of real estate portfolio management—not simply a solution for periods of distress.
Thank you to PERE for the thoughtful conversation.