介绍

自全球金融危机以来，私募股权房地产基金筹集和部署的资本增长令人印象深刻. More than $1 trillion has been allocated to such funds in the last 12 years.¹ And both the growth rate—and the resulting quantum—do not appear to be slowing down. 

随着主要资本投资的增加, a natural corollary market tends to develop in the form of secondary transactions. 简单地说, 二级投资是对现有资产的投资, 带来新股本的结构或情况, 重置投资的时间，并重新调整其所有权. 

房地产是二级市场中一个颇具吸引力的领域, particularly given the advent of transactions known as GP-led recapitalizations. Once seen as a way to recapitalize assets that were difficult to sell, 这些交易现在被普通合伙人(gp)认为是留住他们最好资产的机会. 对于这些二级市场的投资者来说也是如此, 由gdp主导的资本重组通常提供了一个获得高质量资产敞口的机会，而这在以前是遥不可及的. 

事实上，房地产二级资产管理规模达到了2.7% of all real estate AUM at the end of September 2020—up from less than 1% at the end of 2013.² And we expect that ratio to continue to increase as more GP-led recapitalizations hit the market. 此外, 可投资的领域是广阔的，因为几乎所有的商业地产资产都是二级交易的候选者, 不仅仅是基金领域. 

Yet, it’s important to remember that new opportunities can bring new complexities. As GP-led recapitalizations are quickly becoming the future of the real estate secondary market, uedbet安卓认为，充分利用这些机会需要拥有专业的经验和专业知识, 经营和投资房地产. 

房地产二级市场的增长

While real estate is largely illiquid and intended to serve as a long-term investment, 私人基金的寿命通常为7-10年. 这 timing mismatch can create opportunities in the secondary market. 

由于有限合伙人和一般合伙人都希望在管理私人市场投资时具有灵活性和流动性，房地产二级市场的交易量经历了巨大的增长(见图1). 2016年12月至2020年6月期间，房地产二级基金管理的资产几乎增加了两倍, 从9美元.30亿到270亿美元.³ 今天, real estate represents approximately 5% of the overall secondary market, which continues to be dominated by private equity assets (see Figure 2). 

In the wake of an extended period of active real estate fundraising, 在可预见的未来，二级学校的发展将迎来重大机遇(见图3)。. As these funds near the end of their terms, many GPs may be looking to recapitalize. And since any real estate asset could potentially be a recapitalization or secondaries candidate, 这个市场的潜在规模是巨大的.

由gdp主导的资本重组的兴起

LP-led deals are the more traditional type of secondary transaction. 它们涉及向一家有限合伙人出售基金权益，后者希望在基金终止前进行清算. Traditional secondaries provide those LPs with liquidity (for example, 以满足资金限制), 让他们尽早锁定收益，并/或给他们一个减少过度配置某一资产类别的方法.

购买次级权益的投资者, 另一方面, can potentially gain access to high-quality assets at attractive valuations, 曲线缓解, 更高的当前收入, 更短的回报期和更大的多样化. 暴露于二级武器也可以广泛地增强防御能力, 风险调整投资房地产的方法.

gp主导的交易是最近才出现的现象. GP主导是一个广泛的类别，包括GP为其自身或其投资者基础创造流动性的多种方式, 包括资本重组, 投标报价和分拆. 

For GPs, engaging in a secondary transaction can confer several benefits. 它可以让他们: 

• 加速他们有限合伙人的流动性和锁定收益 
• 增加战略和/或长期投资者到他们的投资者基础 
• Retain many of their best assets while realizing additional upside 
• 为新的或后续投资获得新资本
• 为有限合伙人提供更定制化的解决方案

GP-led transactions can also provide several benefits to both primary and secondary LPs, 如机会:

• Reset the fund’s economics to better align the GP’s interests with those of the LPs
• 提前实现投资回报或锁定收益
• 产生的流动性
• 管理或重新平衡他们的投资组合
• 瞄准那些难以直接购买的优质资产
• 转入由gdp主导的资本重组

由于这些好处, 近年来，以gdp为主导的交易在整个二级市场中所占的份额越来越大. GP-led recapitalizations are estimated to represent 50% of the overall secondary market in 2020, up from 32% in 2019—a trend we expect to continue (see Figures 4 and 5).

为什么是现在?

Macro events—such as the 全球 Financial Crisis—tend to spur even greater secondary market activity. 新冠疫情似乎是最新的催化剂, 将gdp主导的资本重组推至房地产二级市场的顶部，因为许多全科医生不得不改变他们在酒店业的退出计划, 零售及办公室资产.

However, the best answer to the question of “why now” may be an evolution in thinking among GPs. 而一般合伙人过去只寻求对最糟糕的资产进行资本重组, 现在他们希望这样做主要是为了最好的结果. 换句话说, 即使在市场特别强劲的时候, 一般合伙人可能想引入新的资本，给自己更多的时间来处理具有显著附加价值创造潜力的资产, especially in the context of portfolios that took years to aggregate. 

Currently, we are seeing secondary transactions of all types arise for many reasons. Some LPs may simply be looking to re-balance their portfolios—for instance, 减少对房地产私募股权的投资. We have also seen secondaries arise as event-driven opportunistic investments, 其中可能包括有限合伙人(通常是高净值投资者)，他们在五六年前投资了房地产基金，现在正在寻找机会退出. 在许多情况下, 他们愿意出售, 通常是机构投资者, 在内在价值的基础上打折. 

最后, opportunities are also arising in situations where COVID has affected business plans, 对LP基地造成干扰, 战略或资本配置. 在这里, 这些基金正在寻求机构资本, 深入行业的关系, and structuring or operational experience to help them implement their business plans.

管理复杂性

房地产二级交易的类型差异很大. 它们可能涉及从现有机构或高净值投资者手中收购私人持有的资产(全部或部分)，或购买房地产基金权益. 

他们可以采用各种各样的法律结构, 包括混合封闭式基金, 独立的账户, 合资企业, 房地产投资信托基金, 运营公司和开放式基金. 因此, comfort and experience with complexity are an advantage for those who wish to invest in secondaries.

由gdp主导的资本重组的兴起也突显了在这些交易中需要更专业的合作伙伴. 例如, these transactions tend to involve a single asset or are otherwise highly concentrated portfolios. 拥有承销能力和投资专业知识、能够进行必要的尽职调查的投资者，很可能在投资的剩余期限内为这种关系增加价值. 

未来的漫漫跑道

而绝大多数二级市场都是私人股本, 房地产和基础设施等领域正在增长. 这, 还有它们潜在的好处，比如加速流动性, 锁定收益和价值创造机会意味着，uedbet安卓相信二级市场今后将有很长的路要走. 这对于gp主导的细分市场来说尤其如此. 

随着市场变得越来越复杂, uedbet安卓认为，投资者应考虑更新的交易类型，使他们能够获得高质量资产. With the potential benefits that GP-led recapitalizations and other secondaries can bring, we believe the best approach is to remain focused on due diligence.

^尾注:

<sup>1. Preqin for the period starting January 1, 2008 through December 31, 2019.
2. Preqin.
3. Preqin.</sup>

^{披露的信息}

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