Global Secondaries Fund Closes at $1.6B

Fundraising Surpasses Target

CBRE Investment Management kicked off 2026 by closing its global secondaries real estate fund, REP2, at $1.62B, surpassing its initial fundraising target, per the Commercial Observer. The vehicle brings the firm’s current investment capacity to $2.5B, underscoring investor appetite for global secondaries strategies led by established managers.

Opportunistic Focus Across Key Regions

The global secondaries fund will primarily target the US, Europe, and Asia-Pacific. Investments will center on existing, income-producing properties—particularly those available at a discount—and seek opportunities in complex or overlooked market segments. This strategy positions the fund to capitalize amid ongoing liquidity constraints in the global commercial real estate market.

Market Dynamics and Leadership Perspectives

CBRE Investment Management reports global real estate secondaries hit $24.3B in transactions in 2024, up 4%. Secondaries have gained traction as liquidity challenges steer investors toward discounted assets and flexible capital strategies. Achal Gandhi, chief investment officer for indirect private real estate, emphasized the team’s conviction-led approach in a difficult environment. Fund manager Kilian Toms called the secondaries space a “generational opportunity,” citing the firm’s focus on complex, long-term deals.