Real estate secondaries have risen in prominence over the last few years as a tool for liquidity in a market environment with lower transaction volumes and slower fundraising cycles. 
Switzerland-based Partners Group has had its hands in the secondaries market for almost 20 years, putting in $6B across more than 120 real estate secondaries transactions since 2008. Henrik Orrbeck, co-head of real estate for Partners, said the market has evolved from a blunt liquidity tool for aging portfolios to a more targeted way for managers to execute business plans and for investors to rebalance. 
“When it started, the focus, to a large degree,…​