CBRE Investment Management Closes Real Estate Secondaries Fund, Exceeding Target with $1.6 Billion Raised

CBRE Investment Management (“CBRE IM”) has announced the final close of its real estate secondaries fund, Real Estate Partners 2 (“REP2” or “the Fund”). The Fund raised $1.62 billion* in capital commitments, surpassing its original $1.25 billion target and secured additional co-investment capital, bringing the overall investment capacity to over $2.25 billion. This marks a significant milestone for CBRE IM’s flagship secondaries series and reflects strong investor demand for specialist real estate secondaries strategies at a pivotal moment in the market cycle.

REP2 is the latest in CBRE IM’s fund series focused on global real estate secondaries, building on a 15-year track record and more than $15.5 billion of transactions executed across the Indirect platform. The Fund targets opportunistic returns by investing in high-quality, income-producing assets at a discount, leveraging CBRE IM’s global scale, proprietary research, and deep operator relationships to source and deliver value in complex or overlooked segments of the market.

“The successful close of REP2, which surpassed our fundraising target, underscores the strong investor confidence in our specialist approach,” said Achal Gandhi, Chief Investment Officer for Indirect Private Real Estate at CBRE Investment Management. “As we look ahead to 2026, we believe we are exceptionally well positioned—with meaningful dry powder and a strong pipeline—to take advantage of a market that continues to be liquidity constrained and rewards disciplined, conviction-led investing.”

“The scale and evolution of the market present a generational opportunity and our team’s ability to source, underwrite and execute complex transactions is a true differentiator. We are here for the long term, with commitment to finding value where others may not look,” added Kilian Toms, Fund Manager for REP2.

The close follows the recent release of research from CBRE IM, which found that the global real estate secondaries market reached approximately $24.3 billion in closed transactions in 2024 - a 3.8%¹ increase from 2023 and significantly above previous market estimates. Using CBRE IM's proprietary AI-enhanced data collection methodology, the research highlights the growing importance of secondaries as a mainstream execution strategy. REP2’s strategy is designed to capitalize on this growth, offering investors access to a diversified portfolio of assets across the US, Europe, and Asia Pacific, with a focus on sectors benefiting from long-term structural trends.

 

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $155.8 billion in assets under management* as of September 30, 2025, operating in 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.

The information contained herein is not a marketing. Do not base any final investment decision on this publication alone. Please see the Prospectus/Information Memorandum/ Instruments of Incorporation/Management Regulations for full details about the features of the product, prior to making a decision as to whether to invest.

Where funds are invested in property, investors may not be able to realize their investment when they want. Whilst property valuation is conducted by an independent expert, any such opinion is a matter of the valuer’s opinion. Property is a specialist sector which may be less liquid and produce more volatile performance than an investment in broader investment sectors.

Each investment was presented for illustrative purposes only and should not be considered a recommendation or investment advice. It should not be assumed that an investment in these funds was or will be profitable. The returns presented herein include all returns generated by reinvested capital and profit.

Past performance is not a guarantee of any actual future performance and/or returns. The value of investments and the income from them can go down as well as up and an investor may not get back the amount invested. These investments are designed for investors who understand and are willing to accept these risks. Performance may be volatile, and an investor could lose all or a substantial portion of its investment. Prior to investing in an investment vehicle, prospective investors should consult with their own investment, accounting, regulatory, tax and other advisors as to the consequences of an investment in the investment vehicle.

Assets under management (“AUM”) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management' presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers. Please note, AUM data is based on preliminary valuations and therefore may differ slightly from actuals. In addition, differences may occur due to rounding adjustments.

CBRE Investment Management Indirect Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA) and is a registered investment advisor with the United States Securities & Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training. CBRE Investment Management Indirect Limited obtained its Alternative Investment Fund Managers Directive (AIFMD) licence from the FCA on 19 May 2014 and is the alternative investment fund manager (AIFM) for the CBRE Real Estate Partners 2 SCSP which is an alternative investment fund (AIF). It is also the AIFM for CBRE Global Special Situations Fund SCSp.