Townsend, a global real assets specialist and pioneer in private-market real estate secondaries for nearly 20 years, announced that it has raised more than $2 billion in dedicated capital globally for its latest secondaries vintage, with a target of $3 billion. The total includes discretionary parallel vehicles, mandates, and co-investors.
Over the past 18 months, Townsend has allocated more than $1 billion of capital across eleven secondaries investments, representing nearly half the capital raised to date. The firm has built a pipeline of investment opportunities it expects to close before the end of the year, providing investors with a portfolio acquired at an average entry discount of 25 percent. The strategy will pursue a combination of GP-led and LP secondaries, with a focus on sectors including residential, logistics, data centers, industrial outdoor storage, and medical office.
Townsend has raised dedicated capital for its secondaries strategy since 2007 and has executed more than 170 transactions totaling more than $9 billion across secondaries, recapitalizations, and other liquidity and capital solutions. As of September 30, 2025, Townsend had approximately $19.7 billion in assets under management and provided advisory services to clients with real estate and real asset allocations exceeding $237.4 billion.
KEY QUOTE:
“Investors increasingly use secondaries as a tool to recycle capital and maintain vintage year diversification, while other investors build out dedicated allocations for secondary investments as an alternative means to accessing diversified deal flow at attractive terms. At the same time, we are seeing GPs leveraging the secondaries market as they lack consistent access to institutional capital and must balance distribution activity with value maximization. Given Townsend’s position in the industry, depth of information, and robust partner network, our firm can represent a strategic partner and provider of secondaries capital, while driving value for our investors.”
Anthony Frammartino, Chairman and CEO, Townsend
