Secondaries-focused fundraising accounted for only 4% of private real estate fundraising in 2025, yet the strategy continues to draw significant capital commitments. This segment, while a small part of the broader private real estate market, is demonstrating growing institutional interest, according to data from PERE.

Dedicated secondaries vehicles secured $9.7 billion in capital commitments during 2025. This marks a substantial increase from the $5 billion raised by secondary-specific funds in 2024, effectively doubling the amount raised in a single year. This surge indicates a strengthening appetite among investors for the unique opportunities presented by the real estate secondaries market.

Despite the relatively small percentage of overall fundraising, the doubling of capital commitments highlights the increasing appeal and perceived value of strategies that focus on acquiring existing fund stakes and portfolios. This trend suggests that investors are recognizing the potential for attractive returns and diversification benefits offered by the secondaries market, driving more capital towards these specialized funds.