Due Diligence Report from NEPC on Landmark Real Estate Fund VIII

Report Author: NEPC

Sponsor: Landmark Realty Advisors LLC

Fund: Landmark Real Estate Fund VIII, LP

Strategy: Real Estate Private Equity Secondaries

Date: Report as of November 2016

Fund Target AUM: $2B

Fund Target IRR: 15%

Fund Target Net TVPI Multiple: 1.5x

Highlights from the NEPC report:

Firm founded in 1989;

Over $15B of capital in 1,850 underlying partnerships;

Transacted in first secondary deal in RE sector in 1996;

Greater than $4.1 billion of capital in over 100 transactions, representing 350 different partnership interests.

NEPC believes RE secondaries attractive due to three pillars:

  1. Hyper-diversification
  2. J-curve mitigation
  3. Ability to acquire interests at a discount to intrinsic value

Additionally, NEPC believes growth and acceptance of RE secondaries market is such that opportunity exceeds capital available, leading to supply and demand imbalance which bodes well for investors.

According to NEPC, Landmark’s strong reputation and experience in the industry positions the Firm at the top tier when sellers need liquidity or a recapitalization.

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