Key Takeaways
- • CBRE Investment Management reached a final close of $1.62 billion in capital commitments for Real Estate Partners 2 (REP2), its real estate secondaries fund, surpassing the original $1.25 billion target.
- • Including secured co-investment capital, REP2's overall investment capacity exceeds $2.25 billion.
- • REP2 targets opportunistic returns by acquiring income-producing real estate assets at a discount across the US, Europe, and Asia Pacific.
- • CBRE IM cited research finding global real estate secondaries transactions reached approximately $24.3 billion in 2024, a 3.8% increase from 2023.
- • Achal Gandhi, CIO for Indirect Private Real Estate, said the firm enters 2026 with meaningful dry powder and a strong pipeline.
Summary
CBRE Investment Management (CBRE IM) has announced the final close of Real Estate Partners 2 (REP2), its real estate secondaries fund, with $1.62 billion in capital commitments. The fund exceeded its original $1.25 billion target and secured additional co-investment capital, bringing overall investment capacity to more than $2.25 billion. The close was reported January 13, 2026, and PERE described the raise as the firm's second secondaries fund exceeding its target, with the New York-based manager raising $1.6 billion for Fund 2.
REP2 is the latest vehicle in CBRE IM's global real estate secondaries series, which builds 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, drawing on CBRE IM's global scale, proprietary research, and operator relationships to source value in complex or overlooked segments. Its portfolio is designed to span the US, Europe, and Asia Pacific, with a focus on sectors benefiting from long-term structural trends.
In the announcement, Achal Gandhi, Chief Investment Officer for Indirect Private Real Estate, said the close "underscores the strong investor confidence in our specialist approach" and that the firm is well positioned for 2026 with meaningful dry powder and a strong pipeline in a market he described as liquidity constrained. Fund Manager Kilian Toms characterized the market as presenting a "generational opportunity" and emphasized the team's ability to underwrite and execute complex transactions.
The close follows CBRE IM research finding that global real estate secondaries transactions reached approximately $24.3 billion in closed deals in 2024, a 3.8% increase from 2023 and significantly above previous market estimates. The firm attributed the figures to its proprietary AI-enhanced data collection methodology and said the research points to secondaries becoming a mainstream execution strategy.
CBRE Investment Management, an independently operated affiliate of CBRE Group (NYSE: CBRE), reported $155.8 billion in assets under management as of September 30, 2025, across 20 countries. The fund's AIFM is CBRE Investment Management Indirect Limited, regulated by the UK Financial Conduct Authority. The firm notes that AUM figures are based on preliminary valuations and that property investments may be less liquid and more volatile than broader asset classes.
REP2 is the latest vehicle in CBRE IM's global real estate secondaries series, which builds 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, drawing on CBRE IM's global scale, proprietary research, and operator relationships to source value in complex or overlooked segments. Its portfolio is designed to span the US, Europe, and Asia Pacific, with a focus on sectors benefiting from long-term structural trends.
In the announcement, Achal Gandhi, Chief Investment Officer for Indirect Private Real Estate, said the close "underscores the strong investor confidence in our specialist approach" and that the firm is well positioned for 2026 with meaningful dry powder and a strong pipeline in a market he described as liquidity constrained. Fund Manager Kilian Toms characterized the market as presenting a "generational opportunity" and emphasized the team's ability to underwrite and execute complex transactions.
The close follows CBRE IM research finding that global real estate secondaries transactions reached approximately $24.3 billion in closed deals in 2024, a 3.8% increase from 2023 and significantly above previous market estimates. The firm attributed the figures to its proprietary AI-enhanced data collection methodology and said the research points to secondaries becoming a mainstream execution strategy.
CBRE Investment Management, an independently operated affiliate of CBRE Group (NYSE: CBRE), reported $155.8 billion in assets under management as of September 30, 2025, across 20 countries. The fund's AIFM is CBRE Investment Management Indirect Limited, regulated by the UK Financial Conduct Authority. The firm notes that AUM figures are based on preliminary valuations and that property investments may be less liquid and more volatile than broader asset classes.
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