The real assets specialist is targeting $3 billion for its latest vintage, which will pursue a combination of GP-led and LP-led transactions.
The alternatives manager also gave updates on the fundraising status of several other secondaries strategies spanning private equity, GP-leds, venture capital, and infrastructure.
The sale will be at a premium to NAV and marks the GP stakes specialist's tenth realization since 2024.
Its predecessor, Landmark Real Estate Fund IX, closed with $3.3 billion in capital commitments in 2023.
The firm is targeting $1.5 billion for its fifth program, which will invest in GP-led and LP-led deals, among other liquidity solutions.
The oversubscribed vehicle brings cumulative capital raised across the real estate manager's secondaries platform to $500 million.
The direct secondary transaction, which values the real estate firm at $3 billion, will reportedly materialize in the coming weeks.
The non-traded fund currently has more than $2 billion in outstanding redemption requests.
The partnership will focus on direct real estate assets, secondaries, and investments in operating platforms across Europe.
The firm expects to close several transactions in Q1, increasing the fund's overall deployment to approximately 50%.
