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 firm's $3.1 billion in Q3 secondaries inflows were driven primarily by its tenth private equity and ninth real estate secondary funds.
Harrison Street's process sold 91% of shares offered, with 41% transacting at a 15% discount to NAV versus the 20% initially requested.
Ares Real Estate Secondaries X will invest across LP-led portfolio sales, GP-led transactions, and structured secondary deals.
Australian Retirement Trust and Mercer Super are reportedly joining the British resort operator's cap table.
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 partnership will focus on direct real estate assets, secondaries, and investments in operating platforms across Europe.
