CBRE Investment Management Closes $1.6B Global Secondaries Fund
The fund will focus on opportunistic investments primarily in the U.S., Europe and Asia-Pacific
By Brian Pascus January 16, 2026 3:26 pm
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CBRE Investment Management has opened 2026 with a heavy haul of capital.
The independently owned investment arm of global brokerage CBRE announced that it closed its second real estate secondaries fund, Real Estate Partners 2 (or REP2), this week with a total capital commitment of $1.62 billion. The fund will focus on global real estate secondaries, primarily in the U.S., Europe and Asia-Pacific.
The fund exceeded its target fundraise by more $370 million.
All told, with the most recent fund closing, CBRE Investment Management now has a total investment capacity of $2.5 billion. The firm has executed roughly $15.5 billion of commercial real estate investments since it opened 15 years ago.
Achal Gandhi, chief investment officer for indirect private real estate at CBRE Investment Management, said in a statement that the firm used a “disciplined, conviction-led” strategy and is prepared to take advantage of the CRE investment climate in 2026 through its “meaningful dry powder and a strong pipeline,” especially as the market remains constrained by lower liquidity levels.
“The successful close of REP2, which surpassed our fundraising target, underscores the strong investor confidence in our specialist approach,” Gandhi added.
The REP2 fund will follow an opportunistic investment strategy and will prioritize existing properties that are already income-producing assets that can be purchased for a discount, according to a release. The fund will aim to enter into “complex or overlooked segments of the market.”
CBRE Investment Management found that global real estate secondaries closed $24.3 billion in transactions in 2024, an increase of nearly 4 percent from 2023. The numbers for 2025 have yet to be calculated.
Kilian Toms, fund manager for REP2, called the current global secondaries market “a generational opportunity,” in prepared remarks.
“Our team’s ability to source, underwrite and execute complex transactions is a true differentiator,” Toms said. “We are here for the long term, with commitment to finding value where others may not look.”
Brian Pascus can be reached at bpascus@commercialobserver.com.
