Real Estate Secondary Transactions: Generating Liquidity, Managing Risks, Optimizing Portfolios
Navigating the Complexity and Challenges of GP-Led and LP-Led Secondary Transactions for Sponsors and Investors
A live 90-minute premium CLE video webinar with interactive Q&A
This CLE course will explore the growing prominence of real estate secondary transactions as an investment strategy to address funding and exit challenges. The panel will discuss the advantages and opportunities of secondary transactions as well as key challenges to consider for both sponsors and investors.
Outline
- Market trends driving the increase in real estate secondary transactions
- How secondary transactions differ or are complementary to primary real estate investments
- GP-led secondaries vs. LP-led secondaries
- Common secondary transaction structures
- Advantages of secondary transactions
- Challenges and key considerations with secondary transactions
- Future evolution of secondary transactions
- Practitioner pointers and key takeaways
Benefits
The panel will review these and other key issues:
- How have current market conditions impacted the number of real estate secondary transactions?
- What are the key differences and considerations between GP-led and LP-led secondary transactions, and which type is more common?
- What deal structures are typically used for real estate secondary transactions?
- What issues most often derail secondary transactions, and how can counsel for sponsors and outside investors overcome these hurdles?
Faculty

James Manzione
Partner
DLA Piper
Mr. Manzione focuses his practice on tax matters involving funds, real estate, capital markets, financing, and mergers... | Read More
Mr. Manzione focuses his practice on tax matters involving funds, real estate, capital markets, financing, and mergers and acquisitions. He has represented numerous funds, real estate developers, REITs (both public and private), sponsors, managers, general partners, limited partners, family offices, portfolio companies, international investors (including sovereign wealth funds), and tax-exempt investors in connection with the tax aspects of a full range of transactions and planning opportunities.
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Adam S. Tope
Partner
DLA Piper LLP (US)
Mr. Tope provides investment fund sponsors, investors and principals with creative, commercial and realistic advice... | Read More
Mr. Tope provides investment fund sponsors, investors and principals with creative, commercial and realistic advice relating to fund formation and secondaries transactions. He brings a global perspective to his clients, having represented managers and investors in dozens of jurisdictions. Mr. Tope's sponsor-side clients regularly include prominent secondaries firms, private equity and hedge fund managers, real estate managers, middle market managers and startup managers/spinouts. He advises these clients with entity formation, introductions to service providers, discussions with placement agents, drafting of offering memorandums, negotiations with investors and Investment Advisers Act and Investment Company Act compliance, as well as guidance on ongoing operational funds. Mr. Tope has extensive experience with secondaries transactions including GP-led restructurings, tender offers, stapled secondaries and sales and purchases of significant pools of fund interests. Adam also draws on his experience as a former computer programmer to advise fund managers forming cryptofunds.
CloseEarly Discount (through 05/09/25)