CBRE Investment Management has held the final close of Real Estate Partners 2 (REP2), its dedicated real estate secondaries fund, securing $1.62 billion in capital commitments and surpassing its original $1.25 billion target. The firm also raised additional co‑investment capital, bringing the strategy’s total investment capacity to more than $2.25 billion. 

REP2 aims to deliver opportunistic returns by acquiring interests in high-quality, income-producing assets at a discount, continuing CBRE IM’s 15‑year track record in global real estate secondaries and an Indirect platform that has executed over $15.5 billion in transactions. 

“As we look ahead to 2026, we believe we are exceptionally well positioned—with meaningful dry powder and a strong pipeline—to take advantage of a market that continues to be liquidity constrained and rewards disciplined, conviction-led investing,” said Achal Gandhi, CIO for Indirect Private Real Estate at CBRE Investment Management. 

The fund close follows CBRE IM research indicating that global real estate secondaries volume reached approximately $24.3 billion in 2024, a 3.8% increase from the prior year and above earlier estimates. 

CBRE Investment Management now oversees $155.8 billion in assets under management as of September 30, 2025, with operations spanning 20 countries. The business is an independently operated affiliate of CBRE Group.