Partners Krishna Skandakumar, Adam E. Kopald and John M. Ferguson share key concepts in the application, execution and overall success of RE secondaries (whether portfolio sales, GP-led "continuation vehicles," tenders, recaps, roll-overs, etc.). This article examines the differences between RE secondaries and secondary transactions in other asset classes — ranging from structural components to differences in vernacular. In recent times, most commentary involving 'secondary transactions' has focused on private equity secondaries; however, this overlooks a longstanding and ever-developing segment of the market, real estate. Not only have real estate ("RE") secondaries existed for many years (often being called "recapitalizations" or "recaps"), they are often credited with helping form the structures that are used across secondaries in today's broader market. More on Reuters.