Assertion Contradicted AI assessment confidence: 95% certainty 4/5 debate potential 2/5

Cadre created an early version of the first real estate secondary market.

Ryan Williams · Building a dynamic network of mentors, with Cadre's Ryan Williams | Masters of Scale · Feb 13, 2025 · at 17:08

Ryan Williams explains how Cadre differentiated itself from traditional private equity real estate investing by offering liquidity to individual investors.

0:00 / 0:04exact quote · 4.3s

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“What we did was we created an early version of the first ever secondary market for real estate.”

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The claim, plainly

Cadre created an early version of the first-ever secondary market for real estate.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

Ryan Williams claimed on February 13, 2025, that Cadre created an early version of the 'first-ever secondary market for real estate.' Cadre launched its proprietary online secondary trading feature in October 2018. However, secondary markets for real estate—both institutional private fund interests, fractional ownership stakes, and public shares—existed for decades prior to Cadre's founding. Landmark Partners established a dedicated real estate secondary investment program in 1996, Liquid Realty Partners began dedicated secondary acquisitions of LP/JV stakes in 2001, and Madison International Realty launched in 2002. By 2011, annual trading volume in private real estate secondary interests was approximately $2 billion per year, and platforms like SecondMarket had facilitated transactions in illiquid partnership interests since 2004. Therefore, Cadre did not create the first-ever secondary market for real estate.

Cadre launched its quarterly secondary market trading mechanism in October 2018.
Landmark Partners launched a dedicated real estate secondary program in 1996, executing transactions across hundreds of real estate managers long before Cadre's existence.
Dedicated private real estate secondary market firms, including Liquid Realty Partners (2001) and Madison International Realty (2002), traded secondary real estate interests and partial ownership interests throughout the 2000s.
SecondMarket operated an institutional marketplace for secondary trading of private funds and illiquid alternative assets beginning in 2004.

Checked against

[1] angelinvestorsnetwork.com [2] financebuzz.com [3] financialpost.com [4] inman.com [5] prnewswire.com [6] crowdfundedwealth.com [7] forbes.com [8] wikipedia.org

"Landmark Partners" "real estate" secondary fund 1990 OR 1996 OR 2000 Cadre Yieldstreet acquisition Ryan Williams Cadre secondary market real estate launch date "Cadre" launches "secondary market" real estate history of real estate secondary market Landmark Coller first real estate secondary market history "SecondMarket" real estate fund secondary trading

assessed as of 2026-08-27

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Mentioned

Cadre secondary market for real estate

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Assertion Supported

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Disclosure

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Cadre created an early version of the first real estate secondary market.

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