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Bailey McCann, Opalesque New York: StepStone Real Estate (SRE), the real estate arm of StepStone Group announced the final closing of StepStone Real Estate Partners V its fifth flagship fund dedicated to GP-led secondaries and recapitalizations of real estate vehicles. With $3.77 billion in primary commitments, SREP V represents the largest real estate secondaries fund raised to date. Including co-investments completed and discretionary vehicles raised to invest alongside the fund, the total investment program exceeds $4.5 billion in capacity.
To date, SREP V and related separate accounts have committed $1.7 billion across 8 investments. The firm says it also has a significant pipeline of investments going through the closing process.
Founded in 2009, SRE was established by Jeff Giller, Partner and Head of StepStone Real Estate, Josh Cleveland, Partner and Head of EMEA, and Brendan MacDonald, Partner and Chief Operating Officer. Since inception, the firm has focused on providing liquidity to real estate funds and their investors during times of market dislocation.
"We believe the combination of value declines, historically low transaction volume, increased borrowing costs, and a slow fundraising environment has created unprecedented illiquidity across real estate markets," said Giller. "Our strategy-providing liquidity solutions to real estate vehicles and investors when traditional liquidity avenues are challenged-has proven resilient through all phases of the...................... To view our full article Click here
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