StepStone Real Estate Announces Program Size Increase of StepStone Real Estate Partners V to $5.3 Billion

Rhea-AI Summary

StepStone Real Estate (NASDAQ: STEP) finalized its GP-led secondaries program StepStone Real Estate Partners V (SREP V) at $5.3 billion in total commitments as of Oct 16, 2025.

In April 2025 the program had closed $4.5 billion (including a $3.77 billion commingled fund); as of Sept 30, 2025 an additional $800 million in discretionary co-investment commitments was secured. SREP V has committed to 12 investments totaling $3.2 billion to date, with an average investment size of about $266 million, compared with prior vintage averages of $33M, $63M and $118M. The firm cited a €1.5 billion planned recapitalization of Vitalia in Spain as a recent example of larger transactions.

Positive

• Program size increased to $5.3 billion total commitments
• Incremental commitments of $800 million secured by Sept 30, 2025
• 12 investments committed totaling $3.2 billion to date
• Average deal size rose to ~$266 million versus prior vintages

Negative

• Large average investment size (~$266M) may raise concentration risk
• Single announced deal: €1.5 billion Vitalia recapitalization is a large single exposure

NEW YORK, Oct. 16, 2025 (GLOBE NEWSWIRE) -- StepStone Real Estate (“SRE”), the real estate arm of StepStone Group (NASDAQ: STEP), a global private markets investment firm, today announced that it has finalized the size of its StepStone Real Estate Partners V (“SREP V”) GP-led secondaries program, with total commitments of $5.3 billion.

In April 2025, SRE announced it had closed $4.5 billion in total commitments for the program, which included a commingled fund of $3.77 billion and discretionary co-investment vehicles investing alongside the fund. As of September 30, 2025, SRE has secured an additional $800 million in discretionary co-investment commitments.

To date, SREP V has committed to 12 investments totaling $3.2 billion including co-investments, with several compelling opportunities currently in its pipeline. The average SREP V investment size to date of approximately $266 million far surpasses that of SRE’s prior 2010/2012, 2015 and 2019 vintage funds, which were $33 million, $63 million and $118 million respectively.

“As the market for GP-led secondaries has become broadly accepted, we’ve experienced a meaningful increase in both transaction volume and size in our practice,” said Jeff Giller, Head of StepStone Real Estate. “SREP V’s most recently announced transaction, the €1.5 billion planned recapitalization of Vitalia, Spain’s second largest care home owner-operator, is emblematic of this growth.”

StepStone partners with managers and sponsors to offer creative, flexible secondary and recapitalization solutions across global real estate markets.

About StepStone Group

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of June 30, 2025, StepStone was responsible for approximately $723 billion of total capital, including $199 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

For more information, visit StepStone Group.

Contacts

Shareholder Relations:
Seth Weiss
shareholders@stepstonegroup.com 
1-212-351-6106

Media:
Brian Ruby / Chris Gillick / Matt Lettiero, ICR
StepStonePR@icrinc.com 
1-203-682-8268

FAQ

What is the final size of StepStone Real Estate Partners V (STEP) announced Oct 16, 2025?

StepStone announced a final program size of $5.3 billion in total commitments for SREP V.

How much additional capital did StepStone secure for SREP V by Sept 30, 2025?

StepStone secured an additional $800 million in discretionary co-investment commitments as of Sept 30, 2025.

How many investments has SREP V committed to and what is the total committed amount?

SREP V has committed to 12 investments totaling $3.2 billion to date.

How does SREP V’s average investment size compare to prior StepStone real estate vintages?

SREP V’s average investment is about $266 million, versus prior vintages of $33M, $63M, and $118M.

What notable transaction did StepStone cite as an example of larger GP-led deals in SREP V?

The firm cited a planned €1.5 billion recapitalization of Vitalia, Spain’s second-largest care home owner-operator.