StepStone Real Estate Closes Record-Breaking $3.77 Billion Real Estate Secondaries Fund, Surpassing $4.5 Billion in Total Investment Capacity
StepStone Real Estate (SRE), part of StepStone Group (Nasdaq: STEP), has successfully closed its fifth flagship fund, StepStone Real Estate Partners V (SREP V), raising $3.77 billion in primary commitments - marking it as the largest real estate secondaries fund to date. Including co-investments and discretionary vehicles, the total investment capacity exceeds $4.5 billion.
Despite challenging market conditions, SREP V was significantly oversubscribed, with $1.7 billion already committed across 8 investments. The fund attracted diverse global investors, including sovereign wealth funds, pension funds, insurance companies, and wealth management platforms, with increased participation from North American institutions and investors across Europe, Asia, the Middle East, and Latin America.
SRE's advisory practice oversees approximately $170 billion in real estate assets under advisement, conducting over 1,000 manager meetings annually and allocating roughly $17 billion per year across various investments. The fund focuses on GP-led secondaries and recapitalizations of real estate vehicles, particularly during market dislocations.
StepStone Real Estate (SRE), parte di StepStone Group (Nasdaq: STEP), ha completato con successo la chiusura del suo quinto fondo principale, StepStone Real Estate Partners V (SREP V), raccogliendo 3,77 miliardi di dollari in impegni primari - segnando il più grande fondo di secondari immobiliari fino ad oggi. Includendo co-investimenti e veicoli discrezionali, la capacità totale di investimento supera i 4,5 miliardi di dollari.
Nonostante le condizioni di mercato difficili, SREP V ha registrato una forte sovrasottoscrizione, con 1,7 miliardi di dollari già impegnati in 8 investimenti. Il fondo ha attratto investitori globali diversificati, tra cui fondi sovrani, fondi pensione, compagnie assicurative e piattaforme di gestione patrimoniale, con una partecipazione crescente da parte di istituzioni nordamericane e investitori provenienti da Europa, Asia, Medio Oriente e America Latina.
La divisione advisory di SRE gestisce circa 170 miliardi di dollari in asset immobiliari sotto consulenza, con oltre 1.000 incontri con gestori all’anno e allocando circa 17 miliardi di dollari annui in diversi investimenti. Il fondo si concentra su secondari guidati da GP e ricapitalizzazioni di veicoli immobiliari, specialmente in periodi di dislocazioni di mercato.
StepStone Real Estate (SRE), parte de StepStone Group (Nasdaq: STEP), ha cerrado con éxito su quinto fondo insignia, StepStone Real Estate Partners V (SREP V), recaudando 3.770 millones de dólares en compromisos primarios, convirtiéndose en el mayor fondo de secundarios inmobiliarios hasta la fecha. Incluyendo coinversiones y vehículos discrecionales, la capacidad total de inversión supera los 4.500 millones de dólares.
A pesar de las condiciones desafiantes del mercado, SREP V estuvo significativamente sobresuscrito, con 1.700 millones de dólares ya comprometidos en 8 inversiones. El fondo atrajo a diversos inversores globales, incluyendo fondos soberanos, fondos de pensiones, compañías de seguros y plataformas de gestión patrimonial, con una mayor participación de instituciones norteamericanas e inversores de Europa, Asia, Medio Oriente y América Latina.
La práctica de asesoría de SRE supervisa aproximadamente 170.000 millones de dólares en activos inmobiliarios bajo asesoramiento, realizando más de 1.000 reuniones anuales con gestores y asignando alrededor de 17.000 millones de dólares al año en diversas inversiones. El fondo se enfoca en secundarios liderados por GP y recapitalizaciones de vehículos inmobiliarios, especialmente durante dislocaciones del mercado.
StepStone Real Estate (SRE)는 StepStone Group(Nasdaq: STEP)의 일부로서, 다섯 번째 핵심 펀드인 StepStone Real Estate Partners V (SREP V)를 성공적으로 마감하며 37억 7천만 달러의 주요 출자 약정을 모금했습니다. 이는 지금까지 가장 큰 부동산 세컨더리 펀드입니다. 공동 투자 및 재량적 차량을 포함하면 총 투자 규모는 45억 달러를 초과합니다.
어려운 시장 상황에도 불구하고 SREP V는 크게 초과 청약되었으며, 8건의 투자에 이미 17억 달러가 약정되었습니다. 이 펀드는 국부펀드, 연기금, 보험사, 자산 관리 플랫폼 등 다양한 글로벌 투자자들을 유치했으며, 북미 기관과 유럽, 아시아, 중동, 라틴 아메리카의 투자자 참여가 증가했습니다.
SRE의 자문 부서는 약 1,700억 달러 규모의 부동산 자산을 관리하며 연간 1,000건 이상의 매니저 미팅을 진행하고 약 170억 달러를 다양한 투자에 배분합니다. 이 펀드는 특히 시장 혼란 시기에 GP 주도 세컨더리 및 부동산 차량의 재자본화에 중점을 둡니다.
StepStone Real Estate (SRE), faisant partie de StepStone Group (Nasdaq : STEP), a clôturé avec succès son cinquième fonds phare, StepStone Real Estate Partners V (SREP V), levant 3,77 milliards de dollars en engagements primaires – ce qui en fait le plus grand fonds de secondaires immobiliers à ce jour. En incluant les co-investissements et véhicules discrétionnaires, la capacité totale d’investissement dépasse 4,5 milliards de dollars.
Malgré des conditions de marché difficiles, SREP V a été largement sursouscrit, avec 1,7 milliard de dollars déjà engagé dans 8 investissements. Le fonds a attiré des investisseurs mondiaux diversifiés, notamment des fonds souverains, des fonds de pension, des compagnies d’assurance et des plateformes de gestion de patrimoine, avec une participation accrue des institutions nord-américaines ainsi que des investisseurs d’Europe, d’Asie, du Moyen-Orient et d’Amérique latine.
La division conseil de SRE supervise environ 170 milliards de dollars d’actifs immobiliers sous gestion, organise plus de 1 000 réunions avec des gestionnaires chaque année et alloue environ 17 milliards de dollars par an à divers investissements. Le fonds se concentre sur les secondaires dirigés par les GP et les recapitalisations de véhicules immobiliers, en particulier en période de perturbations du marché.
StepStone Real Estate (SRE), Teil der StepStone Group (Nasdaq: STEP), hat erfolgreich seinen fünften Flaggschiff-Fonds, StepStone Real Estate Partners V (SREP V), abgeschlossen und dabei 3,77 Milliarden US-Dollar an Primärzusagen eingesammelt – damit ist es der bisher größte Real Estate Secondaries Fonds. Einschließlich Co-Investments und diskretionärer Vehikel übersteigt die gesamte Investitionskapazität 4,5 Milliarden US-Dollar.
Trotz herausfordernder Marktbedingungen war SREP V deutlich überzeichnet, mit bereits 1,7 Milliarden US-Dollar, die auf 8 Investments verteilt sind. Der Fonds zog vielfältige globale Investoren an, darunter Staatsfonds, Pensionsfonds, Versicherungsgesellschaften und Vermögensverwaltungsplattformen, mit zunehmender Beteiligung nordamerikanischer Institutionen sowie Investoren aus Europa, Asien, dem Nahen Osten und Lateinamerika.
Die Beratungsabteilung von SRE verwaltet etwa 170 Milliarden US-Dollar an Immobilienvermögen unter Beratung, führt jährlich über 1.000 Managergespräche und allokiert rund 17 Milliarden US-Dollar pro Jahr in verschiedene Investments. Der Fonds konzentriert sich auf GP-geführte Secondaries und Rekapitalisierungen von Immobilienvehikeln, insbesondere in Marktverwerfungen.
- Largest real estate secondaries fund raised to date at $3.77 billion
- Fund significantly oversubscribed despite challenging market conditions
- $1.7 billion already deployed across 8 investments
- Strong global investor diversification
- Substantial advisory practice with $170 billion in assets under advisement
- Challenging market conditions with value declines in real estate sector
- Historically low transaction volume in the market
- Increased borrowing costs affecting the sector
- Slow fundraising environment in real estate market
Insights
StepStone's record $3.77B fund significantly expands AUM and demonstrates exceptional fundraising capability in challenging market conditions.
The closing of SREP V at
When including co-investments and discretionary vehicles raised alongside the fund, the total investment program capacity exceeds
The deployment pace is particularly impressive, with
The broadened investor base is strategically valuable, with the fund attracting "a diverse global investor base, including sovereign wealth funds, pension funds, insurance companies, and wealth management platforms." This expanded institutional relationship network could potentially benefit StepStone's future fundraising efforts across its platform.
StepStone expertly capitalizes on real estate market dislocation with its record fund, leveraging its proprietary deal sourcing advantage.
SREP V's timing aligns perfectly with current market conditions that StepStone characterizes as creating "unprecedented illiquidity across real estate markets." The combination of value declines, historically low transaction volume, increased borrowing costs, and a slow fundraising environment has created ideal buying opportunities for well-capitalized investors with available liquidity.
StepStone's strategic focus on GP-led secondaries and recapitalizations, rather than traditional passive partner interests, represents a differentiated approach in the real estate secondaries market. This strategy was "pioneered by SRE's founders following the Global Financial Crisis" and gives the firm greater control over asset management and potential value creation.
A significant competitive advantage lies in StepStone's integrated model. Their advisory practice oversees approximately
The fund's global reach is notable, with increased participation from North American institutions compared to prior fundraises, along with greater commitments from investors in Europe, Asia, the Middle East, and Latin America. This geographic diversification enhances StepStone's position as a global player in real estate secondaries.
SREP V oversubscribed and significantly surpassed target
NEW YORK, April 28, 2025 (GLOBE NEWSWIRE) -- StepStone Real Estate (SRE), the real estate arm of StepStone Group (Nasdaq: STEP), today announced the final closing of StepStone Real Estate Partners V (SREP V), its fifth flagship fund dedicated to GP-led secondaries and recapitalizations of real estate vehicles. With
Despite challenging market conditions and a slowdown in fundraising across the real estate sector, SREP V was significantly oversubscribed, reflecting strong investor confidence in SRE’s differentiated strategy and past performance. To date, SREP V and related separate accounts have committed
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 market cycle, and it’s especially compelling today.”
“SREP V attracted a diverse global investor base, including sovereign wealth funds, pension funds, insurance companies, and wealth management platforms," said Cleveland. “The fund saw notably higher participation from North American institutions compared to prior vintages, along with increased commitments from investors in Europe, Asia, the Middle East, and Latin America,” he added.
The success of the fundraise was also driven by the strength of SRE’s broader platform. “Our advisory practice, which oversees roughly
SREP V continues a strategy pioneered by SRE’s founders following the Global Financial Crisis, shifting from traditional secondaries focused on passive limited partner interests to control-oriented, GP-led secondaries and recapitalizations.
Latham & Watkins LLP advised on the formation of the fund and Threadmark Partners Limited provided placement agent services.
About StepStone and StepStone Real Estate
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 December 31, 2024, StepStone was responsible for
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+1 (212) 351-6106
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