StepStone Recapitalizes Blue Moon Senior Housing Portfolio

StepStone Real Estate (Nasdaq: STEP) and Blue Moon Capital Partners completed a $250 million continuation vehicle on Jan 21, 2026 to operate five Class A stabilized senior housing communities developed or redeveloped by Blue Moon.

Rhea-AI Summary

StepStone Real Estate (Nasdaq: STEP) and Blue Moon Capital Partners completed a $250 million continuation vehicle on Jan 21, 2026 to operate five Class A stabilized senior housing communities developed or redeveloped by Blue Moon.

The vehicle will also serve as a platform to acquire additional high-quality senior housing communities, with operating partners Senior Lifestyle, LCB Senior Living and Ascent Living Communities.

Positive

• $250 million continuation vehicle completed
• Portfolio of five Class A stabilized senior housing communities
• Vehicle designated as a platform for future acquisitions
• Partnership with established operators: Senior Lifestyle, LCB Senior Living, Ascent Living

Negative

• None.

Argus Jan 21 session

+1.42% close to close 1.1x rel. volume Open Argus

Details

News Market Reaction – STEP

On Jan 21, the day this news came out, STEP closed 1.42% above the previous close.

Data tracked by StockTitan Argus for the Jan 21 session.

Key Figures

Continuation vehicle size: $250 million Senior housing communities: 5 communities

Continuation vehicle size

$250 million

Vehicle to operate five Class A senior housing communities

Senior housing communities

5 communities

Class A, stabilized senior housing assets in Blue Moon portfolio

Historical Context

5 past events · Latest: Dec 08

5 events

1. Dec 08

   Workplace recognition

   24h Move

   -0.8%

   Named a Best Place to Work in Money Management for third year.

2. Dec 04

   Distribution partnership

   24h Move

   +0.6%

   Willow Wealth adds StepStone evergreen fund to its private markets platform.

3. Dec 03

   Leadership appointment

   24h Move

   +2.0%

   Lindsay Creedon appointed Head of Private Equity effective January 1, 2026.

4. Nov 17

   Geographic expansion

   24h Move

   -3.8%

   Opened Madrid office, STEP’s ninth in Europe and 31st worldwide.

5. Nov 13

   Fund launch

   24h Move

   -0.9%

   Launched STPEX evergreen private equity interval fund with over $750M at inception.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

continuation vehicle

1 terms

continuation vehicle financial

"announce the completion of a $250 million continuation vehicle to operate five"

A continuation vehicle is a new investment fund set up to buy one or more assets from an older fund so those assets can be held longer under a fresh structure. For investors it acts like offering a homeowner the option to sell a house to a new landlord who will keep renting it — it can provide liquidity to some holders while letting others stay invested, but raises questions about price fairness, fees and conflicts of interest.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Jan. 21, 2026 (GLOBE NEWSWIRE) -- StepStone Real Estate (SRE), the real estate arm of global private markets investment firm StepStone Group (Nasdaq: STEP), and Blue Moon Capital Partners announce the completion of a $250 million continuation vehicle to operate five, Class A, stabilized senior housing communities originally developed or redeveloped by Blue Moon. SRE and Blue Moon have said that they also intend to use the vehicle as a platform to acquire additional high quality senior housing communities.

John Waters, SRE Partner and Head of Investments added, “We have been focused on building our senior housing exposure with strong owner/operators like Blue Moon across the US and Europe. We’re excited to partner with Blue Moon on owning, improving, and growing their senior housing portfolio.”

“SRE is the ideal partner for Blue Moon because they are deeply experienced senior housing investors and are aligned with Blue Moon on key initiatives such as incorporating technology into our operations and driving a culture of workforce advancement. Together we will continue to invest in high quality communities to maintain each asset’s position as a market leader and to provide care solutions for our aging population,” commented Susan Barlow, Blue Moon’s Managing Partner and Chief Operating Officer.

Kathryn Sweeney, Managing Partner and Chief Investment Officer for Blue Moon, commented, “We are delighted to continue to own this fully stabilized portfolio of high-quality senior housing assets with SRE and our long-standing operating partners. We look forward to continuing to grow Blue Moon’s footprint with these operating partners: Senior Lifestyle, LCB Senior Living and Ascent Living Communities.”

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 September 30, 2025, StepStone was responsible for approximately $771 billion of total capital, including $209 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.

About Blue Moon Capital Partners

Blue Moon Capital Partners was formed in 2013 by Kathryn Sweeney and Susan Barlow as a real estate private equity platform focused exclusively on senior housing. Blue Moon’s mission is to be the capital provider of choice for best-in-class senior housing operators. The firm's strategy is to invest exclusively in the care end of the senior housing market, including Independent Living (IL), Assisted Living (AL), and Memory Care (MC). By matching institutional capital with forward-thinking operators, Blue Moon aims to invest responsibly in this health care adjacent sector and capitalize on the dramatic growth in resident demand expected over the next two decades.

Media contacts

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did StepStone (STEP) announce on January 21, 2026 about senior housing?

StepStone Real Estate and Blue Moon completed a $250 million continuation vehicle to operate five Class A stabilized senior housing communities.

How many properties are included in the StepStone and Blue Moon continuation vehicle (STEP)?

The vehicle will operate five Class A stabilized senior housing communities originally developed or redeveloped by Blue Moon.

Will the $250 million StepStone (STEP) vehicle acquire more senior housing assets?

Yes, StepStone and Blue Moon intend to use the vehicle as a platform to acquire additional high-quality senior housing communities.

Which operating partners will manage the StepStone/Blue Moon senior housing portfolio?

The operating partners are Senior Lifestyle, LCB Senior Living and Ascent Living Communities.

What is the strategic focus of StepStone (STEP) in this senior housing transaction?

StepStone said it is building senior housing exposure with experienced owner/operators and plans to invest in owning, improving, and growing the portfolio.