NEW YORK--(BUSINESS WIRE)--StepStone Real Estate today announced that it has closed StepStone Real Estate Partners III (“SREP III”) with US$700 million in capital commitments, exceeding the fund’s US$500 million target. Including committed co-investment capital, StepStone will have over US$1.1 billion to execute SREP III’s strategy of investing in special situations in the U.S. and Europe.
“SREP III has a diverse, global investor base consisting of pension funds, foundations, insurance companies, funds of funds, family offices and high net worth individuals from the U.S., Europe, Asia, Middle East and Latin America,” said Jeffrey Giller, Partner and Head of Real Estate at StepStone. “With SREP III, StepStone Real Estate intends to continue our strategy of providing bespoke capital solutions to managers and operators of institutional real estate portfolios to help them capitalize on new opportunities, generate liquidity for investors, or address capital requirements in their existing holdings.”
“SREP III has completed eight investments and is approximately 30 percent committed,” stated Josh Cleveland, a StepStone Real Estate Partner who oversees the firm’s activities in Europe. “Our creative and flexible approach to working with institutional quality real estate investment managers has made us a partner of choice and is expected to continue to drive significant opportunities for the fund over SREP III’s investment period,” he added.
About StepStone Real Estate
StepStone Real Estate, founded by partners Jeff Giller, Josh Cleveland and Brendan MacDonald, is part of StepStone Group (“StepStone”), a leading private markets firm that oversees approximately US$100 billion of private capital allocations, including US$28 billion of assets under management. StepStone creates customized and targeted portfolios for the world’s most sophisticated investors using a highly disciplined research-focused approach across real estate, private equity, infrastructure and private debt. It is a global firm with 14 offices in 10 countries around the world including in New York, San Francisco, San Diego, Toronto, London, Zurich, Beijing, Hong Kong, Tokyo, Seoul and São Paulo.