StepStone closes Fund III with USD700m in capital commitments
StepStone Real Estate has closed StepStone Real Estate Partners III (SREP III) with USD700 million in capital commitments, exceeding the fund’s USD500 million target.
Including committed co-investment capital, StepStone will have over USD1.1 billion to execute SREP III’s strategy of investing in special situations in the US 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 US, Europe, Asia, Middle East and Latin America,” says 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 capitalise 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,” says 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.”