StepStone Real Estate has closed its StepStone Real Estate Partners III fund with $700m (£593m) capital commitments, exceeding the fund’s $500m target.
With cash from co-investment, StepStone will have more than $1.1bn to execute SREP III’s strategy of investing in special situations in the US and Europe.
Jeffrey Giller, partner and head of real estate at StepStone, said: “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.
“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% committed,” added 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.”
The fund was raised with the help of StepStone’s global business development team and Threadmark, which was the fund’s exclusive placement agent for Europe.
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