StepStone Real Estate Closes Record-Breaking $3.77 Billion Real Estate Secondaries Fund, Surpassing $4.5 Billion in Total Investment Capacity

Core Insights - StepStone Real Estate Partners V (SREP V) has successfully closed with $3.77 billion in primary commitments, making it the largest real estate secondaries fund to date [1] - The fund was significantly oversubscribed, indicating strong investor confidence despite challenging market conditions [2] Fund Performance and Strategy - SREP V and related accounts have committed$1.7 billion across 8 investments, with a robust pipeline of transactions highlighting demand for liquidity solutions from real estate general partners (GPs) [2] - The fund's strategy focuses on providing liquidity solutions during market dislocations, which has proven resilient across various market cycles [4] Investor Base and Market Engagement - SREP V attracted a diverse global investor base, including sovereign wealth funds, pension funds, and insurance companies, with increased participation from North American institutions and commitments from Europe, Asia, the Middle East, and Latin America [4] - The strength of StepStone Real Estate's broader platform, which oversees approximately $170 billion in real estate assets, plays a crucial role in sourcing and evaluating secondaries transactions [5] Historical Context and Evolution - Founded in 2009, StepStone Real Estate has focused on providing liquidity to real estate funds during market dislocations, shifting from traditional secondaries to control-oriented, GP-led secondaries and recapitalizations [3][5]