StepStone Real Estate (SRE), the real estate arm of StepStone Group, announced the final closing of StepStone Real Estate Partners V (SREP V), its fifth flagship fund. The fund secured $3.77 billion in primary commitments, making it the largest real estate secondaries fund raised to date.
Including co-investments and discretionary vehicles, the total investment program for SREP V exceeds $4.5 billion in capacity. The fund was significantly oversubscribed, reflecting strong investor confidence in SRE's differentiated strategy despite challenging market conditions and a slowdown in broader real estate fundraising.
SREP V and its related separate accounts have already committed $1.7 billion across eight investments, with a substantial pipeline of transactions in progress. This fund continues SRE's strategy of providing liquidity solutions to real estate funds and investors during periods of market dislocation, leveraging its extensive advisory practice and deal sourcing capabilities.
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