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Sign in Sign up for a FREE subscriptionStepStone Group invests $300m in ACRE
StepStone Group has committed $300 million of capital to global real estate private equity firm ACRE as part of a new strategic partnership.
The commitment is broad-based and underpinned by a recapitalization of a 1,500-unit portfolio from ACRE’s previous funds: a joint venture focused on development opportunities in high-growth markets and a primary fund investment.
The vehicle will invest in multifamily opportunities across the risk spectrum, including value-add acquisitions, lease-up and ground-up development across the Sun Belt, Midwest and Texas.
“Securing a commitment from StepStone marks a tremendous achievement for ACRE and our latest fund, as we continue to add many of the investment world’s most significant players to our growing list of partners,” said Michael Van Der Poel, managing partner at ACRE. “In an increasingly crowded multifamily market, attracting one of the world’s largest and most accomplished institutional allocators is a test