StepStone holds $700m final close
StepStone Real Estate has held a $700 million final close for StepStone Real Estate Partners III, exceeding its $500 million equity fundraising target.
StepStone Real Estate Partners III is an opportunistic real estate fund that will invest in office, hotel, industrial, senior housing and student housing in the United States and Europe.
The fund has a global investor base consisting of pension funds, foundations, insurance companies, funds of funds, family offices and high-net-worth individuals from the United States, Europe, Asia, the 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 capitalize on new opportunities, generate liquidity for investors, or address capital requirements in their existing holdings,” says Jeffrey Giller, partner and head of real estate at StepStone.