StepStone Real Estate (SRE) and BVK, Germany’s largest pension group, have formed a €300 million ($347 million) investment partnership, targeting secondaries in opportunistic, value-added, and core-plus funds located predominantly in the United States and Asia Pacific.
StepStone said that when aggregated with its StepStone Real Estate Partners IV and its other separate accounts, the firm has more than $1.5 billion of unfunded commitments to invest in limited partner– and general partner–led real estate secondary opportunities.
“We are honored to have been selected as BVK’s partner for this important secondaries initiative,” said Brendan MacDonald, partner and COO of SRE. “This partnership further expands our market-leading position as a liquidity provider to real estate vehicles around the world by investing in funds, secondaries, recapitalizations and co-investments across the risk spectrum.”
