StepStone Real Estate closes fourth fund at $1.4b
StepStone Real Estate has completed a final closing of its StepStone Real Estate Partners IV (SREP IV) fund at $1.4 billion, exceeding its $1 billion target.
SREP IV is the fourth in a series of funds focused on special situations secondaries and recapitalizations of real estate vehicles. It is double the size of its predecessor, SREP III, which raised $700 million in primary commitments in February 2017.
The StepStone series follows an opportunistic investment strategy and invests in major property types such as office, hotel, industrial, senior housing and student housing, globally. SREP IV opened to investors in April 2019, bringing in a diverse, global investor base consisting of sovereign wealth funds, pension funds, financial institutions, university foundations and endowments, and family offices from North America, the Middle East, Europe, Asia and Latin America.
The firm said