StepStone Real Estate (SRE), the real estate arm of StepStone Group, has held a final closing of StepStone Real Estate Partners V (SREP V), its fifth flagship fund dedicated to GP-led secondaries and recapitalizations of real estate vehicles.
With $3.77 billion in primary commitments, SREP V represents the largest real estate secondaries fund raised to date, according to the release. Including co-investments completed and discretionary vehicles raised to invest alongside the fund, the total investment program exceeds $4.5 billion in capacity.
To date, SREP V and related separate accounts have committed $1.7 billion across eight investments, with a large pipeline of transactions currently closing, underscoring the significant demand for liquidity solutions from real estate GPs, said the firm in its release.
“We believe the combination of value declines, historically low transaction volume, increased borrowing costs, and a slow fundraising environment has create
