StepStone Real Estate announced the final closing of StepStone Real Estate Partners 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. Including co-investments completed and discretionary vehicles raised to invest alongside the fund, the total investment program exceeds $4.5 billion in capacity. Despite challenging market conditions and a slowdown in fundraising across the real estate sector, SREP V was significantly oversubscribed, reflecting strong investor confidence in SRE’s differentiated strategy and past performance. To date, SREP V and related separate accounts have committed $1.7 billion across 8 investments, with a large pipeline of transactions currently closing, underscoring the significant demand for liquidity solutions from real estate GPs. founded in 2009, SRE was established by Jeff Giller, Partner and Head of StepStone Real Estate, Josh Cleveland, Partner and Head of EMEA, and Brendan MacDonald, Partner and Chief Operating Officer. Since inception, the firm has focused on providing liquidity to real estate funds and their investors during times of market dislocation.
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