Evelyn Lee
Evelyn Lee is Editor for PEI Group’s real estate-focused publication, PERE, overseeing global news coverage for both its digital and print platforms. Based in London, she manages a team of journalists across PEI’s offices in New York, London and Hong Kong.
She joined the company in its New York office in July 2011 as a reporter covering the industry in the Americas. She became senior reporter in January 2014 and was promoted to news editor in July 2015. Evelyn relocated to PEI's headquarters office in London in 2018 and was promoted to editor in 2019. Prior to joining PEI in 2011 she covered commercial real estate, economic development and environmental issues at NJBIZ, a New Jersey-focused business publication.
The firm, which closed its first vehicle in the series just three years ago, now has raised one of the largest funds ever in the strategy.
As StepStone and Greykite’s €1.5bn recapitalisation shows, some of the most compelling deal opportunities are coming from non-real estate sponsors.
In conjunction with the transaction, StepStone has increased its record-breaking SREP V secondaries fundraise to €5.3bn.
The real estate chief, whose firm raised the largest-ever fund targeting the space, said the strategy has ‘blown up’ in the last few years.
The transaction comes at a time when the opportunity set for real estate secondaries investing is shifting.
As managers and investors continue to struggle with liquidity issues, it is no longer business as usual for real estate recapitalisations.
Deal activity for the asset class reached an all-time high for the third year in a row due to strong growth of GP-led processes.
BVK has forged a partnership with the private markets investment firm to diversify its property portfolio.
The business, backed by Silverpeak and Capstone Equities, will focus on real estate secondaries opportunities in direct assets and open-end funds.
The private equity giant took a different exit route in splitting from its indirect real estate platform than other sub-scale businesses in recent years.