StepStone has raised almost $300 million for its first independently-launched real estate fund.
The New York-headquartered firm, which invests in real estate through secondaries and recapitalisations, raised $294.8 million for StepStone Real Estate Partners III across two vehicles, according to SEC filings. The fund’s target and hard-cap were not clear.
The fund launched in August 2015, according to PEI Research & Analytics.
StepStone’s real estate strategy involves recapitalising existing real estate funds and acquiring equity from existing investors on a secondaries basis, carried out by investing in newly formed funds and co-investing in new acquisitions, according to its website.
The firm manages two other real estate-focused funds, the $250 million Clairvue Capital Partners I and $120 million Clairvue Capital Partners II, which it acquired when it bought real estate investment firm Clairvue Capital Partners in 2014. The Clairvue team had “deep experience in real estate secondaries, recapitalisations and co-investments”, StepStone said in a statement at the time.
On Monday, StepStone said it had launched its real assets platform that will provide primary and secondaries fund advice after incorporating a team of more than 20 infrastructure professionals from KPMG.
In April, the firm was seeking to boost its real estate operations with hires in its New York and San Francisco offices, as Secondaries Investor reported.
A spokeswoman for StepStone declined to comment.