StepStone to launch debut RE secondaries fund in September

Last month the firm absorbed real estate-focused Clairvue Capital Partners to create StepStone Real Estate, which now intends to raise its first fund.

The StepStone Group is expected to launch its debut real estate secondaries fund in late August or early September, Secondaries Investor has learned.

The fund will be the first raised by StepStone Real Estate, which was formed last month when StepStone absorbed Clairvue Capital Partners.

StepStone’s most recent private equity secondaries fund closed in April 2013 on $450 million, surpassing its $350 million target, according to PEI data.

StepStone declined to comment on fundraising.

Clairvue has created investment profiles in the US and Europe through co-mingled funds, co-investment funds and managed accounts since it was formed in 2010. The firm’s founders, who previously worked together at Liquid Realty Partners, Jeff Giller, Brendan MacDonald and Josh Cleveland have been named partners at StepStone. The trio previously worked together at real estate secondaries firm Liquid Realty Partners.

The Clairvue team will continue to manage its existing legacy funds, including the firm’s latest fund, Fund II, which closed last year on $115 million.

StepStone has grown its secondaries practice since it was founded in 2008, by acquiring secondaries upstart SilverBrook Private Equity in 2010 and UK-based Greenpark Capital last year.