real estate

StepStone Real Estate Partners IV, which has been in market since April last year, raised twice as much as its predecessor to invest in complex secondaries deals.

The average high bid for buyout funds surpassed 90% of NAV in the three months to end-August, according to data from the intermediary.

High amounts of dry powder, new entrants such as Brookfield Asset Management and a pressing need to extend fund lives could result in the real estate market bouncing back this year.

The investment comes from Goldman's Vintage Real Estate Partners II, which closed in May on $2.75bn.

The coronavirus crisis has accelerated the transformation of real estate secondaries and presented tangible opportunities for buyers with the right information.

Private equity volumes dropped by 58.5% and real estate by 53.4%, with infrastructure showing resilience, according to Setter Capital.

Strategic Partners Real Estate VII has raised $600m more than its predecessor and is looking at a strong pipeline of GP-led deals.

Capital raised in final closes jumped 455% year-on-year, setting a record for the strategy, according to Secondaries Investor data.

The $515bn Canadian asset management giant has hired two Partners Group executives to help with the effort.

Fabian Neuenschwander, an almost 13-year veteran of the firm, is understood to have left for a new role, Secondaries Investor has learned.