StepStone Real Estate (SRE) and German pension fund BVK announced on Thursday that they have formed a €300 mln investment partnership to provide secondary liquidity to investors and managers of private real estate vehicles.
The fund structure is administered by service platform and alternative investment fund manager Universal-Investment-Luxembourg.
The investment partnership will target secondaries in opportunistic, value-added, and core-plus funds predominantly in the United States and the Asia-Pacific region. When aggregated with StepStone Real Estate Partners IV, SRE’s most recent secondaries fund, and its other separate accounts, SRE has more than $1.5 bn of unfunded commitments to invest in limited partner- and general partner-led real estate secondary opportunities.
'We are honored to have been selected as BVK’s partner for this important secondaries initiative,' said Brendan MacDonald, partner and Chief Operating Officer of SRE. 'This partnership further expands our market leading position as a liquidity provider to real estate vehicles around the world by investing in funds, secondaries, recapitalizations and co-investments across the risk spectrum,' he added.
