US real estate investor StepStone Real Estate has closed its StepStone Real Estate Partners III fund (SREP III) with $700 mln (€665 mln) of capital commitments, exceeding the $500 mln (€475 mln) target.
Including committed co-investment capital, StepStone said it will have over $1.1 bn to execute SREP III’s strategy of investing in special situations in the US and Europe.
The fund has a global investor base consisting of pension funds, foundations, insurance companies, funds of funds, family offices and high net worth individuals from the US, Europe, Asia, Middle East and Latin America, said Jeffrey Giller (pictured), partner and head of real estate at StepStone.
'With SREP III, StepStone Real Estate intends to continue our strategy of providing bespoke capital solutions to managers and operators of institutional real estate portfolios to help them capitalise on new opportunities, generate liquidity for investors, or address capital requirements in their existing holdings,' Giller said.
SREP III has completed eight investments and is approximately 30% committed, according to Josh Cleveland, a StepStone real estate partner who oversees the firm’s activities in Europe.
