StepStone is buying Courtland Partners, in a deal that will create a company that advises around $100bn (€83.8bn) of institutional investor allocations to real estate.
The agreement will see the consolidation of two companies that specialise in advising on real estate fund investments and co-investments.
It comes less than four years after New York-based StepStone moved into the real estate asset class by bringing in the management team of Clairvue Capital Partners.
Once the acquisition is fully integrated, StepStone Group Real Estate (SRE) expects to be able to deploy around $10bn a year to primary fund investments, co-investments, secondaries and recapitalisations.
The combined group will have over 50 professionals in offices in the US, Europe and Asia.
Courtland Partners, based in Cleveland, Ohio, was founded by Michael Humphrey in 1995 and advises institutional investors on real estate investments.
The comapny undertook a strategic review following Humphrey’s passing at the end of 2016. After exploring a number of options, Courtland determined that a merger with StepStone was the most attractive option.
Steve Novick, Courtland’s managing principal, will become a partner of SRE and continue to oversee Courtland’s existing client relationships.
Jeff Giller, partner and head of SRE, said: “The integration of Courtland and its highly talented team of professionals with StepStone Real Estate will ensure that we continue to deliver the highest quality customised investment solutions to our clients as we expand our global client base and product and service offerings.”
The transaction is expected to close by the end of March.
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