StepStone Real Estate has closed its third fund with $700m.

The investment manager, founded by Jeff Giller, Josh Cleveland and Brendan MacDonald, said its StepStone Real Estate Partners III fund exceeded its $500m target.

With committed co-investment capital, StepStone said it will have over $1.1bn to invest in special situations in the US and Europe.

“SREP III has a diverse, 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, partner and head of real estate at StepStone.

The fund, he said, will provide “bespoke capital solutions to managers and operators of institutional real estate portfolios to help them capitalize on new opportunities, generate liquidity for investors, or address capital requirements in their existing holdings”.    

“SREP III has completed eight investments and is around 30% committed,” said Josh Cleveland, a StepStone Real Estate partner who oversees the firm’s activities in Europe.