StepStone enters real estate space, targets Asia expansion
StepStone has moved into the real estate sector with the addition of executives from Clairvue Capital Partners. The new team has built portfolios in the US and Europe and plans to add professionals in Asia over the next 12 months.
The Clairvue team will continue to manage the existing legacy investment vehicles, while offering real estate investment capabilities to StepStone's global institutional client base. It targets secondaries, recapitalizations, co-investments and primary fund commitments.
Jeff Giller has been named head of StepStone Real Estate while his co-founders at Clairvue, Brendan MacDonald and Josh Cleveland, are now partners at StepStone. They bring with them several professionals based in the US and Europe. Dev Subhash, formerly of Cohen & Steers and Citi Real Estate Partners, also joins the new team as a partner to lead research and fund investment activities.
"Real estate has continued to evolve as an asset class, similar to what we have experienced in private equity, resulting in institutional investors demanding increasingly sophisticated service offerings," commented Monte Brem, CEO of StepStone, said in a statement. "The addition of the Clairvue team gives StepStone the ability to provide real estate solutions to our clients immediately, with a real estate team that has proven its success working together for nearly a decade."
StepStone oversees approximately US$60 billion of private capital allocations, including US$10 billion of assets under management. It has offices in New York, London, San Diego, Beijing, San Francisco, Hong Kong, Sao Paolo and Seoul.
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