StepStone Real Estate Forms Investment Partnership with BVK on Liquidity for Private RE Vehicles
Posted on 11/03/2021
StepStone Real Estate is part of the StepStone Group Inc. StepStone Real Estate and Bayerische Versorgungskammer (BVK), Germany’s largest pension group under public law, announced that they have formed a €300 million 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 S.A. 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, StepStone Real Estate has more than US$ 1.5 billion of unfunded commitments to invest in limited partner- and general partner-led real estate secondary opportunities.
The Universal-Investment Group is one of Europe’s main fund service platforms and Super ManCos with around €719 billion in assets under administration, over 1,900 mutual and special fund mandates and a workforce of more than 1,000 at locations in Frankfurt am Main, Luxembourg, Dublin and Krakow, as of August 31, 2021.