About This Fund
StepStone Real Estate Partners V (SREP V) is the fifth flagship fund managed by StepStone Real Estate, a division of StepStone Group. The fund specializes in GP-led secondary transactions and recapitalizations of real estate investment vehicles. With $3.77 billion in primary commitments, SREP V becomes the largest real estate secondaries fund ever raised. Incorporating associated co-investments and discretionary vehicles, the total capital base exceeds $4.5 billion. The fund attracted significant demand despite a broadly challenged fundraising environment, highlighting investor confidence in StepStone’s specialized strategy and historical performance. So far, SREP V and related accounts have deployed $1.7 billion across eight deals, with additional transactions in advanced stages. This investment activity illustrates the ongoing need for liquidity among real estate general partners.