StepStone Adds Real Estate Division, Plans Asia Expansion

Global private equity firm StepStone Group LP (listen or watch StepStone’s CEO Monte Brem appearing as a guest on China Money Podcast) says that it has launched StepStone Real Estate through an acquisition of Clairvue Capital Partners, according to a company announcement.

Financial details of the deal were not disclosed. The firm says that StepStone Real Estate will operate globally with professionals initially located in the U.S. and Europe. It plans to add professionals in Asia within the next 12 months.

“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.

Clairvue is a real estate investment firm that has historically built opportunistic institutional investment portfolios in the U.S. and Europe through its commingled funds, co-investment vehicles and managed accounts. The Clairvue team will continue to manage the existing legacy investment vehicles.

Clairvue founders Jeff Giller, Brendan MacDonald, and Josh Cleveland were named partners of StepStone, and Giller was named head of StepStone Real Estate.

In addition, Dev Subhash, who formerly held senior positions at Cohen & Steers and Citi Real Estate Partners, joined StepStone Real Estate as a partner and will lead the manager research and fund investment activities for the group.

Other members of the Clairvue team have also joined StepStone Real Estate as part of the transaction.

StepStone oversees approximately US$60 billion of private capital allocations, including US$10 billion of assets under discretionary management. It has offices in New York, London, San Diego, Beijing, San Francisco, Hong Kong, Sao Paolo and Seoul.