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Latham & Watkins Represents StepStone in Strategic Partnership with Asia Capital Real Estate

July 28, 2022
Firm advised the private equity fund on US$300 million joint venture to be divided equally in a novel investment structure for ACRE enabling expansion of multifamily opportunities across high-growth markets.

StepStone Real Estate has entered into an agreement with Asia Capital Real Estate (ACRE) to form a new joint venture (JV) partnership that will recapitalize existing Fund III assets, provide an anchor investment in Fund IV, and provide co-investment capital. The JV will be capitalized with a total equity commitment of US$300 million, of which US$90 million will be committed to Fund III, US$50 million to Fund IV, and US$160 million to co-investment opportunities. The companies plan to focus on multifamily investments in top-quality submarkets within the Southeastern US.

Latham & Watkins LLP advised StepStone Real Estate in the transaction with a corporate deal team led by New York partner and Global Co-Chair of the Real Estate Practice Michael Haas and Washington, D.C. partner Amy Rigdon, with associates Mark Semotiuk, Mario Richards, and Daniel Soso. Advice was also provided on tax matters by New York partner Greg Hannibal.