Latham & Watkins Advises StepStone on US$3.77 Billion Real Estate Secondaries Fund

StepStone Real Estate (SRE), the real estate arm of StepStone Group (Nasdaq: STEP), announced the final closing of StepStone Real Estate Partners V (SREP V), its fifth flagship fund dedicated to GP-led secondaries and recapitalizations of real estate vehicles. With US$3.77 billion in primary commitments, SREP V represents the largest real estate secondaries fund raised to date. Including co-investments completed and discretionary vehicles raised to invest alongside the fund, the total investment program exceeds US$4.5 billion in capacity.

Latham & Watkins LLP represented StepStone Real Estate in the fund formation with a cross-border investment funds team led by Washington, D.C. partner Amy Rigdon and London partner Clare Scott, with associates Anna LeBleu, Sandile Magagula, and Azam Chaudry. Partner Gregory Hannibal, with associate Nicholas Sun, advised on tax matters.