StepStone Group has committed $300m (鈧�294m) in a US partnership with global real estate private equity firm ACRE.
StepStone鈥檚 commitment will be used for a recapitalisation of a 1,500-unit portfolio from ACRE鈥檚 previous funds and for investment by a new fund.
The new fund with StepStone will invest in multifamily opportunities across the risk spectrum, including value-add acquisitions, lease-up and ground-up development across the Sun Belt, Midwest and Texas.
鈥淪ecuring a commitment from StepStone marks a tremendous achievement for ACRE and our latest fund, as we continue to add many of the investment world鈥檚 most significant players to our growing list of partners,鈥� said ACRE managing partner Michael Van Der Poel.
鈥淚n an increasingly crowded multifamily market, attracting one of the world鈥檚 largest and most accomplished institutional allocators is a testament to the power of our offering and our track record of generating value across market cycles.鈥�
StepStone joins a number of other high-profile global investors that have made significant commitments to ACRE鈥檚 suite of investment platforms, including Hamilton Lane, OPTrust and Almanac Realty Investors.
鈥淲e are excited to engage in this partnership with a top-tier, vertically integrated apartment manager in ACRE,鈥� said Alex Abrams, managing director, StepStone Real Estate.
鈥淭his investment with ACRE is a strong fit with our strategy of recapitalising best-in-class real estate platforms that own high-quality assets, and providing additional capital to help them expand,鈥� he added.
To read the latest edition of the latest 91传媒在线 magazine click here.
