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StepStone to take on global real estate market through hire of Clairvue staff

25 Jun 2014

bulldozer-1209272-mGlobal private equity fund investment giant StepStone Group has moved into the real estate market by absorbing property investment specialist Clairvue Capital Partners.

Clairvue founders Jeff Giller, Brendan MacDonald, and Josh Cleveland have been named partners of StepStone, with Giller appointed head of StepStone Real Estate.

The firm hopes the Clairvue team’s skills in opportunistic investment will combine with StepStone’s institutional contacts to help it construct real estate portfolios via secondaries, recapitalisations, co-investments and primary fund investments.

Giller said, “StepStone’s … sophisticated data systems, analytical tools, and portfolio monitoring and reporting systems will provide us and our clients with resources that would have taken years to develop organically.”

Dev Subhash, who formerly held senior positions at Cohen & Steers and Citi Real Estate Partners, has also joined the firm as partner.

StepStone Real Estate will operate globally with employees working in the US and Europe at first, with plans to expand to Asia within the next 12 months.

Clairvue builds its real estate portfolios through commingled funds, co-investment vehicles and managed accounts and will continue to look after its existing legacy investment vehicles.

StepStone CEO Monte Brem said, “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.”

Earlier this year, StepStone launched its first Latin American office to work on primary, secondary, co-investments and research in the region.

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