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tepStone Real Estate (SRE) and independent European real‑estate investor GREYKITE have agreed to recapitalize Spain’s second‑largest care‑home operator, Vitalia, by acquiring a controlling interest from Vivaly Investments BV (a vehicle of CVC Fund VI and Portobello Capital Fund III) and committing more than €500 million in growth capital. Vivaly and Vitalia’s founder will retain minority stakes; GREYKITE will serve as general partner, overseeing day‑to‑day management. The deal, pending regulatory clearance, is designed to accelerate Vitalia’s expansion and reinforce its resident‑centred “homes for living” model, which combines at‑home and onsite rehabilitation, 24‑hour tech‑enabled medical support and restraint‑free care.
Vitalia operates 75 facilities and plans to run roughly 15,000 beds nationwide, holding a 2.5 % share of a fragmented market that is projected to face a 40 % shortfall in new capacity by 2030. The investment is the largest in Spain’s care‑home sector in a decade and marks SRE’s biggest allocation in its SREP V portfolio, underscoring the firm’s focus on healthcare‑real‑estate platforms. GREYKITE, which launched its first discretionary fund in 2024, sees Vitalia as a key thematic investment in the living sector and the fund’s eighth portfolio company.
“Deploying SREP V into Vitalia demonstrates the strength of our strategy—recapitalising essential real‑estate businesses when liquidity options are limited,” said Josh Cleveland, Co‑Founding Partner and Head of EMEA at SRE. “Spain’s demographic tailwinds make it an attractive growth market, and we are excited to partner with GREYKITE and Vitalia’s management to drive the next phase of expansion.” Michael Abel, Founder and CEO of GREYKITE, added, “Vitalia offers a scalable, asset‑backed platform with strong market positioning in a sector with compelling long‑term growth drivers.” Chema Cosculluela, CEO of Vitalia, noted, “We look forward to working with our new shareholders to accelerate growth and unlock new opportunities for residents, staff and partners.”
**Investor activity**
* Insider sales: 18 trades in the last six months, all sales, totaling roughly $27 million. Key insiders include Michael Mccabe (318 k shares), Scott Hart (70 k shares), Jason Ment (57 k shares) and David Park (1 k shares).
* Hedge‑fund movements: 143 institutional investors added shares, 114 reduced positions in Q2 2025. Largest additions: Millennium Management (+48 %); largest withdrawals: FMR LLC (−36 %) and Fred Alger Management (−45 %).
* Analyst coverage: Two buy ratings issued (Oppenheimer “Outperform” 10/14/2025, Goldman Sachs “Buy” 09/18/2025). Six price‑target reports with a median of $68.5; recent targets range from $5.5 (RBC) to $83.0 (Oppenheimer, Goldman Sachs).
**Contact**
StepStone: Seth Weiss, [email protected], +1‑212‑351‑6106
Media: Brian Ruby / Chris Gillick / Matt Lettiero, ICR, [email protected], +1‑203‑682‑8268
GREYKITE: Dido Laurimore / Richard Gotla, [email protected], +44‑20‑3727‑1000
**About the companies**
*StepStone Group* – Global private‑markets investment firm, $723 billion total capital, $199 billion AUM (as of 30 Jun 2025).
*GREYKITE* – Independent European real‑estate adviser founded 2023, $3 billion in transactions, focused on thematic sectors.
This announcement is a marketing communication and does not constitute an offer to sell or purchase securities.
