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StepStone Group Inc. (London & Madrid, Oct. 16, 2025 – GLOBE NEWSWIRE) – StepStone Real Estate (SRE), the property arm of StepStone Group (Nasdaq: STEP), and GREYKITE (GK), an independent European real‑estate investment firm, announce a recapitalisation of Vitalia, Spain’s second‑largest care‑home operator. The deal involves SRE acquiring a majority stake in Vitalia from Vivaly Investments BV, a portfolio vehicle of CVC Fund VI and Portobello Capital Fund III, and injecting more than €500 million in growth capital. Vivaly and Vitalia’s founder‑management will keep minority interests. GREYKITE will serve as general partner, overseeing day‑to‑day management. Regulatory approvals remain required.
Vitalia sets the benchmark for residential care in Spain with its “homes for living” model, prioritising resident‑centred care, at‑home and onsite rehabilitation, 24‑hour tech‑enabled medical support, and restraint‑free services. The company is run by a seasoned team with over 50 years of combined experience. It currently operates 75 facilities and, backed by a robust pipeline, will manage roughly 15,000 beds nationwide. Holding a 2.5 % market share in a fragmented, undersupplied sector, Vitalia is positioned to meet a projected 40 % shortfall in new care‑home capacity by 2030, delivering about half of the required new beds.
The transaction follows SRE’s successful closing of StepStone Real Estate Partners V (SREP V) in April 2025, which raised more than $5 billion in commitments, including affiliated discretionary co‑investment vehicles. This deal marks SRE’s tenth investment from SREP V and its largest to date, underscoring the GP‑led strategy of recapitalising mature platforms with existing owners and managers. It also reflects StepStone’s expanding focus on Spain, where the firm is deploying primary capital across multiple strategies.
The investment strengthens SRE’s global healthcare‑real‑estate track record, adding approximately $5 billion of assets under management post‑transaction. It also follows the launch of GREYKITE and its first discretionary fund, GREYKITE European Real‑Estate Fund I, in March 2024. Vitalia becomes the Fund’s eighth portfolio company and second Spanish investment, aligning with GREYKITE’s thematic focus on living, industrial, and digital sectors.
