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tepStone Real Estate (SRE), the real‑estate arm of StepStone Group (NASDAQ: STEP), announced that its StepStone Real Estate Partners V (SREP V) GP‑led secondaries program has closed at $5.3 billion in total commitments. The program, launched in April 2025 with an initial $4.5 billion (including a $3.77 billion commingled fund and discretionary co‑investments), added $800 million in co‑investment commitments by September 30, 2025. SREP V has already committed to 12 deals totaling $3.2 billion, with an average investment size of roughly $266 million—well above the $33 million, $63 million, and $118 million averages of earlier vintage funds.

    Jeff Giller, Head of SRE, said the market’s acceptance of GP‑led secondaries has driven larger transaction volumes and sizes. He cited the €1.5 billion recapitalization of Spain’s second‑largest care‑home operator, Vitalia, as a prime example of the program’s scale.

    SRE partners with sponsors worldwide to deliver flexible secondary and recapitalization solutions across the real‑estate sector. Its clients include pension funds, sovereign wealth funds, insurance companies, endowments, foundations, family offices, and high‑net‑worth individuals. As of June 30, 2025, StepStone managed approximately $199 billion in assets under management, overseeing $723 billion of capital across private‑market strategies.

    **Key Highlights**

    - Total commitments: $5.3 billion

    - Initial closure: $4.5 billion (April 2025)

    - Additional co‑investment commitments: $800 million (by Sept 30)

    - Deals committed: 12 (total $3.2 billion)

    - Average deal size: $266 million

    - Notable transaction: €1.5 billion Vitalia recapitalization

    **Insider Trading (last 6 months)**

    - 18 sales, 0 purchases.

     - Michael I. McCabe: 318,836 shares ($18.9 M)

     - Scott W. Hart: 70,000 shares ($4.3 M)

     - Jason P. Ment: 57,308 shares ($3.5 M)

     - David Y. Park: 1,000 shares ($63 k)

    **Hedge Fund Activity (Q2 2025)**

    - 143 funds added shares, 114 reduced positions.

     - Millennium Management: +1,435,100 shares ($79.6 M)

     - FMR LLC: –1,369,176 shares ($76.0 M)

     - Fred Alger Management: –697,113 shares ($38.7 M)

     - Citadel Advisors: +538,060 shares ($29.9 M)

     - BlackRock: –457,822 shares ($25.4 M)

     - CIBC Private Wealth: +425,692 shares ($23.6 M)

     - Dimensional Fund Advisors: –400,723 shares ($22.2 M)

    **Analyst Ratings**

    - 2 buy/ outperform ratings, 0 sell ratings.

     - Oppenheimer: “Outperform” (10/14/2025)

     - Goldman Sachs: “Buy” (09/18/2025)

    **Price Targets (last 6 months)**

    - Median target: $68.5.

     - Oppenheimer: $83.0 (10/14/2025)

     - BMO Capital: $74.0 (10/03/2025)

     - RBC Capital: $5.5 (09/29/2025)

     - Goldman Sachs: $83.0 (09/18/2025)

     - Barclays: $63.0 (08/08/2025)

     - Evercore ISI: $61.0 (07/10/2025)

    **Contact**

    - Shareholder Relations: Seth Weiss – [email protected] – 1‑212‑351‑6106

    - Media: Brian Ruby / Chris Gillick / Matt Lettiero – [email protected] – 1‑203‑682‑8268

    StepStone Group continues to offer customized private‑market solutions across real‑estate, private equity, infrastructure, and debt, serving a global client base of public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations, family offices, and high‑net‑worth individuals.