ACRE secures $300 million investment from StepStone Group

NEW YORK–(BUSINESS WIRE)–ACRE, a global private real estate investment firm, today announced that it has secured a $300 million capital commitment from StepStone Group as part of a new strategic partnership.

The commitment of StepStone, a global private markets investment firm and one of the world’s largest institutional advisory companies, is broad-based and supported by a recapitalization of a portfolio of 1,500 units of previous ACRE funds; a joint venture focused on development opportunities in high-growth markets; and primary investment of a fund. Overall, the vehicle will invest in multifamily opportunities across the risk spectrum, including value-add acquisitions, leases and principal developments in the Sun Belt, Midwest and Texas.

“Securing a commitment from StepStone marks a huge achievement for ACRE and our latest fund as we continue to add many of the most significant players in the investment world to our growing list of partners,” said ACRE Managing Partner Michael Van Der Poel. “In an increasingly crowded multifamily market, attracting one of the largest and most successful institutional distributors in the world is a testament to the strength of our proposition and our track record of generating value through market cycles.”

StepStone joins a number of other high-profile global investors who have made significant commitments to ACRE’s suite of investment platforms, including Hamilton Lane, OPTrust and Almanac Realty Investors, Neuberger Berman’s private real estate investment arm.

“We are thrilled to be involved in this partnership with a premier, vertically integrated apartment manager in ACRE,” said Alex Abrams, Managing Director, StepStone Real Estate. “This investment with ACRE fits strongly with our strategy to recapitalize best-in-class real estate platforms that own high-quality assets and provide additional capital to help them scale,” he added.

About ACRE

Founded in 2011, ACRE is a global private real estate investment firm managing capital for institutional and family office investors through a series of private equity and debt funds and currently has over $3.5 billion in assets under management. Since its inception, ACRE’s acquisition, development and lending efforts have encompassed 22,000 units in over 90 investments in 33 cities. ACRE’s strategies focus on direct equity and credit investments in real estate and are concentrated in high-growth markets in the United States, with additional properties currently under development in Southeast Asia and the United Kingdom. ACRE manages a global portfolio with offices in New York, Atlanta, Miami and Singapore.

About StepStone Group

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of March 31, 2022, StepStone oversees approximately $548 billion in private markets allocations ($160 billion in SREs), including $134 billion in assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private clients that include high net worth and mass affluent individuals . StepStone partners with its clients to develop and build private market portfolios designed to meet their specific objectives across the real estate, private equity, infrastructure and private debt asset classes.

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