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StepStone gathers $700m

The private markets firm receives strong investor support for its first fund under the StepStone name.

StepStone Real Estate Partners has closed StepStone Real Estate Partners III on $700 million, surpassing its initial target of $500 million. The vehicle will continue the firm’s strategy of focusing on special situations in Europe and the US.

Pension funds, foundations, insurance companies, family offices, funds of funds and high net worth individuals were among the global investor base.