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StepStone raises $3.77 billion for real estate portfolio investments

Secondary partnership arrangements have gained favor amid muted property sales volume
StepStone Real Estate participated in an 11-property U.S. apartment portfolio recapitalization that included the Asteria Apartment Homes in Tempe, Arizona, pictured. (CoStar)
StepStone Real Estate participated in an 11-property U.S. apartment portfolio recapitalization that included the Asteria Apartment Homes in Tempe, Arizona, pictured. (CoStar)

StepStone Real Estate has closed its fifth real estate secondary fund at $3.77 billion, marking one of the largest real estate secondaries raised to date.

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