Private equity firm StepStone has formed StepStone Real Estate as a result of acquiring the Clairvue Capital Partners team. Clairvue co-founder Jeff Giller has been named head of StepStone Real Estate. In addition to this new appointment, Giller and Clairvue co-founders Brendan MacDonald and Josh Cleveland were named partners at StepStone.
New York, New York – June 25, 2014 — StepStone Group LP (“StepStone”), a leading global private markets firm, announced today that it has launched StepStone Real Estate through the addition of the Clairvue Capital Partners (“Clairvue”) team.
Clairvue is a real estate investment firm that has historically built opportunistic institutional investment portfolios in the U.S. and Europe through its commingled funds, co-investment vehicles and managed accounts. The Clairvue team will continue to manage the existing legacy investment vehicles.
StepStone Real Estate will combine StepStone’s global capabilities and significant institutional client relationships with Clairvue’s deep real estate investment capabilities to construct top performing global real estate portfolios for leading institutional investors through secondaries, recapitalizations, co-investments and primary fund investments.
Clairvue founders Jeff Giller, Brendan MacDonald, and Josh Cleveland were named Partners of StepStone, and Mr. Giller was named Head of StepStone Real Estate. In addition, Dev Subhash, who formerly held senior positions at Cohen & Steers and Citi Real Estate Partners, joined StepStone Real Estate as a Partner and will lead the manager research and fund investment activities for the group. Other members of the Clairvue team have also joined StepStone Real Estate as part of the transaction, including John Waters, Principal, and Rachael Brittingham, Vice President. StepStone Real Estate will operate globally with professionals initially located in the U.S. and Europe and plans to add professionals in Asia within the next 12 months.
“Real estate has continued to evolve as an asset class, similar to what we have experienced in private equity, resulting in institutional investors demanding increasingly sophisticated service offerings,” commented Monte Brem, Chief Executive Officer of StepStone. “The addition of the Clairvue team gives StepStone the ability to provide real estate solutions to our clients immediately, with a real estate team that has proven its success working together for nearly a decade. The Clairvue team’s deep experience in real estate secondaries, recapitalizations and co-investments, combined with Dev Subhash’s excellent track record in real estate fund investing, is a perfect complement to the success we have achieved for our clients in private equity and infrastructure,“ added Mr. Brem.
Mr. Giller said, “The Clairvue team’s integration into StepStone has created an exciting progression for the firm’s growth and development. StepStone’s talented professionals located in eight offices on four continents, its breadth of global research capabilities, its strong institutional client base and its sophisticated data systems, analytical tools, and portfolio monitoring and reporting systems will provide us and our clients with resources that would have taken years to develop organically.”
Mr. Giller is a 27 year real estate investment veteran. Prior to StepStone, Mr. Giller was a founder, Managing Partner and the Chief Investment Officer of Clairvue Capital Partners. Before Clairvue, he was Managing Principal and Chief Investment Officer at Liquid Realty Partners, where he played a key role in acquiring and managing real estate private equity secondary investments and guiding the strategic direction of the firm. Mr. Giller has also held senior positions in other real estate private equity investment firms in the U.S. and Europe. As Managing Director of JER France, SA from 1995 to 2000, he started, built and ran JER Partners’ first offshore business. Mr. Giller earned an MBA from the University of Virginia and a BA from the University of California at Berkeley.
Prior to StepStone, Mr. Cleveland was a Partner of Clairvue Capital Partners. At Clairvue, Mr. Cleveland focused on originating and executing investments in the U.S. and Europe. Before Clairvue, he was a Director at Liquid Realty Partners, a real estate secondaries investment manager, where he was a member of the management and investment committees. He has also served as a Vice President at Capital Dynamics, a Swiss-based private equity manager, and worked in the debt capital markets divisions of Credit Suisse First Boston and Bank of America. Mr. Cleveland received a BA from the University of South Carolina.
Prior to StepStone, Mr. MacDonald was a founding partner of Clairvue Capital Partners. At Clairvue, he was an investment committee member and was focused on sourcing, underwriting and managing investments in the U.S., Europe and Latin America. Before Clairvue, Mr. MacDonald held real estate acquisitions roles at Liquid Realty Partners and Babcock and Brown. Earlier in his career he completed GE Capital’s Financial Management Program and was part of GE’s Global Sponsor Finance business. Mr. MacDonald received an MBA from Harvard Business School and a BS from Indiana University.
Prior to StepStone, Mr. Subhash was Regional Portfolio Manager for Cohen & Steers Global Realty Partners, a real estate investment manager that focuses on private real estate funds and co-investments. Before Cohen & Steers, he was Co-Portfolio Manager for Citi Real Estate Partners, which invests in equity commitments across the U.S., Europe and Asia through a series of funds and separate accounts. At Citi Real Estate Partners, Mr. Subhash was responsible for sourcing, underwriting and managing investments in private real estate funds. He has also served as a Vice President for global product development at Citi Alternative Investments and worked in corporate strategy roles for Citigroup. Mr. Subhash received his BA from Johns Hopkins University.
StepStone is a leading private markets firm that oversees approximately US$60 billion of private capital allocations, including US$10 billion of assets under management. It is a global firm with offices in New York, London, San Diego, Beijing, San Francisco, Hong Kong, Sao Paolo and Seoul. StepStone creates customized and targeted portfolios for the world’s most sophisticated investors using a highly disciplined research-focused approach that integrates primary, secondary, credit and co-investments. StepStone leverages its unique global platform to optimize exposure to top performing investment managers in all strategies and geographies.