StepStone Real Estate said April 3 that it has completed its buy of Courtland Partners Ltd, which was announced in December. Financial terms weren’t announced. With the deal, StepStone Real Estate manages approximately $100 billion of capital allocations from institutional investors.
StepStone Real Estate Completes the Acquisition of Courtland Partners
The Integration of Courtland into StepStone Real Estate Creates
a Real Estate Solutions Provider With Approximately $100 Billion in AUA
New York, New York – April 3, 2018 – StepStone Real Estate (“SRE”), a leading real estate investment firm, today announced that it completed its acquisition of Courtland Partners, Ltd. (“Courtland” or “Courtland Partners”) and the firms are now fully integrated. In December, the firms announced that they had entered into a merger agreement and expected the transaction to close near the end of March.
With the integration, SRE now manages approximately US$100 billion of capital allocations from institutional investors, including over US$3 billion of assets under management, and expects to deploy over US$10 billion over the next 12 months to real estate investments through primary fund investments, co-investments, secondaries and recapitalizations. SRE now has nearly 50 professionals working from offices in the U.S., Europe and Asia. Founded in 1995, Courtland Partners was a leading institutional real estate investment adviser to pension funds, endowments, foundations, insurance companies, fund of funds and banks located in the U.S., Europe and Asia.
“The SRE and Courtland teams have been working together since last year to ensure a smooth and seamless integration,” said Jeff Giller, Partner and Head of StepStone Real Estate. “Our approach has been to assimilate the best practices of both firms to create best in class products and services for our clients and investors,” he added.
SRE is part of StepStone Group LP (“StepStone”), a global private markets firm providing customized investment, portfolio monitoring and advisory solutions to some of the most sophisticated investors in the world.
“We have an extremely high level of respect for the client-first, fiduciary oriented culture that Michael Humphrey created when he established Courtland over 23 years ago,” said Monte Brem, StepStone’s founder and CEO. “The quality and culture of the Courtland team was paramount in our decision to pursue this merger,” he added.
“The Courtland team is very excited to be a part of SRE,” said Steve Novick. “Courtland’s clients have a high regard for StepStone and have been very supportive of the combination as well,” he added.
Ocean Park acted as the exclusive financial advisor to Courtland on this transaction.
About StepStone Real Estate
StepStone Real Estate is part of StepStone, a leading private markets firm with over 350 employees that oversees over US$230 billion of private capital allocations, including more than US$35 billion of assets under management. StepStone prudently integrates fund investments, secondaries and co-investments across private equity, real estate, infrastructure and private debt to create solutions that are customized according to the objectives of any private markets investment program. StepStone is a global firm with 16 offices in 11 countries around the world including in Beijing, Cleveland, Dublin, Hong Kong, La Jolla, London, Luxembourg, New York, Perth, San Francisco, São Paulo, Seoul, Sydney, Tokyo, Toronto and Zurich. For more information, please visitwww.stepstoneglobal.com.