Indirect

Massive capital hauls from Blackstone masked what was otherwise a tepid capital raising environment during the first half of the year.

Matthew Norris, managing director for real estate securities at Gravis, takes issue with a surprising stretch of real estate equities logic demonstrated by private managers these days.

The real estate chief, whose firm raised the largest-ever fund targeting the space, said the strategy has ‘blown up’ in the last few years.

On The PERE Podcast, Jonathan Brasse, Evelyn Lee and Greg Dool are joined by Secondaries Investor’s Madeleine Farman and CBRE IM’s Achal Gandhi to break down real estate’s secondaries surge.

US President Donald Trump’s policies have positioned the real estate secondaries market for a banner year of activity.

The record fundraise bests a previous mark set by Goldman Sachs as the manager aims to take advantage of tariff turmoil.

After three M&A deals last year, head of real estate Mike Bryant is backing ‘vertical depth’ to propel the firm’s real estate investing capabilities to new heights.

Despite closing its debut real estate secondaries fund below target, the manager perceives a lack of capital in the market relative to the opportunity set.

A lengthy fundraising cycle paid off for the manager’s RESOF II, which dwarfed its predecessor by 50%.

StepStone Real Estate Partners V will focus on manager- and investor-led real estate deals in the US.