Real estate

As StepStone and Greykite’s €1.5bn recapitalisation shows, some of the most compelling deal opportunities are coming from non-real estate sponsors.

Opening up alternative assets to non-institutional investors, from HNWIs to 401(k) account holders, represents up to $80trn. It’s an alluring pot of capital for an industry with flatlining annual fundraising figures in some asset classes. And yet, multiple headwinds exist, making the journey towards increasing democratisation far from straightforward.

Private markets’ enthusiasm for the retail space is no fleeting trend, according to data from recent industry studies.

In conjunction with the transaction, StepStone has increased its record-breaking SREP V secondaries fundraise to €5.3bn.

More capital was raised for the strategy between Q1 and Q3 than the $118bn gathered in 2023.

With globalisation in retreat, the implications for private investment are complex. In areas like manufacturing, the push is toward reshoring of portfolio company operations. In risk management, many investors see diversifying their global exposure as key.

Will the Trump administration’s America First Investment Policy fundamentally change global capital flows?

A new world order is expected to reshape the private markets opportunity set over the next five years.

Secondaries Investor launches its inaugural Global Market Survey to map the market, its drivers and the changing nature of the asset class.

The pension fund’s sale of private fund stakes in private equity and real estate is understood to be substantial in size, Secondaries Investor has learned.