StepStone Real Estate finalized the size of its StepStone Real Estate Partners V GP-led secondaries program, with total commitments of $5.3B. In April 2025, SRE announced it had closed $4.5B in total commitments for the program, which included a commingled fund of $3.77B and discretionary co-investment vehicles investing alongside the fund. As of September 30, 2025, SRE has secured an additional $800M in discretionary co-investment commitments. To date, SREP V has committed to 12 investments totaling $3.2B including co-investments, with several compelling opportunities currently in its pipeline. The average SREP V investment size to date of approximately $266M far surpasses that of SRE’s prior 2010/2012, 2015 and 2019 vintage funds, which were $33M, $63M and $118M respectively.
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