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ACRE Secures $300M Investment From StepStone Group
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
ACRE has secured a $300 million capital commitment from StepStone Group, marking a significant partnership. This commitment involves recapitalization of a 1500-unit portfolio and focuses on multifamily investments across the Sun Belt, Midwest, and Texas. ACRE's managing partner highlighted the importance of this achievement in attracting major institutional investors. With over $3.5 billion in assets under management, ACRE has invested in over 22,000 units across various markets since its founding in 2011.
Positive
Secured a $300 million commitment from StepStone Group, enhancing capital base.
Partnership involves recapitalization of a 1500-unit portfolio, indicating strong asset backing.
Investment focus on multifamily opportunities across high-growth markets strengthens strategic positioning.
ACRE manages over $3.5 billion in assets, showcasing robust operational scale.
Negative
None.
Leading pension fund allocator is the latest global investor to back ACRE’s growing multifamily investment platform
NEW YORK--(BUSINESS WIRE)--
ACRE, a global real estate private equity firm, today announced it has secured a $300 million capital commitment from StepStone Group as part of a new strategic partnership.
The commitment from StepStone, a global private markets investment firm and one of the world’s largest institutional consultancies, is broad-based and underpinned by a recapitalization of a 1500-unit portfolio from ACRE’s previous funds; a joint venture focused on development opportunities in high-growth markets; and a primary fund investment. Overall, the vehicle will invest in multifamily opportunities across the risk spectrum, including value-add acquisitions, lease-up and ground-up development across the Sun Belt, Midwest and Texas.
“Securing a commitment from StepStone marks a tremendous achievement for ACRE and our latest fund, as we continue to add many of the investment world’s most significant players to our growing list of partners,” said ACRE Managing Partner Michael Van Der Poel. “In an increasingly crowded multifamily market, attracting one of the world’s largest and most accomplished institutional allocators is a testament to the power of our offering and our track record of generating value across market cycles.”
StepStone joins a number of other high-profile global investors that have made significant commitments to ACRE’s suite of investment platforms, including Hamilton Lane, OPTrust and Almanac Realty Investors, the private real estate investment arm of Neuberger Berman.
“We are excited to engage in this partnership with a top-tier, vertically integrated apartment manager in ACRE,” said Alex Abrams, Managing Director, StepStone Real Estate. “This investment with ACRE is a strong fit with our strategy of recapitalizing best-in-class real estate platforms that own high-quality assets, and providing additional capital to help them expand,” he added.
About ACRE
Founded in 2011, ACRE is a global real estate private equity firm managing capital for institutional and family office investors through a series of private equity and debt funds and currently has more than $3.5 billion in assets under management. Since its inception, ACRE’s acquisition, development and lending efforts have spanned 22,000 units across 90+ investments in 33 cities. ACRE’s strategies focus on direct real estate equity and credit investments and are concentrated in high growth markets in the United States, with additional properties currently in development in Southeast Asia and the United Kingdom. ACRE manages a global portfolio with offices in New York, Atlanta, Miami and Singapore.
About StepStone Group
StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of March 31, 2022, StepStone oversaw approximately $548 billion of private markets allocations ($160 billion within SRE), including $134 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the real estate, private equity, infrastructure, and private debt asset classes.
