StepStone Group formed a new unit, StepStone Real Estate, with Clairvue Capital Partners, StepStone spokeswoman Caroline Luz said in an e-mail.
The real estate unit will be co-owned by Clairvue and StepStone. Ms. Luz said both groups will have “substantial ownership” but terms are not being disclosed.
StepStone Real Estate will construct global real estate portfolios for institutional investors through secondary funds, recapitalizations, co-investments and primary fund investments, said a news release from StepStone. It will operate globally with staffers initially located in the U.S. and Europe, and eventually Asia.
Jeff Giller was named head of StepStone Real Estate and partner at StepStone. Previously, Mr. Giller was founder, managing partner and chief investment officer at Clairvue.
Brendan MacDonald and Josh Cleveland, Clairvue's other partners, were also named partners at StepStone.
Clairvue Capital Partners is a San-Francisco based real estate firm that focuses on opportunistic portfolios in the U.S. and Europe through commingled funds, co-investment vehicles and managed accounts. Clairvue will continue to manage $250 million in existing legacy investments.
An official at Clairvue referred questions to Ms. Luz.
Also, Dev Subhash was named partner at StepStone Real Estate and will lead the unit's manager research and fund investment activities. Previously, Mr. Subhash was regional portfolio manager for Cohen & Steers' global realty partners unit. Officials in Cohen & Steers' human resources department did not return a telephone call by press time.
StepStone Group oversees about $60 billion in private capital allocations, including $10 billion in assets under management.