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StepStone acquiring Courtland Partners

StepStone Real Estate will acquire real assets consultant Courtland Partners, a StepStone spokeswoman said.

StepStone Real Estate, a unit of StepStone Group, is a global real estate consultant and institutional investment manager for institutional investors.

Once the deal closes, expected by the end of March, StepStone Real Estate will be advising on approximately $100 billion of capital allocations from institutional investors, including more than $2 billion of assets under management, said a joint news release from StepStone and Courtland Partners Tuesday. ​

Terms of the deal are not being disclosed.

The entire Courtland team is expected to join StepStone Real Estate resulting in a combined group of more than 50 employees in the U.S., Europe and Asia, the spokeswoman said. Steven C. Novick, managing principal at Courtland, was named a partner at StepStone Real Estate. He will continue to oversee Courtland's current clients. Mr. Novick will report to Jeff Giller, head of StepStone Real Estate. The rest of Courtland's leadership team "will continue to have important roles at StepStone Real Estate," the spokeswoman said. She did not elaborate.

Following the unexpected death of Michael J. Humphrey, Courtland's founder and managing principal in November, the firm undertook a "strategic review," the release said.

Mr. Novick, in the release, said "StepStone Real Estate and StepStone's greater global footprint will enhance Courtland's ability to provide its clients advice on international real estate opportunities."

Courtland Partners has approximately $95 billion in assets under advisement.