Leading Voices in Real Estate Jeff Giller and Margaret McKnight | StepStone Real Estate
Feb 3, 2025
Jeff Giller, Partner and Global Head of StepStone Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions, share insights on guiding institutional investors in the complex real estate market. They discuss strategies to navigate current challenges such as high interest rates, declining valuations, and recapitalization opportunities. Their conversation dives into the contrast between public and private investments, emphasizing tailored strategies for diverse client needs. They also highlight the importance of team dynamics, technology in decision-making, and the evolving landscape of real estate investments.
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Private Real Estate Advantages
- Institutional investors primarily seek private real estate for diversification, accessing strategies unavailable in public markets.
- Private markets offer broader strategies like value-add and opportunistic investments, unlike REITs.
Private vs. Public Real Estate
- Private real estate offers stability and potential for higher returns due to illiquidity and opacity.
- Public real estate is more volatile because of its frequent mark-to-market adjustments.
StepStone's Synergistic Model
- StepStone's advisory and asset management businesses synergize, viewing GPs as partners.
- They aim to provide solutions for both GPs and LPs.