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The Distribution by Juniper Square
Ep. 26: Learning the Lessons of Each Cycle - Jeff Giller - Head of Real Estate at StepStone Group
Dec 5, 2023
Jeff Giller, Head of StepStone Real Estate, discusses career lessons from downturns, co-mingling advisory and investment management, LP secondaries, forming investment theses, and anticipating changes in the real estate market in a conversation with Brandon Sedloff on The Distribution by Juniper Square.
57:29
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Quick takeaways
- Stepstone Real Estate anticipates increased activity in the LP secondary market due to liquidity constraints and maturing debt, creating opportunities for LPs to seek liquidity by divesting of fund positions.
- Stepstone Real Estate sees GP-led secondaries as a promising avenue for investments, providing capital to address balance sheet issues and liquidity problems faced by GPs through thorough due diligence and potential control in these transactions.
Deep dives
Investment Firm Stepstone Real Estate Specializes in GP-led Secondaries and Balance Sheet Restructuring
Stepstone Real Estate, a global private markets firm, focuses on GP-led secondaries and recapitalization to address liquidity constraints and balance sheet issues faced by institutional investors. They work with funds, managers, and other real estate vehicles, offering tailored solutions across sectors such as multifamily, student housing, retail, living centers, data centers, and industrial. Stepstone's investment approach combines top-down analysis with bottom-up assessments of asset types and product segments to align with their house views and create portfolios that reflect their investment strategy.
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