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StepStone Real Estate has closed StepStone Real Estate Partners V, its fifth flagship fund dedicated to real estate secondaries. At $3.8 billion in primary commitments, it is the largest secondaries fund ever raised, according to the company.

Including co-investments completed and other vehicles raised to invest alongside the fund, the total investment program has a capacity exceeding $4.5 billion. SREP V was oversubscribed, and thus far has committed $1.7 billion in eight unnamed investments, with others currently in the works.