BVK to invest in real estate secondaries with StepStone

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Bayerische Versorgungskammer (BVK), Germany’s largest pension fund, has formed a €300m real estate secondaries investment partnership with StepStone Real Estate.

The €97bn German pension investor and StepStone said the newly formed partnership will target secondaries in opportunistic, value-added, and core-plus funds predominantly in the US and the Asia-Pacific region.

The firms have created a vehicle, managed by Universal-Investment-Luxembourg, to provide secondary liquidity to investors and managers of private real estate vehicles.

Brendan MacDonald, partner and COO of StepStone Real Estate, said: “We are honoured to have been selected as BVK’s partner for this important secondaries initiative.

“This partnership further expands our market-leading position as a liquidity provider to real estate vehicles around the world by investing in funds, secondaries, recapitalisations and co-investments across the risk spectrum.”

Markus Bannwart, the head of alternative investments/solutions at Universal-Investment, said: “Universal-Investment is pleased to expand its relationship with BVK and gain exposure to the real estate secondaries market through the StepStone-managed vehicle.”

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