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Stepstone Group Real Estate

SEC-registered adviser since 2015La Jolla, CACRD 281698

$17.2B
AUM
88
Clients
See fees
Fee
95
Advisory staff

From Form ADV filed 30 July 2026 · data retrieved 15 October 2026SEC record

Stepstone Group Real Estate is an investment adviser headquartered in La Jolla, California, and registered with the SEC since 2015. Its clients include pooled investment vehicles, pension and profit-sharing plans, and state or municipal government entities.

Its services include portfolio management for pooled vehicles, portfolio management for institutions, pension consulting and selecting other managers. Fee arrangements include a percentage of assets under management, fixed fees and performance-based fees. Stepstone Group LP owns 50% to 75% of Stepstone Group Real Estate, and Scott Hart is its CEO.

Clients

Stepstone Group Real Estate serves 88 clients, 61 of them pooled investment vehicles. The average client has about $196 million with the firm.

Regulatory assets by client type
  • Pooled investment vehicles61 clients92%
  • Pension and profit-sharing plans7 clients8%
  • State or municipal government entities11 clients0%
Show client breakdown
Banking or thrift institutions
Clients
1
Regulatory AUM
$0
Share
0.0%
Avg. per client
$0
Pooled investment vehicles
Clients
61
Regulatory AUM
$15,879,181,441
Share
92.3%
Avg. per client
$260.3M
Pension and profit-sharing plans
Clients
7
Regulatory AUM
$1,317,717,112
Share
7.7%
Avg. per client
$188.2M
State or municipal government entities
Clients
11
Regulatory AUM
$15,668,077
Share
0.1%
Avg. per client
$1.42M
Other investment advisers
Clients
4
Regulatory AUM
$0
Share
0.0%
Avg. per client
$0
Insurance companies
Clients
1
Regulatory AUM
$0
Share
0.0%
Avg. per client
$0
Sovereign wealth funds and foreign official institutions
Clients
3
Regulatory AUM
$0
Share
0.0%
Avg. per client
$0

Total

Clients
88
Regulatory AUM
$17,212,566,630
Share
100%
Avg. per client
$195.6M

What it does

Stepstone Group Real Estate provides portfolio management for pooled vehicles, portfolio management for institutions, pension consulting and selecting other managers. It is paid through a percentage of assets, fixed fees and performance-based fees.

Stepstone Group Real Estate advises 60 private funds.

89.4% of assets ($15.38B across 63 accounts) are managed with discretion; $1.83B across 4 accounts are not. 66% of clients are outside the U.S., and 21 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Funds100%

Custodians

Stepstone Group Real Estate has custody of $9.30B for 60 clients.

Managed account assets by custodian
  • All other custodians$17.21B100%

Ownership and leadership

Stepstone Group LP owns 50% to 75% of Stepstone Group Real Estate, and Scott Hart is its CEO.

Who owns the firm
Stepstone Group Real Estate LP· the adviser

  • Stepstone Group LP

    Control person · since May 2014

    Owns 50% to 75% of Stepstone Group Real Estate LP

  • Giller Family Holding LP

    since December 2021

    Owns 10% to 25% of Stepstone Group Real Estate LP

  • The Brendan and Aurelie Macdonald Family Limited Partnership

    since December 2021

    Owns 5% to 10% of Stepstone Group Real Estate LP

  • Low Country Investments LP

    since December 2021

    Owns 5% to 10% of Stepstone Group Real Estate LP

Leadership

  • Scott Hart
    Partner, Chief Executive Officer
  • Jason Ment
    President and Co-Chief Operating Officer, Partner
  • David Park
    Partner, Chief Financial Officer
  • Jose Fernandez
    Co-Chief Operating Officer, Partner
  • Bendukai Bouey
    Chief Compliance Officer
  • Jennifer Ishiguro
    Chief Legal Officer, Partner

Staff

  • 117 employees
  • 95 in advisory functions

Fees

Stepstone Group Real Estate is paid through a percentage of assets under management, fixed fees (other than subscription fees) and performance-based fees.

Stepstone Group Real Estate’s fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Stepstone Group Real Estate has 11 offices, with 6 listed addresses across 5 states.

Listed office addresses by state

California · 2 listed addresses

  • 4225 Executive Square, Suite 1600, La JollaHQ
  • Two Embarcadero Center, San Francisco

Other business names

Stepstone Group Real Estate has reported 1 other business name to the SEC.

  • Courtland, A Stepstone Company

Registration details

Legal name
Stepstone Group Real Estate LP
Headquarters
4225 Executive Square, Suite 1600, La Jolla, CA 92037
Phone
858-558-9700
Website
www.stepstonegroup.com
SEC file
801-106835
Structure
Delaware limited partnership
Fiscal year end
March

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Stepstone Group Real Estate have?

Stepstone Group Real Estate has 88 clients and manages $17.2 billion for them, as of July 2026. They include 61 pooled investment vehicles, 11 state or municipal government entities and 7 pension and profit-sharing plans.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 July 2026

What services does Stepstone Group Real Estate offer?

Stepstone Group Real Estate provides portfolio management for pooled vehicles, portfolio management for institutions, pension consulting and selecting other managers.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

How many financial advisors does Stepstone Group Real Estate have?

Stepstone Group Real Estate has 0 investment adviser representatives registered with state securities authorities, out of 117 employees, and 95 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Stepstone Group Real Estate invest in?

At the end of its last fiscal year, Stepstone Group Real Estate’s separately managed accounts held 100% pooled vehicles (private funds and similar). It advises 60 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Stepstone Group Real Estate?

Stepstone Group Real Estate is owned through a chain of holding companies by Stepstone Group Inc. and Josh Cleveland. Its direct owners are Stepstone Group LP (50% to 75%), Giller Family Holding LP (10% to 25%), the Brendan and Aurelie Macdonald Family Limited Partnership (5% to 10%), and Low Country Investments LP (5% to 10%).

Source: Form ADV Part 1A, Schedules A and B, filed 30 July 2026

How does Stepstone Group Real Estate get paid?

Stepstone Group Real Estate is paid through a percentage of assets under management, fixed fees and performance-based fees. Its Form ADV lists no commissions among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file

Sources

  1. Form ADV Part 1A, amendment filed 30 July 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 281698.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with Stepstone Group Real Estate LP and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.