StepStone Real Estate (SRE) has unveiled a new platform, S‑Core, designed to broaden its core and core‑plus real‑estate activities. The launch is led by veteran investor Jennifer Jones, who joins the firm as a partner to oversee the platform’s rollout and manage a global investment mandate from San Francisco.
S‑Core will operate as a series of separate accounts built on SRE’s existing House Views framework, allowing investors to tailor portfolios by geography, property type, investment structure and leverage. The platform will tap SRE’s secondaries, co‑investment and fund‑investment capabilities to source and manage core and core‑plus assets at attractive fees, with a focus on off‑market opportunities and discounted access to seasoned properties.
Jeff Giller, Global Head of StepStone Real Estate, said the new platform will “follow StepStone’s disciplined investment approach, leveraging scale to provide investors with access to high‑quality assets at discounts and funds at favorable fees.” He added that S‑Core’s structure will enable a disproportionate share of investments to come off‑market, enhancing value creation for clients.
The addition of Jones and the S‑Core launch signal SRE’s intent to deepen its core‑plus offering, a segment that delivers returns comparable to non‑core real‑estate but with lower volatility and higher cash‑flow attribution. By expanding its product suite, SRE aims to capture a larger share of the growing demand for stable, income‑generating real‑estate assets among institutional and high‑net‑worth investors.
StepStone’s parent company, StepStone Group Inc., has faced financial challenges in recent periods, reporting negative earnings growth and a distressed Altman Z‑Score of 0.41. Despite these headwinds, the firm’s 2025 allocation of over $17 billion to funds, secondaries and co‑investments and more than 1,000 GP meetings demonstrate a proactive approach to sourcing deals for its real‑estate strategies, which the S‑Core platform will amplify.
The launch positions StepStone to compete more effectively in the core and core‑plus market, leveraging its existing capabilities and network to deliver customized, low‑volatility investment solutions to a broad investor base.
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