StepStone hires partner for real estate

StepStone Real Estate hired Margaret McKnight as a partner in its San Francisco office, with a focus on a number of key areas. Joining from Carlyle’s Metropolitan Real Estate Investment division, McKnight will focus on advisory, secondaries and co-investment practices within StepStone’s real estate unit. She was co-chief investment officer and head of the Americas at Carlyle’s real estate division, but prior to that she began the real assets consulting practice at Cambridge Associates. “Margaret’s skills and experience as an institutional real estate advisor and investor, especially in secondaries and co-investments, make her an ideal addition to our leadership team,” said Jeff Giller, head of StepStone Real Estate. “Margaret’s hire is key to our ongoing commitment to deliver exceptional service In September, the division announced that it had closed the StepStone Real Estate Partners IV (SREP IV) at $1.4 billion. The offering is focused on special situations secondaries and recapitalization of real estate vehicles. According to officials, much of the fund’s commitments ($870 million) were raised after the coronavirus pandemic began. As a consulting firm, StepStone oversaw $104 billion in investment allocations in real estate, overall the firm has $72 billion in assets under management as of September 30, 2020. “I’m grateful to be joining such an exceptional team at StepStone Real Estate, whose partners I have known and admired for much of my career,” McKnight said. “StepStone has built an exceptional platform across private markets based on a client-first, due diligence-oriented culture. This platform and culture, along with its strong investment track record, makes this opportunity a perfect fit for my background in manager selection, secondaries and co-investing.”

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