BVK taps StepStone for RE secondaries mandate

Germany’s largest pension fund, Bayerische Versorgungskammer (BVK) in Munich, allocated €300 million ($347 million) to an investment partnership with StepStone Real Estate to provide secondary liquidity to investors and managers of private real estate vehicles.

The fund structure is administered by service platform and alternative investment fund manager Universal-Investment-Luxembourg S.A. The partnership will target secondaries in opportunistic, value-added and core-plus funds in the U.S. and the Asia-Pacific region.

"We are honored to have been selected as BVK's partner for this important secondaries initiative," said Brendan MacDonald . . .

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