{"id":25040,"date":"2024-11-04T14:13:31","date_gmt":"2024-11-04T22:13:31","guid":{"rendered":"https:\/\/www.stepstonegroup.com\/?p=25040"},"modified":"2024-11-04T14:17:00","modified_gmt":"2024-11-04T22:17:00","slug":"stepstone-real-estate-liquidity-insights","status":"publish","type":"post","link":"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-liquidity-insights\/","title":{"rendered":"StepStone Real Estate Liquidity Insights"},"content":{"rendered":"<p>This report analyzes StepStone data to identify liquidity trends among non-core real estate funds. These funds have been materially impacted by recent interest rate spikes, which have led to value declines and overleveraged balance sheets.<\/p>\n<p>Distributions to investors have fallen substantially below normal. Market-wide transaction volume is down, and sales of assets owned in non-core funds are down even further, leading to longer hold periods and higher loss ratios.<br data-uuid=\"c999c790-95e5-4319-8ab4-1a52b542694c\" \/><br data-uuid=\"766c1a48-b409-4d40-8a83-e6e7a356ed92\" \/>At the same time, capital calls have recovered to normal levels because with longer hold periods, assets typically require more money, and with value declines, assets need to be de-levered.<br data-uuid=\"4027a370-0cd3-4eae-bf7f-8744d2e143e8\" \/><br data-uuid=\"07a290c6-a826-4aca-8fe7-2a397fd4d60a\" \/>Against this backdrop, fundraising is taking longer and proceeds are lower. Small and medium size managers are struggling more as institutional investors are increasingly favoring larger managers.<br data-uuid=\"06f26070-0a80-4a6d-bcc7-19481c108ad1\" \/><br data-uuid=\"63dbc189-1822-4ea6-8c3e-c92e37fb6a32\" \/>StepStone’s Real Estate Liquidity report draws from <a href=\"https:\/\/spi.stepstonegroup.com\/\" target=\"_target\" rel=\"noopener noreferrer\" data-cy=\"link\" data-qa=\"link_element\"><span data-qa=\"colored_text\">SPI by StepStone<\/span><\/a>, our proprietary database, which tracks over 3,750 real estate managers and 8,650 funds. In addition, the work is informed by the on-the-ground insights of our global investment and advisory teams, with total capital responsibility for $184 billion.<\/p>\n\n\n<section id=\"intro-stripe-block_60cccb32232825a0b35a9860b6dcdfa0\" class=\"w-block w-intro-stripe w-fc overflow-hidden py-[40px] lg:py-[80px]\">\n <style>\n #intro-stripe-block_60cccb32232825a0b35a9860b6dcdfa0 {\n --section-bg: #F2EFF1;\n --content-bg: #445460;\n }\n <\/style>\n\n <div class=\"row justify-center\">\n <div class=\"columns small-12 large-8\">\n <div class=\"intro-stripe__content text-center p-[28px]\">\n <h2 class=\"text-[26px] leading-[1.3] lg:text-[36px] lg:leading-[1.22222] font-light text-white\">Read the report<\/h2>\n \n \n <div class=\"intro-stripe-content__cta text-center\">\n <a href=\"https:\/\/www2.stepstonegroup.com\/Real_Estate_Liquidity_Insights\" target=\"_blank\" class=\"button\">\n Download <\/a>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/section>\n\n\n<section id=\"insights-block_8cd717e3195e582a2c3d26432eae3f8e\" class=\"w-block w-insights layout-slider w-fc no-pad overflow-hidden mb-[92px] lg:mb-[145px]\">\n <div class=\"row f-grid row-collapse items-center\">\n <div class=\"columns small-12 large-6\">\n <div class=\"insights__content\">\n <h3 class=\"insights__section-title text-[20px] lg:text-[30px] leading-[1.3] font-light text-highlight mb-[22px] lg:mb-[30px]\">\n Explore more insights on real estate <\/h3>\n \n \n <\/div>\n <\/div>\n\n <div class=\"columns small-12 large-6\">\n <div class=\"lg:ml-[-85px] lg:py-[58px] md-down:pb-[60px] md-down:px-[16px] overflow-x-hidden lg:w-[54vw]\">\n <div class=\"insights-swiper swiper overflow-visible\">\n <div class=\"swiper-wrapper\">\n <div class=\"insights-item flex flex-col swiper-slide max-w-[320px] lg:max-w-[416px] mr-[24px] revealator-slideup revealator-duration10 revealator-delay2\">\n <div class=\"insights-item__image flex-[0_0_auto] bg-slate relative has-img\">\n <div class=\"image-wand\"><\/div>\n\n <a href=\"https:\/\/www.stepstonegroup.com\/news-insights\/rpm-ep-41-spring-2024-real-estate-house-views-with-jeff-giller-and-margaret-mcknight\/\" class=\"block\" aria-label=\"RPM\u2014Ep. 41 | Spring 2024 Real Estate House Views with Jeff Giller and Margaret McKnight\">\n <img decoding=\"async\" loading=\"lazy\" class=\"mx-auto w-full object-cover\" src=\"https:\/\/www.stepstonegroup.com\/wp-content\/uploads\/2023\/04\/RPM_Lady-listening-to-podcast-in-office-416x208.png\" alt=\"RPM_Lady listening to podcast in office\">\n <\/a>\n <\/div>\n\n <div class=\"insights-item__content flex-[1_1_0] bg-clay pb-[20px] px-[30px]\">\n <div class=\"relative pt-[20px]\">\n <div class=\"content-wand\"><\/div>\n\n <div class=\"mb-[10px] text-[14px] leading-[1.3] font-medium uppercase\">\n <a class=\"bg-sea-green text-white py-[6px] px-[12px] inline-block no-underline hover:bg-slate\" href=\"https:\/\/www.stepstonegroup.com\/category\/podcasts\/\">Podcasts<\/a>\n <\/div>\n \n <h4 class=\"text-[17px] leading-[1.3] lg:text-[24px] lg:leading-[1.16667] font-medium mb-[4px] lg:mb-[10px] text-slate\">\n <a href=\"https:\/\/www.stepstonegroup.com\/news-insights\/rpm-ep-41-spring-2024-real-estate-house-views-with-jeff-giller-and-margaret-mcknight\/\" class=\"inline-block color-inherit no-underline hover:underline\">\n RPM\u2014Ep. 41 | Spring 2024 Real Estate House Views with Jeff Giller and Margaret McKnight <\/a>\n <\/h4>\n <\/div>\n\n <\/div>\n <\/div>\n<div class=\"insights-item flex flex-col swiper-slide max-w-[320px] lg:max-w-[416px] mr-[24px] revealator-slideup revealator-duration10 revealator-delay4\">\n <div class=\"insights-item__image flex-[0_0_auto] bg-slate relative has-img\">\n <div class=\"image-wand\"><\/div>\n\n <a href=\"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-spring-2024-house-views\/\" class=\"block\" aria-label=\"StepStone Real Estate Spring 2024 House Views\">\n <img decoding=\"async\" loading=\"lazy\" class=\"mx-auto w-full object-cover\" src=\"https:\/\/www.stepstonegroup.com\/wp-content\/uploads\/2023\/06\/erol-ahmed-9ZWtkOCMxbM-unsplash-416x208.jpg\" alt=\"high rise building\">\n <\/a>\n <\/div>\n\n <div class=\"insights-item__content flex-[1_1_0] bg-clay pb-[20px] px-[30px]\">\n <div class=\"relative pt-[20px]\">\n <div class=\"content-wand\"><\/div>\n\n <div class=\"mb-[10px] text-[14px] leading-[1.3] font-medium uppercase\">\n <a class=\"bg-sea-green text-white py-[6px] px-[12px] inline-block no-underline hover:bg-slate\" href=\"https:\/\/www.stepstonegroup.com\/category\/market-insights\/\">Market insights<\/a>\n <\/div>\n \n <h4 class=\"text-[17px] leading-[1.3] lg:text-[24px] lg:leading-[1.16667] font-medium mb-[4px] lg:mb-[10px] text-slate\">\n <a href=\"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-spring-2024-house-views\/\" class=\"inline-block color-inherit no-underline hover:underline\">\n StepStone Real Estate Spring 2024 House Views <\/a>\n <\/h4>\n <\/div>\n\n <\/div>\n <\/div>\n<div class=\"insights-item flex flex-col swiper-slide max-w-[320px] lg:max-w-[416px] mr-[24px] revealator-slideup revealator-duration10 revealator-delay6\">\n <div class=\"insights-item__image flex-[0_0_auto] bg-slate relative has-img\">\n <div class=\"image-wand\"><\/div>\n\n <a href=\"https:\/\/www.stepstonegroup.com\/news-insights\/rpm-ep-38-real-estate-secondaries-with-jeff-giller-and-margaret-mcknight\/\" class=\"block\" aria-label=\"RPM\u2014Ep.38 | Real estate secondaries with Jeff Giller and Margaret McKnight\">\n <img decoding=\"async\" loading=\"lazy\" class=\"mx-auto w-full object-cover\" src=\"https:\/\/www.stepstonegroup.com\/wp-content\/uploads\/2023\/04\/RPM_Man-in-underground-listening-to-podcast-416x208.png\" alt=\"RPM_Man in underground listening to podcast\">\n <\/a>\n <\/div>\n\n <div class=\"insights-item__content flex-[1_1_0] bg-clay pb-[20px] px-[30px]\">\n <div class=\"relative pt-[20px]\">\n <div class=\"content-wand\"><\/div>\n\n <div class=\"mb-[10px] text-[14px] leading-[1.3] font-medium uppercase\">\n <a class=\"bg-sea-green text-white py-[6px] px-[12px] inline-block no-underline hover:bg-slate\" href=\"https:\/\/www.stepstonegroup.com\/category\/podcasts\/\">Podcasts<\/a>\n <\/div>\n \n <h4 class=\"text-[17px] leading-[1.3] lg:text-[24px] lg:leading-[1.16667] font-medium mb-[4px] lg:mb-[10px] text-slate\">\n <a href=\"https:\/\/www.stepstonegroup.com\/news-insights\/rpm-ep-38-real-estate-secondaries-with-jeff-giller-and-margaret-mcknight\/\" class=\"inline-block color-inherit no-underline hover:underline\">\n RPM\u2014Ep.38 | Real estate secondaries with Jeff Giller and Margaret McKnight <\/a>\n <\/h4>\n <\/div>\n\n <\/div>\n <\/div>\n<div class=\"insights-item flex flex-col swiper-slide max-w-[320px] lg:max-w-[416px] mr-[24px] revealator-slideup revealator-duration10 revealator-delay8\">\n <div class=\"insights-item__image flex-[0_0_auto] bg-slate relative has-img\">\n <div class=\"image-wand\"><\/div>\n\n <a href=\"https:\/\/www.stepstonegroup.com\/news-insights\/real-estate-primer\/\" class=\"block\" aria-label=\"Real estate primer\">\n <img decoding=\"async\" loading=\"lazy\" class=\"mx-auto w-full object-cover\" src=\"https:\/\/www.stepstonegroup.com\/wp-content\/uploads\/2024\/01\/20240102_Real_estate_primer_11-416x208.png\" alt=\"20240102_Real_estate_primer_(1)[1]\">\n <\/a>\n <\/div>\n\n <div class=\"insights-item__content flex-[1_1_0] bg-clay pb-[20px] px-[30px]\">\n <div class=\"relative pt-[20px]\">\n <div class=\"content-wand\"><\/div>\n\n <div class=\"mb-[10px] text-[14px] leading-[1.3] font-medium uppercase\">\n <a class=\"bg-sea-green text-white py-[6px] px-[12px] inline-block no-underline hover:bg-slate\" href=\"https:\/\/www.stepstonegroup.com\/category\/white-papers\/\">Whitepapers<\/a>\n <\/div>\n \n <h4 class=\"text-[17px] leading-[1.3] lg:text-[24px] lg:leading-[1.16667] font-medium mb-[4px] lg:mb-[10px] text-slate\">\n <a href=\"https:\/\/www.stepstonegroup.com\/news-insights\/real-estate-primer\/\" class=\"inline-block color-inherit no-underline hover:underline\">\n Real estate primer <\/a>\n <\/h4>\n <\/div>\n\n <\/div>\n <\/div>\n <\/div> \n <div class=\"swiper-button-next\"><\/div>\n <div class=\"swiper-button-prev\"><\/div>\n\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>This report analyzes StepStone data to identify liquidity trends among non-core real estate funds. These funds have been materially impacted by recent interest rate spikes, which have led to value declines and overleveraged balance sheets. Distributions to investors have fallen substantially below normal. Market-wide transaction volume is down, and sales of assets owned in non-core […]<\/p>\n","protected":false},"author":15,"featured_media":17320,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[424],"tags":[126],"coauthors":[386],"class_list":["post-25040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights","tag-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>StepStone Real Estate Liquidity Insights - StepStone Group<\/title>\n<meta name=\"description\" content=\"This report analyzes StepStone data to identify liquidity trends among non-core real estate funds. 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These funds have been materially impacted by recent interest rate spikes, which have led to value declines and overleveraged balance sheets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-liquidity-insights\/\" \/>\n<meta property=\"og:site_name\" content=\"StepStone Group\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-04T22:13:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-04T22:17:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.stepstonegroup.com\/wp-content\/uploads\/2023\/06\/erol-ahmed-9ZWtkOCMxbM-unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"emily washburne\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"emily washburne\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-liquidity-insights\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-liquidity-insights\/\"},\"author\":{\"name\":\"emily washburne\",\"@id\":\"https:\/\/www.stepstonegroup.com\/#\/schema\/person\/5c5c885a0a34184603b015651a0e6e13\"},\"headline\":\"StepStone Real Estate Liquidity Insights\",\"datePublished\":\"2024-11-04T22:13:31+00:00\",\"dateModified\":\"2024-11-04T22:17:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-liquidity-insights\/\"},\"wordCount\":176,\"publisher\":{\"@id\":\"https:\/\/www.stepstonegroup.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-liquidity-insights\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.stepstonegroup.com\/wp-content\/uploads\/2023\/06\/erol-ahmed-9ZWtkOCMxbM-unsplash.jpg\",\"keywords\":[\"Real Estate\"],\"articleSection\":[\"Market insights\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-liquidity-insights\/\",\"url\":\"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-liquidity-insights\/\",\"name\":\"StepStone Real Estate Liquidity Insights - StepStone Group\",\"isPartOf\":{\"@id\":\"https:\/\/www.stepstonegroup.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-liquidity-insights\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-liquidity-insights\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.stepstonegroup.com\/wp-content\/uploads\/2023\/06\/erol-ahmed-9ZWtkOCMxbM-unsplash.jpg\",\"datePublished\":\"2024-11-04T22:13:31+00:00\",\"dateModified\":\"2024-11-04T22:17:00+00:00\",\"description\":\"This report analyzes StepStone data to identify liquidity trends among non-core real estate funds. 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