N.Y.-Based StepStone To Acquire Courtland Partners Of Cleveland
StepStone Group Real Estate has inked a deal to acquire Cleveland-based Courtland Partners Ltd. for an undisclosed sum. The transaction is expected to close by the end of March.
Following the absorption of Courtland, SRE will manage about $100B of capital allocations from institutional investors, including over $2B of assets under management, and deploy over $10B per year to real estate investments through primary fund investments, co-investments, secondaries and recapitalizations.
New York-based SRE is part of StepStone Group L.P., a private-equity firm founded in 2006 by Monte Brem and Thomas Keck.
Courtland was founded by Michael Humphrey in 1995. After Humphrey died unexpectedly in late 2016, Courtland formulated plans that eventually led to agreeing to be bought by SRE.
"After exploring a number of options, Courtland determined that an integration with [StepStone] presented the most attractive option for the firm and its clients," StepStone said in a statement.
Courtland Managing Principal Steve Novick will become a partner of SRE and continue to oversee Courtland’s client relationships. Courtland employees will join SRE and continue to operate out of Courtland’s Cleveland office.