11.6.25 | This week we recognized 8 capital-related transactions with a disclosed value of $14.8 Billion USD.
Additionally, we recognized 4 leadership changes within the industry.
- Harbert Management Corp. Announces Next Generation of Leadership
- LC Welcomes Michael Jordan as Chief Investment Officer, Advancing a New Chapter in the Company’s Growth
- Aware Super Appoints Simon Warner CIO
- AEW Names New COO of Asset Management France
Summary of Transaction Headlines
StepStone Real Estate (SRE), the real estate arm of StepStone Group, a global private markets investment firm, has finalized the size of its StepStone Real Estate Partners V (SREP V), a GP-led secondaries program, with total commitments of $5.3 Billion. In April 2025, SRE announced it had closed $4.5 Billion in total commitments for the program, which included a commingled fund of $3.77 Billion and discretionary co-investment vehicles investing alongside the fund. As of September 30, 2025, SRE has secured an additional $800 Million in discretionary co-investment commitments.
Commercial Observer | “TPG Closes $2.1 Billion Real Estate Credit Fund”
The fund exceeded its fundraising target by more than $600 Million and is investing mainly in broken multifamily and industrial. TPG is joining the widening, and lucrative, fray of commercial real estate debt fundraising strategies. The private equity firm announced during Tuesday’s third-quarter earnings call the closing of its new opportunistic real estate credit investing strategy, TPG Real Estate Credit Opportunities (TRECO) fund, with $2.1 Billion in commitments.
IREI | “Bridge Investment Group Raises More Than $2 Billion for Bridge Debt Strategies V”
Bridge Investment Group Holdings has completed fundraising for Bridge Debt Strategies Fund V (BDS V), raising $2.15 Billion in equity commitments. BDS V is a diversified, multi-pronged strategy focused on originating first mortgage direct loans, issuing CRE CLOs, purchasing Freddie Mac K-Series B-Pieces, and investing in other CRE-backed debt, including CRE CLOs and CMBS. Leveraging Bridge’s vertically integrated platform and in-house expertise across the residential rental and logistics sectors, the fund can invest in underserved parts of the debt market where barriers to entry are high and competition is more limited.
Sonida Senior Living has plans to acquire CNL Healthcare Properties in a cash and stock transaction valued at approximately $1.8 Billion. As a combined enterprise, Sonida expects to have an equity market capitalization of approximately $1.4 Billion and a total enterprise value of approximately $3 Billion upon closing. The combined company, which will continue to trade on the NYSE under the ticker SNDA, will be uniquely positioned in the public markets as a pure-play senior housing owner-operator platform, with a combined portfolio of 153 owned independent living, assisted living, and memory care senior living communities.
IPE Real Assets | “Bell Partners Seeks $1.5 Billion Hard Cap for New US Apartment Fund”
Bell Partners has set a target of $1 Billion and a hard cap of $1.5 Billion for its new fund, which seeks to acquire US core-plus apartment complexes. The Bell Growth & Income Fund has raised over 50% of its capital target since late August, helped by a $300 Million commitment each from the New York State Common Retirement Fund and the Los Angeles County Employees Retirement Association. The Growth & Income Fund is currently targeting investments across 91 sub-markets within 12 major metropolitan areas in the US.
IREI | “Aquilius Raises Largest Ever Asia Pacific Real Estate Secondaries Program at $1.1 Billion”
Aquilius Investment Partners has completed fundraising of its second real estate secondaries flagship fund, AIP Secondary Fund II (AIP SF II). AIP SF II was significantly oversubscribed at the hard cap and closed on more than $750 Million in capital commitments, surpassing its original $700 Million target. In aggregate, the firm has raised $1.1 Billion in capital commitments across its flagship fund and associated vehicles.
Multi-Housing News | “CIM, Bryant Group Ventures Launch $1 Billion Affordable Housing Fund”
CIM Group is partnering with entrepreneur John Hope Bryant and his Bryant Group Ventures on a new impact-driven fund run by CIM-BGV Impact Ventures. The fund is aimed at creating and preserving up to $1 Billion in affordable housing investments in underserved markets across the U.S. The partnership’s CIM-BGV Affordable Housing Impact Fund recently completed its first closing, securing more than
$250 Million in total investment capacity through fund equity and access to loan capacity.
Bisnow | “Investment Giants CapitaLand, Mapletree Exploring Merger”
Two Singapore-based real estate asset managers are considering a merger that would create a property giant with more than $150 Billion in assets under management. Discussions of a deal between Mapletree Investments and CapitaLand Investment are still in the early stages, The Wall Street Journal reports. If an agreement materializes, the merger process could begin as soon as next year and would eventually form one of Asia’s largest real estate firms.
IREI | “Harbert Management Corp. Announces Next Generation of Leadership”
Harbert Management Corp. (HMC) has announced Travis Pritchett, HMC President and COO, will assume the role of CEO, effective Jan. 1, 2026. As part of this planned transition, Raymond J. Harbert, who founded HMC in 1993, will transition to the role of Executive Chairman, where he will step back from day-to-day management responsibilities and work closely with Pritchett to guide the firm’s long-term strategic direction.
Business Wire | “LC Welcomes Michael Jordan as Chief Investment Officer, Advancing a New Chapter in the Company’s Growth”
Lifestyle Communities (LC), a national mixed-use developer that challenges traditional apartment living by creating participation-driven communities where people love where they live and feel like they belong, is proud to announce the appointment of Michael Jordan as Chief Investment Officer (CIO). Jordan’s addition marks a pivotal moment in the company’s continued growth and evolution. In this role, Jordan will lead LC’s investment strategy, navigating dynamic market conditions, identifying new opportunities, and securing the capital that fuels LC’s purpose-driven approach to real estate.
IREI | “Aware Super Appoints Simon Warner CIO”
Aware Super has appointed Simon Warner as CIO, effective Dec. 1. His appointment comes after a highly competitive global search to replace outgoing CIO Damian Graham, who announced in May his intention to step down from the role. Warner, who joined Aware Super in 2023 as Head of Portfolio Management, will lead the fund’s 160-person investment team that manages its members’ A$205 Billion ($135 Billion USD) superannuation savings across equities, fixed income, infrastructure, property, and private equity.
IREI | “AEW Names New COO of Asset Management France”
Alexia Delaire has been promoted to COO of Asset Management France at AEW while retaining her role as Head of Asset Management for Retail and Hotels France. In addition, Julie Milaret recently joined AEW as Head of Major Projects and Sustainable Development France. Milaret brings more than 15 years of experience to the role, with the last five years spent at BNP Paribas Real Estate as Program Director for major developments in hotels, offices and residential operations.
