# Stepstone Group Real Estate LP

> Stepstone Group Real Estate LP is an SEC-registered investment advisory firm in La Jolla, CA, registered since 2015, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 30, 2026.

- CRD: 281698
- Filed as: STEPSTONE GROUP REAL ESTATE LP
- Also doing business as: COURTLAND, A STEPSTONE COMPANY
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: La Jolla, CA
- Filing period: October 2026
- Form ADV filing dated: July 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/281698
- AdvisorCensus page: https://advisorcensus.com/firm/stepstone-group-real-estate-lp-la-jolla-ca-281698

## Quick answers

**How is Stepstone Group Real Estate LP compensated?**
On its Form ADV (Item 5.E, October 2026), Stepstone Group Real Estate LP reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Stepstone Group Real Estate LP located?**
Stepstone Group Real Estate LP's principal office is in La Jolla, CA, according to its Form ADV; the August 2026 filing also lists 11 other offices (Schedule D, Section 1.F).

**Is Stepstone Group Real Estate LP registered with the SEC or a state?**
Stepstone Group Real Estate LP is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 281698.

**How much does Stepstone Group Real Estate LP manage?**
Stepstone Group Real Estate LP reports $17,212,566,630 in regulatory assets under management in its Form ADV filing dated July 30, 2026 (89% discretionary).

**How have Stepstone Group Real Estate LP's assets and staff changed since 2021?**
In the Form ADV data for Stepstone Group Real Estate LP: Regulatory assets under management: $7,111,489,205 in the October 2021 data and $17,212,566,630 in the October 2026 data, up 142%. Total employees: 53 in October 2021 and 117 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Stepstone Group Real Estate LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (61); state or municipal government entities (including government pension plans) (11); pension and profit sharing plans (but not the plan participants or government pension plans) (7).

**Does Stepstone Group Real Estate LP report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/281698

**What changed in Stepstone Group Real Estate LP's recent Form ADV filings?**
In the July 2026 filing data: Employees performing advisory functions went from 79 to 95. Added an office in Tokyo. Added an office in Winter Park, FL. No longer lists an office in La Jolla, CA. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $17,212,566,630
- Discretionary: $15,380,733,781
- Non-discretionary: $1,831,832,849

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 1 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 61 | $15,879,181,441 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 7 | $1,317,717,112 |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 11 | $15,668,077 |
| Other investment advisers | 4 | Not reported |
| Insurance companies | 1 | Not reported |
| Sovereign wealth funds and foreign official institutions | 3 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |
| Other | 0 | Not reported |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2015 (10 years)
- Employees: 117 total, 95 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- Beijing
- Chicago, IL
- Cleveland, OH
- Dublin
- Frankfurt
- London
- New York, NY
- San Francisco, CA
- Singapore
- Tokyo
- Winter Park, FL

### Websites listed on Form ADV (Item 1.I)
- spi.stepstonegroup.com
- stepstonegroup.com
- stepstonepw.com
- vimeo.com/stepstonegroup
- Facebook facebook.com
- Instagram @stepstonegroup
- Instagram @stepstonevc
- LinkedIn @stepstone-group
- LinkedIn @stepstone-private-wealth
- X @StepStoneVC
- X @stepstonegroup
- YouTube @stepstonegroup_STEP

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $7,111,489,205 | 53 | June 30, 2021 |
| October 2022 | $9,144,633,109 | 68 | June 28, 2022 |
| October 2023 | $11,182,324,201 | 66 | June 29, 2023 |
| October 2024 | $14,179,117,235 | 84 | July 30, 2024 |
| October 2025 | $16,359,033,558 | 86 | July 21, 2025 |
| October 2026 | $17,212,566,630 | 117 | July 30, 2026 |

Regulatory assets under management: $7,111,489,205 in the October 2021 data and $17,212,566,630 in the October 2026 data, up 142%.
Total employees: 53 in October 2021 and 117 in October 2026.

## Changes in the filing (last 12 months)

### July 2026
- Employees performing advisory functions went from 79 to 95.
- Added an office in Tokyo.
- Added an office in Winter Park, FL.
- No longer lists an office in La Jolla, CA.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Stepstone Group Real Estate LP (CRD 281698): Form ADV filing data as of October 2026.