As volatility pushes real estate investors to look for liquidity, secondaries can provide some attractive solutions. Now, StepStone Group has a record-setting fund in its arsenal to seize the opportunities. StepStone now manages the largest dedicated real estate secondaries vehicle raised to date having closed StepStone Real Estate Partners V on $3.77 billion in commitments last month. An additional $730 million from separately managed accounts brings the total haul to $4.5 billion. In this episode, Jeffrey Giller, head of real estate at StepStone, speaks to reporter Silas Sloan on how the fundraise came together, what the firm is looking for in a deal and where the real estate secondaries market goes from here. “The secondaries market in private equity has been such an important tool for liquidity for so many years,” Giller says. “It hasn't yet happened in real estate, but it inevitably will.”