Private markets investment firm StepStone Group is gearing up to launch its first real estate private equity fund with the creation of a new unit for real estate investments, secondaries, recapitalisations and co-investments, said a person familiar with the matter.

StepStone teamed up with real estate boutique firm Clairvue Capital Partners to form StepStone Real Estate, according to a statement from the firm. Clairvue's principals and StepStone jointly own the new unit, which will create the fund and separately managed accounts.