StepStone Real Estate Completes $250M Senior Housing Recapitalization with Blue Moon Capital Partners

StepStone Real Estate, the real estate arm of global private markets investment firm StepStone Group, and Blue Moon Capital Partners announced the completion of a $250 million continuation vehicle to operate five Class A stabilized senior housing communities originally developed or redeveloped by Blue Moon.

The recapitalization, announced January 21, 2026, establishes a platform that the partners intend to use for acquiring additional high-quality senior housing communities. Three operators—Senior Lifestyle, LCB Senior Living, and Ascent Living Communities—will manage the portfolio.

Strategic Partnership in Senior Housing

John Waters, SRE Partner and Head of Investments, said the firm has been "focused on building our senior housing exposure with strong owner/operators like Blue Moon across the US and Europe."

"We're excited to partner with Blue Moon on owning, improving, and growing their senior housing portfolio," Waters added.

Blue Moon's Senior Housing Focus

Susan Barlow, Blue Moon's Managing Partner and Chief Operating Officer, said StepStone Real Estate is "the ideal partner for Blue Moon because they are deeply experienced senior housing investors and are aligned with Blue Moon on key initiatives such as incorporating technology into our operations and driving a culture of workforce advancement."

"Together we will continue to invest in high quality communities to maintain each asset's position as a market leader and to provide care solutions for our aging population," Barlow said.

Kathryn Sweeney, Managing Partner and Chief Investment Officer for Blue Moon, commented that the firm is "delighted to continue to own this fully stabilized portfolio of high-quality senior housing assets with SRE and our long-standing operating partners."

"We look forward to continuing to grow Blue Moon's footprint with these operating partners: Senior Lifestyle, LCB Senior Living and Ascent Living Communities," Sweeney said.

StepStone's Platform

As of September 30, 2025, StepStone Group was responsible for approximately $771 billion of total capital, including $209 billion of assets under management. The firm's clients include some of the world's largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds, insurance companies, endowments, foundations, family offices, and private wealth clients, including high-net-worth and mass affluent individuals.

StepStone Group partners with its clients to develop and build private markets portfolios designed to meet specific objectives across the private equity, infrastructure, private debt, and real estate asset classes.