Principal, Advisory - Real Estate

About the Role

The Principal of StepStone Real Estate (SRE) will play a critical role in building and servicing discretionary and advisory client relationships in a highly collaborative, team-oriented, technology-forward environment. The role sits within the Manager Research team, covering primary fund investments, client service for discretionary accounts, and the firm’s advisory practice. The candidate must have training and experience in top-down construction of real estate portfolios, including consideration of client goals, constraints, tactical market opportunities, and the ability to effectively discuss strategies. The role focuses on commingled fund investments and involves manager coverage, oversight of investment evaluations, and preparation of materials such as Fund Summaries and Investment Committee memos. The candidate will also hold a senior role on client accounts, making portfolio construction and investment recommendations to clients and internal committees.

Responsibilities

• Client Coverage: Serve as a trusted advisor, applying top-down portfolio construction and bottom-up investment selection to deliver portfolios that meet client goals and drive outperformance. Responsibilities include responsive client service, client onboarding, leveraging specialty skills across StepStone, and managing supporting resources and team.
• New Business Development: Build relationships with client prospects to develop confidence in SRE and convert opportunities. This includes:
  • Discussing investment approaches and tailoring client-oriented strategies, often with detailed models.
  • Effective verbal and written communication, including presentation decks and RFP responses.
  • Collaborating with SRE and StepStone business development teams to coordinate deliverables.
  • Converting networks and market presence into sourcing opportunities (supplemental to dedicated BD efforts).
• Team Building:
  • Foster a collaborative, connected, and vibrant culture within the NY research team and across the global Manager Research team.
  • Train, manage, and motivate junior team members.
  • Maintain positive relationships with support groups, including secondaries, co-investments, BD, systems, and reporting teams.
• Technology and Data:
  • Become proficient with StepStone Private Intelligence (SPI) and other firm technology, ensuring fund materials and notes are regularly input.
  • Support gathering, verification, and use of an asset-level performance database, shaping its applications over time.
• Strategic Contributions:
  • Contribute to House Views, including reporting trends from client and GP interactions.
  • Involvement in broader top-down exposure recommendations, including generic House View recommendations.
  • Source co-investments, secondaries, and other tactical investment opportunities.

Requirements

• BA/BS in Business, Finance, Economics, Accounting, or equivalent relevant experience.
• 15+ years of experience in a manager and/or investment underwriting role in real estate.

Skills

• Top-down portfolio construction experience.
• Developed investment judgment with a demonstrable understanding of risk/reward.
• Strong client communication and relationship-building skills.
• Exceptional business writing.
• Detail-oriented with financial modeling skills (pacing models, track record analysis, portfolio construction, etc.).
• Commitment to learning and continuous improvement of tools and practices.
• Ability to thrive in a deadline-oriented environment, emphasizing timely and accurate client deliverables.
• Willingness to work a flexible schedule and travel as needed.
• High level of confidentiality.
• Possess an accreditation like a CFA, MBA, CPA, or CAIA (preferred).

Schedule

Minimum required 3 days a week in-office presence.

Pay

Salary range: $170,000 - $180,000. Actual pay may vary depending on job-related factors such as location, education, skill, and experience. The range does not include benefits or other forms of compensation.