StepStone Group has completed a $250 million recapitalization of a US senior living portfolio. The secondaries specialist is positioning itself to take advantage of a ‘silver tsunami’ in the US and Europe, where aging populations are driving demand for specialized housing and care services.

This move highlights the growing institutional interest in real estate sectors tied to demographic shifts. Senior living has seen increased investment from private equity and real estate funds seeking stable, long-term cash flows from an expanding customer base.

The deal allows existing investors to realize returns while providing StepStone with a platform for further growth. The firm will likely seek additional acquisitions in the sector as the aging trend accelerates across Western markets.