NEW YORK CITY—Capping a year-long strategic review process at real estate investment adviser Courtland Partners, StepStone Group Real Estate (SRE) said Tuesday it would acquire Courtland. Terms of the deal, which is expected to close in March, were not disclosed. The acquisition will give SRE a management platform of $100 billion in capital allocations from institutional investors. Courtland itself currently advises on about $95 billion of investments across the real estate, infrastructure, energy, timber and agriculture sectors.

The announcement comes days after Aon Group plc closed on its $475-million acquisition of another real estate investment management business, the Townsend Group. Courtland was founded by the late Michael Humphrey, a former consultant to Townsend who launched Courtland in 1995. At the time of his death at the end of 2016, Humphrey reportedly owned 90% of Courtland, while managing principal Steven Novick owned the remaining 10% stake.

Post-acquisition, Novick will become a partner of SRE and continue to oversee Courtland's current client relationships. Courtland team members will join SRE and continue to operate out of Courtland's Cleveland office.