StepStone Real Estate (SRE), the real estate arm of StepStone Group, and GREYKITE, the independent European real estate investment firm, have announced the planned recapitalization of Vitalia, Spain’s second largest care home owner-operator, through an agreement to acquire a majority interest from Vivaly Investments BV, a portfolio investment of CVC Fund VI and Portobello Capital Fund III. The transaction includes a commitment of over €500 million in growth capital, with both Vivaly Investments BV and Vitalia’s founder and senior management team retaining minority stakes, subject to customary regulatory approvals.
Vitalia currently operates 75 care home facilities and, with a substantial secured pipeline of new developments, will own and operate approximately 15,000 beds across Spain. The company holds a 2.5% market share in a fragmented and undersupplied sector driven by Spain’s rapidly aging population, positioning it to address a projected 40% shortfall in new care home delivery by 2030 by delivering approximately 50% of new beds over that period.
The transaction marks the tenth investment in StepStone Real Estate Partners V (SREP V), which closed in April 2025 with over $5 billion in total commitments, and represents the fund’s largest investment to date. The deal emphasizes SRE’s GP-Led strategy of recapitalizing scaled real estate platforms alongside existing managers and owners while reflecting StepStone’s growing focus on Spain across multiple strategies. Post-transaction, SRE will manage approximately $5 billion in assets under management in the healthcare real estate sector globally.
“Deploying SREP V into opportunities like Vitalia demonstrates the strength of our strategy – recapitalizing and supporting essential real estate businesses when traditional avenues for liquidity are constrained,” said Josh Cleveland, Co-Founding Partner and Head of EMEA at StepStone Real Estate. “With strong demographic tailwinds and limited new supply, Spain is a compelling growth market where we are making a broader push across our platform. We are excited to partner with GREYKITE, Vivaly Investments BV, and Vitalia’s management to drive the company’s next phase of expansion.”
For GREYKITE, Vitalia represents the eighth portfolio company investment for GREYKITE European Real Estate Fund I, which launched in March 2024, and the second headquartered in Spain, consistent with the firm’s focus on thematic real estate platform investments across the Living, Industrial and Digital sectors. Michael Abel, Founder and CEO of GREYKITE, said: “Vitalia represents a compelling opportunity to invest in a scaled, asset-backed platform with a strong market position, in a sector with very compelling medium and long-term demographic-led growth drivers.”
Vitalia is recognized as the benchmark for residential quality in Spain with its ‘homes for living’ model, pioneering a resident-centered care approach focused on at-home and onsite rehabilitation, dedicated tech-enabled 24-hour medical support, and restraint-free care. The company benefits from a best-in-class management team with over 50 years of combined experience that has been with the business since inception.
“I am excited to continue leading the company, together with my existing management team, and to work closely with our new shareholders,” said Chema Cosculluela, CEO of Vitalia. “Their support and vision will help us build on our strong foundation, accelerate our growth, and unlock new opportunities for our customers, employees, and partners.” GREYKITE will act as general partner on behalf of shareholders, leading day-to-day management of the investment in what represents the sector’s largest transaction in Spain in the past decade.
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