Ardent forms third self-storage fund with StepStone capital

What's the deal? Real estate firm The Ardent Cos. has formed its third self-storage investment fund, seeded with eight facilities from its first two funds and backed by private-markets firm StepStone Group. Seven properties rolled over from Self-Storage Development Fund II and one from Fund I.

Why now? The GP-led continuation vehicle resolves Fund I's final self-storage investment and delivers a first exit for Fund II investors. "The transaction represents a key milestone in our funds' respective lifecycles," said Thomas Olson, partner and head of self-storage strategy for Ardent.

What's the endgame? Ardent will serve as general partner and keep managing the properties. It plans to use the new capital to buy more facilities in low-supply markets, expanding its US self-storage footprint through Fund III.

Founded in 2012, Ardent entered the US self-storage sector in 2019 and has since invested $425 million across 19 properties. It launched Fund II in 2025, targeting $150 million for ground-up projects in supply-constrained US markets. The firm has completed two projects, has four more under construction and two in pre-development, and launched The Place 4 Self Storage platform in the UK in May 2026.

StepStone, headquartered in New York, provides customized investment solutions, advisory and data services, with $233 billion of assets under management across private equity, real estate, infrastructure, and private debt. "The portfolio consists of newly developed, institutional-quality self-storage assets in supply-constrained, high-barrier markets," said John Waters, partner and co-head of investments. He called it "a compelling opportunity to invest at a transitional point in the assets' lifecycle."

The signal: The deal shows institutional capital flowing into self-storage through continuation vehicles — a structure that lets managers hold quality assets longer while returning cash to earlier investors.

Read more: Inside Self-Storage

Image credit: Scott Meyers Self Storage Investing