StepStone Group said Tuesday it closed its secondary private equity fund at $450 million. StepStone Secondary Opportunities Fund II LP exceeded its original target of $350 million and closed at the hard cap. Together with allocated capital from separately managed accounts, StepStone has raised approximately $650 million for a focused and differentiated strategy within the secondaries market.
StepStone Group, LP (“StepStone”) today announced the final closing of its secondary private equity fund, StepStone Secondary Opportunities Fund II, LP, (the “Fund”) with total commitments of $450 million. The Fund exceeded its original target of $350 million, closing at its hard cap. Together with allocated capital from separately managed accounts, StepStone has raised approximately $650 million for a focused and differentiated strategy within the secondaries market.
Limited Partners in the Fund consist of leading U.S. and international investors, including public and corporate pension funds, insurance companies, endowments and foundations, family offices, and financial service and advisory firms.
The Fund’s investment strategy focuses on the smaller end of the secondaries market, where StepStone believes it can capture market inefficiencies to drive returns.
“We are fortunate to have a sophisticated, diversified group of global investors as Limited Partners, many of whom have invested with us in the past,” said Tom Bradley, one of the Fund’s co-managers. “In a difficult fundraising environment, we are appreciative of the support and confidence that our Limited Partners have shown in our differentiated secondaries strategy – one which seeks to generate alpha by building a more concentrated portfolio of high quality assets, purchased at attractive prices, leveraging the global StepStone platform. We have generated significant momentum as a result of our recent investment activity and will seek to continue to build upon the success of our secondaries strategy.”
StepStone is a leading private equity firm that oversees more than US$50 billion of private equity allocations, including approximately US$10 billion of assets under management, through its global offices in New York, London, Beijing, and San Diego. StepStone creates customized and targeted portfolios for the world’s most sophisticated investors using a highly disciplined research-focused approach that integrates fund, secondary, mezzanine and co-investments. StepStone leverages its unique global platform to optimize exposure to top performing investment strategies, geographies and managers. For more information about StepStone, its philosophy and services, please visit www.stepstoneglobal.com.