StepStone raises more than $2bn for secondary fund

The StepStone Group announced the closing of its fourth secondary strategy – StepStone Secondary Opportunities Fund IV. Officials said they surpassed their original $1.25 billion target and raised $2.1 billion of commitments. Together with capital from separately managed accounts, the firm has raised over $2.4 billion for its differentiated secondary private equity strategy. The fund is managed by the co-heads of StepStone’s secondaries practice, Thomas Bradley and Mark Maruszewski, together with 25 members of StepStone’s global secondaries team. The strategy is focused on inefficient segments of the secondaries market, where StepStone believes it can acquire high quality assets to drive attractive returns. “We are fortunate to have a sophisticated, diversified group of global investors as limited partners,” said Maruszewski. “They have shown unyielding support for our secondaries strategy – one that seeks to capture attractive risk-adjusted returns by utilizing StepStone’s global platform to construct diversified portfolios of high-quality assets that can outperform without the use of leverage.” Limited partners in the fund include of both existing and new investors from around the world. Sovereign wealth funds, public and corporate pension plans, insurance companies, endowments and foundations, family offices, and financial services and advisory firms are among StepStone’s clients. Bradley said, “We are pleased to have welcomed to our final close limited partners prior to the recent market disruption. With significant fresh capital to deploy from this new fund, we believe our investors in secondaries will benefit from a greater need for liquidity and a more favorable pricing environment than we have seen in the recent past.” Since StepStone’s inception, the global secondaries team has committed US$4 billion across 114 transactions in the secondary private equity market. The firm, which often advises pension clients on their private market portfolios, has more than $280 billion of private market allocations, including more than $62 billion in assets under management. StepStone uses a disciplined, research-focused approach to integrate fund investments, secondaries and co-investments across private equity, infrastructure, private debt and real estate asset classes.

StepStone raises more than $2bn for secondary fund

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