StepStone Conversus launched its latest fund with an eye on serving individuals and small institutions wanting exposure to venture capital and growth equity in a single fund.
Conversus StepStone Private Venture and Group (CSPRING) has begun to accept subscriptions and is planning to hold its first close over the next several months. The portfolio is diversified across underlying managers, investment stages and sectors of the innovation economy.
Officials said that CSPRING will predominantly buy venture and growth equity fund interests on the secondary market with shorter expected durations to liquidity, as well as later stage direct investments and limited seasoned primary investments.
“Investment in the innovation economy has increased dramatically over the course of the last decade,” said Bob Long, CEO of Conversus in a statement. “But as high growth firms stay private longer, returns have increasingly been captured by private market investors at the expense of public investors. CSPRING will give individual investors access to these potential returns.”
Conversus is a subsidiary of the StepStone Group, and leverages StepStone’s scale and expertise across private markets. CPRIM US, the firm’s flagship private markets fund, reached $500 million of AUM in under 18 months, and has returned 78% since inception in October of 2020.
StepStone, which has $137 billion in assets under management, will invest in CSPRING’s capital alongside its institutional clients.
An evergreen fund, CSPRING will raise capital and hold closings on a monthly basis while providing liquidity through quarterly tender offers. There are no ongoing capital calls, and tax reporting will be provided via a 1099 rather than a K-1. CSPRING is available to Qualified Clients in the U.S. with a minimum investment of $50,000 through a range of share classes created for various wealth management platforms.
“We believe the secular trends driving value creation in venture capital and growth equity will continue,” added Long in a statement. “Given recent market conditions, we think that now is an opportune time for individuals to invest in high growth companies at more attractive valuations.”
