StepStone Raises $625M for 5th Secondaries Vehicle
Stepstone Group, a global private equity firm, has raised $3 billion to date for its fifth secondaries fund, which is larger than its preceding fund.
The firm raised $625 million for Secondary Opportunities Fund V in the previous quarter but has yet to reveal a target for the fundraise.
Its predecessor in the strategy eclipsed a $1.25 billion target to hit a final close on $2.1 billion in 2020, according to Secondaries Investor.
Fund V launched roughly two years ago and closed its second round in June after receiving $1.61 billion from institutional investors including Border to Coast Pensions Partnership, Fubon Life Insurance, and Cathay Life Insurance.
During the latest recent earnings call, CEO Scott Hart announced that the firm had secured $1.5 billion for its venture capital secondaries fund and $900 million for its real estate-focused secondaries vehicle. He stated that Stepstone anticipates both fundraisers to conclude in the first half of the year.
“In terms of what we are hearing from LPs at the moment, it feels like sentiment is moving in the right direction. Not only the recovery in the public markets, but views on interest rates and views on the current outlook are certainly meaning that LPs are more willing to commit and transact today,” said Hart.
StepStone manages over $149 billion in assets.