Stepstone Closes 5th PE Secondaries Fund at $7.4B

StepStone Group Inc. announced the final close of StepStone Secondary Opportunities Fund V, L.P. (SSOF V) and related separate accounts with $7.4 billion of capital commitments, doubling the size of its predecessor fund.

SSOF V is more than 50 % committed to investments and will continue to focus on the less efficient segments of the secondaries market. Since inception, the NY-based firm has deployed over $14 billion into over 210 private equity secondaries transactions, focusing on a mix of LP-led and GP-led opportunities.

The fund is managed by Thomas Bradley and Mark Maruszewski, co-heads of Private Equity Secondaries, and Adam Johnston and John Kettnich.

“We are incredibly grateful for the trust and support from existing and new investors around the world. Our team and platform have never been stronger and we believe we are well-positioned to capitalize on the substantial and growing opportunities in the private equity secondaries market,” said Johnston.

StepStone invests across private equity, venture capital & growth equity, real estate, infrastructure, and private debt. As of June 30, 2024, the firm was responsible for approximately $701 billion of total capital, including $170 billion of assets under management and $27 billion to secondaries.

In June, the firm announced it raised $3.3 billion for its sixth vehicle focused on venture capital secondaries opportunities; the largest fund ever pursuing venture capital secondaries raised to date, according to the firm.