StepStone Closes $450 million Secondaries Fund
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StepStone Closes $450 million Secondaries Fund

StepStone Group has held a final closing of StepStone Secondary Opportunities Fund II, LP, (the “Fund”) with total commitments of $450 million. The Fund exceeded its original target of $350 million and closed at its hard cap. Together with allocated capital from separately managed accounts, StepStone raised approximately $650 million.

Limited partners in the new fund consist of 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 new 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 invests in private equity funds, secondaries, co-investments, and mezzanine debt. StepStone oversees more than $50 billion of private equity allocations, including approximately $10 billion of assets under management. The firm has offices in New York, London, Beijing, and San Diego (www.stepstoneglobal.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 4-17-13

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