New York based global private markets investment firm StepStone Group, LP, closed its secondary private equity fund, raising US$2.1 billion of commitments.
StepStone Secondary Opportunities Fund IV (“SSOF IV”) surpassed its original target of US$1.25 billion. Together with capital from separately managed accounts, StepStone has raised over US$2.4 billion for its differentiated secondary private equity strategy.
Limited partners consist of both existing and new investors from around the world, including sovereign wealth funds, public and corporate pension plans, insurance companies, endowments and foundations, family offices, and financial services and advisory firms.
SSOF IV’s investment strategy focuses on the inefficient segments of the secondaries market, where StepStone believes it can acquire high quality assets to drive attractive returns.
The fund is managed by the co-heads of StepStone’s secondaries practice, Messrs. Thomas A. Bradley and Mark T. Maruszewski, together with 25 members of StepStone’s global secondaries team. Since inception, these professionals have committed US$4 billion across 114 transactions in the secondary private equity market.