StepStone Clinches $3.3B VC Secondaries Fund

StepStone Clinches $3.3B VC Secondaries Fund

New York-based investment firm StepStone Group Inc., advised by Proskauer Rose LLP, has clinched its latest venture capital secondaries fund after securing $3.3 billion from investors, marking the largest fund dedicated exclusively to pursuing venture capital secondaries to date.

StepStone Clinches $3.3B VC Secondaries Fund : Oversubscribed Fund Details

The oversubscribed fund, dubbed StepStone VC Secondaries Fund VI LP, received support from both existing investors and new limited partners, the investment firm announced in a statement on Wednesday. This achievement underscores the significant interest and confidence investors have in StepStone’s strategy and market positioning.

Fund Objectives and Strategy

The fund aims to provide liquidity to founders and early investors in venture-backed companies, buy interests in venture capital funds from limited partners, and assist fund managers with structured solutions such as portfolio strip sales, tenders, and continuation funds. These strategic moves are designed to cater to the growing need for interim liquidity in the venture capital market.