“We believe we are well positioned to effectively diligence, price, and structure a broad range of secondary opportunities,” StepStone partner Hunter Somerville said. “We are humbled by the support of new and existing investors in the fund. We look forward to executing on our mission of seeking strong returns by financing innovation.”
StepStone Clinches $3.3B VC Secondaries Fund : Venture Capital Market Growth
The fundraising comes amid a booming venture capital market. When StepStone debuted its inaugural venture capital secondaries fund in 2014, there was approximately $600 billion in assets under management in the venture capital arena, StepStone said in its statement, citing data from Pitchbook. By the end of 2023, that figure had soared to roughly $3.3 trillion.
“The traditional view is that venture capital is a cradle-to-grave industry where the only exit opportunities come from a full acquisition or IPO,” StepStone partner John Avirett said. “With exit timelines extending by several years and trillions of dollars locked up in illiquid private companies, that mindset is starting to change. Shareholders of venture-backed companies, limited partners, and fund managers are increasingly turning to the secondary market as a tool for interim liquidity.”
StepStone’s Investment Portfolio
StepStone primarily invests in private equity, infrastructure, private debt, and real estate. Its clients include public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, endowments, foundations, family offices, and private wealth clients. As of March 31, StepStone was responsible for approximately $678 billion of total capital, including $157 billion of assets under management.
StepStone Clinches $3.3B VC Secondaries Fund : Proskauer’s Legal Guidance
The Proskauer team advising StepStone was led by partners Sarah Cherry, Kerry Fitzgerald Shriver, Galen Lewis, Jeremy Naylor, and Adam Scoll, providing crucial legal support to ensure the successful closing of StepStone VC Secondaries Fund VI LP.
