Private equity firm StepStone Group Inc., advised by Fried Frank Harris Shriver & Jacobson LLP, announced Friday the successful closing of its fifth secondaries opportunities fund, raising a total of $7.4 billion in investor commitments.
StepStone Secondary Opportunities Fund V
The primary component of the capital raise, StepStone Secondary Opportunities Fund V LP, secured $4.8 billion in aggregate commitments. The fund received backing from a global network of institutional investors, including sovereign wealth funds, public and corporate pension funds, endowments, foundations, and family offices.
“We are extremely pleased to have received such strong investor support,” said Thomas Bradley, co-head of private equity secondaries at StepStone and one of the fund’s managers. Bradley attributed the success to StepStone’s proven track record and the current market demand for secondary liquidity.
StepStone $7.4B Secondaries Fund : Investment Strategy and Market Focus
StepStone plans to allocate more than half of the fund’s capital, targeting less efficient areas of the private equity secondaries market. The firm believes its information advantages will help isolate high-quality assets in those segments. “This newly raised capital will allow us to continue to take advantage of the best risk-adjusted opportunities while partnering with best-in-class managers,” Bradley said.
