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StepStone closes largest-ever VC secondaries fund

StepStone Group, a global private markets investment firm focused on investment solutions, advisory and data services, has raised $3.3bn for StepStone VC Secondaries Fund VI, its sixth vehicle focused on venture capital secondaries opportunities.

The oversubscribed fund, which secured support from existing investors as well as new limited partners, is the largest fund exclusively pursuing venture capital secondaries raised to date, according to a press statement.

StepStone Group launched its inaugural venture capital secondaries fund in 2014 when the VC AUM in venture capital have expanded from totalled approximately $600bn. Growth in the asset class since has seen that figure rise to around $3.3tn at the end of 2023, with approximately half of that value concentrated in older funds (2010–2018 vintages).

In line with the firm’s existing strategy, VSF VI aims to provide liquidity to founders and early investors in mature venture-backed companies, purchase interests in venture capital funds from limited partners and assist fund managers with structured solutions such as portfolio strip sales, tenders and continuation funds. StepStone’s venture capital platform spans fund and direct investments on both a primary and secondary basis.

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