StepStone Group has held the final closing of its secondary private equity fund, StepStone Secondary Opportunities Fund II, with total commitments of USD450m.
The fund exceeded its original target of USD350m, closing at its hard cap. Together with allocated capital from separately managed accounts, StepStone has raised approximately USD650m for a focused and differentiated strategy within the secondaries market.
Limited partners in the fund consist of US and international investors, including public and corporate pension funds, insurance companies, endowments and foundations, family offices, and financial service and advisory firms.
The fund’s investment strategy focuses on the smaller end of the secondaries market, where StepStone believes it can capture market inefficiencies to drive returns.
“We are fortunate to have a sophisticated, diversified group of global investors as limited partners, many of whom have invested with us in the past,” says Tom Bradley (pictured), one of the fund’s co-managers. “In a difficult fundraising environment, we are appreciative of the support and confidence that our limited partners have shown in our differentiated secondaries strategy – one which seeks to generate alpha by building a more concentrated portfolio of high quality assets, purchased at attractive prices, leveraging the global StepStone platform. We have generated significant momentum as a result of our recent investment activity and will seek to continue to build upon the success of our secondaries strategy.”