StepStone Group, a private markets investment firm focused on providing customised investment solutions and advisory and data services, has closed the StepStone Tactical Growth Fund III (STGF III), raising more than USD690 million of commitments.
Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisors for the formation of the fund.
The fund includes limited partners from around the world, including, public and corporate pension plans, insurance companies, endowments and foundations, family offices, high net worth individuals, and financial services and advisory firms. STGF III integrates fund, secondary and co-investments to build diversified exposure to high-growth technology and healthcare assets globally. The opportunistic strategy is designed to provide exposure to leading VC and growth equity-backed companies while managing volatility, reducing fees and accelerating time to liquidity through innovative portfolio construction. StepStone partners Brian Borton, Andrew Callahan and John Coelho are the fund’s managers. Following StepStone’s recent acquisition of Greenspring Associates, the firm now has more than 70 investment professionals dedicated to venture capital and growth equity investing.
Coelho comments: “The rapid pace of innovation in the technology sector continues to generate compelling opportunities for venture capital and growth equity investors. We are excited to announce our third tactical growth fund, and fortunate to have the support of some of the most sophisticated limited partners in the world. They have shown tremendous enthusiasm for our strategy—one that seeks to capture the upside of technological innovation, while mitigating risk through our opportunistic approach. The addition of our new colleagues from Greenspring will only enhance the opportunities and relationships available to us as we deploy our investors’ capital.”