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StepStone raises $450m for secondary vehicle

16 Apr 2013

Global private equity firm StepStone Group has closed its secondary private equity fund on $450m.

StepStone Secondary Opportunities Fund II exceeded its original target of $350m, closing on its hard cap.

Together with allocated capital from separately managed accounts, StepStone has raised approximately $650m for a “focused and differentiated strategy” within the secondaries market, it said.

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 said it 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,” said Tom Bradley, 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.”

StepStone oversees more than $50bn of private equity allocations, including fund, secondary, mezzanine and co-investments.

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