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Laxman Pai, Opalesque Asia: New York-based global private markets investment firm StepStone Group, LP, closed its secondary private equity fund that invests on the secondary markets, raising US$2.1 billion of commitments.
StepStone Secondary Opportunities Fund IV (SSOF IV) surpassed its original target of US$1.25 billion, said a press release from StepStone, which has more than US$280 billion of private markets allocations, including over US$62 billion of assets under management.
The Fund IV, along with separately managed accounts, brings StepStone's capital raised for its secondary private equity platform to more than $2.4 billion.
Limited partners in the fund consist of both existing and new investors from around the world, including sovereign wealth funds, public and corporate pension plans, insurance companies, endowments and foundations, family offices, and financial services and advisory firms. Investors in the fund include $24.7 billion Los Angeles Fire & Police Pensions.
SSOF IV's investment strategy focuses on the inefficient segments of the secondaries market, where StepStone believes it can acquire high-quality assets to drive attractive returns, said the press release.
The fund is managed by the co-heads of StepStone's secondaries practice, Messrs. Thomas A. Bradley and Mark T. Maruszewski, together with 25 members of StepStone's global secondaries team. "Since StepStone's inception, these professionals have committed US...................... To view our full article Click here
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