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Laxman Pai, Opalesque Asia: The global private markets firm StepStone Group has beaten its $1bn goal for its new senior corporate lending fund by reaching a $1.3bn final close.
Through StepStone Senior Corporate Lending II (SCL II), it seeks to invest in post-Covid-19 vintage, senior secured, first-lien performing corporate loans, said a press release from the US-based firm providing customized investment, portfolio monitoring, and advice to investors.
The portfolio will be diversified across geographies, managers, and single loan positions. Flexible allocations allow the Fund to allocate to GPs with the strongest pipelines.
SCL II attracted a broad and diverse group of investors with support from existing investors and new investors to StepStone's private debt platform, the release said.
"The low-rate environment has been one of the leading factors behind the rise of private debt as an asset class. We are grateful for the strong support of our limited partners," said StepStone Private Debt partner Stephan Tscheulin. "Their enthusiasm is a testament to our team, which has invested through multiple credit cycles, and strong relationships with GPs."
According to the statement, SCL II benefits from StepStone's private debt platform, which provides efficient access to a global pool of GPs and enables the Fund to ramp up quickly and pickup yield through opportunistic investments.
"We believe our abilities to identify top-tier managers, source investments...................... To view our full article Click here
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