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Alternative Market Briefing

StepStone raises $600m for debut distressed credit fund

Monday, May 16, 2022

Laxman Pai, Opalesque Asia:

The global private markets firm StepStone Group has raised more than $600m for its Credit Opportunities Fund I (SCOF I), which will target both liquid and illiquid credit at stressed, dislocate, and distressed entry points.

The US-based investment firm specializing in direct, fund of funds, secondary direct, and secondary indirect investments said in a press release that a diverse group of limited partners from around the world is invested in the Fund.

Through SCOF I, StepStone also seeks to invest in opportunistic situations across asset classes, industries, and geographies.

StepStone Private Debt Partner Meinrad Wyser said: "Unlike the global financial crisis, which was perhaps more limited in scope, the pandemic has affected virtually every segment of the market. Based on what we've seen so far, the opportunity set for the Fund is unfolding across multiple sectors. This may help us provide our investors with diversified exposure to the private debt asset class, which is a cornerstone of our platform."

According to the release, owing to StepStone's scale and relationships, the Fund expects to see a robust pipeline of transactions, including secondary and co-investment opportunities.

"StepStone's broad market coverage, the expertise of StepStone's approved managers, and the Fund's flexibility in capital deployment across a wide range of credit asset classes and situations will allow the team to capitalize on timely opportun......................

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