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Laxman Pai, Opalesque Asia:

The global private markets firm StepStone Group Inc. amassed $2.36 billion in commitments to its flagship co-investment fund, looking to tap investment opportunities in the current economic downturn alongside private-equity firms.

The new fund exceeded a $1.7 billion target and is nearly double the $1.3 billion that StepStone raised for a predecessor fund.

According to a media release from the investment management firm, StepStone Capital Partners V (SCP V) will deploy its money through a range of transactions, including buyouts, growth equity, and recapitalizations.

A diverse group of sophisticated limited partners from around the world comprises the Fund's investor base, it said.

Lindsay Creedon, Partner and Co-Head of Co-Investments at StepStone said: "Based on current market conditions, rising interest rates, and valuations of private companies across industries, we believe this is an opportune time to invest in quality assets at attractive valuations."

The release said: "StepStone's global scale, platform, and relationships with top-tier managers around the world will support a robust pipeline of transactions. The Fund will benefit from the experience of StepStone's co-investment team, as well as the expertise of the preeminent private equity firms that StepStone invests alongside."

According to Darren Friedman, Partner and Co-Head of Co-Investments, SCP V is a cost-effective way for investors to obtain diversified private......................

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