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Laxman Pai, Opalesque Asia:

The global private markets investment firm StepStone Group announced that it has raised $3.3 billion for StepStone VC Secondaries Fund VI, L.P. (VSF VI), the firm's sixth secondaries fund focused on opportunities in the venture capital asset class.

The oversubscribed fund had strong participation from existing investors, as well as select new limited partners, said a media release from the investment management firm focused on providing customized investment solutions, advisory, and data services. "It represents the largest fund exclusively pursuing venture capital secondaries raised to date," the release added.

StepStone Group launched its inaugural venture capital secondaries fund in 2014 when the venture capital market was an order of magnitude smaller. Strong performance over the last decade, coupled with limited liquidity in recent years, has driven significant growth.

Assets under management in venture capital have expanded from approximately $600 billion in 2014 to around $3.3 trillion at the end of 2023, with approximately half of that value concentrated in older funds (2010 - 2018 vintages).

The AUM held by venture funds, at times labeled a small market, now represents 64% of the assets held by traditional private equity funds and has grown by 123% since 2014.

"The traditional view is that venture capital is a cradle-to-grave industry where the only exit opportunities come from a full acquisition or IPO," said......................

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