StepStone collects $94m for third secondaries fund

The global private equity firm's previous secondaries vehicle closed above target on $450m.

StepStone, a global private equity firm, has raised almost $94 million for its latest dedicated secondaries fund, according to filings with the US Securities and Exchange Commission.

The New York-headquartered firm has collected $78.6 million from 21 investors for StepStone Secondary Opportunities Fund III and $15.3 million from four investors for StepStone Secondary Opportunities Fund III Offshore, according to the 12 January filings.

It was not clear what the fund’s target is or when it was launched.

StepStone’s previous secondaries vehicle, StepStone Secondary Opportunities Fund II, closed above its $350 million target on $450 million in April 2013, according to PEI’s Research and Analytics division. It had launched in 2012.

Investors in Fund II include the Los Angeles Fire & Police Pension System, Missouri State Employees Retirement System and ACE and Company.

Other dedicated secondaries funds in market include Hamilton Lane Secondary Fund IV which has collected about $229 million and Pantheon Global Secondary Fund V which has raised about $1.7 billion.

StepStone has over $12 billion in assets under management and operates out of offices in nine global locations, according to its website.