StepStone eyes over $1bn for latest fund – exclusive

The firm is raising capital for its fourth secondaries fund, less than two years after collecting $950m for its predecessor vehicle.

StepStone is back in the market with its fourth secondaries vehicle seeking over $1 billion, Secondaries Investor has learned.

The New York-headquartered asset manager is raising capital for StepStone Secondaries Opportunities Fund IV and has already started investing from the fund, two sources with knowledge of the fundraise told PEI. 

The firm closed Fund III, the 2015-vintage $950 million vehicle, according to one of the sources. Its investors included Taiwanese insurer Fubon Life Insurance, Los Angeles City Employees’ Retirement System, Los Angeles Fire & Police Pension System and George Kaiser Family Foundation, according to PEI data.

The firm has also wrapped up fundraising for its fourth private equity fund StepStone Capital Partners IV, one of the sources said. StepStone launched Fund IV in 2017 with a $1 billion target.

The firm declined to comment on fundraising.

StepStone has more than $108 billion of total capital allocation for private equity fund investments, secondaries and co-investments, and $46 billion of assets under management as of 31 March, 2018, according to its website. It opened its second Latin American office in Lima, Peru in November 2018.

Rod James contributed to this report