StepStone makes headway with Fund IV fundraise

The firm has raised at least $310m for Secondary Opportunities Fund IV on its way to its more than $1bn target.

StepStone is almost a third of the way to the target of its latest secondaries fund, at least two months after launching the vehicle.

The New York-headquartered firm has raised at least $310 million across two vehicles for Secondary Opportunities Fund IV, according to separate filings with the Securities and Exchange Commission.

At least 20 investors have committed to the main onshore vehicle and 38 to the offshore vehicle, the filings show.

StepStone is understood to be seeking more than $1 billion for the fund, Secondaries Investor reported in March.

The firm’s predecessor Fund III, a 2015-vintage, raised $950 million ahead of a $750 million target, according to Secondaries Investor data. Its investors included Taiwanese insurer Fubon Life InsuranceLos Angeles City Employees’ Retirement SystemLos Angeles Fire & Police Pension System and George Kaiser Family Foundation.

Secondaries funds were targeting at least $84.9 billion in total as of late April, according to Secondaries Investor data. At least 43 vehicles with known targets are in market seeking secondaries capital across private equity, real estate and infrastructure, as well as for preferred equity, according to Secondaries Investor data.

A spokeswoman for StepStone declined to comment.