StepStone registers next Secondary Opportunities fund

StepStone filed a registration document for a StepStone Secondaries V GP vehicle with Luxembourg's Registre de Commerce et des Sociétés on 7 September; the GP vehicle was incorporated in late August. It also registered a StepStone Secondary Opportunities Fund V Europe fund on 8 September.

StepStone declined to comment.

The firm held a final close for its fourth secondaries private equity fund, StepStone Secondary Opportunities Fund IV (SSOF IV), on USD 2.1bn in early 2020.

SSOF IV surpassed its original target of USD 1.25bn. It is larger than its predecessor, SSOF III, which closed on USD 950m in June 2017, exceeding its USD 750m target.

New York-headquartered StepStone is a global private markets investment firm specialising in fund investments, secondaries and co-investments across the private equity, infrastructure, private debt and real estate asset classes. The firm has around USD 237bn in private equity assets under either management or administration, according to its website.

LPs in SSOF IV include Los Angeles City Employees Retirement System, Los Angeles Fire & Police Pensions, Fubon Life Insurance, Cathay Life Insurance and the George Kaiser Family foundation, according to SEC documents and press reports.

StepStone's secondaries investment strategy focuses on the inefficient segments of the secondaries market, where StepStone believes it can acquire high-quality assets to drive attractive returns. The fourth fund targets small transactions and selects larger deals where favourable competitive dynamics exist or where it has a distinctive advantage, according to previous Unquote coverage.

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