StepStone closes fourth secondaries fund on $2.1bn

The fund surpassed its original target of $1.25bn. It is larger than its predecessor, StepStone Secondary Opportunities Fund III, which closed on $950m in June 2017, exceeding its $750m target.

Together with capital from separately managed accounts, StepStone has raised $2.4bn for its differentiated private equity secondaries strategy. 

SSOF IV is managed by the co-heads of StepStone's secondaries practice, Thomas A Bradley and Mark T Maruszewski, together with 25 members of StepStone's global secondaries team. Since StepStone's inception, the team has committed $4bn across 114 transactions in the private equity secondaries market.

"We are pleased to have welcomed to our final close limited partners prior to the recent market disruption," said Bradley in a statement. "With significant fresh capital to deploy from this new fund, we believe our investors in secondaries will benefit from a greater need for liquidity and a more favourable pricing environment than we have seen in the recent past."

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 more than $280bn in private markets allocation, including $62bn in assets under management.

Investors
The fund's investor base is composed of LPs from the previous vehicle and new investors from around the world, including sovereign wealth funds, public and corporate pension plans, insurance companies, endowments, foundations, family offices, and financial services and advisory firms.

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

Investments
SSOF IV's 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 fund targets small transactions and selects larger deals where favourable competitive dynamics exist or where it has a distinctive advantage.

People
StepStone Group – Thomas A Bradley and Mark T Maruszewski (co-heads of secondaries practice).

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