StepStone Group has held a final closing for its secondary private equity fund, StepStone Secondary Opportunities Fund IV, raising $2.1 billion of commitments. The fund surpassed its original target of $1.25 billion. Together with capital from separately managed accounts, StepStone has raised more than $2.4 billion for its differentiated secondary private equity strategy.
Limited partners in the fund consist of both existing and new investors from around the world, including sovereign wealth funds, public and corporate pension plans, insurance companies, endowments and foundations, family offices, and financial services and advisory firms.
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.