– StepStone Group announced the final close of StepStone Secondary Opportunities Fund V (SSOF V) with $7.4 billion in capital commitments.
– SSOF V exceeded its target, more than doubling the size of its predecessor fund, which had $4.8 billion in capital commitments.
– The fund leverages StepStone’s sponsor relationships, data, and information access to target less efficient segments of the secondaries market.
– Since inception, StepStone has deployed over $14 billion into more than 210 private equity secondaries transactions.
– SSOF V is over 50% committed to investments, focusing on high-quality assets managed by top-tier private equity sponsors.
– The fund’s investors include sovereign wealth funds, pension funds, endowments, foundations, family offices, and others.
– The fund is managed by Thomas Bradley, Mark Maruszewski, Co-Heads of Private Equity Secondaries and Adam Johnston, and John Kettnich, CFA supported by a 37-person team.
– Thomas Bradley commented, “We are extremely pleased to have received such strong investor support, which we attribute to the strength of our track record, the compelling secondaries market opportunity, and the value our platform brings to those seeking secondary liquidity. This newly raised capital will allow us to continue to take advantage of the best risk-adjusted opportunities while partnering with best-in-class managers among an increasing desire for liquidity from global private equity investors.”
– Regarding SSOF V, Adam Johnston said, “We are incredibly grateful for the trust and support from existing and new investors around the world. Our team and platform has never been stronger and we believe we are well-positioned to capitalize on the substantial and growing opportunities in the private equity secondaries market.”
– The broader StepStone platform includes over 1,000 professionals across 27 offices in 16 countries.
– The firm’s secondaries strategy aims to generate strong risk-adjusted returns by utilizing its platform’s data and relationships.
– StepStone manages $701 billion in total capital, with $170 billion in assets under management and $27 billion dedicated to secondary solutions.
