StepStone Group closes latest private equity secondaries fund at $4.8 billion

StepStone Group Iclosed its latest private equity secondaries fund, StepStone Secondary Opportunities Fund V, at $4.8 billion, said a Sept. 27 news release.

The fund came in above its target of $3.5 billion, said a spokesperson for StepStone. Including related separate accounts, the total size of the program was $7.4 billion, the spokesperson confirmed.

The preceding fund, StepStone Secondary Opportunities Fund IV, closed at $2.1 billion in 2020.

Investors in the latest fund include the $844 million Rollins College Endowment, Winter Park, Fla.; and the £52.3 billion ($66 billion) Border to Coast Pensions Partnership, Leeds, England, according to PitchBook data and the Sovereign Wealth Institute.

As of June 30, 2024, StepStone had $170 billion of assets under management, the release noted. Since inception in 2006, StepStone has deployed over $14 billion into over 210 private equity secondaries transactions.