StepStone Group has recapitalized Vertex Israel Fund IV, an early stage venture capital fund managed by Vertex Ventures Israel in a roughly $160 million general partner-led deal, said Brian Borton, a StepStone partner, in an email.
StepStone is the sole investor in the transaction. Vertex Israel Fund IV closed in 2016 with $150 million. StepStone purchased 35% of the remaining private company positions in the fund. None of the limited partners in the fund were cashed out but they received a pro rata share of the proceeds from the recapitalization, Mr. Borton said.
The transaction takes "pressure off Vertex Israel from asking founders to exit prematurely, as they have now delivered a full return of capital to the original Fund IV investors," Mr. Borton said.