StepStone Group closed its latest private equity fund that invests on the secondary markets, the $2.1 billion StepStone Secondary Opportunities Fund IV, surpassing its $1.25 billion fundraising target, spokesman Chris Gillick said in an email.
The firm's fourth fund is also 130% larger than its predecessor, the $915 million StepStone Secondary Opportunities Fund III, which closed in 2017.
"We are pleased to have welcomed to our final close limited partners prior to the recent market disruption," said Thomas A. Bradley, co-head of StepStone's secondaries business, in a news release. "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 favorable pricing environment than we have seen in the recent past."
Investors in the fund include $24.7 billion Los Angeles Fire & Police Pensions.