StepStone Group Surpasses Target, Raising $3b for Secondaries Fund V

StepStone Group, a leading global private markets investment firm, has exceeded expectations with its latest fundraising efforts. CEO Scott Hart announced during the firm's Q3 2024 earnings call that they have raised approximately $3 billion for their latest vehicle dedicated to private equity secondaries strategy. This impressive figure surpasses the amount raised for the previous vintage of the fund. StepStone Secondary Opportunities Fund V, as it's known, has seen significant investor interest since its launch in 2022, with a second close in June 2023 securing $1.61 billion from notable LPs like Border to Coast Pensions Partnership, Fubon Life Insurance, and Cathay Life Insurance. Notably, alongside this achievement, StepStone has also secured substantial capital for its venture capital and real estate secondaries funds, further solidifying its position in the private equity market.