Arizona PSPRS confirms $50m commitment to StepStone VC Opportunities VII

The Phoenix-based public pension has backed StepStone Group's venture capital vehicle.

Institution: Arizona Public Safety Personnel Retirement System
Headquarters: Phoenix, US
AUM: $17.7 billion
Allocation to alternatives: 33.69%

Arizona Public Safety Personnel Retirement System has approved a $50 million commitment to StepStone VC Opportunities VII at its May 2022 board of trustees meeting, a contact at the pension confirmed to Private Equity International.

Managed by the New York-based StepStone Group, StepStone VC Opportunities VII has entered the market in December 2021, will target venture capital investment opportunities in the North American region.

As illustrated below, Arizona PSPRS’ recent private equity commitments have been to North American vehicles employing buyout and venture capital strategies. The $17.7 billion public pension has a 12.61 percent current allocation toward private equity.

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