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Fund II's limited partners include endowments & foundations, public and private pensions, consultants, fund of funds and family offices.

Private equity firms raised close to $177bn in January-March, with buyout funds accounting for the majority.

'We actually had our most active year of new investments in 2023,' said co-founder and managing partner Bob Morse.

Fund I beat its $50m target and received permission from LPs to go slightly over its $75m cap.

As a result of this fundraising, Strattam now has more than $1 billion assets under management.

Sterling's previous fund closed at $2 billion in June 2020.

GEF US Climate Solutions Fund II invests in lower middle-market companies in the U.S. and Canada focused on climate change.

The alts giant recorded $8bn of capital from private wealth, including $2.7bn for its private equity strategy targeting individual investors.

StepStone was the fund's lead investor.