StepStone targets April final close – exclusive

StepStone is aiming to hold a final close on its fourth private equity fund in April, Private Equity International understands.

The New York-headquartered asset manager is seeking $1 billion for StepStone Capital Partners IV, which launched in 2017, according to a source with knowledge of the fund. Fund III, a 2014-vintage, closed on $600 million after attracting commitments from the likes of Municipal Employees’ Annuity and Benefit Fund of Chicago and Triangle Community Foundation, a separate source told PEI.

StepStone’s private equity team targets primary fund investments, secondaries and co-investments and has made $88 billion of capital allocations, according to its website. The firm has allocated $107 billion of capital and deployed $57 billion across private equity, private debt, real estate and infrastructure and real assets funds, its website said.

StepStone held a $700 million final close on StepStone Real Estate Partners III in February and raised $950 million for StepStone Secondary Opportunities III in November, exceeding its $750 million target.

The firm currently manages $34 billion of assets, according to its website. It operates out of 15 offices worldwide, including Toronto, Hong Kong and São Paulo.