StepStone Group Closes First Credit Opportunities Fund

Rhea-AI Summary

StepStone Group (Nasdaq: STEP) successfully closed its inaugural StepStone Credit Opportunities Fund I (SCOF I), securing over $600 million in commitments. The Fund aims to invest in distressed and opportunistic credit across various asset classes. With a diverse investor base, StepStone anticipates significant deal flow due to its extensive market relationships. The Fund's strategy focuses on acquiring quality assets at attractive valuations, enhancing investors' portfolios through diversified private debt exposure.

Positive

• Successfully raised over $600 million for SCOF I.
• Diverse group of global limited partners enhances investor confidence.
• Anticipated robust pipeline of transactions, including secondary and co-investment opportunities.
• Potential for diversified exposure to the private debt asset class.

Negative

• None.

NEW YORK, May 12, 2022 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP), a global private markets investment firm, today announced the final closing of StepStone Credit Opportunities Fund I (“SCOF I” or “the Fund”), raising over $600 million of commitments.

Through SCOF I, StepStone seeks to invest in both liquid and illiquid credit at stressed, dislocated, and distressed entry points or opportunistic situations across asset classes, industries, and geographies.

A diverse group of limited partners from around the world is invested in the Fund. “We are pleased to close our inaugural credit opportunities fund and grateful for the support of our limited partners,” said StepStone Private Debt Partner Meinrad Wyser. “Unlike the global financial crisis, which was perhaps more limited in scope, the pandemic has affected virtually every segment of the market. Based on what we’ve seen so far, the opportunity set for the Fund is unfolding across multiple sectors. This may help us provide our investors with diversified exposure to the private debt asset class, which is a cornerstone of our platform.”

Owing to StepStone’s scale and relationships, the Fund expects to see a robust pipeline of transactions, including secondary and co-investment opportunities. StepStone’s broad market coverage, the expertise of StepStone’s approved managers, and the Fund’s flexibility in capital deployment across a wide range of credit asset classes and situations will allow the team to capitalize on timely opportunities and acquire quality assets at attractive valuations.

“Our ability to source investments from around the globe while offering secondary and co-investment opportunities provides investors with a value proposition that is hard to replicate,” said Marcel Schindler, Head of StepStone Private Debt. “When coupled with our team’s experience, which spans multiple credit cycles, we are enthusiastic about this strategy, which has the potential to expand the role private debt can play in investors’ portfolios.”

About StepStone

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2021, StepStone oversaw approximately $548 billion of private markets allocations, including $127 billion of assets under management. StepStone's clients include some of the world's largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

Contacts

Media:
Brian Ruby / Chris Gillick, ICR
StepStonePR@icrinc.com
1-203-682-8268

 

FAQ

What is StepStone Group's recent fundraising achievement for STEP?

StepStone Group announced the successful closing of its Credit Opportunities Fund I, raising over $600 million.

How does StepStone Group plan to invest the funds from SCOF I?

The funds will be invested in distressed and opportunistic credit across various asset classes worldwide.

Who are the investors in StepStone's Credit Opportunities Fund I?

The Fund has a diverse group of limited partners from around the world.

What opportunities does SCOF I aim to capitalize on?

SCOF I aims to capitalize on investments at stressed, dislocated, and distressed entry points.

How much capital does StepStone currently manage?

As of December 31, 2021, StepStone oversees approximately $548 billion in private market allocations.