StepStone Group Closes Third Tactical Growth Fund With Over $690 Million in Capital Commitments

Rhea-AI Summary

StepStone Group, Inc. (Nasdaq: STEP) announced the successful closing of its Tactical Growth Fund III (STGF III), securing over $690 million in commitments. The fund attracts a diverse group of investors, including pension plans, insurance companies, and family offices, focusing on high-growth technology and healthcare assets. With over $519 billion in private markets allocations and a dedicated team of over 70 investment professionals, StepStone aims to capture market opportunities while managing risks. The fund's managers are optimistic about the potential generated by technological innovation.

Positive

• Raised over $690 million in commitments for Tactical Growth Fund III, indicating strong investor interest.
• Diverse limited partners from various sectors contribute to a robust funding base.
• Addition of Greenspring Associates enhances investment opportunities and expertise in venture capital.
• Company oversees approximately $519 billion in private market allocations, showcasing significant market presence.

Negative

• None.

NEW YORK, Nov. 10, 2021 (GLOBE NEWSWIRE) -- StepStone Group, Inc. (Nasdaq: STEP), a global private markets investment firm focused on providing customized investment solutions and advisory and data services, today announced the final closing of StepStone Tactical Growth Fund III ("STGF III"), raising more than $690M of commitments. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisors for the formation of the fund.

The fund includes limited partners from around the world, including, public and corporate pension plans, insurance companies, endowments and foundations, family offices, high net worth individuals, and financial services and advisory firms. STGF III integrates fund, secondary and co-investments to build diversified exposure to high-growth technology and healthcare assets globally. The opportunistic strategy is designed to provide exposure to leading VC and growth equity-backed companies while managing volatility, reducing fees and accelerating time to liquidity through innovative portfolio construction. StepStone partners Brian Borton, Andrew Callahan and John Coelho are the fund’s managers. Following StepStone’s recent acquisition of Greenspring Associates, the firm now has more than 70 investment professionals dedicated to venture capital and growth equity investing.

Mr. Coelho commented, “The rapid pace of innovation in the technology sector continues to generate compelling opportunities for venture capital and growth equity investors. We are excited to announce our third tactical growth fund, and fortunate to have the support of some of the most sophisticated limited partners in the world. They have shown tremendous enthusiasm for our strategy—one that seeks to capture the upside of technological innovation, while mitigating risk through our opportunistic approach. The addition of our new colleagues from Greenspring will only enhance the opportunities and relationships available to us as we deploy our investors’ capital.”

About StepStone Group

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 September 30, 2021, StepStone oversaw approximately $519 billion of private markets allocations, including $121 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

Shareholder Relations:
shareholders@stepstonegroup.com   
212-351-6106

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

FAQ

What is the recent announcement by StepStone Group regarding Tactical Growth Fund III?

StepStone Group announced the final closing of Tactical Growth Fund III, raising over $690 million in commitments from various investors.

How much capital has StepStone raised for Tactical Growth Fund III?

StepStone raised more than $690 million for Tactical Growth Fund III.

What types of assets does Tactical Growth Fund III focus on?

The fund focuses on high-growth technology and healthcare assets globally.

Who are the managers of Tactical Growth Fund III?

Brian Borton, Andrew Callahan, and John Coelho manage Tactical Growth Fund III.

What is the total private markets allocation overseen by StepStone?

As of September 30, 2021, StepStone oversees approximately $519 billion in private markets allocations.