Key Takeaways
- • StepStone is raising approximately $11bn across new vintage funds, according to the headline of PEI Secondaries Investor's report.
- • The new vehicles span private equity, real estate, venture capital and growth secondaries, per head of strategy Michael McCabe.
- • McCabe made the disclosure on StepStone's recent earnings call, indicating the fundraising is active rather than planned.
- • Multiple secondaries funds are contributing to the raise, signalling continued allocator demand for secondary exposure.
Summary
StepStone is currently raising new vehicles totaling approximately $11bn, according to PEI Secondaries Investor. The raise spans several strategies, including private equity, real estate, venture capital and growth secondaries, as described by head of strategy Michael McCabe during the firm's recent earnings call.
The headline indicates that a number of secondaries funds are contributing capital to the raise, though the available source text does not itemize individual fund sizes, closing dates or investor commitments. Readers should treat the ~$11bn figure as an approximation from the report's headline rather than a final close.
For institutional allocators, the fundraising underscores the continued depth of demand for secondaries strategies across asset classes. Because the vehicles cover both traditional private equity and real estate as well as venture and growth secondaries, the raise offers a broad set of exposures within a single manager platform.
The headline indicates that a number of secondaries funds are contributing capital to the raise, though the available source text does not itemize individual fund sizes, closing dates or investor commitments. Readers should treat the ~$11bn figure as an approximation from the report's headline rather than a final close.
For institutional allocators, the fundraising underscores the continued depth of demand for secondaries strategies across asset classes. Because the vehicles cover both traditional private equity and real estate as well as venture and growth secondaries, the raise offers a broad set of exposures within a single manager platform.
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