StepStone Group Celebrates Record Closure of Infrastructure Fund
StepStone Group Inc. (Nasdaq: STEP) has recently achieved a significant milestone in the investment world by successfully closing its inaugural Infrastructure Co-Investment Partners 2022 fund. This accomplished closure, which amassed an impressive total of over $1.4 billion in capital commitments, showcases the formidable presence StepStone holds in the private markets investment sector.
Fund Performance Surpassing Expectations
Initial commitments for the fund were projected at $1.2 billion, yet the response from investors exceeded expectations. The strong backing from a diverse range of limited partners, hailing from various corners of the globe, played a crucial role in surpassing the target funding amount. Such robust participation reflects the high level of confidence investors place in StepStone's strategic vision and approach.
Strategic Investments in Infrastructure
Through this fund, StepStone is committed to investing alongside top-tier global infrastructure sponsors. The focus remains on select transactions that align with their core expertise. The investment strategy encompasses both core-plus and value-add opportunities. Moreover, the fund aims to leverage major trends influencing the market, such as the ongoing energy transition, the increasing demand for digital connectivity, and advancements in artificial intelligence.
StepStone's Active Role in Infrastructure Investment
Ranked among the most proactive infrastructure investors globally, StepStone has consistently deployed an average of $13 billion each year over the past three years. This impressive scale, supported by a dedicated team of over 80 infrastructure experts, positions StepStone to effectively assist clients. With established relationships in the general partner (GP) sphere, the firm has unparalleled access to a wide range of investment opportunities, including direct fund commitments, secondary transactions, and co-investments.
Leadership Insights on Fund Closure
James O’Leary, Partner and Head of StepStone Infrastructure & Real Assets, commented on the successful closure of the SICP fund, expressing his gratitude toward investors for their ongoing trust and support. He emphasized the attractive investment opportunities that persist in the infrastructure space, reiterating StepStone's commitment to work collaboratively with investors. The aim is to optimize strategies that effectively incorporate this compelling asset class within their portfolios.
Essential Advisory Support During Fund Formation
Latham & Watkins LLP played an essential advisory role throughout the formation of the fund, ensuring regulatory compliance and strategic alignment with market opportunities. Their expertise contributed significantly to the successful launch and operation of the fund.
About StepStone Group
StepStone Group Inc. stands as a prominent global player in the private markets investment landscape. The firm specializes in providing tailored investment solutions alongside comprehensive advisory and data-driven services to clients. As of the close of the last fiscal period, StepStone was responsible for managing approximately $682 billion in total capital, which included $176 billion in assets under management. Their extensive client base features some of the world's largest pension funds, insurance companies, sovereign wealth funds, and notable endowments. Through collaborative partnerships, StepStone focuses on designing and constructing customized private markets portfolios, aligning with the unique objectives across multiple asset classes including private equity, infrastructure, private debt, and real estate.
Contacts
Shareholder Relations:
Seth Weiss
shareholders@stepstonegroup.com
+1 (212) 351-6106
Media:
Brian Ruby / Chris Gillick / Matt Lettiero, ICR
StepStonePR@icrinc.com
+1 (203) 682-8268
Frequently Asked Questions
What is the main focus of StepStone's new fund?
The fund focuses on investing in core-plus and value-add opportunities within the infrastructure sector, targeting key market trends.
How much capital was committed to StepStone's infrastructure fund?
Over $1.4 billion in capital commitments were achieved, significantly exceeding initial expectations.
Who are StepStone's primary clients?
StepStone's clients encompass major pension funds, sovereign wealth funds, and private wealth clients, including high-net-worth individuals.
What strategies does StepStone employ in its investments?
StepStone leverages its extensive GP relationships and focuses on diverse investment avenues like primary funds, secondaries, and co-investments.
Who supported the legal aspects of the fund's formation?
Latham & Watkins LLP provided comprehensive legal advisory services during the formation of the fund.
