StepStone Group Closes Inaugural Infrastructure Co-investment Fund, Surpassing $1 billion

Rhea-AI Summary

StepStone Group (Nasdaq: STEP) has announced the final close of its StepStone Infrastructure Co-Investment Partners 2022 (SICP) fund and related separate accounts, securing over $1.4 billion in capital commitments. The SICP fund specifically closed with approximately $1.2 billion, significantly exceeding its target.

The fund focuses on co-investing alongside global infrastructure sponsors, targeting core-plus and value-add opportunities in sectors driven by major trends including energy transition, digital connectivity, and AI. StepStone, which deploys an average of $13 billion annually over the past three years, leverages its team of over 80 infrastructure professionals to manage investments across primary fund investments, secondaries, and co-investments.

Positive

• Secured over $1.4B in total capital commitments, with SICP fund raising $1.2B above target
• Demonstrates significant deployment capacity with $13B annual average infrastructure investment
• Large specialized team of 80+ infrastructure professionals

Negative

• None.

Expands infrastructure investment solutions beyond separate accounts, broadening access for investors

NEW YORK, Jan. 13, 2025 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP), a global private markets investment firm, today announced the final close of StepStone Infrastructure Co-Investment Partners 2022 (“SICP” or the “Fund”) and related separate accounts with over $1.4 billion of capital commitments.

SICP closed with approximately $1.2 billion of capital commitments, significantly surpassing its target, thanks to strong support from a diverse group of limited partners from around the world.

Through SICP, StepStone invests alongside leading global infrastructure sponsors in select transactions according to their expertise. The Fund pursues a mix of core-plus and value-add opportunities and seeks to capitalize on major secular trends such as the energy transition, the growth of digital connectivity and AI.

StepStone is among the most active infrastructure investors in the world, deploying an average of $13 billion each year over the past three years. This scale, coupled with a team of more than 80 infrastructure professionals and specialists, allows StepStone to support its clients, leveraging its deep GP relationships and access to a large pool of opportunities across primary fund investments, secondaries and co-investments.

“The close of SICP marks a significant milestone as we expand the solutions we offer our clients,” said James O’Leary, Partner and Head of StepStone Infrastructure & Real Assets. “We would like to thank our investors for their trust and support. There continues to be attractive investment opportunities in infrastructure, and we look forward to working closely with investors to find the optimal way for them to include this compelling asset class in their portfolios.”

Latham & Watkins LLP advised on the formation of the Fund.

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 September 30, 2024, StepStone was responsible for approximately $682 billion of total capital, including $176 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:
Seth Weiss
shareholders@stepstonegroup.com
+1 (212) 351-6106

Media:
Brian Ruby / Chris Gillick / Matt Lettiero, ICR
StepStonePR@icrinc.com
+1 (203) 682-8268

FAQ

How much capital did StepStone's Infrastructure Co-Investment Partners 2022 (STEP) raise?

StepStone's SICP fund raised approximately $1.2 billion in capital commitments, with total commitments including related separate accounts exceeding $1.4 billion.

What is the investment strategy for StepStone's SICP fund (STEP)?

The fund co-invests alongside global infrastructure sponsors, focusing on core-plus and value-add opportunities in sectors like energy transition, digital connectivity, and AI.

What is StepStone's (STEP) annual infrastructure investment deployment rate?

StepStone deploys an average of $13 billion annually in infrastructure investments over the past three years.

How many infrastructure professionals does StepStone (STEP) employ?

StepStone employs more than 80 infrastructure professionals and specialists.