Partners John Avirett '01 and Hunter Somerville '00 were instrumental in leading StepStone Group, a global venture capital investment firm, to close the industry’s largest-ever VC secondaries fund at $3.3 billion. StepStone VC Secondaries VI is the firm’s sixth secondaries fund focused on opportunities in the venture capital asset class. It was oversubscribed, is 27% larger than its predecessor, and received strong support from existing investors and select new limited partners.

 

StepStone's clients include some of the world's largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds, prominent endowments, foundations, family offices, and private wealth clients, which include high-net-worth and mass affluent individuals. The firm's venture strategy incorporates fund-of-fund and direct investments on both a primary and secondary basis, allowing the firm to “capitalize on the flywheel effects of an integrated approach.”

 

In a press release covering the news, Somerville describes the strength of StepStone’s investment platform: “With deep relationships, vast data on venture-backed companies, and a 75-person investment team dedicated to venture capital and growth equity, we believe we are well positioned to effectively diligence, price, and structure a broad range of secondary opportunities.”