The fund, StepStone VC Secondaries Fund VI, raised $3.3 billion. This marks a big step up from the fund's predecessor, which closed on $2.6 billion, a record size at the time, in 2022.
LPs are still just as interested (in venture capital), but after the wild valuations of 2020 and 2021, many of which have evaporated now, they are looking for venture strategies that return results faster and with less risk.
LPs' interest level in venture capital continues to be strong. A lot of LPs are looking for broader or more differentiated ways of building their venture exposure and I think secondaries as a method of building that exposure certainly resonated.
He added LPs are looking for ways to invest in venture-backed companies without as long of a holding period too.
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