StepStone Group has closed a second credit score alternatives fund forward of its $750m (£556m) goal, at $1.58bn in commitments.
The fund attracted new and returning restricted companions, which the worldwide non-public markets funding agency attributed to “robust investor demand for versatile credit score methods”.
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By way of the StepStone Credit score Alternatives Fund II (SCOF II), StepStone will put money into varied methods throughout the non-public credit score spectrum, predominantly by way of secondaries and co-investment transactions.
SCOF II will present buyers with diversified publicity to “compelling” credit score alternatives throughout a number of asset courses, constructing on the technique of its predecessor fund.
The fund has a versatile mandate, enabling the group to deploy capital “dynamically and selectively” throughout a spread of credit score asset courses and conditions.
“In an surroundings characterised by normal market and rate of interest volatility, in addition to periodic dislocations, we consider the chance set for credit score buyers stays enticing and elevated,” stated Marcel Schindler, head of StepStone non-public debt. “SCOF II is effectively positioned to capitalise on these dynamics throughout a number of sectors and buildings.”
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John Bohill, associate at StepStone Non-public Debt and SCOF II portfolio supervisor, added: “Our international sourcing capabilities, mixed with our expertise navigating a number of credit score cycles, place SCOF II to determine differentiated alternatives and search enticing risk-adjusted returns for our buyers.
“We consider this technique additional strengthens and builds the position non-public debt can play in consumer portfolios, notably in durations of market uncertainty.”
The fund held its last shut on 31 March. Dechert LLP suggested on its formation.
StepStone oversees $220bn of property beneath administration, with purchasers together with private and non-private outlined profit and outlined contribution pension funds, sovereign wealth funds and insurance coverage corporations, in addition to endowments, foundations, household workplaces and personal wealth purchasers.
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