08:36 AM EDT, 09/27/2024 (MT Newswires) -- StepStone Group ( STEP ) said Friday it has closed its Secondary Opportunities Fund V and related accounts, which raised $7.4 billion in capital commitments, more than double the size of its predecessor fund.

StepStone Secondary Opportunities Fund V is over 50% committed to investments and aims to target less efficient segments of the secondaries market, where its relationships and information provide an edge in finding high-quality assets, the company said.

The fund is backed by a diverse group of institutional investors, including sovereign wealth funds, pension funds, endowments, and family offices, StepStone Group ( STEP ) said.