VC Secondaries Fund VI, L.P. is Largest VC-Focused Secondaries Fundraise to Date
BOSTON, June 10, 2024 – Proskauer, a leading international law firm, today announced it advised StepStone Group Inc. (Nasdaq: STEP) ("Stepstone"), a global private markets investment firm, on the closing of StepStone VC Secondaries Fund VI, L.P. ("VSF VI" or the Fund). The Fund, which was oversubscribed thanks to strong participation from both existing and new investors, closed with $3.3 billion in commitments and is the largest venture capital secondaries fund to date.
VSF VI will provide liquidity to founders and early investors in mature venture-backed companies, purchase interests in venture capital funds from limited partners and assist fund managers with structured solutions such as portfolio strip sales, tender offers and continuations funds.
The Proskauer team advising StepStone included partners Sarah Cherry, Kerry Fitzgerald Shriver and Galen Lewis (Private Funds); partner Jeremy Naylor (Tax); and partner Adam Scoll (EBEC). It also included associates Matthew Geduldig, Amanda Lutick, Kyle Litfin, Sara Leonard, Chloe Magee, Bianca Tomassini, Yang Ding, Rebecca Elsner and Samantha Spindler (Private Funds); and associate Alex Briody. (Tax)
Proskauer's work with StepStone underscores the Firm's proven track record of working with market-leading asset managers and some of the most driven fund managers in the global private capital landscape.