StepStone Conversus unveils new venture fund

The Conversus StepStone Private Venture and Growth fund will mostly purchase venture and growth equity fund interests on the secondary market.

  • The fund, dubbed CSPRING, will buy VC fund stakes on the secondary market
  • Conversus is an investment platform designed to expand access to the private markets for high-net worth and accredited investors
  • StepStone will invest CSPRING’s capital alongside its institutional clients

StepStone Conversus has launched a private venture and growth equity fund. The target was not specified.

The Conversus StepStone Private Venture and Growth fund, dubbed CSPRING, has begun accepting subscriptions and expects to hold its first closing over the next several months.

The fund aims to give individuals and small institutions exposure to venture capital and growth equity. CSPRING will primarily purchase venture and growth equity fund interests on the secondary market with shorter expected durations to liquidity, as well as later stage direct investments and limited seasoned primary investments.

“Investment in the innovation economy has increased dramatically over the course of the last decade. But as high growth firms stay private longer, returns have increasingly been captured by private market investors at the expense of public investors,” Bob Long, CEO of Conversus, said in a statement. “CSPRING will give individual investors access to these potential returns.”

StepStone will invest CSPRING’s capital alongside its institutional clients.

StepStone Conversus, a wholly owned by StepStone Group Inc (Nasdaq: STEP), is an investment firm designed to expand access to the private markets for individual investors and small institutions.

StepStone Group is a global private markets investment firm that oversaw $588 billion of private markets allocations, including $137 billion of assets under management, as of June 30.