StepStone VC Secondaries Fund VII has already held its first close at $1 billion, with total capital commitments having exceeded $1.3 billion in August, according to SecondaryLink Data.
The reported capital pool forms part of the firm's broader $920 million fundraise across its venture investment strategies.
The sequel fund has secured $150 million from a California pension and will back venture and growth managers through GP stakes, fund commitments, and co-investments.
The Geneva-based firm targets late-stage single-asset secondary investments across technology and digital ventures.
The Denver-headquartered firm recently appointed Osnat Velingard in Tel Aviv to lead the firm's secondary strategy, which targets growth-stage tech companies.
Its 2024 predecessor set the record for the strategy after closing with $3.3 billion in capital commitments.
The firm's lower fees in its flagship secondary funds will be offset by growth in its private wealth assets, according to CFO David Park.
The alternatives manager also gave updates on the fundraising status of several other secondaries strategies spanning private equity, GP-leds, venture capital, and infrastructure.
Its 2024 predecessor set the record for the strategy after closing on $3.3 billion in capital commitments.
The firm's 2024 predecessor holds the title of the largest-ever VC secondaries fund, with $3.3 billion raised.
