StepStone VC Raises $97M for Two Blockchain Funds
The venture capital arm of StepStone Group (STEP), a global private markets firm with $138 billion in assets under management, has raised a combined $96.54 million for two versions of a blockchain-focused private equity fund, according to filings with the U.S. Securities and Exchange Commission. The existence of the funds were revealed in disclosures last June, but amendments released on Tuesday revealed the sales figures for the first time.
The U.S.-based StepStone VC Blockchain I, L.P. has raised $71,225,000 from 100 investors since the first sale occurred on June 7, 2022. The Cayman Islands version of the fund raised $25,315,000 over the same time period from 41 investors.
StepStone VC joined StepStone Group through the Sept. 2021 acquisition of Greenspring Associates, a venture capital and private equity platform that had $18.9 billion in assets under management at the time of the deal. StepStone VC now has more than 30 funds and the newest entrants are the first to specifically have a crypto-related name.
StepStone Group declined to comment when contacted by CoinDesk about the nature of the funds, which aren't the firm’s first foray into crypto. StepStone Group was among the limited partners who backed crypto-focused firm CoinFund’s $300 million Web3 fund announced last August.
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