According to recent filings with the U.S. Securities and Exchange Commission, StepStone Group’s venture capital arm, with $138 billion in assets under management, has successfully raised a total of $96.54 million for two versions of a private equity fund focused on blockchain technology. While the existence of these funds was disclosed last June, the sales figures were only revealed in the amendments released on Tuesday.
The initial fund, StepStone VC Blockchain I, L.P., based in the United States, has secured $71,225,000 from 100 investors since its first sale on June 7, 2022. Simultaneously, the Cayman Islands version of the fund has raised $25,315,000 from 41 investors within the same time frame.
StepStone VC became a part of StepStone Group following the acquisition of Greenspring Associates in September 2021. At the time of the deal, Greenspring Associates, a venture capital and private equity platform, managed assets worth $18.9 billion. With over 30 funds under its management, StepStone VC’s latest additions are notable for being the first to carry a crypto-related name.
CoinDesk reached out to StepStone Group for comment on the nature of the funds, but the company declined to provide any information. This is not the first time StepStone Group has ventured into the realm of cryptocurrency, as they were one of the limited partners supporting CoinFund’s Web3 fund with a total value of $300 million, which was announced in August of last year.