LGT Crestone and StepStone to launch venture capital fund

LGT Crestone has partnered with StepStone Group to provide a new open-ended venture capital offering.

The fund would connect Australian high-net-worth investors (HNWI) to a global, diversified portfolio of high-growth and unlisted companies. 

Named ‘The StepStone Private Venture and Growth Fund’, the offering would see investment flows into private organisations with an innovation-based focus. Additionally, companies benefiting from long-term trends would also be a target for investors.

Martin Randall, head of alternatives at LGT Crestone, described the offering as “one of the first funds specifically designed for private clients and smaller institutions”.

He added that the fund would provide diversified exposure to the leading fund managers and portfolio companies within the VC and growth equity landscape.

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Due to value creation experiencing shifts away from public markets and toward private markets, Randall expected venture capital and growth equity to gain growing prominence in portfolios.

“Companies are staying private for longer, often making a choice not to list. Many of these companies are creating value at a much more rapid rate than public companies” he said.

The fund would enable inventors to access StepStone’s diverse range of manager relationships. 

Moreover, it would see structured liquidity of up to 2.5% of the fund’s assets quarterly, in combination with monthly subscriptions. 

Michael Chisholm, LGT Crestone chief executive, commented: “We’ve always had a clear vision: to bring world-class investment opportunities to Australian HNWI. This latest global VC opportunity is a testament to realising this vision".