StepStone Closes $1.3 Billion Fund Amid Private Credit Boom

Investment firm StepStone Group Inc. has raised $1.3 billion for a private credit fund as investors seek higher returns and a hedge against inflation in the asset class that’s focused on loans with floating-rate interest.

StepStone’s Senior Corporate Lending II fund will invest in senior secured, first-lien corporate loans, the firm said in a statement Wednesday. It originally targeted $1 billion for the fund, which allows flexible allocations to general partners.

“Private debt has the potential to generate strong risk-adjusted returns in any interest rate environment,” said Marcel Schindler, head of private debt at StepStone, in the statement.

Private ...