# StepStone ASA

StepStone ASA is a Fund of Funds based in Oslo, Norway.

## Overview

- **Organization type:** Fund of Funds
- **Headquarters:** Oslo, Norway
- **Region:** Europe
- **Address:** Oslo, Norway
- **Founded:** 2007
- **Assets under management:** Undisclosed
- **Website:** www.stepstonegroup.no
- **LinkedIn:** https://www.linkedin.com/company/stepstone-asa

## Regulatory record

- **Reports private funds:** No

## About

StepStone ASA was founded in 2007 in Oslo, Norway, as an independent asset manager dedicated to private markets. The firm operates primarily as a fund-of-funds, directing institutional capital into private equity, infrastructure, real estate, and private credit. Its investment team has remained stable since inception, a factor the firm highlights as key to continuity in sourcing and underwriting. The firm's strategy spans primary fund commitments, direct co-investments, and secondary market purchases, allowing it to build diversified portfolios across vintage years and geographies. Target geographies include Europe, North America, and select Asian markets. Portfolio companies have included holdings in renewable energy infrastructure, Nordic buyout funds, and European mid-market growth equity vehicles (public record). StepStone ASA's AUM is not publicly disclosed. No philanthropic foundation or adjacent operating company has been publicly reported. In 2023, the firm closed a new fund-of-funds vehicle targeting European private equity and infrastructure. The firm's structural differentiator is its pure-play fund-of-funds model combined with direct co-investment capabilities, giving institutional clients access to private markets without the need to build internal GP-referral networks. Its Nordic base provides a differentiated sourcing channel for Scandinavian and Baltic opportunities that larger global allocators may overlook.

## Sectors

- Private Equity
- Real Assets
- Infrastructure
- Private Credit

## Questions

### Who runs investment decisions at StepStone ASA?

StepStone ASA does not publicly disclose its investment committee or lead portfolio managers by name. The firm emphasizes team stability in its marketing materials, but individual names are not listed on its website or in public filings.

### How does StepStone ASA source proprietary deal flow?

StepStone ASA sources deals through a network of general-partner relationships built over more than a decade in Nordic and European private markets. The firm relies on fund-of-funds primary commitments to establish GP access, which then feeds direct co-investment and secondary opportunities.

### Is StepStone ASA structured as a fund-of-funds or does it also manage separate accounts?

StepStone ASA operates primarily as a fund-of-funds, pooling institutional capital into diversified private-market portfolios. It also offers co-investment vehicles and, where client mandates allow, separate accounts for larger institutional allocators seeking customized exposure.

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Last updated: 2026-08-11T02:43:31.692Z

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