StepStone Group Inc., a global private markets investment firm, has closed its StepStone Capital Partners Fund V, its 5th dedicated co-investment fund.

The fund closed with $2.36 billion in commitments and will focus on building a portfolio of co-investments alongside private equity firms. The fund will invest in buyout, growth equity, and recapitalization transactions.

“SCP V is a cost-effective way for investors to obtain diversified private equity exposure while leveraging StepStone’s competitive advantages,” said Darren Friedman, partner and co-head of co-investments. “StepStone’s extensive manager relationships, coupled with our in-house expertise, will enhance the opportunities available to us and allow us to build on the success of our predecessor funds.”