California-based StepStone Group purchased 292,428 shares of Karman Holdings, increasing the position value by $21.1 million in the third quarter. Karman is now the fund’s second-largest holding. As of Friday, Karman shares were priced at $68.44, more than tripling from their IPO price in February.

StepStone Group’s new position in Karman Holdings represents 9.9% of their 13F reportable assets under management. Top holdings after the filing include NYSE:STUB, NYSE:KRMN, NYSE:PATH, NASDAQ:GENVR, and NASDAQ:DKNG. Karman designs, manufactures, and tests mission-critical systems for defense and space markets.

Karman Holdings Inc. specializes in mission-critical systems and hardware for aerospace and defense, serving government and commercial clients. StepStone’s investment in Karman reflects a focus on defense and space spending, with Karman showing strong revenue growth and a funded backlog of $758.2 million for long-term visibility.

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Read more at Yahoo Finance: Why a $21 Million Bet on a Stock Up 200% Signals Confidence in Defense Spending