StepStone Closes $1.7B Infrastructure Secondaries Fund
StepStone Group Inc. has raised $1.7 billion for its first dedicated infrastructure secondaries fund and related separate accounts, expanding the firm’s capacity to provide liquidity across private infrastructure markets.
StepStone Secondaries Infrastructure Fund closed with $1.5 billion in commitments, exceeding its target and reaching its hard cap. Separate accounts supplied the remaining $200 million.
The fund acquires limited-partner interests in existing infrastructure funds and invests in general partner-led secondary vehicles managed by third-party firms. LP-led transactions allow investors to sell fund positions before their scheduled expiration, while GP-led deals can move assets into continuation vehicles, giving existing investors an opportunity to exit or retain exposure.
SSIF was approximately 50% deployed as of August across 26 completed transactions, including LP-interest purchases and GP-led deals. Many involved middle-market assets, StepStone said.
“LPs come to us seeking liquidity or a way to reshape a portfolio, and GPs come to us seeking a partner who can support their funds and their assets over time,” said James O’Leary, partner and head of StepStone Infrastructure & Real Assets.
The closing comes as private-market secondaries activity reaches record levels. Global secondary transaction volume totaled an estimated $124 billion during the first half, up 28% from a year earlier, with LP-led and GP-led deals setting records, according to Lazard.
StepStone’s infrastructure unit invests across primary funds, secondaries and co-investments. The platform deployed an average of $13 billion annually during the past three years.
The fundraise follows the 2024 closing of StepStone’s inaugural infrastructure co-investment fund.
StepStone oversaw approximately $913 billion in total capital as of June 30, including $245 billion in assets under management. The balance consisted primarily of assets under advisement.
Latham & Watkins LLP advised on the formation of the Fund.
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