StepStone closes $1.7B infrastructure secondaries fund

StepStone Group Inc. (NASDAQ: STEP) has closed fundraising for its StepStone Secondaries Infrastructure Fund (SSIF) and related separate accounts, reaching $1.7 billion in total capital commitments, according to a press release from the company.

The fund itself closed with $1.5 billion in capital commitments, surpassing its target and hitting its hard cap. The remaining capital was raised through related separate accounts. SSIF is StepStone's first closed-ended commingled fund dedicated to infrastructure secondaries.

The fund focuses on acquiring limited partner interests in infrastructure funds and investing in GP-led secondary funds managed by third-party infrastructure general partners. As of August 2026, the fund is approximately 50% deployed across 26 closed LP-interest and GP-led deals, with many executed in the middle market.

James O'Leary, Partner and Head of StepStone Infrastructure & Real Assets, commented on the fund's approach: "Secondaries are a relationship business. 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."

StepStone Infrastructure & Real Assets reported deploying an average of $13 billion annually over the past three years across primary funds, secondaries, and co-investments. The SSIF follows StepStone's inaugural infrastructure co-investment fund, which closed in 2024.

Latham & Watkins LLP advised on the formation of the fund. As of June 30, 2026, StepStone was responsible for approximately $913 billion of total capital, including $245 billion of assets under management.

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