StepStone Group Inc. (NASDAQ: STEP) shares moved forward Wednesday. The New York-based StepStone, a global private markets investment firm, today announced that it has closed on $1.7 billion of commitments for StepStone Secondaries Infrastructure Fund and related separate accounts.
Following the successful fundraise of StepStone’s inaugural infrastructure co-investment fund in 2024, SSIF closed with $1.5 billion of capital commitments, surpassing its target and reaching the hard cap.
The Fund focuses on acquiring fund LP interests and investing in GP-led secondary funds, targeting what StepStone believes are high-quality infrastructure funds and assets managed by experienced third-party infrastructure GPs.
“We are grateful to the investors who backed this fund, many of whom have partnered with us across our infrastructure platform for years,” said James O’Leary, Partner and Head of StepStone Infrastructure & Real Assets.
“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 claims to be among the largest allocators to private infrastructure across primary funds, secondaries, and co-investments, deploying an average of $13 billion each year over the past three years.
STEP shares kicked off Wednesday ahead $1.32, or 2.7%, to $51.09.
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