The Swiss firm plans a final close by year-end and a follow-on fund launch, also targeting infrastructure secondaries, in the first half of 2025.
The London-based manager is reportedly expanding its secondaries platform following a record $6.4 billion flagship close in July.
Following the establishment of a dedicated GP-led secondaries team earlier this year, the London-based firm has reportedly secured around €1 billion at first close.
"AGSS highlights the increasing demand for tailored GP solutions in today's market environment and the innovative leadership of the Ares Secondaries platform," said Co-President Blair Jacobson.
Openstone Infraworld will initially target four funds managed by Macquarie, Partners Group, and Ares, including strategies focused on infrastructure secondaries.
The evergreen fund targets the energy, digital infrastructure, and transport sectors mainly through direct deals, complemented by secondaries and co-investments.
The second vintage of the secondary strategy has reached half of its €500 million target, and the programme has completed five investments across GP- and LP-led transactions.
StepStone Secondaries Infrastructure Fund is approximately 50% deployed across LP-interest and GP-led transactions.
The Euronext Amsterdam-listed manager is also preparing to launch two additional products focused on credit and infrastructure secondaries.
The newly launched firm provides liquidity solutions for energy and infrastructure sponsors and management teams.
