According to SecLink Data, the fund's predecessor closed at $786 million, making this new fund 40% larger.
"We're turning down most of the deals we see to focus purely on exactly those very few deals that the GPs really want to hold onto," said CEO Benoît Durteste.
The firm's debut Vintage Infrastructure Partners fund closed in 2023 with $1 billion in capital commitments.
The planned offering will sit within KKR Solutions, a platform spanning sports investments and GP financing that CFO Rob Lewin expects to grow to more than $100 billion in AUM over time.
The firm reported strong fundraising activity across both strategies during the quarter, supported by persistent institutional demand for private markets liquidity solutions.
The firm held the final close of its debut infrastructure secondaries fund during the quarter, reaching its $1.5 billion hard cap and marking StepStone's largest inaugural fundraise to date.
The Toronto-based liquidity solutions specialist secured over $7.7 billion in capital commitments for its 2025 predecessor, which remains the firm's largest fundraise to date.
The firm has reportedly committed over $40 million to a strategy backing independent sponsors in primary and secondary deals, alongside GP seeding for management company stakes.
The strategy's oversubscribed predecessor closed in 2022 with $4.9 billion in capital commitments.
Mill Reef Capital Fund III will continue the Swiss firm's strategy of investing in smaller, often bespoke GP-led secondary transactions in Europe's small-buyout and lower-mid-market segments.
