Focused on secondaries, IOF III's $1 billion target is ~2.2x the size of its 2019 predecessor.
After closing on $1.5 billion in commitments for Hamilton Lane Infrastructure Opportunities Fund II earlier this year, the firm is expected to launch a successor in late 2026 or early 2027.
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.
In July, the firm closed its debut program targeting the strategy with more than $5.5 billion in capital commitments.
The alternatives manager also gave updates on the fundraising status of several other secondaries strategies spanning private equity, GP-leds, venture capital, and infrastructure.
The Euronext Amsterdam-listed manager is also preparing to launch two additional products focused on credit and infrastructure secondaries.
The firm's inaugural program is already more than 25% deployed across 20 seed investments, including two European transportation CV investments over the past month.
Pantheon Global Infrastructure Fund V, which has no hard cap and is yet to announce a final close, continues to attract institutional capital.
The fund targets core and core+ infrastructure investments through primaries, secondaries, and co-investments.
