Focused on secondaries, IOF III's $1 billion target is ~2.2x the size of its 2019 predecessor.
Its next private equity flagship is slated for early 2027, while parent company EQT is laying the groundwork for an infrastructure secondaries platform.
The London-based manager is reportedly expanding its secondaries platform following a record $6.4 billion flagship close in July.
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.
