StepStone Secondaries Infrastructure Fund is approximately 50% deployed across LP-interest and GP-led transactions.
Founded in 2007, PennantPark is a mid-market-focused private credit manager with around $10 billion in AUM.
The alternative asset manager, which has begun the process of listing in India, is reportedly targeting $131 million for the strategy.
The recently registered interval fund, sub-advised by GCM Grosvenor, will target real asset investments through secondary, primary, co-investment, and listed transactions.
In July, the firm closed its debut program targeting the strategy with more than $5.5 billion in capital commitments.
The firm's lower fees in its flagship secondary funds will be offset by growth in its private wealth assets, according to CFO David Park.
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 vehicle is targeting interval fund deals, while also reviewing feeder fund portfolios, a source told SecondaryLink.
The newly launched firm provides liquidity solutions for energy and infrastructure sponsors and management teams.
