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.
StepStone VC Secondaries Fund VII has already held its first close at $1 billion, with total capital commitments having exceeded $1.3 billion in August, according to SecondaryLink Data.
StepStone Secondary Opportunities Fund VI is reportedly targeting $6 billion in capital commitments.
StepStone Secondaries Infrastructure Fund is approximately 50% deployed across LP-interest and GP-led transactions.
Its 2024 predecessor set the record for the strategy after closing with $3.3 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.
Its 2024 predecessor set the record for the strategy after closing on $3.3 billion in capital commitments.
The milestone coincided with the first close of the firm's inaugural GP-led fund, securing $200 million in capital commitments.
The firm's 2024 predecessor holds the title of the largest-ever VC secondaries fund, with $3.3 billion raised.
