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 firm's $3.1 billion in Q3 secondaries inflows were driven primarily by its tenth private equity and ninth real estate secondary funds.
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 firm is looking to match the size of its predecessor, which closed in 2023 with $22 billion in capital commitments.
Its predecessor raised over $300 million in capital commitments, closing at twice its target earlier this year.
The Sydney-based manager has launched its inaugural fund, targeting investments across five AI growth vectors.
The India-focused vehicle has a target size of $75 million and will allocate capital across primaries, secondaries, and co-investments.
This will be the first of several planned vehicles aimed at advancing secondary market activity, primarily in the Japanese market.
The firm's secondaries business topped the $100 billion AUM milestone during the first quarter.
