StepStone launches STPEX fund, nets $750M to expand access

StepStone Group has introduced a new ticker-accessible private equity vehicle in the US, launching an evergreen interval fund that collected more than $750 million at inception. The product targets retail and advised clients by combining private equity exposure with a structure that offers periodic liquidity.

Designed and distributed by StepStone Private Wealth Solutions, the fund—branded StepStone Private Equity Strategies Fund (STPEX)—invests primarily in buyout and growth equity positions via secondaries and co-investments sourced through StepStone’s global platform. The firm says the public purchase option via a ticker makes private markets easier for wealth channels to access without traditional high minimums.

Executives framed the launch as a response to demand from advisors. Scott Hart, StepStone’s CEO and head of global private equity, highlighted the firm’s deal pipeline and quality-focused selection process. StepStone’s private equity group, backed by a global team of more than 190 investment professionals, invests STPEX capital alongside the firm’s institutional strategies—teams that StepStone reports supported about $389 billion of capital as of September 30, 2025.

Bob Long, CEO of StepStone Private Wealth Solutions, said the vehicle was crafted after conversations with wealth managers seeking a low-minimum, daily-valued private equity strategy. The fund offers a $5,000 minimum, no ongoing capital calls, and tax reporting on a Form 1099 rather than a Schedule K-1—features intended to simplify operational and tax workflows for individual investors and advisers.

STPEX will accept subscriptions daily while offering semi-annual redemptions currently expected to be up to 5% of net asset value. The firm positions the structure as a middle ground—retaining the illiquidity premium of private markets while providing periodic cash windows and operational convenience via custodian platforms and a ticker.

The launch broadens StepStone’s retail-facing product set, complementing existing private markets funds across core buyout, venture, infrastructure and credit. StepStone also points to its broader scale—reporting responsibility for roughly $771 billion of total client capital, including about $209 billion in assets under management as of September 30, 2025—to argue STPEX benefits from institutional-grade sourcing and portfolio construction capabilities.