Key Takeaways
- Geography: United States.
Analysis
StepStone Group is targeting $7 billion across two new secondaries vehicles, reflecting surging investor demand for liquidity solutions in today’s challenging private equity exit environment.
According to reports, the firm is aiming for about $6 billion in its latest Secondary Opportunities Fund, which will acquire existing stakes in private equity funds from limited partners and managers. The new fund follows StepStone’s previous secondaries vehicle, which closed at $4.8 billion in 2024.
In addition, StepStone is launching a $1 billion continuation fund-focused strategy, designed to participate in GP-led transactions. The fund will primarily pursue single-asset continuation deals, but may also engage in multi-asset structures and co-investments alongside the new secondaries fund.
The announcement comes at a time of record activity in the global secondaries market. Data from Jefferies shows that transaction volumes reached $103 billion in the first half of 2025 alone, fueled by limited exit opportunities in the buyout market and a rising preference among institutional investors for flexible liquidity channels.
StepStone joins other large managers capitalizing on secondaries growth. Firms such as Ardian, Lexington Partners, and Blackstone have also recently expanded their secondaries platforms, underscoring how the market is evolving into one of the most dynamic areas of private capital. Single-asset continuation funds in particular have gained traction as GPs look to hold onto prized portfolio companies while still providing liquidity to investors.
With more than $600 billion of dry powder across global private equity funds, the demand for liquidity solutions is expected to intensify through 2026. StepStone’s dual fundraise positions the firm to capture this momentum by offering investors differentiated access to both LP stake sales and GP-led deals.