StepStone Group is seeking to raise at least $7bn across two new secondaries vehicles, as investors turn to liquidity-focused strategies amid a difficult exit environment in private equity, according to a report by Bloomberg,
The report cites unnamed people familiar with the matter as highlighting that StepStone plans to raise about $6bn for its latest Secondary Opportunities Fund, which purchases existing stakes in private equity funds from limited partners and other managers. The firm closed its previous secondaries vehicle on $4.8bn in 2024.
In parallel, StepStone is also launching a new continuation fund-focused vehicle, targeting $1bn or more to back GP-led transactions. The fund is expected to primarily pursue single-asset continuation deals, but may also invest in multi-asset structures and co-invest alongside the new opportunities fund.
The move comes as the secondaries market hits record activity levels. According to Jefferies, secondary transactions reached $103bn in the first half of 2025, driven by constrained exit options in the buyout market and growing demand from investors for liquidity solutions.
