StepStone closes first infrastructure secondaries fund at $1.7B
What's the deal? StepStone Group (Nasdaq: STEP) has closed its debut infrastructure secondaries fund, StepStone Secondaries Infrastructure Fund (SSIF), raising $1.7 billion across the fund and related separate accounts. The commingled fund itself gathered $1.5 billion, surpassing its target and hitting its hard cap.
What's the endgame? SSIF is StepStone's first closed-ended commingled fund dedicated to infrastructure secondaries. It buys limited partner interests in infrastructure funds and invests in GP-led secondary funds run by third-party infrastructure managers.
The fund targets less efficient parts of the market, including the middle market, where StepStone believes its relationships give it an edge in finding quality assets.
Why now? The close follows StepStone's inaugural infrastructure co-investment fund in 2024, extending a platform that deploys an average of $13 billion a year across primary funds, secondaries, and co-investments.
Many of SSIF's backers have worked with StepStone across its infrastructure platform for years. "Secondaries are a relationship business," said James O'Leary, partner and head of StepStone Infrastructure & Real Assets. "LPs come to us seeking liquidity or a way to reshape a portfolio, and GPs come to us seeking a partner who can support their funds and their assets over time."
By the numbers. As of August 2026, the fund is roughly 50% deployed across 26 closed LP-interest and GP-led deals, many in the middle market. Latham & WatkinsDealroom has a profile for this one. Try Dealroom → advised on the fund's formation.
StepStone was responsible for about $913 billion of total capital, including $245 billion of assets under management, as of June 30, 2026.
The signal: Infrastructure secondaries remain a young corner of private markets, and a first-time fund clearing its hard cap points to investor appetite for both the asset class and the liquidity options secondaries provide.
Image credit: the diffraction by dews
