StepStone Just Closed Its First Infrastructure Secondaries Fund at $1.7B

StepStone just closed its first infra secondaries fund.

$1.7B raised, and 26 deals done already...

StepStone Group closed its first infrastructure secondaries fund in August after raising $1.7 billion across the vehicle and related separate accounts.

- Infra secondaries market valued at $20B
- Buys LP interests in existing infra funds
- Commits into GP-led continuation vehicles
- Ticket sizes are not yet published
- Targets funds run by experienced GPs
- Already 50% deployed across 26 deals
- Renewables, telecom, power, utilities, transport
- North America heavy with UK/EU/AU exposure

They weren't sitting on the cash while they raised it.

Before the fund closed, they already closed 26 deals and put roughly half the money to work.

Most debut funds wait until they've actually got dry powder in hand before they start writing checks.

StepStone Group didn't wait.

StepStone deploys $13B a year across primaries, secondaries and co-investments, and uses that flow to see deals before they hit the open market.

Infrastructure assets tend to outlive the funds that own them. That mismatch is exactly why secondaries stopped being a niche exit ramp and turned into a real market of its own.

Are infrastructure secondaries the next big thing?