StepStone Group Inc. closed a $3.1 billion structured solutions vehicle on March 31 2026, marking the largest such vehicle ever raised by the firm. The deal was structured with Ares Management Alternative Credit funds as the primary capital provider, Barings Portfolio Finance supplying rated financing, and Citi acting as the structuring and placement agent.
The new vehicle follows StepStone’s record‑setting private‑market secondaries programs, including the $3.77 billion real‑estate secondaries fund closed in April 2025 and the $7.4 billion private‑equity secondaries program closed in September 2024. By adding $3.1 billion of new capital, StepStone expands its capacity to deploy on‑demand secondaries across private equity, infrastructure, private debt, and real‑estate segments, reinforcing its position as a leading liquidity provider in a market where exit paths remain constrained.
The transaction reflects growing demand for flexible exposure to private markets from pension funds, sovereign wealth funds, and insurance companies. StepStone’s platform can deliver capital‑efficient entry points, allowing investors to access premium secondaries without committing to full‑size funds. The vehicle’s scale also signals confidence from major financial intermediaries in StepStone’s execution capabilities and the resilience of its secondaries business model.
"This transaction provides investors with a differentiated entry point into our secondaries strategies, delivered at meaningful scale. It builds on our experience executing similar solutions tailored to the needs of insurance company and financial services investors, and reflects our ability to leverage the depth and breadth of the StepStone platform," said Adam Johnston and Philippe Ferneini, partners at StepStone.
"We are pleased to support StepStone on this transaction, sustaining our momentum as a leading provider of tailored and flexible fund finance to quality managers. As the market continues to evolve and mature, we believe we are well positioned to continue providing innovative liquidity solutions attributable to our scaled capital, deep experience, and global sponsor network," added Richard Sehayek, partner and co‑head of European alternative credit at Ares.
"We are delighted to have anchored the rated debt in this innovative structure. This transaction demonstrates our ability to bring together scale of capital, multi‑asset class experience, and a deep understanding of a borrower's objectives to ensure seamless execution," said Ian Wiese, managing director at Barings Portfolio Finance.
StepStone’s total capital under management reached $811 billion as of December 31 2025, with $220 billion in assets under management. The firm’s continued success in raising large secondaries vehicles underscores its ability to generate fee income from premium transactions and to serve a diversified client base that includes institutional investors seeking liquidity in private markets.
The structured vehicle’s launch further strengthens StepStone’s competitive moat, positioning the firm to capture liquidity demand in a market where traditional exit routes are limited and investors seek flexible, capital‑efficient solutions.
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