StepStone Raises $1.7B for Infrastructure Secondaries Fund
Event summary
- StepStone closed its StepStone Secondaries Infrastructure Fund (SSIF) with $1.7B in commitments, exceeding its hard cap.
- The fund focuses on acquiring LP interests in infrastructure funds and investing in GP-led secondary funds.
- As of August 2026, the fund is 50% deployed across 26 closed deals, many in the middle market.
- StepStone Infrastructure & Real Assets deploys an average of $13B annually across primary funds, secondaries, and co-investments.
The big picture
StepStone's $1.7B infrastructure secondaries fund reflects the growing demand for liquidity solutions in private markets, particularly in infrastructure. The fund's focus on middle-market opportunities and GP-led secondaries highlights a strategic shift towards less efficient segments where relationships and deal flow are key differentiators. With $913B in total capital under management, StepStone is positioning itself as a major player in the infrastructure secondaries space.
What we're watching
- Middle Market Focus
- How StepStone's emphasis on middle-market infrastructure secondaries will differentiate it in a competitive landscape.
- Relationship-Driven Strategy
- Whether StepStone's relationship-based approach can sustain its deal flow and information advantages.
- Deployment Pace
- The pace at which StepStone deploys the remaining capital in SSIF and its impact on fund performance.