StepStone Aims to Raise $7 Billion Across Two Secondaries Funds

StepStone Group Inc. intends to raise at least $7 billion for two secondaries funds, seizing on demand for such vehicles as a prolonged deal rut makes it tough to exit private equity bets.

The private-markets firm aims to collect roughly $6 billion for its latest secondary opportunities fund, which buys existing stakes in private equity vehicles from fund investors and other firms, according to people familiar with the matter. The prior fund wrapped up with $4.8 billion in 2024.

StepStone also hopes to gather $1 billion or more for a new vehicle to invest in other private equity firms’ continuation ...