StepStone is targeting first closes for its flagship and debut GP-led fund by the first half of 2026, according to executives speaking on the firm's recent earnings call. The private equity firm's live secondaries fundraising also includes dedicated vehicles for infrastructure and venture capital investments. This expansion reflects growing investor appetite for specialized secondaries strategies across multiple asset classes.

The move comes as StepStone continues to build out its secondaries platform following strong performance in recent years. The firm has been actively raising capital across its various strategies, with GP-led transactions gaining particular traction as limited partners seek liquidity solutions and exposure to high-quality assets. StepStone's infrastructure and VC secondaries vehicles will complement its existing buyout-focused offerings.

Industry sources indicate the timing aligns with StepStone's broader growth strategy in the secondary market, where competition for deals remains intense. The firm's multi-strategy approach positions it to capture opportunities across the private markets spectrum while providing investors with diversified exposure to secondaries. With fundraising targets set for 2026, StepStone joins other major players expanding their GP-led capabilities in response to evolving market dynamics.