StepStone and Bain GP Outlook Reveals 25% Continuation Vehicle Adoption, $811B Capital
StepStone and Bain’s inaugural GP Outlook, from surveys of 100+ North American and European buyout professionals, finds 25% of GPs have completed continuation vehicles and 40% plan to in next two years. StepStone oversees $811 billion in total capital, including $220 billion AUM, with one-third of GPs offering fee discounts.
1. Inaugural GP Outlook Release
StepStone Group and Bain released their first GP Outlook based on surveys of over 100 buyout GP and investor relations professionals across North America and Europe. The report aims to pair forward-looking sentiment with past performance data to gauge expectations for 2026 deal flow and liquidity conditions.
2. Growth of Continuation Vehicles
One quarter of surveyed GPs have recently launched or completed continuation vehicles, and roughly 40% plan to explore them within the next two years. Continuation vehicles are being used to return capital to investors and optimize portfolio management amid valuation challenges and exit timing uncertainty.
3. Fee Discounts and Co-Investment Trends
Approximately one-third of GPs offered scale or early-bird fee discounts when raising their last flagship funds to attract limited partners. Interest in co-investment opportunities remains high, with GPs emphasizing swift execution and scale to meet LP demand.
4. AI Impact and AUM Highlights
Generative AI is yielding the highest reported returns in deal sourcing and due diligence, while nearly 40% of GPs expect minimal financial impact from AI within portfolio companies in 2026. As of December 31, 2025, StepStone manages about $811 billion of total capital, including $220 billion of assets under management.