StepStone Secures $3.1B Structured Secondaries Vehicle with Ares, Barings
StepStone Group closed a $3.1 billion structured solutions vehicle to invest predominantly in private market secondaries, marking the largest transaction of its kind. Ares Management and Barings Portfolio Finance provided primary capital and rated financing, while Citi served as structuring and placement agent.
1. Transaction Overview
StepStone closed a $3.1 billion structured solutions vehicle targeting private market secondaries, the largest transaction of its kind. It offers institutional investors a flexible, capital-efficient entry point into StepStone’s secondaries strategies.
2. Partnership Structure
Ares Management Alternative Credit funds committed as primary capital provider while Barings Portfolio Finance anchored rated financing. Citi acted as structuring and placement agent, leveraging its placement capabilities to distribute interests.
3. Strategic Implications
The transaction underscores StepStone’s ability to structure large-scale, customized secondaries solutions and may enhance its platform’s liquidity and fee-generating potential. It builds on the firm’s track record with insurance and financial services clients.
4. Company Background
As of December 31, 2025, StepStone oversaw $811 billion of total capital, including $220 billion of assets under management, across private equity, infrastructure, private debt, and real estate. The firm focuses on tailored investment solutions and advisory services for institutional and high-net-worth clients.