StepStone closes $3.1B vehicle
StepStone closed a $3.1 billion structured secondaries vehicle to supply liquidity in private markets — a sign that demand for selling pre‑IPO and late‑stage equity remains strong. (globenewswire.com)
Ares Management’s Alternative Credit funds served as the primary capital provider to StepStone’s structured solutions vehicle, according to Dechert’s announcement about the deal. (dechert.com) Debevoise & Plimpton LLP is listed as legal counsel to StepStone on the transaction in the firm’s March 31, 2026 announcement. (debevoise.com) Dechert’s release names corporate and securities partner Anthony Lombardi as the lead adviser to Ares on the transaction. (dechert.com) Deal paperwork and adviser statements indicate the structure combined both debt and equity commitments, and several notices called it the largest structured secondaries transaction of its kind to date. (dechert.com) Market coverage recorded a positive equity reaction: StepStone’s Nasdaq ticker STEP traded up roughly 2.7% intraday and was reported at $47.99 following the announcements. (markets.financialcontent.com) Press materials dated March 31, 2026 describe the vehicle as a mechanism to give institutional investors capital-efficient access to StepStone’s private-markets secondaries platform. (markets.businessinsider.com)
