StepStone Group

StepStone Group is a global private-markets investment firm that provides customized investment solutions — including primary fund commitments, secondaries, co-investment, and advisory and data services — to institutional and, increasingly, individual investors. The firm went public on Nasdaq under the ticker STEP.

Secondaries is one of several core strategies rather than StepStone's sole focus, but the firm has built a substantial dedicated secondaries business investing across private equity, infrastructure, real estate, and private debt fund stakes and GP-led transactions.

As of December 2024, StepStone reported approximately $179 billion in assets under management across its platform, with its secondaries team recognized among industry award programs for continuation vehicle and LP-portfolio transactions.

StepStone buys secondaries as one strategy alongside primaries, co-investment and private debt, and is publicly listed. The distinguishing asset is data: firms running large advisory and primary programmes accumulate performance information on thousands of funds, and that information is directly useful when pricing a stake in one of them.

Sellers range from large institutions to smaller investors accessing the market through advisory relationships. For a reader, the listed status is a practical benefit: public filings and earnings calls from firms like this are a rare source of quantitative commentary on secondary market pricing and volumes that is not produced by a party trying to sell you a fund.

Publicly listed private-markets firms where secondaries is one of several strategies (alongside primaries, co-investment, and direct credit) sold to institutional and increasingly individual investors.

This site groups buyers into four categories, because the category tells you more about how a firm behaves than its size does. See the rest of thepublic multi-strategy managergroup in the directory.