StepStone Group announced the launch of the StepStone Private Equity Strategies Fund (STPEX) on November 13, 2025. The evergreen interval fund, which began investing in September 2025, has already attracted more than $750 million in capital and offers investors a low minimum commitment of $5,000. Shares can be purchased through ticker‑based transactions on major custodian platforms, making the fund accessible to a broad range of investors without an accreditation requirement.
STPEX is structured as an evergreen interval vehicle that focuses on secondary purchases and co‑investments in buyout and growth‑equity opportunities. The fund’s design allows for daily valuation and semi‑annual repurchase rights, providing liquidity that is uncommon in traditional private‑equity funds. By investing alongside StepStone’s institutional clients, the fund leverages the firm’s global private‑equity team of more than 190 professionals and its deep deal‑sourcing network.
The new product expands StepStone’s private‑wealth platform, which already includes SPRIM, SPRING, STRUCTURE, and CRDEX. As of September 30, 2025, StepStone managed $209 billion in assets under management, $132.8 billion of which were fee‑earning, and $771 billion of total capital across all business lines. The $750 million raise for STPEX adds a high‑margin, low‑minimum vehicle that is expected to accelerate fee‑earning AUM growth and broaden the firm’s reach to high‑net‑worth individuals and financial advisors.
Investor demand for private‑market exposure has accelerated in recent years, with a growing share of capital flowing into evergreen, semi‑liquid structures. The rapid accumulation of capital for STPEX reflects this trend and positions StepStone ahead of competitors that offer less liquid private‑equity products. The fund’s ability to provide diversified exposure to buyout and growth equity through secondary and co‑investment channels also aligns with the broader market shift toward more accessible private‑equity solutions.
Management emphasized the strategic intent behind the launch. CEO Scott Hart highlighted the firm’s “highly sophisticated deal‑sourcing engine” and the importance of delivering quality investments to new investors. Bob Long, CEO of StepStone Private Wealth Solutions, noted that the fund was created in response to partner feedback, aiming to “match their objectives” by offering a private‑equity‑focused strategy with a low minimum and daily valuation. These comments underscore StepStone’s commitment to expanding its product suite while maintaining rigorous investment standards.
The launch comes at a time when StepStone’s private‑wealth solutions AUM grew from $10.2 billion on July 31, 2025 to $12.1 billion on September 30, 2025, a 19% increase that signals strong momentum. Industry analysts continue to track the firm’s ability to capture new capital in the private‑market space, and the addition of STPEX is expected to reinforce StepStone’s competitive positioning amid a market that increasingly favors liquid‑like private‑equity vehicles.
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