Fundraising

The SMA would include a commitment to StepStone’s flagship real estate secondaries fund, which has surpassed the size of its $1.4bn predecessor.

The firm is targeting €200m to invest in continuation vehicles.

The firm has its eye on programmatic sellers with its $30bn latest raise for ASF IX.

ASF IX raised capital from around 40 APAC LPs, compared with less than 10 in its predecessor, Greater China head Jason Yao tells Secondaries Investor.

Glouston Private Equity Opportunities VII closed on $558m, making it the firm’s largest vehicle to date.

After more than two years in the market, the group is already eyeing a launch for its next secondaries programme.

Fundraising for secondaries strategies last year reached just under $100bn, falling short of 2023’s record haul for the sub-sector.

Mid-Market Secondaries III, the successor to co-investment and secondaries-focused vehicle Select Opportunities Fund II, reached its target.

Quilvest Secondaries Fund will primarily target GP-led transactions, though it will include a pocket for shorter duration opportunities, Secondaries Investor understands.

The Paris-headquartered firm aims to hold the final close for the fund in 2025.