Core Insights - StepStone Group has successfully launched the StepStone Private Equity Strategies Fund (STPEX), raising over $750 million since its inception in September 2025, and it is now available on major custodian platforms [1][7]. Fund Structure and Strategy - STPEX is an evergreen interval fund that invests in private equity assets managed by top-tier sponsors identified by StepStone, aiming for long-term capital appreciation [2][3]. - The fund offers individual investors, financial advisors, and institutions access to a diversified portfolio of private market investments, primarily through secondary purchases and co-investments [2][3]. - STPEX allows for daily capital raising and provides liquidity through semi-annual redemptions, with a current expectation of up to 5% of the Fund's net asset value [4][9]. Investment Approach - The fund's capital is invested alongside StepStone's institutional clients by a global private equity team of over 190 investment professionals, responsible for managing approximately $389 billion of capital as of September 30, 2025 [3][6]. - STPEX was developed in response to feedback from partners in the wealth management channel, focusing on providing a private equity strategy with low minimum investments and daily valuation [3][5]. Accessibility and Investor Requirements - The minimum investment for STPEX is set at $5,000, and it is available to investors in the United States without any accreditation requirements [4][6]. - The fund is structured to offer various share classes tailored for different wealth management platforms, enhancing accessibility for a broader group of investors [4][5].

Consolidation Trends - The asset management industry may experience a wave of consolidation due to pressure on the middle ground from the rise of ETFs, private markets, and AI spending [2] - The winner-takes-most dynamic seen in tech industries is extending to asset management, further driving consolidation [3] Private Markets Growth - There has been a 40% increase in semi-liquid funds, primarily aimed at wealthy individuals for private markets [3] - Private markets are considered one of the most exciting opportunities in asset management, particularly for wealthy individuals [4] - Bringing private markets into the 401k market is a potential long-term opportunity [4] High Net Worth Market - The growing number of wealthier individuals provides a secular tailwind for the private market [5] - Specialist credit vehicles are of significant interest, with traditional firms seeking to acquire access to specialist credit managers [6] - Partnerships are forming to offer private market ingredients to a more democratized level of clients [6] Evergreen Funds Performance - Large private market firms raised approximately 10% of their funds from wealthy individuals in the first half of last year, which has increased to 16.67% this year (1 in 6) [7] - Semi-liquid funds are identified as the single fastest-growing area within the asset management industry [7]