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Laxman Pai, Opalesque Asia:

Global private markets investment firm has reached a roughly $1.4bn final close for its latest infra co-invest fund.

StepStone Infrastructure Co-Investment Partners 2022 (SICP) fund closed with approximately $1.2 billion of capital commitments, significantly surpassing its target, thanks to strong support from a diverse group of limited partners worldwide, said a media release from the investment giant.

The fund and related separate accounts with over $1.4 billion of capital commitments.

According to the release, through SICP, StepStone invests alongside leading global infrastructure sponsors in select transactions according to their expertise.

The Fund pursues a mix of core-plus and value-add opportunities and seeks to capitalize on major secular trends such as the energy transition, the growth of digital connectivity, and AI.

StepStone is among the most active infrastructure investors in the world, deploying an average of $13 billion each year over the past three years, the release added.

James O'Leary, Partner and Head of StepStone Infrastructure & Real Assets said: "The close of SICP marks a significant milestone as we expand the solutions we offer our clients."

Latham & Watkins LLP advised on the formation of the Fund.

As of September 30, 2024, StepStone was responsible for approximately $682 billion of total capital, including $176 billion of assets under management.

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