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StepStone Group Inc., a private markets investment firm, announced Monday the closing of its inaugural infrastructure co-investment fund and related separate accounts, securing over $1.4 billion in capital commitments. The fund, named StepStone Infrastructure Co-Investment Partners 2022 (SICP), significantly surpassed its initial target by raising $1.2 billion, according to a company statement.

The fund will co-invest alongside global infrastructure sponsors in targeted transactions, leveraging StepStone’s expertise. It aims to capitalize on trends like the energy transition, digital connectivity expansion, and artificial intelligence, focusing on core-plus and value-add opportunities.

"The close of SICP marks a significant milestone as we expand the solutions we offer our clients," said James O'Leary, partner and head of StepStone Infrastructure & Real Assets. He expressed gratitude to investors, emphasizing the continued attractiveness of infrastructure investment opportunities.

The fund attracted commitments from a diverse group of global limited partners. StepStone described itself as "among the most active" infrastructure investors worldwide, deploying an average of $13 billion annually. The firm highlighted its scale as a key enabler of supporting clients, leveraging general partner relationships, and accessing a wide range of opportunities across primary fund investments, secondaries, and co-investments.

StepStone’s client base includes public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations, family offices, and private wealth clients, including high-net-worth individuals.

As of Sept. 30, StepStone oversaw approximately $682 billion in total capital, including $176 billion in assets under management.

Latham & Watkins LLP advised StepStone on the transaction. The team was led by partners Amy Rigdon and Clare Scott, with partner Gregory Hannibal also contributing to the effort.