The supply of GP-led deals should continue to outstrip demand as more sponsors try to keep their best assets for longer, according to chief executive Mario Giannini.
The Carlyle unit has deployed $1.4bn of its latest ASP VII programme, which closed on $10.2bn in December.
The news comes as the firm eyes the target of its latest secondaries fund seeking $3.5bn.
Ares' close of the Landmark Partners acquisition this quarter, along with strong fundraising, helped boost the firm's AUM to nearly a quarter trillion dollars.
The departure comes after the credit behemoth closed the acquisition of secondaries specialist Landmark Partners in June.
With $253bn invested in alternatives out of $1.5trn in overall AUM, PGIM is one of the largest groups yet to make a move into the secondaries market.
StepStone plans to integrate the Greenspring team into its existing venture and growth practice, including setting up a joint investment committee.
The new entity – Bee Alternatives – plans to raise approximately $280m across two feeder funds, one managed by the firm and another by Ant Capital.
There's a confluence of returning LP stake volume and the newly minted GP-led side of the market, the firm's US secondaries heads tell Secondaries Investor.
The secondaries giant is speaking to investors about its 10th flagship fund less than 16 months after having amassed $14bn for its latest vehicle.