The fund targeted at non-institutional investors can invest in the full range of secondaries deals and on a primary and direct basis.
The secondaries giant's deployment fell 65% during the pandemic despite closing the largest secondaries capital pool on record.
The funds will complement the GP stakes business, which co-president Michael Rees called 'one of the most underpenetrated spaces in all of alternatives'.
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.