The secondaries giant invested $11bn in the strategy last year, up from $6.4bn the prior year, according to its latest annual report.
The move comes two weeks after the former co-heads left.
The investment manager has sold more than €150m of tail-end stakes from its primary vehicles and evergreen mandates.
The US prosecutor’s claim that Abraaj ‘boosted’ valuations to entice secondaries buyers is at odds with market logic.
The portfolio is understood to be worth between $250m and $500m, according to sister publication Buyouts.
The process on the 2011-vintage $11.2bn Fund XI will give the private equity giant liquidity while allowing it to continue managing a prize asset.
The investment manager is seeking €700m for its eighth lower-market funds of funds, 40% of which will go to secondaries.
Richard Olson, who joined the firm in 2017 to build out its secondaries practice, left this month.
The US public pension has backed Stepstone Secondaries IV which is seeking more than $1bn.
Around half of the capital raised is via separately managed accounts, Secondaries Investor understands.
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