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.
Cebile's goal is to be 'the market leader in PE mid-market GP-led deals and placement', founder Sunaina Sinha Haldea tells Secondaries Investor.
The $74bn alternatives manager is seeking approval for another office in the region, its 11th worldwide.
The fundraising haul includes $1.5bn for a dedicated single and concentrated asset vehicle.
The health crisis has been an exogenous factor that has led some LPs to 'reassess from the ground up', according to the Blackstone unit's Europe head.
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