NEW YORK, April 16, 2026 – Proskauer advised Apollo (NYSE: APO)’s Sponsor and Secondary Solutions business (“Apollo S3”) and StepStone Group Inc. (Nasdaq: STEP) (“StepStone”) on their investments in Onex Partners’ (“Onex”) $1.6 billion continuation vehicle. The vehicle will take ownership of three core assets – Fidelity Building Services Group, PowerSchool and Sedgwick – from older Onex vehicles.
Apollo’s Sponsor and Secondary Solutions business, S3, provides a holistic set of financing and liquidity solutions across the risk and reward spectrum to asset managers and limited partners. As an extension of Apollo’s global investment platform, S3 offers partner-oriented capital across asset classes including private equity, private credit, infrastructure and real estate.
StepStone has one of the largest private markets secondary and liquidity solutions platforms globally, with $51 billion of assets under management as of September 30, 2025, leveraging deep sponsor relationships and diligence advantages to deliver attractive investment opportunities for our investors. Since inception to September 30, 2025, StepStone has deployed $18 billion in 250+ private equity buyout and growth equity secondaries transactions across a balanced mix of LP-led and GP-led opportunities.
The Proskauer team was led by partners Blake Halperin and Chris Robinson (Private Investment Funds) and included associates Andrew MacKinlay and Bianca Tomassini (Private Investment Funds); partners Jeremy Naylor, Janicelynn Asamoto Park and Jamiel Poindexter and associates Yomarie Habenicht, Jeanette Stecker, Kyle Litfin, Gaochuan Xie, Rita Halabi and Alex Bell (Tax); and partner Mike Ellis and associate Jordan Shelton (M&A).