Glade Brook Closes Oversubscribed Gondola Fund at Over $1 Billion

Anchored by StepStone Group as Lead Investor, the Fund Manages a Concentrated Portfolio of High-Conviction Global Technology Investments

Glade Brook Assets Under Management Exceeds $4 billion, Growing More Than 100% Year-on-Year

MIAMI & GREENWICH, Conn.--(BUSINESS WIRE)-- Glade Brook Capital Partners (“Glade Brook” or the “Firm”), a leading global growth equity investment firm, today announced the oversubscribed close of Glade Brook Gondola Fund (“Gondola Fund” or the “Fund”) with over $1 billion in capital commitments. The Fund was anchored by funds and accounts managed by StepStone Group (Nasdaq: STEP, “StepStone”), which served as lead investor, with participation from funds and accounts managed by affiliates of BlackRock, Inc. (“BlackRock”). Gondola Fund was raised in under four months, increasing firmwide assets under management to over $4 billion, growing more than 100% over the past twelve months.

StepStone’s commitment reflects its conviction in the underlying portfolio, built through substantial prior direct and co-investment exposure to Glade Brook’s Strategic Growth platform. As lead investor, StepStone partnered closely with Glade Brook to structure the Fund and provide a differentiated liquidity solution for investors in Glade Brook Strategic Growth III (“SG III”), the Firm’s 2021 vintage growth equity fund, while preserving exposure to a concentrated set of market-leading technology companies with significant remaining upside.

The Gondola Fund was launched to acquire and manage a portfolio of high-quality growth equity assets from SG III. The transaction provided SG III investors, including global asset managers, endowments, insurance companies, family offices, registered investment advisory platforms and individual leaders from the technology ecosystem, with the opportunity to generate full or partial liquidity on their invested capital or to re-subscribe into the new Fund. The Fund also welcomes new long-term capital partners into the portfolio.

“We are grateful for the support from our existing and new partners in the Gondola Fund, which we believe will continue to compound value at an attractive rate through our investments in some of the world’s most innovative technology companies and founders,” said Paul Hudson, Founder and Chief Investment Officer of Glade Brook. “StepStone’s longstanding relationship with our firm, deep asset‑level knowledge, and conviction in our portfolio made them an ideal lead investor for this transaction. Through the Gondola Fund and across our greater portfolio, we remain optimistic on the pace of innovation to come in the years ahead.”

The Fund represents Glade Brook’s sixth dedicated private technology growth equity fund and builds upon the Firm’s momentum across and successful monetizations in Strategic Growth Funds I, II, III and IV. The Fund deepens Glade Brook’s commitment to a number of its most compelling investments across AI, SpaceTech, DefenseTech, Internet and FinTech, reflecting continued conviction in long-duration innovation cycles and a collaborative, value-added approach to partnering with founders and management teams.

“We are excited to partner with Glade Brook as lead investor in the Gondola Fund,” said Brian Borton, Partner at StepStone Group. “Our relationship with Glade Brook spans multiple funds and investments, and we have developed deep familiarity with a concentrated set of high-quality, category-defining technology companies within Strategic Growth III. The Gondola Fund structure allowed us to scale exposure to assets we know well, while supporting a thoughtful liquidity solution for existing investors. We believe the quality of the underlying assets, combined with Glade Brook’s long-term orientation, enhances the Fund’s ability to compound value over time.”

Jefferies, Morgan Stanley and Kirkland & Ellis advised Glade Brook on the Gondola Fund process.

About Glade Brook

Glade Brook Capital Partners is a global investment firm specializing in growth equity, with a focus on technology and technology-enabled businesses. The Firm partners with entrepreneurs and management teams to accelerate growth and maximize long-term shareholder value, from growth stage through IPO and beyond. The Firm manages $4 billion+ in assets under management, and leads growth financing rounds at Series A and beyond.

Founded in 2011, and headquartered in Miami, FL and Greenwich, CT, Glade Brook has partnered with transformative growth-stage companies, including SpaceX, Revolut, Stripe, Ramp, Zepto, xAI, Databricks, Stoke Space, Saronic, Physical Intelligence, EliseAI, Airbnb, Alibaba Group, Uber and Zomato, among others. For more information on Glade Brook, please visit:www.gladebrookcapital.com.

About StepStone Group

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2025, StepStone was responsible for approximately $811 billion of total capital, including $220 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

For more information, visit StepStone Group.

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Investors:

Hallie Ross, 203-861-3012

HRoss@gladebrookcapital.com

Media:

Sarah Salky / Madeline Jones

Joele Frank, Wilkinson Brimmer Katcher

GladeBrook-JF@Joelefrank.com / 212.355.4449

Source: Glade Brook Capital Partners