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    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

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        <entityName>StepStone Polaris SMA Opportunities Fund, L.P.</entityName>
        <issuerAddress>
            <street1>C/O STEPSTONE GROUP</street1>
            <street2>4225 EXECUTIVE SQUARE, SUITE 1600</street2>
            <city>LA JOLLA</city>
            <stateOrCountry>CA</stateOrCountry>
            <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
            <zipCode>92037</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(858) 558-9700</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2025</value>
        </yearOfInc>
    </primaryIssuer>

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            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>StepStone Puma (GP), LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o StepStone Group</street1>
                <street2>4225 Executive Square, Suite 1600</street2>
                <city>La Jolla</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92307</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuer (the &quot;GP&quot;)</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>StepStone Group LP</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>4225 Executive Square, Suite 1600</street1>
                <city>La Jolla</city>
                <stateOrCountry>CA</stateOrCountry>
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                <zipCode>92307</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
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            </relatedPersonRelationshipList>
            <relationshipClarification>Sole Member of the GP</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>StepStone Group Holdings LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o StepStone Group</street1>
                <street2>4225 Executive Square, Suite 1600</street2>
                <city>La Jolla</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92307</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
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            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Sole Member of the GP</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Lindsay</firstName>
                <lastName>Creedon</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o StepStone Group</street1>
                <street2>277 Park Avenue, 45th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
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            <relatedPersonRelationshipList>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Darren</firstName>
                <lastName>Friedman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o StepStone Group</street1>
                <street2>277 Park Avenue, 45th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
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        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Geoffrey</firstName>
                <lastName>Dolan</lastName>
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            <relatedPersonAddress>
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                <street2>277 Park Avenue, 45th Floor</street2>
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                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
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        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <lastName>Jeffrey</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o StepStone Group</street1>
                <street2>2 St Jame's Market</street2>
                <city>London</city>
                <stateOrCountry>X0</stateOrCountry>
                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                <zipCode>SW1Y 4AH</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Timothy</firstName>
                <lastName>Weld</lastName>
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            <relatedPersonAddress>
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            <relatedPersonRelationshipList>
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        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bernard</firstName>
                <lastName>De Backer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
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                <stateOrCountry>X0</stateOrCountry>
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                <zipCode>SW1Y 4AH</zipCode>
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            <relatedPersonRelationshipList>
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        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
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        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <yetToOccur>true</yetToOccur>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>0</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>0</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
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            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>StepStone Polaris SMA Opportunities Fund, L.P.</issuerName>
                <signatureName>/s/ Andrew Bratt</signatureName>
                <nameOfSigner>Andrew Bratt</nameOfSigner>
                <signatureTitle>Head of Legal, Private Equity</signatureTitle>
                <signatureDate>2025-12-31</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
