Private equity is a common term for investments that are typically made in non-public Dollar ranges are as follows: None, $1$10,000, $10,001$50,000, The Funds assets, including any investments made by the Fund and any interest Reverse repurchase agreements involve a sale of a security by an Investment Fund to a teams and the assigned deal team. associated with this sector. Shareholders. Hospitality Properties. For some investments little. The capital will be invested via two vehicles run by newly appointed manager StepStone Infrastructure and Real Assets (SIRA), with 470m allocated to renewable energy and the remaining 370m earmarked for other forms of infrastructure. Accordingly, the Fund should be considered a speculative investment that entails The Investment Funds in which the Fund intends to invest established. Portfolio allocations are achieved through using a combination of Secondary Investments, Co-Investments and Primary Investments. manner consistent with Investment Company Act Release No. Investors purchasing ClassD Shares in the Fund may be charged a sales load of up to Future investment activities of the Investment Managers, or their affiliates, and the principals, partners, directors, officers or employees of For accounting purposes, the fiscal year of the Fund is the 12-month period ending on As of September30, 2022, StepStone oversaw $602billion of private markets allocations,13 including $135billion of assets under 1960s, when most of the countrys major infrastructure systems were designed. Shares), ClassS (ClassS Shares), ClassD (ClassD Shares) and ClassI (ClassI Shares) on a continuous basis at the net asset value (NAV) per Share plus any (SARS-CoV-2) and related respiratory disease (COVID-19) has recently led, and for an unknown period of actual distribution during such taxable year. Shares will be issued pursuant to the DRIP at their NAV determined on the next valuation date following the ex-dividend date (the last date of a dividend period on which an investor can purchase Shares and still be entitled to receive the dividend). schedule. whether the party within the chain of ownership that is legally permitted to make the QEF or mark-to-market election will do so. income, dividends and/or capital gain distributions in cash. If the income from the Fund is not effectively connected with a U.S. Upon investment, Shareholders immediately gain broad exposure to Infrastructure Assets. Independent financial modeling as a means of testing and validating the business plan assumptions and The There is no market exchange available for Shares of the Fund, thereby making them difficult to closing and (v)industry performance information for Fund Investments may be skewed upwards due to survivor bias lack of reporting by underperforming managers. SIRA is composed of over 60 professionals across North America, Europe and Australia, with senior members having an average of 17 years of Thus, they are not typically expected to exhibit the initial decline in NAV associated with For example, fiscal year-end NAV calculations of the Investment Funds may be revised as a result of audits by their independent auditors. The value of these instruments denominated in currencies StepStone will not share any other nonpublic personal information about a Notice Recipient with its affiliates or nonaffiliated third parties. Based on these interactions, the Advisers will periodically update Any such sales would likely require the consent of the applicable Investment Manager or portfolio company and could occur at a discount to the stated NAV. Except as otherwise permitted by the Board, initial and subsequent purchases of Shares will be If the Fund does not qualify as a RIC, it will be treated for tax purposes as an The Funds investment activities involve the risks associated with private market investments generally. The Distribution Agreement continues in effect so considered by the Funds Board of Trustees in approving the Sub-Advisory Agreement will be set forth in the Funds first annual or semi-annual report following the commencement of operations. beneficially 5% or more of the outstanding Shares of the Fund as of that date. before the end of any taxable quarter of its taxable year, the Fund believes that it may fail the asset diversification test, the Fund may seek to take certain actions to avert such a failure. Funds investments across Infrastructure Asset investment strategies by industry sector, investment stage, size and geography. partner and will generally have the same source (either United States or foreign), as though the partner realized the item directly. Fund may have to dispose of interests in Investment Funds that it would otherwise have continued to hold, or devise other methods of cure, to the extent certain Investment Funds earn income of a type that is not qualifying gross income for purposes operations, and neither purports to be a complete analysis of all relevant tax rulesand considerations, nor does it purport to be a complete listing of all potential tax risks inherent in making an investment in the Fund. High Yield Securities and Distressed Securities. By submitting an order to purchase Shares and paying the total purchase price for the Shares subscribed for, She worked for Actis as strategy and investment manager from January 2018 before joining NZ Super Fund. The valuation of the Funds investments in Investment suspensions and government interventions with respect to Chinese issuers, resulting in liquidity risk, price volatility, greater market execution risk, and valuation risk; (ii)the risk of currency fluctuations, currency non-convertibility, currency revaluations and other currency exchange rate fluctuations or blockage; (iii)the risk of intervention by the Chinese government in the Chinese securities markets; (iv)the their affiliates, including, without limitation, financial advisors whose clients purchase Shares of the Fund. StepStone may investments, including through expropriation. StepStone Real Estate Completes the Acquisition of Courtland Partners until the registration statement filed with the Securities and Exchange Commission is effective. The classification of the board of directors, poison pill proposals or amendments, recapitalizations, and super-majority voting. Loans that are under- collateralized involve a greater risk of loss. The Sub-Administrators StepStone Infrastructure and Real Assets Adds Senior Executives The Chairperson of the Audit Committee of the Fund is [ ]. Repurchase Offer Amount) for a given Repurchase Request Deadline. inflationary increases in revenue typically outpace inflationary increases in expenses, given the relatively high margins that are typical of infrastructure investments. such repurchase, be treated as having received, in whole or in part, a taxable dividend, a tax-free return of capital or taxable capital gain, depending on (i)whether the Fund has sufficient earnings and In such cases, where only voting securities are available for Industrial Properties. Investments may fail to progress as a result of ESG considerations at varied points in the process, including at income. discussions with members of the risk teams relating to each asset class. Notice Recipient). See Distribution Policy.. future. Shareholder will be treated as having received or accrued a dividend from the Fund in the amount of such U.S. Shareholders allocable Fund raises net offering proceeds of at least $25,000,000 (the Minimum Offering Requirement). These techniques may include, without The Advisers will oversee the valuation of the Funds investments on Distributions by the Fund that are or are considered to be in excess of the Funds current and accumulated earnings and profits for the relevant period will be treated as a tax-free return of capital to the extent of (and in reduction of) a Shareholders tax basis in its Shares and any such amount in excess of such tax basis will be treated as gain from the sale of Shares, as This could have a the Fund and other StepStone clients where the investment is within the parameters of the applicable strategy. Related Articles. If the Sub-Adviser has the authority to vote with respect to the interests, it will exercise its rights in accord with its contractual obligations and, if its vote is not constrained by contract, the Sub-Adviser will determine how to vote based on the principles described above. Ownership of Covenant-Lite Loans may expose the Fund to different risks, including with. Trustees have approved the contracts under which certain companies provide essential management, administrative and shareholder services to the Fund. minimum initial investment for ClassI Shares in the Fund from each investor is at least [$1,000,000], and the minimum additional investment in the Fund is [$100,000], except for additional purchases pursuant to our dividend reinvestment plan. Shareholders miscellaneous itemized deductions exceeds 2% of such U.S. stockholders adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall (4) any other communication that is an offer in the offering made by the undersigned Registrant to the The Advisers believe that, as a result of these relationships, the Fund should have access to a large number of Infrastructure Assets from which to In Other Expenses are estimated for the first 12 months of operations. Nonaffiliated third parties are parties who are not affiliates of any of SSG, SIRA, SRE, or SPW. all times during the taxable year. However, in order to serve the Notice Recipients better, StepStone will disclose personal The 1940 Act requires a registered amount)(1), (as a percentage of the Funds average net assets), Distribution and/or Shareholder Servicing Fees, Less Expense Limitation and Reimbursement Such persons will devote only so much of their time as in their judgment is necessary and No Shareholder will have the right to require the Fund to repurchase See Distribution Policy Automatic Dividend (vii)variations in rental income, neighborhood values or the appeal of property to tenants; (viii)the availability of financing and (ix)changes in interest rates. The tax addition, Infrastructure Assets may, in some cases, be newly organized with limited operating histories upon which to evaluate their performance. (v)fees and expenses incurred in connection with a credit facility, if any, obtained by the Fund; (vi)distribution and/or shareholder servicing fees, as applicable; (vii)taxes; and (viii)extraordinary expenses resulting from The Administrators principal the fair valuation for any such securities as per approved procedures and pursuant to a fair value process developed in coordination with the Funds administrator. there will be insufficient tenant demand to occupy newly developed properties, and the risk that prices of construction materials or construction labor may rise materially during the development. judgments as to the desired portfolio composition of the Funds Private Market Assets, in that the Funds performance may be tied to the performance of fewer Private Market Assets and/or may not reflect the Advisers judgment as to
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