StepStone Private Wealth Launches Infrastructure Fund
08 Agosto 2023 - 7:05AM
StepStone Private Wealth today announced the launch of the
StepStone Private Infrastructure Fund, an evergreen interval fund
that can be purchased on a daily basis. STRUCTURE has begun
accepting subscriptions and expects to hold its initial closing in
the third quarter of 2023.
STRUCTURE offers individual accredited investors and smaller
institutions diversified exposure to an open-architecture portfolio
of private infrastructure assets in a single investment. STRUCTURE
seeks to make investments in assets that provide essential services
to society such as transportation assets (toll roads, airports and
mass transit), power (energy storage, transmission and
distribution, and renewables) and data (data centers, cell towers,
and fiber optics). STRUCTURE will invest via secondary purchases of
individual operating companies and fund interests, direct
co-investments, and modest commitments to new funds.
STRUCTURE will leverage StepStone’s infrastructure platform,
scale, and relationships to gain access to historically top-tier
managers and operating companies. StepStone will invest STRUCTURE’s
capital alongside its institutional clients.
“In recent years, institutional investors have dramatically
increased allocations to private infrastructure due to its
defensive characteristics, inherent inflation protection
opportunities, historically stable yield, and potential for reduced
volatility. We believe that STRUCTURE is well-positioned to
capitalize on major secular trends in digitization, decarbonization
and demographics for the benefit of individual investors,” said Bob
Long, CEO of StepStone Private Wealth. “StepStone has a global team
of experienced infrastructure investment professionals and a strong
market position, with over $27 billion in infrastructure AUM.
STRUCTURE will leverage StepStone’s sector expertise, as well as
the StepStone platform’s technology, research, and data
advantages.”
An evergreen fund, STRUCTURE will raise capital daily while
providing liquidity through quarterly redemptions of 5% of the
fund’s NAV. There are no ongoing capital calls, and tax reporting
will be provided via a Form 1099 rather than a Schedule K-1.
STRUCTURE is available to accredited investors in the U.S. with a
minimum investment of $25,000 through a range of share classes
created for various wealth management platforms. After the first
closing, STRUCTURE will be available through select mutual fund
platforms via a ticker and otherwise purchased by subscription
agreements for platforms that prefer them.
About StepStone
StepStone Group Inc. (Nasdaq: STEP) is a global private markets
investment firm focused on providing customized investment
solutions and advisory, data and administrative services to its
clients. As of June 30, 2023, StepStone was responsible for
approximately $640 billion of total capital, including $143 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.
Contacts
Media:Brian Ruby / Chris Gillick / Matt Lettiero,
ICRStepStonePR@icrinc.com1-203-682-8268
Important Information
Before investing you should carefully consider the
Fund's investment objectives, risks, charges and expenses. This and
other information is in the
prospectus, a copy of which may be obtained from StepStone Private
Wealth at
1-704-215-4300
or by visiting stepstonepw.com. An investor should read the
prospectus carefully before investing.
The Fund will not sell any Shares unless the Fund raises net
offering proceeds of at least $25,000,000 (the “Minimum Offering
Requirement”). Pending satisfaction of the Minimum Offering
Requirement, all subscription payments will be placed in an escrow
account in trust for the subscribers’ benefit, pending release to
the Fund. While an investor cannot revoke its subscription prior to
the Fund’s meeting the Minimum Offering Requirement, subscriptions
will be effective only upon the Fund’s acceptance, and the Fund
reserves the right to reject any subscription in whole or in part.
Some or all of the Minimum Offering Requirement may be met by
subscriptions made by the Advisers, their employees or their
affiliates, all of which would have an interest in the completion
of the offering. There is no assurance when or if such the Minimum
Offering Requirement will be satisfied. If the Minimum Offering
Requirement is not satisfied by six months following the 7/13/2023
effective date, the Fund will promptly return all funds in the
escrow account and the Fund will stop offering Shares. The Fund
will not deduct any fees or expenses if the Fund returns funds from
the escrow account, and the Advisers will not earn fees prior to
the satisfaction of the Minimum Offering Requirement.
An investment in the Fund involves risks. The Fund should be
considered a speculative investment that entails substantial risks,
and a prospective investor should invest in the Fund only if it can
sustain a complete loss of its investment. Fund shares are illiquid
and appropriate only as a long-term investment. There is no
secondary market for the Fund’s Shares and the Fund expects that no
secondary market will develop in the foreseeable future.
Infrastructure companies may be subject to a variety of factors
that may adversely affect their business, including economic
slowdown, supply and demand volatility, increased competition,
fluctuations in usage, expenses, and revenue, lack of fuel
availability, energy conservation policies, technological
obsolescence and changes in interest rates, regulations, or fiscal
and monetary policy. There is no regular market for interest in
infrastructure assets, which typically must be sold in privately
negotiated transactions that can occur at a discount to the stated
NAV. Investments may consist of loans to small and/or less
well-established privately held companies that have reduced access
to the capital markets, resulting in diminished capital resources
and the ability to withstand financial distress. Please see the
prospectus for details of these and other risks.
The Fund is distributed by UMB Distribution Services, LLC which
is not affiliated with StepStone Group.
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