StepStone Private Markets

StepStone Private Markets (SPRIM): Institutional-Grade Private Markets Access in a Single Allocation

SPRIM, or StepStone Private Markets, is one of the most semi-liquid and comprehensive private markets offerings for accredited investors. Launched in October 2020, and managing $3.1 billion in assets, SPRIM brings to the retail investor base what for decades has been reserved for institutional investors: a diversified, multi-strategy portfolio of private equity, real assets and private debt, all within a single investment vehicle. This fund is underpinned by StepStone Group, the global private markets specialist which advises or manages over $811 billion in capital. This significant deal flow, manager relationships, and data infrastructure provides SPRIM with a competitive advantage over most other potential semi-liquid private markets solutions. Therefore, SPRIM serves as a unique, low-cholesterol core private markets holding suitable for the high net worth or smaller institutional investor looking to avoid the administrative burden of setting up a direct private markets programme.

Investment Strategy

SPRIM invests in secondary transactions, direct co-investments and primary fund investments across multiple asset classes utilizing an open architecture and multi-strategy approach. It invests primarily in private equity and also invests in significant amounts of real assets and private debt creating a multi-layered portfolio with diversification and returning making opportunities a central focus. The fund invests in secondary transactions, providing immediate exposure to mature and cash generating assets, often at a discount to their NAV. It invests in a variety of direct co-investments providing the opportunity to invest in specific companies alongside premier GP’s free from the burdens of fee structures associated with traditional fund products. It invests in a variety of primary fund products committing to future vintage year funds invested by StepStone vetted GPs accessed through StepStone’s institutional services platform. The SPRIM investment team makes use of StepStone’s SPI database, the industry’s only database to our knowledge, with over 81,000 private companies, 42,000 private funds and 16,000 fund managers to which they utilize to source deal flow and assist in the detailed due diligence process that they complete in conjunction with investment opportunities. The team’s goal in constructing the fund’s portfolio is to achieve the broad diversification desired across a number of parameters including 1) regional 2) industry 3) vintage year, while at the same time limiting hard concentration to not more than 25% of the fund’s capital to any one private market asset. As of SPRIM’s most recently available reporting the fund has portfolio exposure to over 131 underlying private market funds with 25 direct co-investments with more than 100 fund sponsors with exposure to over 2,000 underlying private market companies.

• Core private markets allocation spanning private equity, real assets, and private debt in one vehicle — eliminating the need to build a multi-manager program from scratch
• Open architecture approach accessing top-tier GPs globally, powered by StepStone's institutional deal flow and relationships across approximately $811 billion in total capital responsibility
• Daily admittance and daily NAV valuation — among the first multi-asset class private markets funds to offer this level of operational convenience
• Quarterly liquidity via a share repurchase program offering up to 5% of outstanding shares per quarter, with no lockup period and no capital calls
• 1099 tax reporting eliminates K-1 complexity, making the fund meaningfully easier to hold in diversified wealth management portfolios
• 23.08% annualized net return (Class I) since inception through September 30, 2024, demonstrating strong execution across a volatile market cycle
• Proprietary SPI data platform tracking 81,000+ private companies provides a structural information advantage in sourcing and underwriting
• StepStone Private Wealth Solutions platform surpassed $10.2 billion in total AUM as of July 2025, reflecting strong institutional and advisor adoption

Fund Structure & Access

SPRIM is organized as a Delaware Statutory Trust and is registered under the Securities Act of 1933 and the Investment Company Act of 1940. As a closed-end tender offer fund with semi-liquid characteristics, investors can purchase shares on a daily basis at the then current net asset value (NAV) of the Fund. A quarterly share repurchase program (up to 5% of outstanding shares) is available to provide liquidity. The Board of Directors has the right to alter, suspend or terminate the program. There are no lockup periods and no capital calls. This absence of lockup and capital call provisions is a material structural benefit when compared to the traditional private equity limited partnership format of a limited partnership. The Fund has four share classes to accommodate various distribution channels. • Class I (XPMIX) is the institutional share class and has a $1,000,000 minimum investment with no sales load. • Class D (XPMDX) is for fee-based advisory programs and has a $50,000 minimum investment with up to 1.50% sales load. • Class T (XPMTX) and Class S (XPMSX) are brokerage and transaction-based share classes and have a $50,000 minimum investment with up to 3.50% sales load. All share classes have a management fee of 1.40% and contain approximately 0.75% of acquired fund fees and expenses of the underlying investments in other funds. The Fund is available only to accredited investors and is denoted in USD. UMB Bank serves as custodian, UMB Fund Services serves as sub-administrator and transfer agent and UMB Distribution Services serves as distributor to the Fund. Dechert LLP serves as legal counsel to the Fund.

Performance & Track Record

Since its launch in October 2020 as of September 30, 2024, SPRIM’s Class I shares generated a 23.08% annualized net return, a reflection of both the advantageous timing of entering private market secondaries and co-investments, as well as StepStone’s expertise as an institutional alternate assets allocator. Notably, the fund generated an 8.8% net return in 2022, a particularly challenging year for public equities and fixed income markets, and a clear testament to the diversification and the relative stability of the private market positions in the SPRIM portfolio. As of March 2025, the NAV per share of SPRIM is $61.94. Although past performance is not indicative of future results, SPRIM’s performance across its full cycle as of 09/30/24 – an era including aggressive monetary policy, a plunge in the valuations of venture and growth equity and an otherwise full cycle of recovery – underscores the significant expertise of its team and offers a compelling precedent of how an alternative investment fund can navigate a series of dynamic market events. With the expertise of the global StepStone Group which manages $220 billion of institutional assets and has decades-long knowledge of the private market space – allowing SPRIM to leverage the firm’s large network of investment professionals each with deep expertise within specific sub-segments of private markets.

By Nick Stearns With assets under management at StepStone and SPRIM now over $10.2 billion, we believe the growth of private markets within Private Wealth Solutions is a reflection of a secular trend that we will continue to participate in over the coming years. In our view, the demand for alternative investment options by wealth management clients is part of a larger dynamic where traditional institutional private markets investors are being priced out of increasingly competitive markets. Conversely, we believe there is a growing demand for regulated, semi-liquid alternatives that enable accredited investors and their wealth management advisors to gain access to high quality private market opportunities that provide meaningful levels of diversification to traditional public market and fixed income portfolios. We believe SPRIM – which was co-created by StepStone and benefits from its institutional expertise – is well positioned to meet that demand due to its simplicity as a daily subscription, 1099 reporting vehicle with no capital calls; as well as the broad array of investment opportunities provided to SPRIM investors across asset classes, regions and strategies, serving as a foundation for investors to get started in private markets with less complexity and less illiquidity risk than is normally experienced.