Nations Principles for Responsible Investment (UN PRI) in 2013, adopted a responsible investment policy (Responsible Investment) in 2014 and joined the Task Force on Climate-related Financial Disclosures (TCFD) in individual, trust or estate. division of The McGraw-Hill Companies,Inc. (S&P), or if unrated considered by an Investment Manager to be equivalent quality. Only the funded sub-accounting services for the Fund. Distribution for a discussion of the differences between our ClassT Shares, ClassS Shares, ClassD Shares, and ClassI Shares. categories or unrated debt securities determined to be of comparable quality may involve a substantial risk of default or may be in default. Fund faces the risk of being unable to enforce its rights with respect to holdings in Chinese securities and the information about the Chinese securities in which the Fund may invest may be less reliable or complete. Further, investment opportunities may arise where there is more demand from the Fund and other StepStone clients for a particular the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the Calculation of Registration Fee table in the that do not contain financial maintenance covenants (Covenant-Lite Loans). The Fund, however, may make distributions on a more frequent basis to comply with the distribution requirements of the Code, in all events in a manner consistent with The discussion is limited to persons who hold their Shares as capital assets (generally, Shares in the Fund from each investor is at least $[25,000], and the minimum initial investment for ClassI Shares in the Fund from each investor is at least $[1,000,000]. The Team StepStone Infrastructure and Real Assets ("SIRA") was formed in 2014 and is the infrastructure and real assets business group of StepStone Group, which focuses on private markets investments. The company provides customized investment solutions and advisory and data services. servicing fees of [ ], and ClassD Shares have annual shareholder servicing fees of [ ]. securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which could significantly decrease the liquidity and value of the securities. asset diversification test (or such other prescribed time period), the RIC either disposes of the assets that caused the asset diversification failure in order to satisfy the asset diversification test, or otherwise satisfies the asset Shareholders, the Advisers may from time to time determine to sell certain of the Funds assets. proceeds to the Sub-Adviser on a monthly basis. markets. a few key categories, reflecting these differences. StepStone Infrastructure and Real Assets ("SIRA"), a leading global infrastructure and real assets advisory and asset management team within StepStone, announced today a number of new senior appointments globally, bringing the investment team to almost 30 professionals. developed countries or that derive their revenues principally from such countries. Together, Secondary Purchases and Open-Ended Funds are referred to as Secondary Investment Funds may be made in the form of capital commitments which are called down by an Investment Fund over time. The Adviser will pay 50% of the Management Fee proceeds to the Sub-Adviser on a monthly basis. trade or business carried on by the Foreign Shareholder, distributions of investment company taxable income will generally be subject to a U.S. tax of 30% (or lower treaty rate, except in the case of any excess inclusion income allocated from, or sell securities or other property to the Fund, except that the Fund may in accordance with rulesunder the 1940 Act engage in transactions with accounts that are affiliated with the Fund as a result of common officers, directors, regulated investment companies and other securities, with such other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of the Funds total assets and 10% of the outstanding at the rate of 30% (or lower treaty rate), unless the Foreign Shareholder is a nonresident alien individual and is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements. international economic conditions, adverse local market conditions, the financial conditions of portfolio companies, changes in the availability or terms of financing, changes in interest rates, exchange rates, corporate tax rates and other Shares may be purchased daily at the then current NAV The Funds assets may include utilities sector investments to make distributions to their shareholders depends upon the ability of the tenants at the properties to generate enough income in excess of their tenant operating expenses to make their lease payments. Repurchase Payment Deadline). the equity or debt of structured transactions such as collateralized fund obligations or similar investment vehicles (CFOs) that own existing funds and co-investments. have limited liquidity. or related property, such as by reason of an option to sell, being contractually obligated to sell, making a short sale, or granting an option to buy substantially identical stock or securities). The Dodd-Frank Act requires additional regulation of private equity fund managers, including If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended intergovernmental agreement with the U.S. to implement FATCA may be subject to different rules. The dividend reinvestment plan is discussed later in the document. Qualifications and Attributes. to more abrupt or erratic market movements than those of larger, more established companies, as these securities typically are less liquid, traded in lower volume and the issuers typically are more subject to changes in earnings and prospects. (Section1256 Contracts) generally is treated as 60% long-term capital gain or loss and 40% short-term capital gain or loss. timely basis in accordance with a separate calendar year distribution requirement are subject to a nondeductible 4% excise tax. private market allocations since its inception, with $13billion of investments approved in 2021. The Fund will be diversified by core, core plus and value-add infrastructure Capital committed to a Co-Investment is typically invested immediately, 1940 Act, often referred to as a private investment fund, with those of a registered closed-end investment company. Liquidity provisions that require the Fund to repurchase Shares of the Fund at the then calculated NAV on a Fiber Optics: Only 63% of the worlds population is connected to the internet.8 As a result of the large unconnected populations, there is significant growth opportunity and investment potential in expanding internet access and increasing adoption, as well as the need to upgrade sending the communication to either the Funds office or directly to such Board member(s)at the address specified for each Trustee previously noted. As defined by the 1940 Act, as amended (the 1940 Act), the vote of a majority of the outstanding voting securities of the Fund means the vote, at an annual or StepStone does not sell or market a Notice Recipients personal information to nonaffiliated The Fund is expected to incur organizational and offering expenses of approximately $[ ] in connection with the Act (which currently limits the issuance of a class of senior securities that is indebtedness to no more than 33-1/3% of the value of the Funds total assets or, if the class of senior security is stock, [The following is a summary of certain U.S. federal income tax considerations relevant to the The following table shows information regarding the estimated compensation to be received by the Trustees, none of whom restrictions and other policies described in this SAI or the Prospectus (except the Funds policy on borrowings set forth above), if a percentage restriction is adhered to at the time of an investment or transaction, a later change in Non-investment grade debt securities in the lowest rating For example, private companies: generally, have less predictable operating results, may from time to time be parties to litigation, may be Although such investments may result in Dividends paid by PFICs will not be treated as qualified dividend income. In certain cases, the Fund will not be The Management Fee is computed based on the value of the net assets of the Fund as of the close of business on the last business day of each month (including any assets in respect of Shares that will be repurchased by the Fund as service providers, make regular reports regarding the Funds activities and related risks to the Board of Trustees and the committees, as appropriate. year are taxable to such Shareholders, and deductible by the Fund, as if paid on December31 of the calendar year declared. associated with this sector. historically restricted access to these types of investments. have satisfied the asset diversification test as of the end of such quarter if, within six months of the last day of the quarter in which the RIC identifies that it failed the asset diversification test (or such other prescribed time period), the The enactment of new or additional regulatory requirements may negatively affect the business of a social infrastructure company. typically designed to provide consistent income streams and quarterly liquidity over a long-term investment horizon (Open-Ended Funds). Provided, however, that no statement made in a registration statement or prospectus that is Venture Capital and Growth of the end of the month) and is due and payable in arrears within three business days of the determination of the Funds net assets but no later than 25 business days after the end of the month. layers of fees and expenses: management fees, incentive fees and administrative expenses at the Fund level, and asset-based management fees, carried interests, incentive allocations or fees and expenses at the Investment Fund level. any dividends, and this, together with the Funds expenses, means that there can be no assurance the Fund will have substantial income or pay dividends. Because the portfolio manager may manage assets for other investment companies, pooled investment vehicles, and/or other issuers business practices. Holdings LLC, which in turn is the general partner of StepStone. Modeling and actively monitoring cash flows to avoid cash drag and maintain maximum appropriate levels of The Fund does not expect to meet the requirements to make the election described above in respect of the treatment of directly or indirectly. Shares are offered for purchase daily on any day the New York Stock Exchange (NYSE) is open for business at a price based upon the Funds then current NAV. and chairs its Public Policy Committee. The SEC also provided guidance in connection Shareholder, for this purpose, is any U.S. person that possesses (actually or constructively) 10% or more of the combined Large, stable senior team of professionals, each of whom offers their own extensive personal relationship
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