of the outstanding voting securities of the Fund; or by the Adviser. request to StepStone to exercise these rights by contacting us at privacy@stepstoneglobal.com. Management Fee of 1.50% on NAV in relation to an investment in the Fund, calculated monthly in arrears, at the rate of 0.1250% per month of the value of the Funds average daily net assets. The Investment Funds in which the Fund intends to invest For example, the Fund, the Advisers,Investment Funds or portfolio companies or investment vehicles managed or sponsored by the Advisers or Investment The Fund has no interest in these activities. counterparty to the Fund or an issuer) to perform its obligations until it is able to remedy the force majeure event. Since its inception, StepStone has invested in Secondary Investments that were 70-75% deployed on average. The value of these instruments denominated in currencies The Board has three Sectors may differ in risk and return from the above. Shares are sold to investors who represent that they are an accredited investor within the meaning of Rule 501 of In the event these hostilities escalate, the impact could more The company provides customized investment solutions and advisory and data services. fund obligations (CFOs) or similar investment vehicles that own existing secondaries and co-investments. usage-related fee rates. The Fund relations, insurance costs and government regulations. Because the portfolio manager may manage assets for other investment companies, pooled investment vehicles, and/or other government. For illustrative purposes only. investment funds and their investment advisers, in particular, have been the subject of increasing legislative and regulatory scrutiny. property held for investment) for U.S. federal income tax purposes. Proactive Investment Sourcing: The Advisers believe that their advisory practice, separate account Even though most permits and licenses are obtained prior to the See Backup withholding is not an additional tax. contains certain conditions that limit or restrict the Funds ability to participate in such transactions, including, without limitation, where StepStone advised funds have an existing investment in the operating company or Investment Fund. their own accounts and may have actual or potential conflicts of interest with respect to investments made on behalf of the Fund or an Investment Fund in which the Fund invests. The minimum On non-routine matters, the Sub-Adviser will Mr.Reisler received a Bachelor of Commerce (Hons) from McGill University and an MBA (Hons) and Diploma in Infrastructure and Real Estate from the Schulich School of Business in Canada. These expenses represent estimated interest payments the Fund expects to incur in connection with its credit including amounts borrowed, measured at the time the investment company incurs the indebtedness (the Asset Coverage Requirement). Certain of the Infrastructure Assets in which the Fund may invest may operate in, or have dealings with, countries subject to sanctions or embargos imposed by the U.S. government, foreign governments, or the United Nations or other Information Reporting and Backup Withholding, Information returns will generally be filed with the IRS in connection with distributions made by the Fund to Shareholders Shareholders can expect to receive tax information via a 1099-DIV or Other investment vehicles sponsored, managed or See Purchases of Shares Eligible Investors.. Regulation D under the Securities Act. The concessions of certain Co-Investments are granted The biographies of each Trustee are described below. regularly post updated information regarding our portfolio and activity in documents such as the most recent Prospectus and Statement of Additional Information, a monthly fact card, an investor presentation, a fund commentary and the portfolio ClassT Shares have maximum aggregate annual distribution and shareholder servicing fees of [ ]. interest reinvestment plans, check the following box , If any securities being registered on this Form will be offered on a delayed The fact that a loss is reportable as just described does not affect the legal determination of whether the taxpayers treatment of the loss is circumstances, the Fund may hold its interests in the Infrastructure Assets in non-voting form or limit its voting rights to a certain percentage. Principal Risks Related to Infrastructure Assets. visibility to many infrastructure investments. The services provided to the Sub-Adviser by the. determine if participation in the Fund is a transaction. She worked for Actis as strategy and investment manager from January 2018 before joining NZ Super Fund. suspended or postponed in accordance with regulatory requirements, and each repurchase pricing shall occur no later than the 14th day after the Repurchase Request Deadline (as defined in the investment funds may adversely affect the value of the Funds investments and the ability of the Fund to implement its investment strategy (including the use of leverage). assure you that we will achieve our investment objective. Infrastructure typically requires a high level of initial capital investment, and this acts as a significant impediment to potential competitors entering the market. elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other The Fund intends to make direct and indirect investments in debt and equity The certain circumstances, the provisions governing the tax treatment of straddles override or modify certain of the provisions discussed above. compensation for, the Fund, an Investment Fund or a portfolio company. The Sub-Adviser will generally vote in favor of routine corporate housekeeping The information on the The StepStone Advantage Global-Local Approach Customized Approach Multi-Asset Class Expertise Proprietary Data & Tech Large & Experienced Team With offices in 25 cities across 15 countries, we have built a global operating platform, with strong local teams that possess valuable regional insights and deeply rooted relationships. bank or securities dealer and the Investment Funds simultaneous agreement to repurchase the security for a fixed price (reflecting a market rate of interest) on a specific date. In the case of non-routine matters, voting decisions will generally be made in support The Adviser will balance the ultimate allocation across investment types while seeking to mitigate the J-Curve, the equity interests of the portfolio companies subsidiaries. Although the Advisers anticipate that the certain individuals and on the undistributed net investment income of certain estates and trusts to the extent such persons modified adjusted gross income (in the case of an individual) or adjusted gross income (in the For a copy of the Proxy Policy, see Annex A to this SAI. products and services, including renewable sources like solar and wind. The Fund also may be subject to additional state, will equal 2.00% of the NAV of any Shares repurchased less than one year of the purchase. Each of these ongoing requirements for qualification for the favorable tax the same character to a partner and will generally have the same source (either United States or foreign), as though the partner realized the item directly. degree from the University of Richmond. operating expenses, environmental laws and regulations, and other governmental rulesand fiscal. Geographic Concentration Risks. The tax basis in the Shares repurchased or transferred by the Fund, to the extent remaining after any dividend and return of He also co-founded Carolon Investment Funds headquartered in Dublin,Ireland to assist asset managers with fund structuring and regulatory oversight. standing committees: the Audit Committee, the Nominating and Governance Committee and the Independent Trustees Committee. The Audit Committee, the Nominating and Governance Committee, and the Independent Trustees processors, retailers, and industrial buyers, as well as related appreciation of farmland and supply chain assets. Additionally, the valuations reported by Investment Managers may be subject to later adjustment or revision. its investment strategy, through team, platform and performance assessments, discussions with third party references (including the Investment Manager community, limited partner community, and portfolio company founders), Investment Manager This requirement means that the value of the investment companys total indebtedness may Capital gain dividends and any amounts retained by the Fund which are properly reported by the Fund as undistributed capital gains will not be subject to U.S. tax order contains certain conditions that limit or restrict the Funds ability to participate in such transactions, including, without limitation, where StepStone advised funds have an existing investment in the operating company or Investment Climate Risk. Special tax risks are associated with an investment in Primary investments are made during an initial fundraising period in the form of capital commitments, which are then called down by the require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition to the particular matters set forth in this section, greenhouse gas emissions). qualify for sale or exchange treatment, the Shareholder may 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 The minimum initial investment for any individual investor will not typically designed to provide consistent income streams and quarterly liquidity over a long-term investment horizon (Open-Ended Funds). capital calls and distributions. Hospitality Properties. Recent developments in relations between the United States and China have water). capital gain net income, determined under prescribed rulesfor this purpose (which is generally determined on the basis of the one-year period ending on October31stof such calendar year, and The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940. Availability of Investment Opportunities. SIRAs investment The Adviser and Administrator will be reimbursed by the Fund for any of the above expenses that it pays on behalf of the Fund, If the QEF incurs losses for a taxable year, these losses will not pass Under such circumstances, the Fund may have difficulty meeting the annual distribution requirement necessary to maintain its qualification as a RIC. Further, investment opportunities may arise where there is more demand from the Fund and other StepStone clients for a particular decision how to vote proxies, or that memorializes that decision including periodic reports to the Sub-Advisers Chief Compliance Officer or proxy committee, if applicable. of a readily available market and may be priced based on determinations of fair value, which may prove to be inaccurate. The The Fund shall file an annual report of each proxy voted with respect to portfolio securities of the Fund during the twelve-month period ended June30 on FormN-PXnot later than August31 of each year. These include the type and financing stage of the investment, the geographic region in which the investment is made and the vintage year. required to demonstrate their exempt status. Non-U.S. Risk. The Fund reserves the right to repurchase all of the Shares held by a Shareholder if the Shareholders account Independent Trustees are charged with recommending to the full Board approval of management, advisory and administration contracts, and distribution and underwriting agreements; continually reviewing fund performance; overseeing on the pricing of constraints, positions may be taken by directors, principals, officers, employees and affiliates of the Advisers, or by the Advisers for the Other Accounts, or any of. established. For some investments little. A financial intermediary may provide financing, investment banking services or (b) For the purpose of determining any liability under the Securities Act of If before the end of any quarter of its taxable year, the Fund believes that it may fail any of the In select cases, the Fund may allocate a portion of its investments to other private market Commitment Strategy. Shares through the Distributor or such Selling Agent. In addition, all distributions (including distributions of net capital gain) made to Shareholders has been signed below by the following persons in the capacities and on the dates indicated. factors such as a downturn in the businesses operated by their tenants, obsolescence and non-competitiveness. Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control over one or more issuers or its assets, could result in a loss to the Fund, repurchase offer, the Fund may, but is not required to, repurchase an additional amount of Shares not to exceed [2]% of the outstanding Shares of the Fund on the Repurchase Request Deadline. The Advisers believe the following attributes create an attractive opportunity for investors when
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