StepStone Conversus Announces First Close of StepStone (Luxembourg) SCA SICAV-RAIF – StepStone Private Markets at Over US$100 Million

Rhea-AI Summary

StepStone Group has launched a new investment fund, SPRIM Lux, aimed at European high net worth investors, with an initial close of over USD 100 million. This fund provides access to StepStone’s semi-liquid, core private markets strategy, which has previously demonstrated significant returns, including a 76% total return since its inception in October 2020. SPRIM Lux will feature a diversified portfolio of 200 companies across 20 funds, enhancing accessibility and transparency in private market investments.

Positive

• SPRIM Lux raised over USD 100 million at its initial close, indicating strong investor interest.
• The fund provides European investors access to a diversified portfolio of 200 companies, enhancing investment opportunities.
• StepStone's US fund has produced a substantial 76% total return since its launch, highlighting the potential for performance.
• SPRIM Lux's unique structure eliminates unpredictable capital calls, improving investor convenience and liquidity.

Negative

• None.

First Opportunity for European Investors to Access StepStone’s Semi-Liquid, Core Private Markets Strategy

LUXEMBOURG, Oct. 20, 2022 (GLOBE NEWSWIRE) -- StepStone Conversus, an investment platform designed to expand access to the private markets for high net worth and accredited investors¹, today announced the first close of StepStone (Luxembourg) SCA SICAV-RAIF – StepStone Private Markets (“SPRIM Lux” or the “Fund”) with over USD100 million. SPRIM Lux provides the first opportunity for European investors to invest in StepStone’s semi-liquid, core private markets strategy. StepStone’s US fund has exceeded US$800 million of AUM and produced over a 76% total return since its launch on 1 October 2020.

The SPRIM Lux initial portfolio is comprised of private equity secondaries purchased at discounts to net asset value. The Fund has launched with a mature portfolio of 200 companies across 20 funds sponsored by ten investment managers diversified by sector, strategy, geography and vintage year.

SPRIM Lux leverages the expertise, relationships, and scale of StepStone Group Inc. (Nasdaq: STEP). StepStone’s sourcing capability drove a series of proprietary transactions that created the Fund’s initial portfolio. By launching with scale and offering an attractive portfolio, SPRIM Lux seeks to become a relevant player in the European market.

“As public markets remain volatile, we believe that certain types of private investors can benefit from diversifying into the private markets, which have generally delivered higher returns than public markets over time,” said Bob Long, CEO of StepStone Conversus. “Our US-based flagship fund has returned 6.2% year to date through August, outperforming US and European public equities by a wide margin. Private markets tend to be less sensitive to swings in the broader economy, and we believe StepStone’s information advantage and global depth of investment expertise can make a meaningful difference in both performance and peace of mind.”

“SPRIM Lux brings an investor-centric approach that makes it easier for investors to access institutional-calibre private markets investments,” said Celine El Debs, Managing Director for EMEA at StepStone Conversus. “In our semi-liquid structure, we accept 100% of an investor’s capital upfront and eliminate the unpredictable capital calls and distributions. The Fund has been well-received by leading European wealth platforms, and we look forward to expanding our distribution partners in the coming months.”

SPRIM Lux’s investor-centric structure emphasizes convenience, efficiency and transparency. An evergreen fund, SPRIM Lux raises capital and holds closings on a monthly basis while providing liquidity through redemptions. There are no ongoing capital calls.

About StepStone Group

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, 2022, StepStone oversaw $588 billion of private markets allocations, including $137 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, ICR
203-682-8268
StepStonePR@icrinc.com 

THIS DOCUMENT IS A MARKETING COMMUNICATION. PLEASE REFER TO THE OFFERING MEMORANDUM OF SPRIM LUX BEFORE MAKING ANY FINAL INVESTMENT DECISIONS.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ACTUAL PERFORMANCE MAY VARY.

This document is provided for information purposes only and is not intended to be and must not solely form the basis for an investment decision. All information provided herein is subject to change. This document is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or as an offer to provide advisory or other services by StepStone Conversus LLC (“Conversus”), StepStone Group LP (“StepStone”), StepStone Group Europe Alternative Investments Limited (“SGEAIL”) or their subsidiaries or affiliates (collectively, the “Managers”) in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this document should not be construed as financial or investment advice on any subject matter. The Managers expressly disclaim all liability in respect to actions taken based on any or all of the information in this document.

Before investing you should carefully consider SPRIM Lux’s investment objectives, risks, charges and expenses. This and other information is explained in the Offering Memorandum, a copy of which may be obtained from SGEAIL upon request.

Information contained herein is subject to completion or amendment. An indication of interest in response to this advertisement will involve no obligation or commitment of any kind.

The Managers, their affiliates and employees are not in the business of providing tax, legal or accounting advice. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.

Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments. Each prospective investor is urged to discuss any prospective investment with its legal, tax and regulatory advisors in order to make an independent determination of the suitability and consequences of such an investment.

An investment involves a number of risks and there are conflicts of interest. Please refer to the risks outlined in detail in the Offering Memorandum of SPRIM Lux.

Notice to Persons in the European Economic Area (EEA)

SPRIM Lux is an Alternative Investment Fund for the purposes of the Alternative Investment Fund Managers Directive 2011/61/EU of the European Parliament and the Council of the European Union (“AIFMD”). SGEAIL is the Alternative Investment Fund Manager (“AIFM”) of SPRIM Lux. SGEAIL is authorised and regulated by the Central Bank of Ireland as a full-scope AIFM for the purpose of the AIFMD.

The Shares in SPRIM Lux may only be marketed to prospective investors which are domiciled or have a registered office in a member state of the EEA (“EEA Persons”) in which the AIFM has registered SPRIM Lux for marketing under Article 32 of AIFMD and in such cases only to EEA Persons which are Professional Investors (as defined below). This document is not intended for, should not be relied on by and should not be construed as an offer (or any other form of marketing) to any other EEA Person.

A “Professional Investor” is an investor who is considered to be a professional client or which may, on request, be treated as a professional client within the relevant national implementation of Annex II of Directive 2014/65/EU (Markets in Financial Instruments Directive II) and AIFMD.

The Shares may not be offered, sold or otherwise made available to any retail investor within the meaning of Regulation (EU) 1286/2014 (the “PRIIPS Regulation”) in the territory of the EEA, including investment made in the EEA by such entities or persons from third countries. Consequently, no key information document required by the PRIIPS Regulation for offering or selling the Shares or otherwise making the Shares available to retail investors in the EEA has been prepared; and therefore offering or selling the Shares or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation.

A list of the EEA member states in which SPRIM Lux is registered for marketing pursuant to Article 32 of the AIFMD is available from the Managers upon request.

In the EEA, this document is disseminated by SGEAIL.

Notice to Persons in the United Kingdom

SPRIM Lux is an alternative investment fund for the purpose of the Alternative Investment Fund Managers Regulations, 2013, as amended by the Alternative Investment Managers (Amendment, etc.) (EU Exit) Regulations 2019 (“UK AIFM Regulations”). StepStone Group Europe Alternative Investments Limited (“SGEAIL”) is the alternative investment fund manager (“AIFM”) of SPRIM Lux.

Shares in SPRIM Lux may only be marketed to prospective investors which are domiciled or have a registered office in the United Kingdom (“UK Persons”) if the AIFM has qualified SPRIM Lux for marketing under the UK AIFM Regulations and in such cases only to UK Persons which are Professional Investors or any other category of person to which such marketing is permitted under the national laws of the United Kingdom. This document is not intended for, should not be relied on by and should not be construed as an offer (or any other form of marketing) to any other UK Person.

A “Professional Investor” is an investor who is considered to be a professional client or which may, on request, be treated as a professional client within the United Kingdom implementation of Annex II of European Union Directive 2014/65/EU (Markets in Financial Instruments Directive or “MiFID II”) and the UK AIFM Regulations.

Further information on SPRIM Lux’s United Kingdom registration is available from the AIFM on request.

Each of StepStone Group LP and StepStone Conversus LLC is an investment adviser registered with the Securities and Exchange Commission (“SEC”). StepStone Group Europe Alternative Investments Limited is an Alternative Investment Fund Manager authorised by the Central Bank of Ireland and an SEC Registered Investment Advisor.

All data is as of September 30, 2022 unless otherwise noted.

¹ SPRIM Lux is only available to Professional Investors (as defined under MiFID II) in those EU Member States in which it has been registered (including: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Portugal, Spain and Sweden) and the UK; and also to Well Informed Investors in Luxembourg (including Institutional Investors as defined by the CSSF), with a minimum investment of USD 50,000.

 

FAQ

What is the SPRIM Lux fund launched by StepStone?

SPRIM Lux is an investment fund by StepStone Group that allows European high net worth investors to access a semi-liquid, core private markets strategy.

How much has StepStone raised for the SPRIM Lux fund?

StepStone has raised over USD 100 million for the SPRIM Lux fund at its initial close.

What type of investments does SPRIM Lux fund focus on?

SPRIM Lux focuses on private equity secondaries, with a portfolio of 200 companies diversified across various sectors and strategies.

How does SPRIM Lux provide liquidity to its investors?

SPRIM Lux provides liquidity through its evergreen structure, allowing monthly capital raises and redemptions without ongoing capital calls.

What returns has StepStone's US fund achieved?

StepStone's US fund has achieved over a 76% total return since its launch on October 1, 2020.