StepStone Conversus Launches Luxembourg Investment Company and Private Markets Fund for European Investors
StepStone Group Inc. has launched the CPRIM Lux fund aimed at high-net-worth individuals and smaller institutions in Europe. This new investment solution enhances access to private markets with exposure to private equity, real assets, and private debt. The fund, part of a broader strategy, aims to achieve diversification and seeks to replicate the success of its US counterpart, which has seen a strong 78% total return since inception. CPRIM Lux will have its first closing in fall 2022 and mandates a minimum investment of USD 50,000.
- Launch of CPRIM Lux expands access to private markets for European investors.
- The fund aims for a diversified investment across asset classes, leveraging StepStone's expertise.
- Similar US counterpart achieved a 78% total return since its launch.
- None.
CPRIM Lux is a comprehensive private markets investment solution designed for high-net-worth individuals and smaller institutions (Professional Investors)
LUXEMBOURG, July 13, 2022 (GLOBE NEWSWIRE) -- StepStone Conversus LLC (“Conversus”), an investment platform designed to expand access to the private markets for individual investors, today announced the launch of StepStone Conversus (Luxembourg) SCA SICAV-RAIF, a Luxembourg umbrella fund, and its inaugural sub-fund, Conversus StepStone Private Markets (“CPRIM Lux” or the “Fund”). CPRIM Lux offers European investors global exposure to the major private market asset classes – Private Equity, Real Assets and Private Debt – in a single investment.
StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm that oversees USD 570 billion of private markets allocations, including USD 134 billion of assets under management. The firm’s more than 800 professionals work from 23 cities in 14 countries to execute fund investments, secondary purchases and direct co-investments across the private markets. StepStone launched the Conversus platform in 2019 to deliver its institutional capabilities to high net worth individuals and small institutions.
CPRIM Lux’s investment strategy, powered by StepStone’s scale, relationships, and expertise spanning the private markets, will invest alongside CPRIM US, the firm’s US-based flagship fund. Launched in October 2020, CPRIM US reached USD 500 million of assets under management in 18 months, and its NAV has increased every quarter since inception, achieving a
As an open architecture solution, the CPRIM Lux portfolio seeks to be well-diversified across underlying managers and by sector, strategy, geography and vintage year. StepStone will invest CPRIM Lux’s capital alongside its institutional clients and CPRIM US.
CPRIM Lux intends to hold its first closing in the fall of 2022. The Fund will be available to Professional Investors (as defined under MiFID II) in several EU Member States (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.
“CPRIM Lux provides high net worth individuals and smaller institutional investors in Europe with a core private market holding through a convenient and efficient one-stop fund solution,” said Bob Long, CEO of Conversus. “Given that public market levels and recent volatility are comparable to the market conditions when we launched our US fund in 2020, we believe now is an opportune time for investors to secure the return and diversification benefits of top-tier private assets.”
“StepStone committed over USD 75 billion to the private markets in the last year, closing over 400 separate transactions, and we are confident that the firm’s scale and depth will produce attractive investments that fit the Fund’s return and cash flow parameters,” said Celine El Debs, Managing Director for EMEA at Conversus. “We are thrilled to bring this private markets strategy to European investors following its notable success in the US.”
Designed specifically for those high-net-worth individuals and small institutions in Europe which can be treated as Professional Investors, CPRIM Lux’s investor-centric structure emphasizes convenience, efficiency and transparency. An evergreen fund, CPRIM Lux will raise capital and hold closings on a monthly basis while providing liquidity through quarterly tender offers. There are no ongoing capital calls. Please check the Fund’s documentation for conditions of availability in your country.
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1 PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ACTUAL PERFORMANCE MAY VARY
About Conversus
StepStone Conversus LLC (“Conversus”) is an investment firm designed to expand access to the private markets for individual investors and small institutions and is wholly owned by StepStone. Conversus seeks to create innovative, investor-centric solutions by focusing on convenience, efficiency and transparency. Conversus is derived from the Latin verb for conversion, and the firm’s mission is to convert the private market advantages enjoyed by institutional investors into opportunities for individual investors.
About StepStone
StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of March 31, 2022, StepStone oversaw USD 570 billion of private markets allocations, including USD 134 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
Brian Ruby / Chris Gillick, ICR
203-682-8268
StepStonePR@icrinc.com
StepStone Group Inc. Shareholder Relations
212-351-6106
shareholders@stepstonegroup.com
THIS DOCUMENT IS A MARKETING COMMUNICATION. PLEASE REFER TO THE OFFERING MEMORANDUM OF CPRIM 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 CPRIM 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 CPRIM Lux.
Notice to Persons in the European Economic Area (EEA)
CPRIM 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 CPRIM 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 CPRIM 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 CPRIM 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 CPRIM 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
CPRIM 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 CPRIM Lux.
Shares in CPRIM 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 CPRIM 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 CPRIM 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 31 March 2022 unless otherwise noted.
FAQ
What is CPRIM Lux?
When will CPRIM Lux hold its first closing?
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How has the US counterpart of CPRIM Lux performed?
