StepStone Group Launching ELTIF in Europe

Rhea-AI Summary

StepStone Group (Nasdaq: STEP), managing approximately $698 billion in total capital, announced approval to launch a Private Debt-based European Long-Term Investment Fund (ELTIF). The firm plans to initially market ELTIFs in Italy, Spain, Germany, France, and the Nordic and Benelux regions, focusing on private credit assets in the European Union.

Additionally, StepStone received approval to convert their current RAIF funds into UCI Part II vehicles, enhancing access for professional and semi-professional investors to private markets. The conversion affects multiple funds including SPRIM Lux, SPRING Lux, and STRUCTURE Lux, which are available on platforms like Allfunds and FundsPlace, offering digital subscription through Goji.

Positive

• Manages substantial capital of $698 billion, including $65 billion in private debt
• Expansion into European private wealth market through ELTIF approval
• Geographic diversification across major European markets
• Enhanced market access through UCI Part II conversion of existing funds

Negative

• None.

StepStone has also converted existing Lux funds to UCI Part II-compliant structures

NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP), a leading global private markets investment firm responsible for approximately $698 billion in total capital, including $65 billion in private debt, announced it received approval to launch a Private Debt-based European Long-Term Investment Fund (“ELTIF”).

“As part of our continued expansion into the European private wealth market, this milestone marks yet another chapter in our story of delivering private markets strategies to more investors with the mission of convenience, efficiency, and transparency,” said Neil Menard, Partner and President of Distribution, StepStone Private Wealth. “With these approvals in place, we will now be able to deliver institutional-grade investments better tailored to the dynamics of European wealth platforms.”

ELTIFs are designed to channel investments in Europe that support economic growth and job creation. StepStone plans to initially market ELTIFs in Italy, Spain, Germany, France, and the Nordic and Benelux regions, focusing on investing in private credit assets in the European Union.

“We believe that this offering provides unique advantages and is very differentiated to all other solutions in the market. The Firm’s sourcing network can provide significant selectivity and diversification to investors in a market that is otherwise highly fragmented,” said Marcel Schindler, Head of StepStone Private Debt. “Both institutional and individual investors alike are seeking efficient solutions such as this one. StepStone is well positioned to meet these expectations.”

StepStone also received approval to convert their current RAIF funds into UCI Part II vehicles, allowing professional investors and semi-professional investors greater access to the private markets, including private equity, infrastructure, and real estate. Funds set to be converted include StepStone Private Markets Fund Lux (SPRIM Lux), StepStone Private Venture and Growth Fund Lux (SPRING Lux) and StepStone Private Infrastructure Fund Lux (STRUCTURE Lux). These funds are currently available on a variety of platforms, including Allfunds, FundsPlace, and offer a digital subscription through Goji.

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 December 31, 2024, StepStone was responsible for approximately $698 billion of total capital, including $179 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

Shareholder Relations:
Seth Weiss
shareholders@stepstonegroup.com
+1 (212) 351-6106

Media:
Brian Ruby / Chris Gillick / Matt Lettiero, ICR
StepStonePR@icrinc.com
+1 (203) 682-8268

FAQ

What is the total capital managed by StepStone Group (STEP) as of February 2025?

StepStone Group manages approximately $698 billion in total capital, including $65 billion in private debt.

Which European countries will StepStone's ELTIF initially target?

StepStone plans to initially market ELTIFs in Italy, Spain, Germany, France, and the Nordic and Benelux regions.

Which StepStone funds are being converted to UCI Part II vehicles?

StepStone is converting SPRIM Lux, SPRING Lux, and STRUCTURE Lux funds to UCI Part II vehicles.

What platforms will offer StepStone's converted funds?

The converted funds will be available on platforms including Allfunds, FundsPlace, and offer digital subscription through Goji.

How much of StepStone's total capital is allocated to private debt?

Out of StepStone's $698 billion total capital, $65 billion is allocated to private debt.