StepStone Private Wealth today announced the launch of the StepStone Private Infrastructure Fund, an evergreen interval fund that can be purchased on a daily basis. STRUCTURE has begun accepting subscriptions and expects to hold its initial closing in the third quarter of 2023.
STRUCTURE offers individual accredited investors and smaller institutions diversified exposure to an open-architecture portfolio of private infrastructure assets in a single investment. STRUCTURE seeks to make investments in assets that provide essential services to society such as transportation assets (toll roads, airports and mass transit), power (energy storage, transmission and distribution, and renewables) and data (data centers, cell towers, and fiber optics). STRUCTURE will invest via secondary purchases of individual operating companies and fund interests, direct co-investments, and modest commitments to new funds.
STRUCTURE will leverage StepStone’s infrastructure platform, scale, and relationships to gain access to historically top-tier managers and operating companies. StepStone will invest STRUCTURE’s capital alongside its institutional clients.
“In recent years, institutional investors have dramatically increased allocations to private infrastructure due to its defensive characteristics, inherent inflation protection opportunities, historically stable yield, and potential for reduced volatility. We believe that STRUCTURE is well-positioned to capitalize on major secular trends in digitization, decarbonization and demographics for the benefit of individual investors,” said Bob Long, CEO of StepStone Private Wealth. “StepStone has a global team of experienced infrastructure investment professionals and a strong market position, with over $27 billion in infrastructure AUM. STRUCTURE will leverage StepStone’s sector expertise, as well as the StepStone platform’s technology, research, and data advantages.”
An evergreen fund, STRUCTURE will raise capital daily while providing liquidity through quarterly redemptions of 5% of the fund’s NAV. There are no ongoing capital calls, and tax reporting will be provided via a Form 1099 rather than a Schedule K-1. STRUCTURE is available to accredited investors in the U.S. with a minimum investment of $25,000 through a range of share classes created for various wealth management platforms. After the first closing, STRUCTURE will be available through select mutual fund platforms via a ticker and otherwise purchased by subscription agreements for platforms that prefer them.
About StepStone
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, 2023, StepStone was responsible for approximately $640 billion of total capital, including $143 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.
