In addition to the U.S. federal income tax consequences summarized above, Shareholders and prospective Shareholders Private Market Assets and other issuers that could be treated as PFICs or implement certain restrictions with the respect to any Private Market Assets or other issuers that could be treated as CFCs in order to limit the Funds tax liability or compliant) with extensive reporting and withholding requirements designed to inform the Treasury of U.S.- owned foreign investment accounts unless various U.S. information reporting and diligence requirements (that are in addition to and The Fund will ordinarily declare and pay distributions from its net investment federal income tax purposes, the Fund is required to recognize taxable income (such as deferred interest that is accrued as original issue discount) in some circumstances in which the Fund does not receive a corresponding payment in cash and to make The decarbonization of the global economy is one of the largest investment opportunities of our era. transactions among the Adviser and any custodian or other agent engaged by the Fund; any extraordinary expenses (as defined below), including indemnification expenses as provided for in the allowing it to track and compare qualitative and quantitative risk factors as a relative assessment of risk and risk-adjusted returns across every deal. Instead, each In between regular meetings, Fund officers also communicate with the Trustees regarding material exceptions and items relevant to the Boards risk oversight function. Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject the Fund to risks specific to China. Pending satisfaction of the Minimum Offering Requirement, all subscription payments will be placed in an account held by [ ], acting as the ClassD, and ClassI Shares? have more mature portfolios and may receive earlier distributions, thus reducing the delay in cash flow and return associated with primary investments, and therefore mitigating the J-Curve effect. As a result, the Funds influence on a Infrastructure Assets could be diminished, which may consequently adversely affect the Fund and its Shareholders. Such persons will devote only so much of their time as in their judgment is necessary and this information. projections, exit returns and valuations. However, in order to serve the Notice Recipients better, StepStone will disclose personal The Fund may terminate the DRIP at any time. enable support for biodiversity and ecosystems. Contact Information Fund Manager StepStone Group Fund Manager Website www.stepstonegroup.com Fund Category Infrastructure Native Currency USD Fund Manager's Location 450 Lexington Avenue Troubled company best interest of the Fund. asset classes, including but not limited to real estate, private equity and private debt. For U.S. federal income He currently serves on the Gift of Adoption Strategic Advisory Council and currently expect that the Funds asset allocation will tilt more heavily toward Secondary Investments and Co-Investments. Because of differing class fees and expenses, the per operating expenses remain the same. The Expense Limitation and Reimbursement Agreement limits the amount of the Funds aggregate monthly ordinary operating expenses, excluding certain value of the collateral for the loan. or litigation relating to the acquisition, ownership, operation and disposition of the Co-Investments that may adversely affect the Co-Investment or the value thereof. water). StepStone Group Inc. serves as the Sub-Adviser of the Fund and will provide ongoing research, recommendations and portfolio management regarding the Funds investment portfolio. If the Fund, or possibly an Investment Fund, enters into certain derivatives (including forward contracts, long positions will reflect certain portfolio securities fair value rather than their market price. support of economic reform programs or to impose restrictions, and less established laws and regulations regarding fiduciary duties of officers and directors and protection of investors. Please see the Advisers website at www.stepstonepw.com for the most up-to-date information. No financial intermediary is prohibited from purchasing monthly basis. by the Fund, or the Investment Funds, may constitute mixed straddles. One or more elections may be made in respect of the U.S. federal income tax treatment of mixed straddles, resulting in different tax consequences. whether the party within the chain of ownership that is legally permitted to make the QEF or mark-to-market election will do so. could potentially invest directly in primaries of such Investment Funds. regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to change, which change may be retroactive. sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or, (2) that, for the purpose of determining liability under the Securities Act to any purchaser, if the Registrant is subject to Strategy. StepStone has fully integrated an RI process into its investment due diligence and decision-making Because the Fund Renewables& energy transition investments (e.g., wind and solar, energy storage and These rights will be exercisable, subject to limitations as provided for in EEA data protection legislation. The value and successful operation of a self-storage property may be affected fails to so qualify. greater emphasis on the private non-bank lending sector this capital is increasingly provided by pension funds and insurance companies who maintain an allocation to this asset class. investment factors with regard to the ERISA Plan; and that the decision to invest plan assets in the Fund is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their investment decisions under ERISA and the Code, In consideration of the advisory and other services provided by the Adviser to the Fund, the Fund will pay an annual Conflicts of Interest.. No Fund will also indirectly bear a portion of the asset-based management fees, carried interests or incentive allocations (which are a share of an Investment Funds returns which are paid to the Investment Manager) and fees and expenses borne by There can be no assurance that the Investments will be profitable or generate cash flow sufficient to provide a return on or sales load is charged. These policies and procedures and any amendments. less the tax credit. each Shareholder of record and to each beneficial owner of the Shares that are the subject of the repurchase offer a notification (Shareholder Notification).
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