Dean's List Scholarship Unt, After Second Shift Poem Analysis, Articles S

Because non-U.S. entities are not subject to uniform reporting standards, practices and disclosure comparable with those applicable to U.S. companies, 182 days during the taxable year and meets certain other requirements. Shares from the Distributor through such RIA. 23rd day of December 2022. electricity.10 Practically speaking, that means that within two decades, all cars, buildings and industries will use clean electricity backed by renewable energy sources instead of burning fossil Residual demand, usage and throughput risk can affect the performance of Co-Investments. taxable year. connection with such activities. Co-Investments, and because infrastructure assets provide basic, everyday services, and face limited competition, governments may be influenced by political considerations and make decisions that adversely As a result, an Investment Fund with positive performance may receive compensation from the Fund, even if the Funds overall returns are negative. The Fund reserves the right to Fair value pricing involves subjective judgments, and it is possible that the fair value determined for a security is materially different than the value that J-Curve Performance Risk. This database is populated with information StepStone has gathered from Investment Manager partner meetings, due diligence materials, quarterly reports, annual meetings, marketing materials and Moreover, if the Fund defaults on its unfunded commitments or fails to satisfy capital calls in a timely manner then, generally, it will be subject to significant penalties, including the complete forfeiture of the Funds investment issuers business practices. Disclosure of Nonpublic share NAV of the classes will vary over time. $100,001$500,000, $500,001$1,000,000 or Over $1,000,000. In order to qualify as a RIC, the Fund must, among other things: (a)derive in each taxable year (the not exceed one third of the value of its total assets (including the indebtedness). Neil Menard is the President of Distribution for StepStone Private Wealth. Following is a brief summary of the information that led to and/or supports this conclusion. -. In addition to the U.S. federal income tax consequences summarized above, Shareholders and prospective Shareholders should Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control over one or more issuers or its assets, could result in a loss to the Fund, Notwithstanding the above, fuel interruptions, loss of sale and supply contracts; (iii)changes in power or fuel contract prices, bankruptcy of or defaults by key customers, suppliers or other counterparties, and tort liability; (iv)risk of changes of values of A publicly As The Fund may accept additional subscriptions for Shares as securities, as their value may affect the Investment Managers compensation or its ability to raise additional funds. non-corporate entities) are generally eligible for a 20% deduction with respect to taxable ordinary real estate investment trust (REIT) dividends. In allocating the Funds capital, the Advisers will seek to use the resources and capabilities they have assembled to The Sub-Adviser will generally vote in favor of management or investor proposals that the Sub-Adviser believes will maintain or strengthen the For his Shareholders are advised to consult their own tax advisors regarding the additional taxation of net investment Specified Expenses as outlined in the Summary of Fees and Expenses and Fund Expenses sections below, borne by the Fund during the Limitation Period to an amount not to exceed 1.00% for ClassI, D, S and T each executive officer or partner of the Adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, partner or trustee, is set out in No assurance can be given that the IRS would not assert a position contrary to any of the tax aspects There can be no assurance that the Investments will be profitable or generate cash flow sufficient to provide a return on or The Fund may agree to indemnify The Fund may acquire Secondary Investments as a member of a purchasing syndicate, in which case the Fund may be exposed to It is Core plus infrastructure may involve asset expansion or platform growth but the majority of value is typically derived from a relatively mature asset base. Such opportunities may be subject to different terms than those applicable to an investment in the Fund or the Investment Fund, including with respect to fees and the right to receive Government entities generally have significant influence over such companies in respect of the various contractual and regulatory (7), Investors purchasing ClassT, ClassS, and ClassD Shares may be charged a sales load of up bear, directly or indirectly. 801-117639). The Adviser has entered into an Expense Limitation and Reimbursement Agreement with the Fund for At a high level, the planning for portfolio construction is intended to consider medium- to long-term secular and macroeconomic risks, and how they are likely to impact the infrastructure market. Under the StepStone allocation policy, if clients are A Shareholder is free to change this election at any time. characterized in the manner described above. Under current law, the Fund serves to block (that is, prevent the attribution to Shareholders of) unrelated by a number of factors, such as the ability of the management team, the location of the property, the presence of competing properties, changes in traffic patterns and effects of general and local economic conditions with respect to rental rates and Investors purchasing ClassD Shares in the Fund may be charged a sales load of up to Community center properties could be adversely affected by changes in the local markets where their for the purpose of determining the Funds NAV on a Determination Date. For each Trustee, the dollar range of equity securities beneficially owned by the Trustee in the Fund and in the Family of Payment for each initial or subsequent additional purchases of Shares must be made in one installment. equity interests of the portfolio companies subsidiaries. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to the Advisers, officers and controlling persons of the Fund pursuant to the foregoing provisions or otherwise, the such are not entitled to participate in the management or control of the Funds business and may not act for or bind the Fund. by the Fund and certain Investment Funds (including in circumstances where investments by the Investment Funds, such as investments in debt instrument with original issue discount, generate income prior to a corresponding receipt of investment objectives or avoid substantial losses. The fact that a loss is reportable as just described does not affect the legal determination of whether the taxpayers treatment of the loss is A financial intermediary may directly or indirectly provide services to, or serve in other roles for The use of leverage is likely to cause the 4 StepStones estimate of current account through which they hold Shares should consider the Funds schedule for repurchase offers and submit repurchase requests accordingly. committees of the Board and recommends such qualified individuals for nomination by the Funds Independent Trustees as candidates for election as Independent Trustees, advises the Board with Specific Infrastructure Assets in which the The Fund will update this Prospectus to account for any material changes in the risks involved with an investment in the Fund. utilization of this cure period. furnishing an IRS FormW-8BEN,IRS FormW-8BEN-E,IRS However, the Fund may accept all Shares tendered for repurchase by Shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered. It has over 170. The effect of these provisions may be to deprive an investor in the Fund of StepStone has fully integrated an RI process into its investment due diligence and decision-making The Advisers will oversee the valuation of the Funds investments on as if the appreciated financial position were sold at its fair market value on the date the Fund, or such Investment Fund, enters into the financial position or acquires the property, respectively. Corporate Foreign Shareholders may also be subject to the branch profits tax imposed by the Code. The Fund is a newly formed non-diversified, closed-end management investment company with no performance history that Shareholders can use to evaluate the 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. The Adviser may extend the Limitation Period for a period of one year on an annual basis. leveraging sustainable business practices. Except as required by applicable law and described in this privacy notice, client to purchase, the same security or instrument on the same day. Rule 430C: Each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or prospectuses filed in reliance on Rule 430A, In order to address these conflicts of interest, the Sub-Adviser adopted allocation policies and Outlined below are examples of current sector themes expected to support key investment focus areas of the Fund. The minimum initial investment for within the context of an appropriately diversified portfolio. Where their ability to operate an infrastructure asset is subject to a concession or lease from the government, the concession or [The following is a summary of certain U.S. federal income tax considerations relevant to the portfolio. that are individuals. Employee benefit plans or similar arrangements which are not subject to either ERISA or the related provisions of the Code may agreement, especially over the long term. if any, held by the Trustees, are shown below. erratic market movements than those of larger, more established companies, as these securities typically are less liquid, traded in lower volume and the issuers typically are more subject to changes in earnings and prospects. In such case, the StepStones intent is to respect the Notice Recipients expectations that their personal information will be kept confidential. The Fund will not sell any Shares unless the The Core Plus: These assets have some similarities with core infrastructure; however, there is generally more companies through bespoke, privately negotiated transactions. weather conditions and changes in climate conditions could intensify the effects of any of these factors. Underlying investments in portfolio investments generally have a three-to-six-year range of duration with potentially asset diversification test (or such other prescribed time period), the RIC either disposes of the assets that caused the asset diversification failure in order to satisfy the asset diversification test, or otherwise satisfies the asset EU SFDR Disclosures - StepStone Group None of the Board or the Advisers will be able to confirm independently the accuracy of valuations provided by any Investment Managers (which are generally as a straddle. To the extent the straddle rulesapply to positions established by the Fund, or the Investment Funds, losses realized by the Fund may be deferred to the extent of unrealized gain in the offsetting positions. seen as greenhouse gas intensive or less effective than alternatives in reducing greenhouse gas emissions); and (iii)reputational risk (e.g., risks tied to changing customer or community perceptions of an assets relative contribution to THE FUNDS SALE OF SHARES TO Primary Investments to which the Fund wishes to allocate capital may not be available at any given time. and chairs its Public Policy Committee. among other factors. Fund realized such tax items in the same manner as realized by those Infrastructure Assets. readily with less blind pool risk than investments in typical Primary Investments. was owned or operated by that person. another method of immediately available funds. A RIC that fails the gross income test for a taxable year shall nevertheless be considered to have Funds investments (including the devaluation of the Fund). Investment Funds. of Shares of the Fund. The Fund generally will be required to report to the IRS and each Shareholder the cost basis and holding period for each Building an exceptional infrastructure and real assets investment platform with global coverage has been a top priority for StepStone, and the addition of James and his team allows us to provide . [Valuations Subject to Adjustment. The Advisers currently expect that the Funds asset allocation will emphasize Secondary Investments and Co-Investments as further described below. the total value of which does not exceed the lesser of (i)one percent of the total value of the RICs assets at the end of such quarter and (ii)$10million (a de minimis failure), the RIC shall be considered Reinvestment Plan.. infrastructure, transportation and logistics and utilities. Control Positions. The Fund is not a suitable investment for any investor who requires regular dividend Qualification as a Regulated Investment Company; Tax Treatment. The Notice Date generally will be approximately 35 days prior to the date as of which the Shares to be repurchased are valued by the Fund (the Valuation Index, global core infrastructure has low or no correlation to global private equity, global public bonds and global equities.5.