What does it take to identify tomorrow’s category-defining companies today? In this episode, J.D. Hall, Managing Director at StepStone Group, explores the opportunities shaping venture and growth equity investing, from AI and emerging technologies to the growing importance of private markets in long-term portfolio construction.
The StepStone Private Venture and Growth Fund (SPRING) is registered as a non-diversified, closed-end management investment company structured as a tender offer fund. On a quarterly basis, at the discretion of the Board of Trustees, SPRING offers a share repurchase program for up to 2.5% of the Fund’s outstanding Shares per quarter subject to limitations. The Fund is not obligated to redeem any shares, and the Board may modify, suspend or terminate the plan.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained from StepStone Private Wealth at 704.215.4300 or by visiting stepstonepw.com. An investor should read the prospectus carefully before investing.
An investment in the Fund involves risks. The Fund should be considered a speculative investment that entails substantial risks, and a prospective investor should invest in the Fund only if it can sustain a complete loss of its investment. Fund shares are illiquid and appropriate only as a long-term investment. There is no secondary market for the Fund’s Shares and the Fund expects that no secondary market will develop in the foreseeable future. Use of leverage may increase the Fund’s volatility. The Fund’s investments in private equity assets involve a high degree of business and financial risk that can result in substantial losses and are subject to additional risks related to illiquidity, indirect fees, valuation, limited operating histories, and limited information regarding underlying investments. Shareholders will bear substantial direct and indirect fees and expenses in connection with their investment.
The Fund will invest in venture capital, growth equity and other private market assets. Investments held by Investment Funds and Primary Direct Investments involve the same types of risks associated with an investment in any operating company. However, securities of private equity funds, as well as the underlying companies these funds invest in, tend to be more illiquid, and highly speculative. The risks of investing in venture capital and growth equity companies are generally greater than the risks of investing in public companies that may be at a later stage of development.
Secondary investments may be acquired by the Fund as a member of a purchasing syndicate, and it may be exposed to additional risks such as (i) counterparty risk, (ii) reputation risk, (iii) breach of confidentiality by a syndicate member, and (iv) execution risk. Secondary investment acquisition negotiations may rely on incomplete or imperfect information, resulting in the risk that the Fund may pay a higher price that it would have otherwise given more comprehensive facts which could negatively impact performance. When the Fund acquires a secondary investment fund, it is typically not empowered to make modifications or amendments to the constituent documents and does not usually have the authority to negotiate the underlying economic terms of the interests it is acquiring.
Investments may consist of loans to small and/or less well-established privately held companies that have reduced access to the capital markets, resulting in diminished capital resources and the ability to withstand financial distress. Though valuation of Fund investments is ordinarily made quarterly, the Fund will provide valuations, and will issue shares, on a more frequent basis. Fund investments will be fair valued and are subject to adjustment. Fund acquisitions may be negotiated based on incomplete or imperfect information which could impact performance. The Fund may maintain a sizeable cash position in anticipation of funding capital calls. Holding a portion of the investment portfolio in cash or cash equivalents may have a negative effect on overall performance. The Fund’s “over-commitment” strategy, could result in an insufficient cash supply to fund unfunded commitments to investment funds. Please see the prospectus for details of these and other risks.
The statements and opinions expressed are those of the presenter(s). Any discussion of investments and investment strategies represents the presenter’s views as of the date created and are subject to change without notice. Information presented is for general purposes only and is not intended to provide specific advice or recommendations for any individual. There is no guarantee that any particular fund will meet its objective.
References to specific securities are for illustrative purposes only and are not recommendations to buy or sell any security. As of March 31, 2026 Space Exploration Technologies Corp. (inclusive of the economic interest of X.AI Holdings Corp., which merged with Space Exploration Technologies Corp. effective February 2, 2026) represented the top portfolio holding in the Fund. Fund holdings and allocations are subject to change. For a complete list of portfolio holdings, please visit the https://www.stepstonegroup.com/what-we-do/solutions-services/private-wealth-solutions/spring/ product page on our website. There is no guarantee the fund will identify similar opportunities in the future.
Software as a Service (SaaS): Software delivered over the internet, typically through a subscription, rather than installed directly on a device.
Magnificent 7: Refers to Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla, seven large U.S. technology and technology-related companies.
Annual Recurring Revenue (ARR) The annualized value of recurring revenue a company expects to generate from its customers, typically based on active subscriptions or contracts.
Beta: A measure of an investment’s sensitivity to movements in the broader market. More broadly, “beta” can refer to seeking market-level returns rather than attempting to outperform through more selective investment decisions.
The Fund is distributed by Distribution Services, LLC which is not affiliated with StepStone Group Private Wealth or any other entity discussed in the recording.