Clients may be asking you for a reprieve from today’s economic uncertainty. In this Forbes feature, StepStone Private Wealth’s CEO Bob Long discusses how certain private investments are built to smooth portfolios during periods of public market uncertainty. If you’re rethinking your diversification strategy, this is a timely read. Read HERE.
Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance shown is net of fees and reflects the reinvestment of dividends. For the most recent month end performance please call 704.215.4300 or visit stepstonepw.com.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the STRUCTURE 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.
The statements and opinions expressed in this article 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.
Holdings in infrastructure assets do not guarantee downside protection of an investment in the Fund and a complete loss of investor’s principal is possible. There is no guarantee that a particular investment strategy will be successful.
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. Infrastructure companies may be subject to a variety of factors that may adversely affect their business, including economic slowdown, supply and demand volatility, increased competition, fluctuations in usage, expenses, and revenue, lack of fuel availability, energy conservation policies, technological obsolescence and changes in interest rates, regulations, or fiscal and monetary policy. Property values may fall due to increasing vacancies or declining rents resulting from unanticipated economic, legal, cultural or technological developments. There is no regular market for interest in infrastructure assets, which typically must be sold in privately negotiated transactions that can occur at a discount to the stated NAV. 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. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Though valuation of Fund investments is ordinarily made quarterly, the Fund will provide valuations, and will issue shares, daily. 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 resulting in negative impacts to the Fund. Please see the prospectus for details of these and other risks.
In addition to shareholder specific fees, investors are also subject to annual Fund operating expenses. The gross annual fund operating expense ratios reported in the most recent prospectus are 3.06%, 3.31%, and 3.91% for the Class I, Class D, and Class S shares, respectively.
The Fund seeks to distribute substantially all net capital gains and net investment income on an annual basis. There is no guarantee that STRUCTURE can or will pay distributions or if any of the distributions will be derived from return of capital.
The Fund will offer to repurchase no less than 5% of the Fund’s outstanding shares at NAV on a quarterly basis. In the event that a repurchase offer is oversubscribed; Shareholders may only be able to have a portion of their shares redeemed.
The StepStone Private Infrastructure Fund is distributed by Distribution Services, LLC which is not affiliated with StepStone Group Private Wealth, LLC or any of the other products and individuals named in the article.
STRUCTURE was formed in 2023 and has limited performance history that Shareholders can use to evaluate the Fund.