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StepStone Private Wealth Launches Evergreen Interval Fund

StepStone Private Wealth launched StepStone Private Credit Income Fund, an evergreen interval fund that can be purchased daily via ticker CRDEX.

According to StepStone, CRDEX offers individual investors and institutions exposure to a “highly diversified, open-architecture” portfolio of private credit assets in a single investment. It seeks to generate current income and long-term capital appreciation, mainly by investing in various credit-related strategies. CRDEX will use a “multi-lender” approach to help achieve its objectives and employ both direct lending and specialty credit strategies to construct its portfolio, which will include investments such as direct loans and secondaries.

The launch of CRDEX complements other StepStone investment strategies, according to the company, including StepStone Private Markets Fund and StepStone Private Infrastructure Fund, along with the StepStone Private Venture and Growth Fund.

CRDEX’s capital will be invested by StepStone Private Debt, which leverages StepStone’s global platform, scale, and relationships to build portfolios tailored to meet client objectives. StepStone’s private debt team of more than 65 private debt investment professionals is responsible for $50 billion of capital as of March 31, 2024, and will invest CRDEX’s capital alongside the firm’s institutional clients.

“CRDEX seeks to provide a stable, attractive yield and inflation protection that will temper the volatility in traditional portfolios by investing primarily in floating rate, senior secured loans,” said Bob Long, chief executive officer of StepStone Private Wealth. “Benefitting from StepStone’s industry leading technology, research and data capabilities, CRDEX aspires to construct a portfolio that is well-diversified by manager, underlying borrower and sub-strategy, similar to our other private wealth funds.”

As an evergreen fund, CRDEX will raise capital daily while providing liquidity through quarterly redemptions of 5% of the fund’s net asset value. There are no ongoing capital calls, and tax reporting will be provided via a Form 1099 rather than a Schedule K-1. CRDEX is available to investors in the United States with a minimum investment of $25,000 through a range of share classes created for various wealth management platforms. After the first closing, CRDEX will be available through select mutual fund platforms via a ticker and otherwise purchased by subscription agreements for platforms that prefer them.

StepStone Group Inc. is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of March 31, 2024, StepStone was responsible for approximately $678 billion of total capital, including $157 billion of assets under management.

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