StepStone Group, a global private markets investment firm responsible for approximately $698 billion in total capital, including $65 billion in private debt, received approval to launch a private debt-based European long-term investment fund.
“As part of our continued expansion into the European private wealth market, this milestone marks yet another chapter in our story of delivering private markets strategies to more investors with the mission of convenience, efficiency, and transparency,” Neil Menard, partner and president of distribution at StepStone Private Wealth, said. “With these approvals in place, we will now be able to deliver institutional-grade investments better tailored to the dynamics of European wealth platforms.”
ELTIFs are designed to channel investments in Europe that support economic growth and job creation. StepStone plans to initially market ELTIFs in Italy, Spain, Germany, France, and the Nordic and Benelux regions, focusing on investing in private credit assets in the European Union.
“We believe that this offering provides unique advantages and is very differentiated to all other solutions in the market. The firm’s sourcing network can provide significant selectivity and diversification to investors in a market that is otherwise highly fragmented,” Marcel Schindler, head of StepStone Private Debt, said. “Both institutional and individual investors alike are seeking efficient solutions such as this one. StepStone is well positioned to meet these expectations.”
StepStone also received approval to convert its current RAIF funds into UCI Part II vehicles. Funds set to be converted include StepStone Private Markets Fund Lux (SPRIM Lux), StepStone Private Venture and Growth Fund Lux (SPRING Lux) and StepStone Private Infrastructure Fund Lux (STRUCTURE Lux).
