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StepStone Private Markets

 

 

Consolidated Schedule of Investments
June 30, 2026 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost    Fair Value  Footnotes
Co-Investments - Non-Controlled/Non-Affiliated - 21.3% of NAV                   1,2,3,4
Investment Funds - 15.9% of NAV                    
Europe - 2.1% of NAV                    
BC Partners Defender Co-Investment L.P.  Private Equity  09/10/2021  $3,569,447    $6,092,358   *
Blackstone Infrastructure Hogan Co-Invest 2 (CYM) L.P.  Real Assets  08/30/2023   11,972,057     15,403,514   ⁺
Blackstone Infrastructure Miro Co-Invest (CYM) L.P.  Real Assets  04/25/2022   7,469,715     11,832,284   *,⁺
CCP Hermes LP  Private Equity  11/01/2024   21,570,222     20,920,936   *,⁺
Cinven Pegasus Limited Partnership  Private Equity  10/02/2024   7,124,058     10,239,288   *
Enak Aggregator Limited Partnership  Private Equity  01/18/2022   2,875,802     4,487,581   *
Everest Co-Investment LP  Private Equity  03/19/2025   4,866,936     5,853,815   *
Kindred Capital Co-Invest I LP  Private Equity  04/26/2022   15,125,016     11,100,000   *
KKR Cretaceous Co-Invest L.P.  Real Assets  12/08/2022   14,300,000     20,703,813   *
Palace Co-Invest, SLP  Real Assets  08/07/2021   6,373,441     16,030,676   *
Triton C Investment A L.P.  Private Equity  03/29/2022   4,912,115     6,412,923   *
Total Europe        $100,158,809    $129,077,188    
North America - 13.3% of NAV                    
ActiveProspect Five Elms, L.P.  Private Equity  12/30/2025  $21,790,236    $22,828,055   5
AMP-20 Sterling Limited Partnership  Private Equity  08/02/2023   5,049,153     3,301,631   *,⁺
Ares CARS Co-Invest, L.P.  Real Assets  05/26/2022   23,270,071     30,654,004   *,⁺
Ares Insurance Partners, L.P.  Private Equity  10/17/2024   21,997,712     24,915,073   *,⁺
Ares SH Partners LP  Real Assets  11/14/2025   8,540,139     9,231,964   ⁺,5
Ascend SMG Co-Invest 1, L.P.  Private Equity  09/25/2023   2,562,567     3,953,825   *
Buckeye Co-Invest II, LP  Real Assets  07/26/2024   7,462,377     8,925,057    
Castlelake Consumer Receivables Opportunity III, L.P.  Private Debt  06/26/2024   4,932,208     11,425,331   *,⁺
CD&R Gemini Equity Holdings, L.P.  Private Equity  04/22/2026   —     —   *,⁺,5
Cinven Discovery Limited Partnership   Private Equity  09/22/2022   2,400,645     6,903,735   *
Columbia Spectrum Partners VI-A, L.P.  Private Equity  09/10/2024   45,000,000     62,551,629   *
Columbia XIG Co-Invest L.P.  Private Equity  11/25/2025   1,507,750     1,522,338   *,⁺,5
Crayhill Stepstone ABF Opportunities Fund LP  Private Debt  06/29/2026   9,854,689     9,687,362   *,⁺,5
ECP V (California Co-Invest), LP  Real Assets  08/19/2024   26,218,153     28,460,643   *,⁺
Elk 2 Coinvest I, L.P.  Private Equity  07/29/2024   45,215,499     51,063,368   *,⁺
EQT X Co-Investment (F) SCSp  Private Equity  02/09/2024   4,938,839     4,711,394   *
FH Sunrise Co-Investment I, LP  Private Equity  05/01/2023   4,365,458     5,806,059   *
FTV – FA, L.P .  Private Equity  07/16/2025   7,487,590     7,462,509   *,⁺
HP Prestige Co-Invest Blocker Aggregator, LP  Private Equity  07/18/2025   11,148,418     11,147,335   *,5
HS Gamma-1 LLC   Private Equity  10/13/2025   54,492,204     53,057,089   *,5
HS Lotus LLC   Private Equity  09/25/2025   53,453,101     52,350,956   *,5
HS Ruby LLC  Private Equity  07/25/2024   511,182     70,897   *,⁺
HS Sky LLC  Private Equity  12/22/2025   51,478,898     60,321,296   *,5
IPEX Co-Invest, L.P.  Private Equity  02/28/2024   5,006,667     4,244,380   *
JFL-Rand Co-Invest US Partners, L.P.  Private Equity  03/10/2023   3,501,204     18,894,828   *,⁺
JFL-Tiger Co-Invest Partners, L.P.  Private Equity  10/12/2023   4,171,578     8,959,783   *,⁺
KKR Apple Co-Invest L.P.  Real Assets  09/20/2021   5,173,770     8,290,512   *

 

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StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value  Footnotes
Co-Investments - Non-Controlled/Non-Affiliated (continued)                   
Investment Funds (continued)                   
North America (continued)                   
KKR Gameday Co-Invest L.P.  Private Equity  08/22/2024  $25,891,890   $36,228,300   *
LJ Perimeter Co-Invest, L.P.   Private Equity  10/28/2022   5,773,281    5,674,500   *,⁺
LJ Shield Co-Invest, L.P.  Private Equity  07/11/2024   17,372,707    22,583,679   *,⁺
MDCP Co-Investors (Chicago-C), L.P.  Private Equity  10/28/2025   14,718,026    17,181,060   *,5
MH Fund II Co-Invest, LP  Real Assets  03/23/2021   3,866,967    7,055,560   6
Novacap TMT VI Co-Investment (Cadenza), L.P.   Private Equity  08/22/2023   3,293,566    3,964,246   *
OSP Co-Invest II, LP - MB series  Private Equity  01/02/2024   10,010,000    22,041,145   *,6
Palms Co-Investment Partners, L.P.  Private Equity  06/03/2022   4,676,598    5,290,013   *
Pegasus Coinvestors, L.P.  Real Assets  10/05/2021   3,686,738    4,861,372   ⁺,7
Peggy Aggregator, LLC   Real Assets  12/02/2025   30,150,649    32,904,124   *,6
POWWR Five Elms, L.P.  Private Equity  09/24/2025   17,603,628    23,884,535   8
Providence VIII Tetris Co-Investment-A L.P.  Private Equity  11/18/2022   3,972,179    6,935,131   *,⁺
RB Tentpole Co-Invest UB, LP  Private Equity  08/04/2025   5,706,409    5,542,651   *
Ridgewood Journey LLC  Real Assets  03/27/2026   27,966,456    27,961,477   *,⁺,7
RPIII FB Co-Invest LLC  Private Equity  03/02/2023   5,032,105    5,900,000   *,7
Starlight Co-Invest LP  Private Equity  10/30/2024   20,070,739    21,906,271   *
Stripes VI Rainier Co-Invest, LP  Private Equity  10/31/2024   25,094,189    25,006,426   *
THL Fund IX Investors (BV), L.P.  Private Equity  05/05/2021   2,489,602    4,973,276   *
TPG VIII Merlin CI II, L.P.  Private Equity  07/30/2021   371,161    2,196,932   ⁺
WindRose – Veristat Investment Holdings, L.P.  Private Equity  05/07/2026   35,000,000    35,000,000   *,5
WP Irving Co-Invest, L.P.  Private Equity  04/11/2022   408,443    4,850,693    
WP Meridian Co-Investment Vehicle, L.P.  Private Equity  06/04/2026   2,646,021    2,646,021   *,⁺,5
Total North America        $697,331,462   $835,328,465    
Rest of World - 0.5% of NAV                   
BGO Asia III Blossoms Co-Investment LP  Real Assets  10/10/2023  $10,323,378   $12,987,369   *,⁺,9
MC Accelerate Co-Invest Feeder LP  Private Equity  09/26/2025   10,065,799    17,264,093   *,5
Total Rest of World        $20,389,177   $30,251,462    
Total Investment Funds        $817,879,448   $994,657,115    
Direct Equity - 3.4% of NAV                   
Europe - 0.4% of NAV                   
Athora Holding Ltd. (2,878,055 common shares)  Private Equity  03/20/2026  $22,876,967   $22,498,012   *,⁺,5,12
Total Europe        $22,876,967   $22,498,012    
North America - 3.1% of NAV                   
BPCP Speedstar Acquisition, LLC (1,900 common shares)  Private Equity  01/20/2021  $1,367,940   $1,480,913   *,6,12
Cendyn Group Holdings LLC (675 preferred units)  Private Equity  10/05/2023   38,142,589    38,123,195   12
Decisions, LLC (1,718,769 common units)  Private Equity  12/28/2020   2,700,000    6,728,062   *,7,12
Ilumed Parent LLC (3,825 preferred units)  Private Equity  08/19/2024   22,006,789    29,007,362   *,6,12
Mosyle Corporation - Series B-2 (45,010 preferred shares)  Private Equity  04/21/2022   1,083,980    1,467,658   12
MPP KKC Holdings, LLC (3,000,000 common units)  Private Equity  11/10/2021   2,926,830    5,900,984   *,6,12

 

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StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value  Footnotes
Co-Investments - Non-Controlled/Non-Affiliated (continued)                
Direct Equity (continued)                
North America (continued)                
MTS Belmont Holdings, L.P. (13,680,871 common shares)  Private Equity  06/03/2025  $13,690,871   $13,690,871   *,12
Peak Topco, Inc. (20,833 common shares)  Private Equity  08/23/2024   17,565,545    22,402,602   *,⁺,12
Sidewalk Infrastructure Partners, LLC (2,572,016 Series C preferred units)  Real Assets  03/16/2026   50,000,000    72,900,000   *,10,12
Total North America        $149,484,544   $191,701,647    
Total Direct Equity        $172,361,511   $214,199,659    
Direct Debt - 2.0% of NAV                   
North America - 2.0% of NAV                   
Birch Grove CLO Ltd. ($17,158,750 principal amount, 07/17/2037, subordinated note)  Private Debt  10/15/2024  $11,574,016   $9,067,327   12,13
Birch Grove CLO 10 Ltd. ($18,500,000 principal amount, 1/22/2038, subordinated note)  Private Debt  11/26/2024   18,262,134    13,960,144   12,13
Birch Grove CLO 12 Ltd. ($18,500,000 principal amount, 4/22/2038, subordinated note)  Private Debt  01/02/2025   18,435,845    16,134,142   12,13
Carlyle US CLO 2025-2, Ltd. ($16,741,375 principal amount, 07/25/2038, subordinated note)  Private Debt  06/11/2025   14,583,104    13,003,781   5,12,13
CIFC Funding 2024-V, Ltd. ($22,896,900 principal amount, 01/22/2038, subordinated note)  Private Debt  12/20/2024   19,326,559    17,216,722   12,13
CIFC Funding 2025-IX Investor, Ltd. ($23,772,822 principal amount, 01/21/2038, subordinated note)  Private Debt  01/21/2026   20,857,656    21,443,528   5,12,13
Ilumed Parent LLC ($7,021,277 principal amount, 17.50%, 07/23/2027)  Private Debt  01/23/2026   7,021,277    7,021,273   6,12
Jefferies Credit Partners Direct Lending CLO 2025-2 Ltd. ($23,218,800 principal amount, 01/21/2038, subordinated note)  Private Debt  01/21/2026   21,495,183    23,188,517   5,12,13
NXT Capital CLO 2026-2, Ltd. ($2,518,989 principal amount, warehouse)  Private Debt  03/11/2026   2,518,989    2,518,988   ⁺,5,12,14
Total North America        $134,074,763   $123,554,422    
Total Direct Debt        $134,074,763   $123,554,422    
Total Non-Controlled/Non-Affiliated Co-Investments        $1,124,315,722   $1,332,411,196    
Primary Investments - Non-Controlled/Non-Affiliated - 1.2% of NAV                  1,2,3,4
Investment Funds - 1.2% of NAV                   
Europe - 0.1% of NAV                   
Nyver Fund I Coöperatief U.A.  Private Equity  09/30/2025  $1,147,590   $962,234   *,⁺,5
Total Europe        $1,147,590   $962,234    
North America - 1.1% of NAV                   
Carlyle Santiago Aggregator, L.P.  Private Debt  08/23/2024  $30,740,399   $35,756,316    
GC BSL CLO Fund, L.P.  Private Debt  10/20/2025   14,273,293    14,564,782   *,⁺,5
PennantPark Capital Liquidity Solutions, LP  Private Debt  08/04/2023   17,500,000    21,713,082   *,⁺
Total North America         $62,513,692   $72,034,180    
Total Investment Funds        $63,661,282   $72,996,414    
Total Non-Controlled/Non-Affiliated Primary Investments        $63,661,282   $72,996,414    

 

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StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value  Footnotes
Secondary Investments - Non-Controlled/Non-Affiliated - 79.7% of NAV               1,2,3,4
Investment Funds -79.7% of NAV                
Europe - 15.2% of NAV                
A9 USD (Feeder) L.P.  Private Equity  04/01/2026  $555,989   $866,872   ⁺,5
Advent International GPE VII-E Limited Partnership  Private Equity  12/31/2021   695,079    155,987   *,⁺,9
Advent International GPE VIII Limited Partnership  Private Equity  09/30/2024   881,318    733,061   *
Advent International GPE VIII-B Limited Partnership  Private Equity  12/31/2024   2,698,303    2,078,258   *,5,8
Advent International GPE VIII-B-3 Limited Partnership  Private Equity  12/31/2025   1,048,537    1,009,787   *,5
Advent International GPE VIII-C Limited Partnership  Private Equity  12/31/2025   938,494    1,003,350   *,5
Advent International GPE VIII-D Limited Partnership  Private Equity  04/06/2026   63,158    171,896   *,5
Advent International GPE VIII-E Limited Partnership  Private Equity  04/06/2026   271,605    740,766   *,5
Advent International GPE VIII-H Limited Partnership  Private Equity  12/31/2021   2,791,789    1,638,007   *,5,9
Advent International GPE IX Limited Partnership  Private Equity  09/30/2024   8,064,558    8,223,367   *,⁺,5,9
Advent International GPE IX-A SCSp  Private Equity  09/30/2024   1,675,899    1,738,425   *,⁺
Advent International GPE IX-F Limited Partnership   Private Equity  12/31/2024   1,985,433    2,221,345   *,⁺,8
Advent International GPE X-A SCSp  Private Equity  09/30/2024   1,150,941    1,458,359   *,⁺
Advent International GPE X-C Limited Partnership  Private Equity  03/31/2026   2,642,989    2,992,186   *,⁺,5
Albea Co-Invest SCSp  Private Equity  03/31/2026   318,225    462,843   *,5
Altor Fund IV (No. 1) AB  Private Equity  12/30/2022   9,423,837    9,267,506   *,⁺
Altor Fund V (No. 1) AB  Private Equity  12/30/2022   18,784,259    27,633,569   ⁺
Altor Fund V (No. 2) AB  Private Equity  06/30/2023   2,079,714    3,010,388   ⁺
Ambienta Water Pumps, SCSp  Private Equity  12/06/2024   27,435,138    33,737,348   *,⁺
Apax IX USD L.P.  Private Equity  09/30/2024   2,355,870    1,845,863   ⁺,9
Apax X USD L.P.  Private Equity  09/30/2024   3,162,140    3,639,119   *,⁺,9
ARDIAN Infrastructure Fund IV S.C.A., SICAR  Real Assets  10/04/2024   11,045,155    11,039,917   ⁺
ARDIAN Infrastructure Fund V S.C.A., SICAR  Real Assets  10/04/2024   32,397,747    35,751,449   *,⁺,5
Astorg IQ-EQ Fund  Private Equity  12/31/2021   517,283    1,383,540   *,⁺
Astorg V Fund  Private Equity  01/11/2021   —    —   *
AVS I (Feeder) L.P.  Private Equity  03/31/2026   —    —   *,⁺,5
Bain Capital Europe Fund V, SCSp  Private Equity  03/31/2026   1,666,733    2,207,171   *,⁺,5
BE VI 'B' LP  Private Equity  09/30/2024   1,345,374    1,085,168   ⁺
BID Equity Continuation Fund I SCSp  Private Equity  05/27/2025   9,869,742    13,391,777   *,⁺,5
Bridgepoint Europe V 'A3' LP  Private Equity  09/30/2024   555,881    795,469   *,⁺
Carlyle Europe Technology Partners III, L.P.  Private Equity  09/30/2024   692,343    225,558   *,⁺
Cevine Capital Management VI (No.1) Feeder Limited Partnership Incorporated  Private Equity  09/30/2024   366,367    286,376   ⁺,9
CF24XB SCSp  Private Equity  04/16/2025   360,150    372,649   *,⁺,8
CVC Capital Partners VII (A) L.P.  Private Equity  04/01/2026   435,209    615,945   ⁺,5
CVC Capital Partners VIII (A) L.P.  Private Equity  09/30/2024   5,179,992    6,917,540   ⁺,9
DFI European Value-Add Fund II  Real Assets  07/12/2021   1,774,810    1,665,494   *,⁺,8
DIF Core Infrastructure Fund II SCSp  Real Assets  09/30/2024   11,322,330    13,309,340   *,⁺
DIF Infrastructure VI SCSp  Real Assets  09/30/2024   11,081,463    13,227,600   *,⁺
Digital Infrastructure Vehicle II SCSp  Real Assets  03/23/2026   7,463,382    9,316,983   *,⁺,5
Elysium Acquisition LP  Private Equity  12/09/2024   14,365,763    21,589,043   *,⁺

 

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StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investments - Non-Controlled/Non-Affiliated (continued)                 
Investment Funds (continued)                 
Europe (continued)                 
EMK Capital Partners II LP  Private Equity  12/31/2025  $10,593,635   $12,415,558   *,⁺,5
Epiris Fund II (B) L.P.  Private Equity  09/30/2025   9,482,170    11,752,748   *,⁺,5
EQT Infrastructure IV (No.2) EUR SCSp  Real Assets  09/29/2023   7,250,313    9,459,056   *,⁺,8
EQT Infrastructure IV (No.2) USD SCSp  Real Assets  10/10/2023   55,185,551    74,228,014   *,⁺,8
EQT Infrastructure V (No.1) EUR SCSp  Real Assets  07/12/2024   33,575,934    41,498,269   *,⁺
EQT VIII (No.2) SCSp  Private Equity  07/06/2022   4,940,842    2,374,950   *,⁺,9
EQT IX (No.2) EUR SCSp  Private Equity  07/06/2022   12,536,230    15,056,699   *,⁺,9
Equistone Partners Europe Fund IV  Private Equity  12/31/2020   231,365    32,560   *
Exponent Private Equity Partners III, LP  Private Equity  09/30/2025   6,529,127    7,000,979   *,⁺,5
F3 Presto HVD CV Fund AB  Private Equity  04/12/2024   5,235,797    6,438,779   *,⁺
Fifth Cinven Fund (No. 1) Limited Partnership  Private Equity  10/30/2020   807,009    1,134,169   *,8
Five Arrows Principal Investments III SCSp  Private Equity  04/07/2026   1,553,577    2,428,926   *,⁺,5
Five Arrows Principal Investments IV SCSp SICAV-RAIF  Private Equity  04/07/2026   1,838,926    2,676,383   *,⁺,5
Generali Lion River Fund XV SCSp  Private Equity  11/20/2025   152,487    110,465   *,⁺,5
Generali Lion River Secondary Fund I SCSp  Private Equity  11/20/2025   22,104,647    27,689,488   *,⁺,5
GIP Pegasus Fund, L.P.  Real Assets  08/20/2024   19,890,519    21,293,928   *
Growth Capital Partners Fund V LP  Private Equity  04/14/2022   7,599,855    6,304,488   ⁺,8
Gyrus 1 LP  Private Equity  12/09/2024   7,153,578    8,317,225   *,⁺
Harbert European Real Estate Fund III, L.P.  Real Assets  07/12/2021   —    4,798   *,⁺,8
HgCapital 8 D L.P.  Private Equity  04/01/2026   638,988    661,817   *,⁺,5
HgCapital Mercury 2 D L.P.  Private Equity  04/01/2026   352,551    405,367   *,⁺,5
IK Small Cap II Fund No.1 SCSp  Private Equity  12/31/2024   240,310    313,833   *
Index Ventures Growth III (Jersey), L.P.  Private Equity  04/07/2026   2,164,527    1,387,019   *,5
Inflexion Buyout Fund V (No.1) Limited Partnership  Private Equity  01/07/2025   1,261,401    910,025   *,⁺
Inflexion Continuation Fund I (No. 1) Limited Partnership  Private Equity  05/20/2025   8,819,148    9,740,100   *,⁺,5
InfraRed Infrastructure V (1) LP  Real Assets  06/29/2022   5,086,346    5,970,551   *,⁺
InfraVia European Fund IV FPCI  Real Assets  10/02/2024   9,264,270    11,197,762   *,⁺
InfraVia European Fund V FPCI  Real Assets  10/02/2024   15,008,306    18,132,490   ⁺
InfraVia European Fund V SCSp  Real Assets  12/31/2025   24,727,583    26,721,175   ⁺,5
Kitty Hawk Capital Partners IV L.P.  Real Assets  07/12/2021   271,973    361,970   *,⁺,8
LEA Strategic Opportunities Fund I GmbH & Co.  Private Equity  02/05/2024   15,929,013    27,827,904   *,⁺
LQG JV Landmark Portfolio GmbH & Co. KG   Real Assets  07/12/2021   932,694    541,821   *,8
Macquarie European Infrastructure Fund 4 FPCI  Real Assets  04/25/2023   —    1,098,698   *,⁺
Macquarie European Infrastructure Fund 5 SCSp  Real Assets  04/25/2023   16,863,544    20,774,862   ⁺
Macquarie European Infrastructure Fund 6 SCSp  Real Assets  10/01/2024   57,852,929    65,325,450   5
MCP Continuation Fund I Coöperatief U.A.  Private Equity  06/04/2025   12,886,666    13,948,759   *,⁺,5
MI Continuation Fund A  Private Equity  02/23/2024   11,260,258    11,250,211   *,⁺
MML Dorchester SCSp  Private Equity  12/17/2025   8,133,690    10,832,407   *,⁺,5
Next Generation Rail Fund SCSp  Real Assets  06/29/2026   33,695,636    38,745,195   *,⁺,5
NIC Battery Acquisition LP  Real Assets  10/16/2024   17,051,091    33,036,808   *,⁺

 

5

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investments - Non-Controlled/Non-Affiliated (continued)                   
Investment Funds (continued)                   
Europe (continued)                   
Nordea Private Equity II - European Middle Market Buyout K/S  Private Equity  09/30/2024  $34,259   $42,667   *,⁺,11
Nordic Capital IX Beta, L.P.   Private Equity  03/31/2026   1,662,517    1,734,498   *,⁺,5
Oakley Capital Guinness B2 SCSp  Private Equity  06/08/2023   7,525,413    11,676,622   *,⁺
One Peak Co-Invest I LP  Private Equity  04/07/2026   1,810,912    2,094,713   *,5
One Peak Co-Invest III LP  Private Equity  04/07/2026   835,169    906,571   *,5
One Peak Co-Invest IV LP  Private Equity  04/07/2026   816,912    1,025,392   *,5
One Peak European Growth One LP  Private Equity  04/07/2026   2,934,939    3,698,537   *,5
One Peak Growth II SCSp  Private Equity  04/07/2026   2,140,331    2,537,895   *,⁺,5
One Peak Growth III SCSp  Private Equity  04/07/2026   1,728,606    2,364,386   *,⁺,5
PAI Europe VII-1  Private Equity  09/30/2024   3,023,466    3,803,225   *,⁺,5,9
Pan-European Infrastructure II, S.C.S.  Real Assets  10/03/2024   1,976,750    1,400,841   ⁺
Pan-European Infrastructure III, SCSp  Real Assets  10/03/2024   10,287,640    12,294,674   ⁺
Permira VI L.P.1  Private Equity  09/30/2024   4,958,741    4,173,461   *,⁺,5,9
Permira VII L.P.1  Private Equity  09/30/2024   13,630,440    15,957,030   *,⁺,9
Providence Strategic Growth Europe L.P.  Private Equity  04/01/2026   2,701,309    3,347,606   *,⁺,8
PSC Accelerator II (A), LP  Private Equity  11/23/2023   5,404,204    9,219,069   *,⁺
Red Garden Invest (E) AB  Private Equity  03/31/2026   8,673,500    5,613,176   *,⁺,5
Searchlight Capital II, L.P.  Private Equity  03/31/2026   73,338    273,667   *,⁺,5,8
Searchlight Capital II PV, L.P.  Private Equity  03/31/2026   144,401    518,336   *,⁺,5
Seventh Cinven Fund (No.1) Limited Partnership  Private Equity  09/30/2024   3,990,524    4,654,456   ⁺,9
Sixth Cinven Fund (No.2) Limited Partnership  Private Equity  03/31/2026   64,248    248,702   ⁺,5
Sixth Cinven Fund (No.3) Limited Partnership  Private Equity  10/30/2020   1,630,909    1,886,478   ⁺,5,8
Sixth Cinven Fund (No.4) Limited Partnership  Private Equity  03/31/2026   5,186    20,076   ⁺,5
Ufenau Continuation 3, SLP  Private Equity  04/14/2022   22,288,255    23,999,284   *,⁺
Verdane Capital IX (D) AB  Private Equity  03/31/2026   761,645    656,474   ⁺,5
Verdane Capital X (D) AB  Private Equity  03/31/2026   2,937,049    3,723,664   *,⁺,5
Verdane Edda II (D) AB  Private Equity  09/30/2024   614,373    997,107   *,⁺
Verdane Freya XI (D2) AB  Private Equity  03/31/2026   2,434,226    3,362,739   *,⁺,5
Verdane Freya XII (D2) AB  Private Equity  03/31/2026   —    —   *,⁺,5
Verdane Idun I (D) AB  Private Equity  09/30/2024   1,006,757    785,084   *
Verdane Lìf Continuation I (D1) AB  Private Equity  05/06/2026   8,207,841    7,871,555   *,⁺,5
VIP SIV I LP  Private Equity  05/06/2022   11,377,245    23,795,587   *,⁺
VVI I S.C.Sp.  Private Equity  02/27/2026   2,726,519    3,875,551   ⁺,5
VVI SIV I S.C.Sp.  Private Equity  02/27/2026   1,762,590    2,255,355   ⁺,5
WPEF VII Feeder 1 ILP  Private Equity  04/01/2026   1,493,015    1,804,986   *,⁺,5
WPEF VII Feeder 2 ILP  Private Equity  01/07/2025   2,128,131    3,254,375   *,⁺
WREP#2 Luxco S.à r.l.  Real Assets  07/12/2021   132,673    469,701   *,8
Total Europe        $782,489,518   $953,554,567    
North America - 62.7% of NAV                   
ABRY Partners IX, L.P.  Private Equity  01/01/2025  $2,238,470   $2,353,343   *,⁺,8

 

6

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investments - Non-Controlled/Non-Affiliated (continued)                 
Investment Funds (continued)                 
North America (continued)                 
Accel-KKR Capital Partners V, LP   Private Equity  03/31/2026  $1,520,142   $1,413,902   ⁺,5
Accordion DC Holdings, LP  Private Equity  12/08/2022   5,262,461    7,970,435   *
AE Industrial Partners Fund II, LP  Private Equity  12/31/2024   1,756,242    2,448,229   ⁺
AEA Investors Fund V LP  Private Equity  12/31/2021   1,226    140,142   *,⁺,9
AHP Fund I PV Feeder L.P.   Private Equity  12/28/2020   2,740,880    2,301,216   *,⁺
AHP Fund II PV Feeder L.P.  Private Equity  12/28/2020   9,429,068    12,242,464   *,⁺
AKKR Isosceles CV LP   Private Equity  06/26/2025   8,669,685    9,000,055   *,⁺,5
AKKR Strategic Capital LP  Private Equity  10/24/2024   15,310,846    23,323,024   *,⁺
Album Ventures MSL-C, LP  Private Equity  04/21/2022   3,927,756    5,295,565    
Aldrich Capital Partners Fund, LP  Private Equity  04/06/2026   163,834    384,932   *,⁺,5
Amaranth DC Holdings, LP  Private Equity  02/23/2024   29,170,556    36,158,818   *
American Industrial Partners Capital Fund V, L.P.  Private Equity  03/31/2026   229,063    245,170   *,⁺,5
American Industrial Partners Capital Fund VI, L.P.  Private Equity  03/31/2026   1,248,708    1,042,551   ⁺,5
Ampersand CF Limited Partnership  Private Equity  11/13/2020   798,017    1,780,290   *
Apollo Investment Fund IX, L.P.  Private Equity  10/01/2024   15,211,450    15,537,586   *,⁺,9
Apollo Natural Resources Partners II, L.P.  Real Assets  04/01/2021   332,192    362,824   ⁺,9
Apollo Overseas Partners (Delaware 892) VIII, L.P.  Private Equity  04/01/2021   1,177,218    738,158   ⁺,9
Apollo Overseas Partners (Lux) IX, SCSp  Private Equity  10/01/2024   1,814,105    1,576,932   *,⁺
Apollo Overseas Partners IX, L.P.  Private Equity  01/01/2022   3,810,469    4,276,327   *,⁺,5,9
Aquiline Financial Services Continuation Fund L.P.  Private Equity  05/30/2024   10,579,394    16,761,347   *,⁺
Aquiline Financial Services Fund IV L.P.  Private Equity  10/01/2025   4,333,722    6,053,863   *,⁺,5
Aquiline Financial Services Fund V L.P.  Private Equity  05/22/2024   767,404    929,412   *,⁺
Arbor Investments V-A, L.P.  Private Equity  03/31/2026   1,516,543    1,653,900   *,⁺,5
ArcLight Infrastructure Partners Feeder-B, L.P.  Real Assets  10/16/2025   25,148,872    25,689,450   ⁺,5
Ares Pathfinder Fund (Offshore), L.P.  Private Debt  04/01/2023   32,200,869    33,039,387   *,⁺
Audax Private Equity Beacon CF, L.P.  Private Equity  08/08/2025   1,554,388    1,628,719   *,⁺,9
Audax Private Equity Fund IV CF, L.P.  Private Equity  12/24/2020   4,891,365    4,165,058   *,⁺
Audax Private Equity Fund V-B, L.P.  Private Equity  06/28/2024   11,331,823    7,631,142   *,⁺,9
Audax Private Equity Fund VI-A, L.P.  Private Equity  06/28/2024   35,225,210    36,729,051   9
Audax Private Equity Fund VI-B, L.P.  Private Equity  12/31/2025   1,234,047    1,536,766   5
Audax Private Equity Solutions Fund, L.P.  Private Equity  06/28/2024   3,117,319    3,656,318   *,⁺
Azimuth Energy Partners III LP  Real Assets  09/30/2024   185,701    192,442   *,11
Bain Capital Beacon Holdings, L.P.  Private Equity  03/24/2025   13,365,364    18,977,842   *,⁺
Bain Capital Fund XI, L.P.   Private Equity  03/31/2026   312,663    362,065   *,⁺,5
Bain Capital Fund XII, L.P.  Private Equity  03/31/2026   836,329    2,358,110   *,⁺,5
Bain Capital Fund XIII, L.P.  Private Equity  03/31/2026   2,360,881    3,314,603   *,⁺,5
Bay Ridge Journey, LLC  Real Assets  07/31/2025   17,754,917    18,817,640   ⁺,7
Berkshire Fund VIII, L.P.  Private Equity  09/04/2021   2,182,747    318,735   *,⁺,6
Berkshire Fund IX Coinvestment Fund, L.P.  Private Equity  06/28/2024   14,054,141    21,542,108   *,⁺,8
Berkshire Fund IX, L.P.   Private Equity  09/04/2021   3,057,952    3,764,159   ⁺,6

 

7

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investments - Non-Controlled/Non-Affiliated (continued)                 
Investment Funds (continued)                 
North America (continued)                 
Berkshire Fund IX-A, L.P.  Private Equity  01/02/2026  $1,662,531   $1,846,764   ⁺,5
Berkshire Fund X, L.P.  Private Equity  09/04/2021   10,751,918    13,307,920   ⁺,6
BlackRock Private Equity Primaries 2024 (Lux) SCSp  Private Equity  04/14/2026   —    —   *,5
Blackstone Capital Partners VI L.P.  Private Equity  01/01/2021   400,704    297,826   ⁺,9
Blue Owl GP Stakes IV Offshore Investors LP  Private Equity  01/02/2026   4,839,426    6,641,691   *,⁺,5
Blue Owl Opportunistic Lending Fund (Offshore) LP  Private Debt  10/01/2025   9,675,203    11,074,435   ⁺,5
Blue Point Capital Partners III, L.P.  Private Equity  06/30/2022   1,971,361    1,314,212   *,⁺,8
Blue Point Capital Partners IV, L.P.  Private Equity  06/30/2022   9,079,682    8,737,219   *,⁺,8
Blue Point Capital Partners V (A), L.P.  Private Equity  06/30/2022   3,983,437    3,731,104   *,⁺
Blue Road Capital PV II, L.P.  Real Assets  08/27/2024   20,028,143    22,550,086   *,⁺
Brookfield Capital Partners IV (ER) L.P.   Private Equity  09/30/2024   750,334    835,493   ⁺
Brookfield Infrastructure Fund IV (ER) SCSp  Real Assets  01/30/2024   3,483,802    4,048,622   ⁺,9
BV RN Continuation Fund, L.P.  Private Equity  10/10/2023   3,645,900    8,050,043   *,⁺
Catterton Partners VII, L.P.  Private Equity  12/31/2021   5,260,059    2,459,328   *,⁺
CD&R Value Building Partners I, L.P.   Private Equity  12/17/2021   8,163,282    12,064,960    
Centerbridge Falcon Acquisition Fund, L.P.  Private Equity  08/21/2025   13,984,444    17,407,898   *,⁺
Centre Lane Partners V, L.P.  Private Equity  01/02/2026   3,387,359    3,632,861   *,⁺,8
Charlesbank Equity Fund IX, Limited Partnership   Private Equity  06/28/2024   31,914,161    32,367,335   *,⁺,8
Charlesbank Equity Fund X, Limited Partnership  Private Equity  06/28/2024   25,170,778    28,949,718   ⁺,8
Charlesbank Equity Overage Fund X, Limited Partnership   Private Equity  06/28/2024    3,508,816    3,077,802   ⁺,8  
Chicago Pacific Founders Fund, L.P.  Private Equity  06/28/2024   3,544,206    3,505,041   *,⁺,8
Chicago Pacific Founders Fund II-A, L.P.  Private Equity  06/28/2024   3,065,116    4,878,845   *,⁺
CIVC Partners Fund VI, L.P.  Private Equity  12/31/2025   4,832,204    6,047,865   *,⁺,6
CIVC Partners Fund VI-A, L.P.  Private Equity  12/31/2025   556,169    681,278   *,⁺,5
Clayton, Dubilier & Rice Fund IX, L.P.  Private Equity  03/31/2026   800,830    1,265,733   *,⁺,5
Clayton, Dubilier & Rice Fund X, L.P.   Private Equity  12/31/2021   7,468,377    7,169,659   ⁺,5,8,9
Clearlake Capital Partners VI (Offshore), L.P.  Private Equity  09/29/2022   14,467,510    14,736,070   *,⁺
Clearlake Capital Partners VI, L.P.  Private Equity  12/30/2022   7,539,853    7,962,344   *,⁺
Clearlake Capital Partners VII, L.P.  Private Equity  04/01/2026   2,667,797    2,973,437   *,⁺,8
Clearlake Capital Partners VIII, L.P.  Private Equity  04/01/2026   620,998    670,015   ⁺,8
Consonance Concord CF PV, L.P.   Private Equity  11/19/2025   34,733,495    52,087,578   *,⁺,5
Cortec Group Fund VII, L.P.  Private Equity  12/31/2024   2,475,693    3,275,563   *,⁺,8
Cortland Growth and Income, L.P.  Real Assets  04/01/2022   27,806,764    16,909,151   15
Court Square Capital Partners (Offshore) III, L.P.  Private Equity  03/07/2024   11,345,868    7,656,041   ⁺
Court Square Capital Partners III, L.P.  Private Equity  03/07/2024   13,390,727    8,573,963   ⁺,9
Court Square Capital Partners V, L.P.  Private Equity  03/07/2024   1,583,302    1,330,868   ⁺
DC Front Range Holdings I, LP   Real Assets  10/03/2025   6,339,238    8,378,307   *,5
DC Trident Holdings I, LP   Real Assets  10/03/2025   7,944,476    8,770,615   *,5
DigitalBridge Partners, LP  Real Assets  10/03/2025   10,256,343    10,539,671   *,⁺,8
DigitalBridge Valhalla Partners I-B, L.P.  Real Assets  10/03/2025   8,687,571    9,849,615   *,5

 

8

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)

 

  

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investments - Non-Controlled/Non-Affiliated (continued)                 
Investment Funds (continued)                  
North America (continued)                 
Dover Street XI Feeder Fund L.P.  Private Equity  06/30/2026  $1,547,640   $1,846,034   *,⁺,5
Dunes Point Capital Fund III-A, L.P.  Private Equity  10/12/2023   28,876,438    38,270,360   *,⁺
Encore Consumer Capital Fund (PV) IV, LP  Private Equity  06/30/2022   3,584,241    3,419,418   ⁺
Encore Consumer Capital Fund III, LP  Private Equity  06/30/2022   9,931,442    20,228,278   *,⁺,9
Encore Consumer Capital Lion CF, LP  Private Equity  12/09/2025   6,813,789    7,982,448   *,⁺,9
ERA Blade Continuation Fund Parallel LP  Real Assets  08/11/2025   25,022,135    27,466,300   *,⁺,5
Excellere Capital Fund II, L.P.  Private Equity  04/01/2021   6,015,778    4,452,891   *,⁺,5
Excellere Capital Fund III, L.P.  Private Equity  09/30/2025   10,402,168    8,714,879   *,⁺,5
FFL Parallel Fund IV, L.P.  Private Equity  01/01/2021   437,596    441,710   *,⁺,9
FineLine CV L.P.  Private Equity  11/18/2024   13,214,505    18,556,903   *,⁺
First-Party Time VI LLC  Private Equity  07/02/2024   3,541,496    5,561,792   *
Francisco Partners V, L.P.  Private Equity  10/01/2024   10,052,256    11,425,564   *,⁺,9
Francisco Partners VI, L.P.  Private Equity  10/01/2024   4,036,032    5,129,065   *,⁺,9
Franklin BSP Capital Corporation (2,276,656 common shares)  Private Debt  03/31/2022   28,968,414    29,103,525   16
Frontier Continuation Fund V, L.P.  Private Equity  11/20/2025   27,220,446    30,292,508   *,⁺,5
FS Equity Partners VIII, L.P.  Private Equity  12/31/2025   13,886,020    14,716,264   *,⁺,8
FS Equity Partners IX, L.P.  Private Equity  12/31/2025   3,318,527    2,889,282   *,⁺,5
Fulcrum Capital Partners V, LP  Private Equity  12/31/2021   1,830,253    1,718,835   *,⁺
GA Continuity Fund II, L.P.  Private Equity  03/14/2025   14,517,414    19,824,428   *,⁺,5
Genstar Capital Partners IX, L.P.  Private Equity  09/30/2024   5,730,959    6,890,324   *,⁺,8,9
Genstar Capital Partners X, L.P.  Private Equity  09/30/2024   2,876,129    3,631,812   *,⁺,9
Genstar IX Opportunities Fund I, L.P.  Private Equity  09/30/2024   1,010,086    1,063,010   *,⁺,9
Genstar X Opportunities Fund I, L.P.  Private Equity  09/30/2024   706,132    1,063,391   *,⁺,9
Global Infrastructure Partners II-C, L.P.  Real Assets  06/30/2021   8,056,416    1,471,390   ⁺
Global Infrastructure Partners III-B Feeder Fund, L.P.  Real Assets  03/31/2026   1,418,898    1,455,821   ⁺,5
Global Infrastructure Partners III-C, L.P.  Real Assets  04/01/2026   5,418,872    5,147,279   ⁺,5
Global Infrastructure Partners IV-C, L.P.  Real Assets  06/30/2025   85,464,376    93,235,876   ⁺,5
Golden Gate Capital Fund VII-A, L.P.  Private Equity  12/31/2025   1,416,824    896,218   *,⁺,5
Golden Gate Capital Opportunity Fund-A, L.P.  Private Equity  12/31/2025   7,693,670    11,660,831   ⁺,5
Gores Capital Partners III, L.P.  Private Equity  01/01/2021   2,701    80,546   *,⁺,9
GrandBanks Capital Venture Fund II LP  Private Equity  09/30/2025   2,240,085    3,379,061   *,⁺,5
Great Hill Equity Partners VI, L.P.  Private Equity  12/31/2025   3,511,927    4,381,634   *,⁺,5,8
Great Hill Equity Partners VI-A, L.P.  Private Equity  12/31/2025   —    8,906   *,5,8
Great Hill Equity Partners VII, L.P.  Private Equity  12/31/2025   3,371,598    3,563,130   *,⁺,5,8
Great Hill Equity Partners VII-A, L.P.  Private Equity  12/31/2025   528,618    614,602   *,5,8
Great Hill Equity Partners VIII, L.P.  Private Equity  12/31/2025   7,492,190    8,173,835   *,⁺,5
Green Equity Investors CF III-B, L.P.  Private Equity  12/21/2023   862,065    641,928   *,⁺,9
Green Equity Investors CF IV-B, L.P.  Private Equity  04/17/2025   247,211    242,968   *,⁺
Green Equity Investors CF IV-C, L.P.  Private Equity  04/15/2025   3,423,635    3,904,368   *,⁺,5
Green Equity Investors Offshore Fund VII, L.P.  Private Equity  09/30/2022   4,459,576    2,864,741   *,⁺

 

9

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)

 

  

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investments - Non-Controlled/Non-Affiliated (continued)                 
Investment Funds (continued)                 
North America (continued)                 
Green Equity Investors Offshore Fund VIII, L.P.  Private Equity  09/30/2022  $2,689,647   $4,226,109   *,⁺
Green Equity Investors Side CF III-B, L.P.  Private Equity  12/21/2023   4,598,073    3,444,789   *,⁺
Green Equity Investors Side VII, L.P.  Private Equity  06/30/2023   31,453,081    25,587,732   *,⁺
Green Equity Investors Side IX, L.P.  Private Equity  06/30/2022   4,624,130    5,944,296   *,⁺
Green Equity Investors VII, L.P.  Private Equity  06/30/2022   8,651,886    5,339,947   *,⁺,9
Green Equity Investors VIII, L.P.  Private Equity  06/30/2022   3,064,031    4,911,091   *,⁺,9
Gridiron Capital Fund II, L.P.  Private Equity  04/01/2021   538,422    8,044   *,⁺,8
Gryphon Partners IV, L.P.  Private Equity  12/31/2021   1,292,533    1,498,063   ⁺
GTCR Fund XII LP  Private Equity  12/31/2024   3,660,009    3,764,319   ⁺,8
GTCR Oak Fund LP  Private Equity  12/16/2025   23,241,432    25,688,067   *,⁺,5,8
H.I.G. Advantage Buyout Fund, L.P.  Private Equity  01/02/2026   9,359,185    9,425,893   ⁺,5,8
H.I.G. Advantage Buyout Fund II, L.P.  Private Equity  01/02/2026   2,656,047    1,011,839   *,⁺,8
H.I.G. Middle Market LBO Fund III, L.P.  Private Equity  01/02/2026   10,871,920    12,808,398   *,⁺,8
H.I.G. Middle Market LBO Fund IV, L.P.  Private Equity  01/02/2026   7,398,109    8,559,482   *,⁺,8
H.I.G. Realty Credit SRE Non-REIT Feeder Fund, L.P.  Real Assets  10/01/2021   5,899,483    3,166,287   ⁺
H.I.G. Small-Cap & Growth Buyout Fund IV, L.P.  Private Equity  12/31/2025   193,073    152,960   *,⁺,8
Halifax Capital Partners IV, L.P.  Private Equity  06/30/2023   11,553,319    18,264,375   *,⁺,9
Halifax Capital Partners V, L.P.  Private Equity  06/30/2023   327,110    660,849   *,⁺
Harvest Partners IX (Parallel), L.P.  Private Equity  11/01/2022   8,121,058    8,099,326   ⁺
Harvest Partners VI, L.P.  Private Equity  03/31/2021   1,667,265    263,844   *,⁺,7
Harvest Partners VII (Parallel), L.P.  Private Equity  11/01/2022   9,154,028    9,184,967   *,⁺
Harvest Partners VII, L.P.  Private Equity  11/01/2022   17,399,433    17,389,288   *,⁺
Hellman & Friedman Capital Partners VIII, L.P.  Private Equity  09/30/2024   4,552,198    4,448,232   ⁺,5,8,9
Hellman & Friedman Capital Partners IX, L.P.  Private Equity  06/30/2022   16,925,050    23,207,976   ⁺,8,9
Hellman & Friedman Capital Partners X (Parallel), L.P.  Private Equity  03/31/2026   2,022,429    2,547,029   ⁺,5
Hellman & Friedman Capital Partners X, L.P.  Private Equity  09/30/2024   5,341,343    6,220,154   ⁺,9
Hellman & Friedman Capital Partners XI (Parallel), L.P.  Private Equity  03/31/2026   —    —   *,⁺,5
Heritage Healthcare Innovation Fund II, L.P.  Private Equity  10/17/2024   12,732,443    13,594,390   *
Heritage Healthcare Innovation Fund IV, L.P.  Private Equity  10/17/2024   1,113,331    1,045,031   *,⁺
HPH II International FF, L.P.  Private Equity  07/12/2021   4,591,520    6,031,852   *,⁺
HPH III Investments Parallel Fund, L.P.  Private Equity  07/16/2024   15,456,253    21,209,556   *,⁺
HS Mohawk Fund I L.P.  Private Equity  03/28/2024   11,288,484    20,679,253   ⁺
Imaginary I Opportunity, L.P.  Private Equity  04/21/2022   3,000,000    1,762,931   *
Insight Partners Continuation Fund II, L.P.  Private Equity  03/31/2023   36,763,109    51,275,707   ⁺
Insight Partners Continuation Fund III, L.P.  Private Equity  10/08/2024   14,571,668    19,059,211   ⁺
InstarAGF Essential Infrastructure Fund II (LUX-USD), SCSp  Real Assets  07/01/2025   12,356,044    16,019,985   *,⁺,8
Integrity Growth Partners Fund II, L.P.  Private Equity  07/31/2024   1,810,509    2,378,777   *,⁺
ISQ Global Infrastructure Fund III, L.P.  Real Assets  04/01/2026   6,982,543    8,352,402   ⁺,5
Jade Equity Investors II, L.P.  Private Equity  07/10/2025   1,937,528    2,387,121   *,⁺,6
Jade Equity Investors Offshore Fund, L.P.  Private Equity  09/30/2022   1,423,008    1,810,995   *,⁺

 

10

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)

 

 

Investments   Asset Class   Acquisition Date   Cost     Fair Value     Footnotes
Secondary Investments - Non-Controlled/Non-Affiliated (continued)                        
Investment Funds (continued)                        
North America (continued)                        
JFL Equity Investors VI, L.P.   Private Equity   07/31/2024   $ 20,965,583     $ 30,376,540     *,⁺
JFL-NG Continuation Fund, L.P.   Private Equity   10/27/2021     2,419,224       4,933,585     *,⁺
K1 Special Opportunities Fund, L.P.   Private Equity   03/31/2026     4,647,597       5,808,105     *,⁺,5
Kelso Breathe Investor (DE), L.P.   Private Equity   02/11/2021     3,512,013       5,369,598     ⁺
KIA Teton, L.P.   Private Equity   01/20/2026     23,037,586       41,512,149     ⁺,5
Kinderhook Capital Waste CV, L.P.   Private Equity   10/21/2025     14,434,170       15,669,207     *,⁺,5
KKR Global Infrastructure Investors III EEA (EUR) SCSp   Real Assets   04/01/2024     13,029,785       12,337,516     *,⁺,9
KKR Global Infrastructure Investors IV (EUR) SCSp   Real Assets   10/01/2024     22,550,410       27,251,334     ⁺
KKR Global Infrastructure Investors IV (USD) SCSp   Real Assets   07/01/2024     44,592,141       55,428,908     ⁺
KKR Health Care Strategic Growth Fund L.P.   Private Equity   10/01/2025     3,618,616       3,713,959     *,⁺,5
KPS Special Situations Fund IV, LP   Private Equity   09/30/2025     261,401       930,175     *,⁺,9
KPS Special Situations Fund V, LP   Private Equity   09/30/2025     669,976       1,672,287     ⁺,9
KPS Special Situations Fund V (A), LP   Private Equity   09/30/2025     2,534,706       2,944,346     ⁺,5
KPS Special Situations Fund VI, LP   Private Equity   09/30/2025     139,330       246,529     ⁺,9
KPS Special Situations Fund VI (A), LP   Private Equity   09/30/2025     528,755       570,250     ⁺,5
KPS Special Situations Mid-Cap Fund, LP   Private Equity   09/30/2025     327,897       1,337,824     *,⁺,9
KPS Special Situations Mid-Cap Fund II, LP   Private Equity   09/30/2025     299,928       293,511     ⁺,9
L Catterton VIII Offshore, L.P.   Private Equity   12/31/2021     1,085,002       1,035,203     *,⁺
Linden Capital Partners IV-A LP   Private Equity   09/30/2025     1,761,370       2,248,297     *,⁺,5
LLR Equity Partners III, L.P.   Private Equity   04/02/2021     301,587       4,621     *,⁺,8
LSCP BTX CV-B LP   Private Equity   03/27/2026     4,570,280       4,755,900     *,⁺,5
Madison Dearborn Capital Partners VIII-C, L.P.   Private Equity   03/12/2021     736,164       711,624     ⁺
MAF Investments IV LLC   Private Debt   08/01/2024     9,618,019       10,093,213      
Marlin Equity Partners IV, L.P.   Private Equity   12/29/2023     2,997,167       1,670,855     *,⁺
Marlin Heritage, L.P.   Private Equity   12/31/2025     1,154,379       1,089,847     *,⁺,5
Marlin Heritage II, L.P.   Private Equity   12/31/2025     2,562,886       2,463,967     *,⁺,8
Marlin Heritage II-A, L.P.   Private Equity   12/31/2025     644,647       615,809     *,⁺,5
Maroon Investors, LP   Private Equity   07/13/2023     4,526,944       6,180,674     *,⁺
Mason Wells Buyout Fund IV, LP   Private Equity   03/31/2026     932,889       1,078,382     *,⁺,5
MetLife Investment Private Equity Partners II (Feeder), LP   Private Equity   06/28/2024     67,981,008       88,002,081     +
MiddleGround Partners II, L.P.   Private Equity   12/31/2025     7,770,518       8,360,507     *,⁺,5
MLC Private Equity Partners Feeder, L.P.   Private Equity   03/25/2024     208,814,046       284,923,429     ⁺
Monogram Capital Partners I, L.P.   Private Equity   09/30/2025     3,713,254       2,895,997     *,⁺,6
Monogram Capital Partners II, L.P.   Private Equity   09/30/2025     2,679,167       2,389,823     *,⁺,5,6
Monogram Capital Partners III PV, L.P.   Private Equity   09/30/2025     9,674,043       11,410,406     *,⁺,5
Nautic Partners IX, L.P.   Private Equity   12/31/2025     5,676,639       7,864,380     *,⁺,8
Nautic Partners X, L.P.   Private Equity   12/31/2025     19,231,464       24,991,418     *,⁺,8
Nautic Partners XI, L.P.   Private Equity   12/31/2025     6,440,980       7,025,734     *,⁺,8
North Haven Infrastructure Partners III SCSp   Real Assets   03/31/2026     21,568,948       24,033,259     *,⁺,5
Novacap Financial Services I, L.P.   Private Equity   09/30/2024     245,427       182,335     *,⁺,11

 

11

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investments - Non-Controlled/Non-Affiliated (continued)                 
Investment Funds (continued)                 
North America (continued)                 
Novacap II, Limited Partnership  Private Equity  09/30/2024  $75,537   $103,222   *,⁺,11
Novacap Industries III, L.P.  Private Equity  09/30/2024   70,953    180,857   *,⁺,11
Novacap Industries IV, L.P.  Private Equity  09/30/2024   33,618    17,857   ⁺,11
Novacap Industries V, L.P.  Private Equity  09/30/2024   376,446    513,816   *,⁺,11
Novacap International Industries V, L.P.  Private Equity  03/31/2026   2,473,345    3,107,265   *,⁺,5
Oak Hill Capital Partners V (Offshore 892), L.P.  Private Equity  01/29/2021   2,052,665    3,197,223   ⁺
Oak Hill Capital Partners V (Offshore), L.P.  Private Equity  07/06/2023   24,964,051    35,908,946   ⁺
Oak Hill Capital Partners VI (TE 892), L.P.  Private Equity  07/06/2023   9,292,925    12,108,897   ⁺
Oak Hill Digital Opportunities Partners (TE 892), L.P.  Real Assets  07/19/2024   36,740,159    47,849,997   *,⁺
OceanSound Partners Fund, LP  Private Equity  02/28/2022   8,626,903    14,685,536   *,⁺,8
OCP North Fund Offshore LP  Private Equity  09/30/2025   37,500,000    51,892,537   *,5
Odyssey Investment Partners Fund IV, LP  Private Equity  04/01/2021   4,114    13,997   *,⁺
Odyssey Investment Partners Fund V, LP  Private Equity  12/31/2025   830,114    1,085,112   *,⁺,5
Odyssey Investment Partners Fund VI, LP  Private Equity  12/31/2025   15,821,552    20,334,305   *,⁺,8
Odyssey Investment Partners Fund VI-A, LP  Private Equity  12/31/2025   520,538    702,879   *,⁺,8
OEP VI Feeder (Cayman), L.P.  Private Equity  04/01/2026   58,663    125,626   *,⁺,5
OHCP V GA COI, L.P.  Private Equity  12/16/2020   2,030,931    3,742,713    
Olympus Growth Fund VII, L.P.  Private Equity  07/31/2024   33,652,805    40,174,660   *,⁺,9
Onex Partners Leaf CV LP  Private Equity  03/26/2026   11,946,516    13,463,894   ⁺,5
Paddington Partners, L.P.  Private Equity  01/10/2024   91,365,830    92,370,073   *,⁺
Pamlico Capital IV, L.P.  Private Equity  12/31/2024   4,090,835    4,192,384   *,⁺,8
Parallaxes Capital Opportunity Feeder Fund VI, L.P.  Private Equity  03/27/2024   5,173,244    7,090,186   *,⁺
Parallaxes Capital Opportunity Feeder Fund VII, L.P.  Private Equity  07/23/2025   1,688,477    1,956,267   *,⁺,5
Peak Rock Capital Fund III LP  Private Equity  01/02/2026   6,505,700    7,565,168   *,⁺,5
Peak Rock Capital Fund III-A LP  Private Equity  01/02/2026   836,515    991,714   *,⁺,5
Pegasus WSJLL Fund, L.P.  Private Equity  12/14/2021   13,305,170    15,209,939   *,⁺
Pine Brook Capital Partners II, L.P.  Private Equity  12/31/2020   953,734    1,414,024   ⁺,9
Platinum Equity Capital Partners IV, L.P.  Private Equity  09/30/2024   14,984,632    12,698,652   *,⁺,9
Platinum Equity Capital Partners V, L.P.  Private Equity  09/30/2024   22,543,122    21,608,040   *,⁺,9
PlayCore CV, L.P.  Private Equity  11/21/2024   7,633,102    10,747,257   *,⁺
Poplar DC Holdings, LP  Private Equity  07/01/2024   23,617,051    22,828,315   *
Providence Cameron (ATG) Co-Investment L.P.  Private Equity  09/11/2024   18,748,433    26,750,003   *,⁺
Providence Cameron (MO) Co-Investment L.P.  Private Equity  09/11/2024   317,987    —   *,⁺
Providence Cameron (W) Co-Investment L.P.  Private Equity  09/11/2024   43,173,637    60,114,407    
Providence Equity Partners IX-A S.C.Sp.  Private Equity  09/11/2024   30,772,935    37,362,724   *,⁺
PSG Sequel-A L.P.  Private Equity  01/31/2025   43,323,938    53,287,949   *,⁺
PSG V L.P.  Private Equity  04/01/2026   3,328,160    4,061,810   *,⁺,8
PTEV, L.P.  Private Equity  12/30/2021   1,559,649    1,824,688   *,⁺,6
PWP Growth Equity Fund I (B) LP  Private Equity  09/30/2025   2,781,655    3,900,364   *,⁺,5
PWP Growth Equity Fund II B LP  Private Equity  09/30/2025   3,187,317    5,794,094   *,⁺,5

 

12

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investments - Non-Controlled/Non-Affiliated (continued)                 
Investment Funds (continued)                 
North America (continued)                 
Redpoint Omega III, L.P.  Private Equity  12/31/2024  $2,685,087   $2,599,531   *
Rembrandt Venture Partners Fund Two, L.P.  Private Equity  09/30/2025   2,346,796    2,830,349   *,8
Riverside Capital Appreciation Fund VI, L.P.  Private Equity  12/31/2021   1,948,567    1,618,270   *,⁺
Riverside Micro-Cap Fund IV B A, L.P.  Private Equity  12/31/2021   1,208,554    458,960   *,⁺
Riverside Micro-Cap Fund IV-A, L.P.  Private Equity  12/31/2021   9,698,083    7,223,173   *,⁺
Roark Capital Partners CF LP   Private Equity  08/26/2022   16,875,154    30,258,166   ⁺
Roark Capital Partners II Sidecar LP  Private Equity  12/31/2025   1,858,435    1,929,998   *,⁺,5
Roark Capital Partners V (TE) LP  Private Equity  12/31/2025   2,911,276    3,253,386   ⁺,5
Roark Capital Partners VII (OS) LP  Private Equity  01/02/2026   —    —   *,⁺,5
Rocket Fuel III LLC  Private Equity  07/02/2024   3,551,318    3,915,324   *
Saw Mill Capital Investors, L.P.  Private Equity  04/09/2021   —    23,193   *,⁺,7
SBJ Fund, LP  Private Equity  07/31/2023   1,328,784    1,154,851   *,⁺,8
Sea Change IV LLC  Private Equity  07/02/2024   482,622    874,185   *
Sentinel Capital Partners VI, L.P.  Private Equity  01/07/2025   2,419,827    2,303,490   *,⁺,8
Sentinel MCA AV, L.P.  Private Equity  10/13/2023   7,627,875    8,788,586   *,⁺
Sixth Street Opportunities Partners IV (B), L.P.  Private Equity  04/06/2026   1,009,417    1,340,771   *,⁺,5
SK Capital Partners V-A, L.P.  Private Equity  01/01/2025   2,132,603    1,692,034   *,⁺
SkyKnight Capital II CV B, L.P.  Private Equity  10/29/2024   77,869,406    103,681,823   *,⁺
SkyKnight TG Holdings, L.P.  Private Equity  08/01/2025   8,749,896    9,028,678   *,⁺,5
SL SPV-4 - A, L.P.  Private Equity  03/19/2025   4,500,000    8,253,545   *,⁺,5
Snowhawk Capital Digital Opportunities Fund I-A L.P.  Real Assets  04/17/2026   14,965,095    22,031,309   ⁺,5
Snowhawk Crane Coinvest LP  Real Assets  04/17/2026   3,587,412    4,207,942   *,⁺,5
Snowhawk Partridge Coinvest B, LP  Real Assets  04/17/2026   4,054,033    7,242,766   *,5
SPC Partners IV, L.P.  Private Equity  03/31/2021   983,817    184,637   *,⁺,8
SPC Partners V, L.P.  Private Equity  12/31/2020   166,961    146,926   *,⁺,9
Stellex Capital Partners LP  Private Equity  03/31/2026   1,263,968    1,085,297   *,⁺,5
Stellex Capital Partners II-A LP  Private Equity  03/31/2026   3,533,212    4,435,571   ⁺,5
Sterling Investment Partners III, L.P.  Private Equity  01/01/2021   696,691    541,668   ⁺,9
Sterling Investment Partners XK Opportunities Fund-A, L.P.  Private Equity  10/23/2025   15,769,753    16,982,733   *,⁺,5
Stone Point CV, L.P.  Private Equity  10/29/2025   25,379,667    31,226,080   *,⁺,5
Stonepeak Infrastructure Fund III LP  Real Assets  09/29/2023   5,731,917    5,893,375   ⁺,8
Strategic Value Spurs A, L.P.  Real Assets  12/13/2024   24,961,380    30,654,740   *,⁺
Stripes Continuation Feeder Fund, LP  Private Equity  10/29/2021   3,183,746    1,726,912   *,⁺
Summit Partners Growth Equity Fund IX-B, L.P.  Private Equity  09/30/2024   1,955,533    1,845,478   *,⁺
Summit Partners Growth Equity Fund X-A, L.P.  Private Equity  09/30/2025   20,024,327    24,471,965   ⁺,6,8
Summit Partners Growth Equity Fund X-B, L.P.  Private Equity  09/30/2024   4,632,174    5,776,116   ⁺,5
Summit Partners Growth Equity Fund XI-A, L.P.  Private Equity  09/30/2025   15,192,307    18,330,320   *,⁺,6,8
Summit Partners Growth Equity Fund XI-B, L.P.  Private Equity  09/30/2024   3,517,529    4,250,700   *,⁺,5
TA Atlantic and Pacific VI L.P.  Private Equity  03/31/2026   107,384    165,769   *,⁺,5
TA Atlantic and Pacific VII-B L.P.  Private Equity  12/31/2020   1,359,289    2,521,854   ⁺,5,9

 

13

 

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investments - Non-Controlled/Non-Affiliated (continued)                   
Investment Funds (continued)                   
North America (continued)                   
TA XII-A, L.P.  Private Equity  12/31/2025  $2,263,165   $2,437,536   ⁺,8
TA XII-B, L.P.  Private Equity  12/31/2025   755,219    808,908   ⁺,5
TA XIII-A, L.P.  Private Equity  12/31/2025   3,951,904    4,453,782   ⁺,8
TA XIII-B, L.P.  Private Equity  12/31/2025   3,727,830    4,375,905   ⁺,5
TA XIV-B, L.P.  Private Equity  03/31/2026   2,729,286    3,213,138   *,⁺,5
TA XV-B, L.P.  Private Equity  03/31/2026   912,910    985,443   *,⁺,5
Tenex Capital Partners II, L.P.   Private Equity  04/01/2026   281,925    376,535   *,⁺,5,8
The Resolute III Continuation Fund, L.P.  Private Equity  09/27/2024   107,946,342    125,172,068   *,⁺
THL HT Parallel SPV, L.P.   Private Equity  11/30/2020   2,397,233    5,233,179   ⁺
Thoma Bravo Discover Fund II, L.P.   Private Equity  04/01/2026   127,143    131,941   *,⁺,5
Thoma Bravo Discover Fund II-A, L.P.  Private Equity  04/01/2026   1,796,681    1,864,476   *,⁺,5
Thoma Bravo Discover Fund III, L.P.   Private Equity  01/01/2025   3,157,779    4,340,679   *,⁺,8
Thoma Bravo Discover Fund, L.P.   Private Equity  04/01/2026   96,888    120,241   *,⁺,5
Thoma Bravo Discover Fund A, L.P.  Private Equity  04/01/2026   461,750    573,045   *,⁺,5
Thoma Bravo Fund XI-A, L.P.   Private Equity  01/01/2022   3,703,148    1,590,170   *,⁺
Thoma Bravo Fund XII, L.P.  Private Equity  04/01/2026   18,793    59,648   *,⁺,5
Thoma Bravo Fund XII-A, L.P.   Private Equity  04/01/2026   265,597    838,255   *,⁺,5
Thoma Bravo Fund XIII, L.P.  Private Equity  09/30/2024   11,779,498    11,631,657   *,⁺,8,9
Thoma Bravo Fund XIII-A, L.P.   Private Equity  01/02/2026   910,024    929,491   *,⁺,5
Thoma Bravo Fund XIV, L.P.  Private Equity  09/30/2024   29,333,693    30,312,528   *,⁺,8,9
Thoma Bravo Fund XIV-A, L.P.   Private Equity  01/02/2026   2,238,634    2,331,868   *,⁺,5
Thoma Bravo Fund XV, L.P.  Private Equity  09/30/2024   4,810,146    5,688,351   *,⁺,9
Thoma Bravo Special Opportunities Fund II-A, L.P.  Private Equity  01/01/2022   1,404,367    1,329,205   *,⁺
Thomas H. Lee Equity Fund VIII, L.P.   Private Equity  01/02/2026   6,307,975    8,839,873   *,⁺,8
Thomas H. Lee Equity Fund IX, L.P.  Private Equity  01/02/2026   13,377,125    17,315,506   *,⁺,8
Thomas H. Lee Parallel Fund VIII, L.P.  Private Equity  01/02/2026   1,264,375    1,768,694   *,⁺,5
Thomas H. Lee Parallel Fund IX, L.P.  Private Equity  01/02/2026   1,239,739    1,600,715   *,⁺,5
Tiger Global Private Investment Partners XV Feeder, L.P.  Private Equity  03/23/2022   9,833,794    8,878,820   *,⁺
TowerBrook Investors III Trust  Private Equity  12/31/2020   107,310    12,708   *
TPG Growth II, L.P.  Private Equity  04/09/2021   154,383    113,712   *,⁺,8
TPG Healthcare Partners, L.P.  Private Equity  04/06/2026   607,500    769,832   *,⁺,5
TPG Healthcare Partners II, L.P.  Private Equity  04/06/2026   1,388,859    1,848,345   *,⁺,5
TPG Partners VII, L.P.   Private Equity  01/05/2023   13,269,635    9,870,070   *,⁺,5
TPG Partners VIII, L.P.   Private Equity  06/30/2022   61,392,936    80,152,520   ⁺,5,7,8,9
TPG Partners IX, L.P.   Private Equity  04/06/2026   1,777,340    2,164,904   ⁺,5
Trident VIII, L.P.  Private Equity  12/30/2022   10,992,485    14,028,889   *,⁺,5
Trident IX, L.P.  Private Equity  01/02/2026   7,441,671    8,744,258   ⁺,8
Trinitas Capital Management, LLC  Private Debt  03/15/2024   33,800,000    28,901,638   9
Trinity Hunt Partners CF, L.P.  Private Equity  10/14/2022   24,496,227    34,422,567   *,⁺
Trinity Hunt Partners V, L.P.   Private Equity  09/30/2024   662,796    361,578   ⁺

 

14

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investments - Non-Controlled/Non-Affiliated (continued)                   
Investment Funds (continued)                   
North America (continued)                   
Trive Capital Fund I (Offshore) LP  Private Equity  12/31/2021  $696,890   $952,757   *,⁺,5
Trive Capital Fund II (Offshore) LP  Private Equity  12/31/2021   4,078,522    7,059,511   *,⁺,5
Trive Capital Fund III LP   Private Equity  12/31/2021   6,172,958    4,875,217   *,⁺,7
Trive Capital Fund III-A LP  Private Equity  12/31/2021   4,447,051    9,457,574   *,⁺,5
Trive Capital Fund IV-A LP  Private Equity  12/31/2021   717,959    1,087,470   *,⁺
Trive Structured Capital Fund I-A LP  Private Equity  12/31/2021   3,517,164    4,350,626   *,⁺
Trivest Discovery Fund, L.P.  Private Equity  10/01/2024   277,725    351,519   *,⁺
Trivest Discovery Fund II-A, L.P.   Private Equity  10/01/2024   908,958    795,378   *,⁺
Trivest Fund V, L.P.   Private Equity  10/01/2024   142,711    165,065   *,⁺
Trivest Fund VI, L.P.   Private Equity  10/01/2024   496,891    726,716   *,⁺
Trivest Fund VII-A, L.P.  Private Equity  10/01/2024   1,321,797    1,312,904   *,⁺
Trivest Growth Investment Fund, L.P.  Private Equity  10/01/2024   382,640    360,015   *,⁺
Trivest Growth Investment Fund II, L.P.   Private Equity  10/01/2024   713,151    878,803   ⁺
Trivest Recognition Fund-A, L.P.  Private Equity  10/01/2024   625,596    723,494   *,⁺
TriWest Capital Partners III, L.P.   Private Equity  09/30/2024   16    2,910   *,⁺,11
TriWest Capital Partners IV, L.P.  Private Equity  09/30/2024   92,809    50,755   ⁺,11
TriWest Capital Partners V, L.P.  Private Equity  09/30/2024   549,019    396,072   ⁺,11
Truelink Capital I-A, L.P.  Private Equity  04/30/2024   34,906,701    46,303,123   *,⁺
TSCP CV II, L.P.   Private Equity  09/08/2024   33,396,220    51,704,998   *,⁺
TSG9 L.P.   Private Equity  12/31/2025   7,280,199    7,884,488   ⁺,8
TSG9 Parallel L.P.   Private Equity  12/31/2025   809,207    856,254   ⁺,5
Vector Capital V, L.P.   Private Equity  12/31/2021   4,705,210    4,701,104   ⁺
Vestar Capital Partners Rainforest, L.P.  Private Equity  04/09/2024   15,465,456    16,961,791   *,⁺
Vista Equity Endeavor Fund I-A, L.P.  Private Equity  01/01/2022   787,968    1,255,137   *,⁺
Vista Equity Endeavor Fund III-A, L.P.  Private Equity  04/23/2025   2,386,309    2,656,326   ⁺,5
Vista Equity Partners Fund V, L.P.  Private Equity  12/31/2025   9,220,940    7,931,775   *,⁺,8
Vista Equity Partners Fund VIII, L.P.  Private Equity  04/23/2025   8,187,858    9,695,640   *,⁺,8
Vista Equity Partners Hubble, L.P.   Private Equity  06/23/2025   17,881,682    30,171,688   *,⁺,5
Vista Equity Partners Meadowbrook, L.P.  Private Equity  04/23/2025   22,642,497    25,366,869   *,⁺,8
Vista Foundation Fund V-A, L.P.   Private Equity  04/23/2025   1,165,345    1,158,449   ⁺,5
Warburg Pincus Financial Sector, L.P.   Private Equity  09/30/2025   1,983,089    2,449,649   *,⁺,5
Warburg Pincus Global Growth-E, L.P.   Private Equity  09/30/2024   1,611,796    2,527,293   *,⁺
Warburg Pincus Jovian GG, L.P.  Private Equity  12/17/2024   104,312    248,634   ⁺
Warburg Pincus Private Equity XI, L.P.   Private Equity  04/06/2026   11,032    12,941   *,8
Warburg Pincus Private Equity XII, L.P.   Private Equity  04/06/2026   853,896    1,246,600   *,5,8
Warburg Pincus Private Equity XII-D, L.P.  Private Equity  09/30/2024   1,219,222    1,477,885   *,9
Water Street Healthcare Partners II, L.P.   Private Equity  04/01/2021   553,537    19,950   *,⁺
Webster Equity Partners III-A, L.P.   Private Equity  04/29/2021   4,365,500    2,918,830   *,⁺
Webster Equity Partners III-B, L.P.  Private Equity  01/17/2024   573,368    1,142,442   *
WEP Terra Fund, L.P.   Private Equity  10/23/2024   6,018,018    9,588,000   *,⁺

 

15

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investments - Non-Controlled/Non-Affiliated (continued)                   
Investment Funds (continued)                   
North America (continued)                   
West Street Real Estate Secondary Partners B, L.P.  Real Assets  12/10/2021  $5,089,300   $3,436,686   *,⁺,6
West Street Strategic Solutions Offshore Fund I, L.P.   Private Debt  10/01/2025   9,842,426    11,204,135   *,⁺,5
WestCap Strategic Operator Offshore Feeder, L.P.  Private Equity  04/13/2022   6,518,684    4,508,603   ⁺
WestCap Strategic Operator US Feeder Fund, L.P.   Private Equity  04/13/2022   15,056,360    10,426,086   *,⁺,8
Westview Capital Partners III, L.P.  Private Equity  12/31/2021   1,986,948    647,587   *,⁺,9
XPV Water Extended Value Fund LP  Private Equity  10/03/2022   9,803,622    11,864,891   *,⁺
Total North America         $3,295,282,671   $3,928,072,548    
Rest of World - 1.8% of NAV                   
Bain Capital Asia Fund III, L.P.  Private Equity  03/31/2026  $207,377   $2,613,712   *,⁺,5
Bain Capital Asia Fund IV, L.P.  Private Equity  12/31/2024   1,421,570    1,594,607   *,⁺,5,8
Carlyle MENA Partners, L.P. and Parallel Vehicles   Private Equity  01/01/2021   62,224    294,854   *,⁺,9
Carlyle South America Buyout Fund, L.P. and Parallel Vehicles  Private Equity  01/01/2021   229,532    4,191   *,⁺,9
Coatue CT 162 LP  Real Assets  01/06/2026   25,125,000    25,051,287   *,5
CVC Capital Partners Asia Pacific IV L.P.   Private Equity  04/01/2026   64,036    108,776   *,⁺,5
Eve One Fund II L.P.   Private Equity  03/11/2022   9,750,000    11,359,037   *,⁺
MC Brazil Special Opportunities Fund STP, LP  Private Equity  03/30/2026   45,856,342    56,212,301   ⁺,5
NewQuest Asia Fund IV HH, L.P.  Private Equity  04/25/2022   8,653,355    12,481,016   *,⁺
Pacific Equity Partners Fund VI, L.P.   Private Equity  12/31/2024   1,587,212    2,042,371   *,⁺
Vertex IV CF L.P.  Private Equity  01/04/2022   2,279,510    1,886,587   *,⁺
Total Rest of World        $95,236,158   $113,648,739    
Total Investment Funds        $4,173,008,347   $4,995,275,854    
Total Non-Controlled/Non-Affiliated Secondary Investments        $4,173,008,347   $4,995,275,854    
Public Securities - Non-Controlled/Non-Affiliated - 0.2% of NAV                 1,2
North America - 0.2% of NAV
Karman Holdings Inc. (194,591 common shares)  Public Securities  07/28/2025  $4,967,512   $9,713,983   *,9,10,17
Robinhood Markets, Inc. (84 common shares)  Public Securities  06/16/2026   8,242    8,424   *,5
Total North America         $4,975,754   $9,722,407    
Total Non-Controlled/Non-Affiliated Public Securities         $4,975,754   $9,722,407    
Short-Term Investments - Non-Controlled/Non-Affiliated - 0.9% of NAV                   
Fidelity Investments Money Market Government Portfolio — Class I, 3.53% (64,778,690 shares)  Money Market  N/A   $64,778,690   $64,778,690   18
Total Non-Controlled/Non-Affiliated Short-Term Investments         $64,778,690   $64,778,690    
Total Non-Controlled/Non-Affiliated Investments - 103.3% of NAV         $5,430,739,795   $6,475,184,561    
Secondary Investments - Controlled/Affiliated - 0.7% of NAV                  1,2,3,4
Investment Funds - 0.7% of NAV              
North America - 0.7% of NAV              
Gemspring Capital Goliath Fund, LP  Private Equity  10/30/2024  $38,899,519   $45,274,582   *,⁺
Total North America         $38,899,519   $45,274,582    
Total Investment Funds        $38,899,519   $45,274,582    
Total Controlled/Affiliated Secondary Investments        $38,899,519   $45,274,582    

 

16

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Total Controlled/Affiliated Investments - 0.7% of NAV        $38,899,519   $45,274,582    
Total Investments - 104.0% of NAV        $5,469,639,314   $6,520,459,143    
Liabilities in excess of other assets - (4.0)% of NAV             $(250,925,376)   
Net Assets - 100.0% of NAV             $6,269,533,767    

 

*Investment is non-income producing.
⁺Investment has been committed to but has not been fully funded.
1Geographic region generally reflects the location of the investment manager or company.
2Investments do not issue shares or hold outstanding principal, except where noted. The terms “shares” and “units” are used interchangeably.
3Private investments typically do not permit redemptions or withdrawals, except at the discretion of their general partner, manager, or advisor. Final distribution dates are generally unknown unless specified. These investments are fair valued using net asset value as the practical expedient, unless otherwise noted, and are usually acquired through private placements with contractual resale restrictions that do not lapse. Each investment may have been purchased on different dates and for varying amounts. The acquisition date of the first purchase is listed in the Consolidated Schedule of Investments.
4The fair value of any Secondary Investment, Primary Investment, or Co-Investment has not been calculated, reviewed, verified or in any way approved by any general partner, manager or advisor of such investments (including any of its affiliates).
5All or a portion of this security is held by SPRIM Subsidiary LLC.
6All or a portion of this security is held by SPRIM LLC - Series A.
7All or a portion of this security is held by SPRIM LLC - Series B.
8All or a portion of this security is held by SPRIM Cayman LLC.
9All or a portion of this security is held by SPRIM Cayman II LLC.
10All or a portion of this security is held by SPRIM Sidewalk LLC.
11All or a portion of this security is held by SPRIM Blue Jay Investco ULC.
12The fair value of the investment was determined using significant unobservable inputs.
13A Collateralized Loan Obligation (“CLO”) is structured by pooling certain private loans, other lender assets, and their associated collateral. A sponsoring organization establishes a special purpose vehicle to hold the assets/collateral and issue securities; interests in these pools are sold as individual securities. Payments of principal and interest are passed through to investors and are typically supported by credit enhancements, such as a letter of credit, surety bond, limited guaranty or senior/subordination structures. These payments are divided into multiple tranches of debt securities, offering distinct maturity and credit risk profiles. Some tranches receive regular principal and interest installments, while others receive only interest, with principal due at maturity or upon specified call dates. Certain tranches are entitled to principal and accrued interest only at maturity or upon specified call dates. Each tranche carries a different interest rate, which may be fixed or floating.
14A Collateralized Loan Obligation Warehouse (“CLO Warehouse”) is an entity organized for the purpose of holding syndicated bank loans, also known as leveraged loans, prior to the issuance of securities from that same vehicle. During the warehouse period, a CLO Warehouse will secure investments and build a portfolio of primarily leveraged loans and other debt obligations. The warehouse period terminates when the CLO vehicle issues various tranches of securities to the market. At this time, financing through the issuance of debt and equity securities is used to repay bank financing.
15Investment offers quarterly redemptions with a one quarter notice period.
16Investment offers annual redemptions.
17Investment is subject to contractual sale restrictions and may not be sold or transferred until the lock-up period expires on July 20, 2026.
18The rate reported is the 7-day effective yield at the period end.

 

17