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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

 

Investment Company Act file number 811-23480

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StepStone Private Markets

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(Exact name of registrant as specified in charter)

 

128 S Tryon St., Suite 1600

Charlotte, NC 28202

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(Address of principal executive offices) (Zip code)

 

Robert W. Long

Chief Executive Officer

StepStone Group Private Wealth LLC

128 S Tryon St., Suite 1600

Charlotte, NC 28202

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(Name and address of agent for service)

 

Registrant's telephone number, including area code: (704) 215-4300

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Date of fiscal year end: March 31

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Date of reporting period: September 30, 2025

 

 

 

 

 

 

ITEM 1. REPORTS TO STOCKHOLDERS.

 

(a) The Report to Shareholders is attached herewith.

 

 

 

 

 

 

 

StepStone Private Markets

 

 

 

 

 

 

 

 

 

 

 

Consolidated Financial Statements

 

For the Six Months Ended September 30, 2025

(unaudited)

 

 

Semi-Annual Report

 

 

 

 

 

 

StepStone Private Markets

 

Table of Contents

For the Six Months Ended September 30, 2025 (unaudited)

 

 

Consolidated Schedule of Investments 2 - 15
Consolidated Statement of Assets and Liabilities 16
Consolidated Statement of Operations 17
Consolidated Statements of Changes in Net Assets 18 - 19
Consolidated Statement of Cash Flows 20 - 21
Consolidated Financial Highlights 22 - 27
Notes to Consolidated Financial Statements 28 - 39
Other Information 40

 

1

 

StepStone Private Markets

 

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Co-Investments - Non-Controlled/Non-Affiliated - 16.4% of NAV               1,2,3,4
Europe - 2.5% of NAV                   
BC Partners Defender Co-Investment L.P.  Private Equity  09/10/2021  $3,561,113   $6,280,268   *
Blackstone Infrastructure Hogan Co-Invest 2 (CYM) L.P.  Real Assets  08/30/2023   11,965,842    14,013,726   5
Blackstone Infrastructure Miro Co-Invest (CYM) L.P.  Real Assets  04/25/2022   9,964,635    14,089,778   *,5
CCP Hermes LP  Private Equity  11/01/2024   21,570,222    21,507,396   *,5
Cinven Pegasus Limited Partnership  Private Equity  10/02/2024   8,787,520    11,033,528   *
Enak Aggregator Limited Partnership  Private Equity  01/18/2022   2,875,802    4,285,355   *
Everest Co-Investment LP  Private Equity  03/19/2025   4,858,467    5,414,512   *
Kindred Capital Co-Invest I LP  Private Equity  04/26/2022   15,125,016    11,620,182   *
KKR Cretaceous Co-Invest L.P.  Real Assets  12/08/2022   14,300,000    19,275,778   *
Palace Co-Invest, SLP  Real Assets  08/07/2021   9,370,425    17,752,614   *
Triton C Investment A L.P  Private Equity  03/29/2022   4,912,115    6,581,546   *
Total Europe        $107,291,157   $131,854,683    
North America - 13.5% of NAV                   
AMP-20 Sterling Limited Partnership  Private Equity  08/02/2023  $4,511,587   $3,152,183   *,5
Ares CARS Co-Invest, L.P.  Real Assets  05/26/2022   21,517,786    25,545,321   5
Ares Insurance Partners, L.P.  Private Equity  10/17/2024   17,278,087    18,772,998   *,5
Ascend SMG Co-Invest 1, L.P.  Private Equity  09/25/2023   2,562,567    3,662,236   *
Birch Grove CLO Ltd. ($17,158,750 principal amount, 07/17/2037)  Private Debt  10/15/2024   11,708,792    11,065,750   6,7
Birch Grove CLO 10 Ltd. ($18,500,000 principal amount, 1/22/2038)  Private Debt  11/26/2024   18,513,341    16,494,368   6,7
Birch Grove CLO 12 Ltd. ($18,500,000 principal amount, 4/22/2038)  Private Debt  01/02/2025   18,523,935    17,922,335   6,7
BPCP Speedstar Acquisition, LLC (1,900 common shares)  Private Equity  01/20/2021   1,367,940    2,054,256   *,6,8
Buckeye Co-Invest II, LP  Real Assets  07/26/2024   7,462,377    8,078,367    
Carlyle US CLO 2025-2, Ltd. ($16,741,375 principal amount, 07/25/2038)  Private Debt  06/11/2025   14,846,117    14,759,794   6,7,9
Castlelake Consumer Receivables Opportunity III, L.P.  Private Debt  06/26/2024   14,438,660    17,861,617   *,5
Cendyn Group Holdings LLC (675 units)  Private Equity  10/05/2023   33,428,490    33,419,060   6
CIFC Funding 2024-V, Ltd. ($22,896,900 principal amount, 01/22/2038)  Private Debt  12/20/2024   19,866,396    18,827,304   6,7
Cinven Discovery Limited Partnership  Private Equity  09/22/2022   2,571,723    5,292,700   *
Columbia Spectrum Partners VI-A, L.P.  Private Equity  09/10/2024   45,000,000    45,014,854   *
Decisions, LLC (1,718,769 common units)  Private Equity  12/28/2020   2,700,000    5,811,887   *,6,10
ECP V (California Co-Invest), LP  Real Assets  08/19/2024   26,153,551    25,886,212   *,5
Elk 2 Coinvest I, L.P.  Private Equity  07/29/2024   45,133,332    45,000,000   *
EQT X Co-Investment (F) SCSp  Private Equity  02/09/2024   4,938,839    4,905,214   *
FH Sunrise Co-Investment I, LP  Private Equity  05/01/2023   4,365,458    6,373,568   *
FTV – FA, L.P.  Private Equity  07/16/2025   5,273,070    5,252,177   5

 

The accompanying notes are an integral part of these consolidated financial statements

 

2

 

StepStone Private Markets

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Co-Investments - Non-Controlled/Non-Affiliated (continued)                
North America (continued)                   
HP Prestige Co-Invest Blocker Aggregator, LP  Private Equity  07/18/2025  $11,144,882   $11,144,882   *
HS Lotus LLC  Private Equity  09/25/2025   53,453,101    52,823,101   *
HS Ruby LLC  Private Equity  07/25/2024   325,713    101,138   *,5
Ilumed Parent LLC (3,060 preferred units)  Private Equity  08/19/2024   22,006,789    33,660,000   *,6,8
IPEX Co-Invest, L.P.  Private Equity  02/28/2024   5,000,000    6,950,000   *
JFL-Rand Co-Invest US Partners, L.P.  Private Equity  03/10/2023   6,225,599    21,618,714   *,5
JFL-Tiger Co-Invest Partners, L.P.  Private Equity  10/12/2023   4,171,578    7,085,654   *,5
KKR Apple Co-Invest L.P.  Real Assets  09/20/2021   5,173,770    7,169,658   *
KKR Gameday Co-Invest L.P.  Private Equity  08/22/2024   25,891,890    31,063,918   *
LJ Perimeter Co-Invest, L.P.  Private Equity  10/28/2022   4,834,380    4,878,712   *,5
LJ Shield Co-Invest, L.P.  Private Equity  07/11/2024   17,357,826    23,243,286   *,5
MH Fund II Co-Invest, LP  Real Assets  03/23/2021   6,258,462    6,852,342   *,8
Mosyle Corporation - Series B-2 (45,010 preferred shares)  Private Equity  04/21/2022   1,083,980    1,625,973   *,6
MPP KKC Holdings, LLC (3,000,000 units)  Private Equity  11/10/2021   3,000,000    5,400,000   *,6,8
MTS Belmont Holdings, L.P.  Private Equity  06/03/2025   12,411,350    12,411,350   *
Novacap TMT VI Co-Investment (Cadenza), L.P.  Private Equity  08/22/2023   3,293,566    3,341,573   *
OSP Co-Invest II, LP - MB series  Private Equity  01/02/2024   10,010,000    16,947,315   *,8
Palms Co-Investment Partners, L.P.  Private Equity  06/03/2022   4,676,598    5,289,075   *
Peak Topco, Inc. (20,833 common shares)  Private Equity  08/23/2024   20,833,333    22,916,666   *,5,6
Pegasus Coinvestors, L.P.  Real Assets  10/05/2021   3,686,738    4,565,139   5,10
POWWR Five Elms, L.P.  Private Equity  09/24/2025   22,097,229    22,000,000   *,12
Providence VIII Tetris Co-Investment-A L.P.  Private Equity  11/18/2022   3,967,086    5,892,549   *,5
RB Tentpole Co-Invest UB, LP  Private Equity  08/04/2025   5,693,181    5,554,323   *
RPIII FB Co-Invest LLC  Private Equity  03/02/2023   5,000,000    5,350,000   *,10
Starlight Co-Invest LP  Private Equity  10/30/2024   20,056,257    20,006,503   *
Stripes VI Rainier Co-Invest, LP  Private Equity  10/31/2024   25,057,693    24,982,430   *
THL Fund IX Investors (BV), L.P.  Private Equity  05/05/2021   2,488,783    4,973,276   *
TPG VIII Merlin CI II, L.P.  Private Equity  07/30/2021   241,568    2,183,686   5
WP Irving Co-Invest, L.P.  Private Equity  04/11/2022   1,139,587    4,451,695    
Total North America        $628,742,987   $709,635,159    
Rest of the World - 0.4% of NAV                   
BGO Asia III Blossoms Co-Investment LP  Real Assets  10/10/2023  $10,705,991   $12,595,090   *,5,11
MC Accelerate Co-Invest Feeder LP  Private Equity  09/26/2025   10,000,000    10,000,000   *
Total Rest of the World        $20,705,991   $22,595,090    
Total Non-Controlled/Non-Affiliated Co-Investments        $756,740,135   $864,084,932    

 

The accompanying notes are an integral part of these consolidated financial statements

 

3

 

StepStone Private Markets

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Primary Investment Funds - Non-Controlled/Non-Affiliated - 1.1% of NAV               1,2,3,4
North America - 1.1% of NAV                   
Carlyle Santiago Aggregator, L.P.  Private Debt   08/23/2024  $35,245,604   $35,993,559    
PennantPark Capital Liquidity Solutions, LP  Private Debt  08/04/2023   17,500,000    20,170,931   *,5
Total North America        $52,745,604   $56,164,490    
Total Non-Controlled/Non-Affiliated Primary Investment Funds        $52,745,604   $56,164,490    
Secondary Investment Funds - Non-Controlled/Non-Affiliated - 70.1% of NAV               1,2,3,4
Europe - 12.8% of NAV                   
24XBFS Limited Partnership  Private Equity  04/16/2025  $68,403   $68,403   *,11
Advent International GPE IX Limited Partnership  Private Equity  09/30/2024   6,016,206    7,042,835   *,5,11
Advent International GPE IX-A SCSp  Private Equity  09/30/2024   1,763,489    2,113,292   *,5
Advent International GPE IX-F Limited Partnership  Private Equity  12/31/2024   2,085,514    2,702,061   *,5,12
Advent International GPE VII-E Limited Partnership  Private Equity  12/31/2021   695,079    199,082   *,5,11
Advent International GPE VIII Limited Partnership  Private Equity  09/30/2024   1,013,264    1,019,235   *
Advent International GPE VIII-B Limited Partnership  Private Equity  12/31/2024   3,044,839    2,802,750   *,5,12
Advent International GPE VIII-H Limited Partnership  Private Equity  12/31/2021   3,067,541    2,216,658   *,11
Advent International GPE X-A SCSp  Private Equity   09/30/2024   910,525    1,158,402   *,5
Altor Fund IV (No. 1) AB  Private Equity  12/30/2022   9,138,971    8,943,962   *,5
Altor Fund V (No. 1) AB  Private Equity  12/30/2022   18,026,293    23,020,755   5
Altor Fund V (No. 2) AB  Private Equity  06/30/2023   1,997,588    2,507,826   5
Ambienta Water Pumps, SCSp  Private Equity  12/06/2024   25,067,468    28,670,386   *,5
Apax IX USD L.P.  Private Equity  09/30/2024   2,386,355    2,093,229   5,11
Apax X USD L.P.  Private Equity  09/30/2024   3,496,016    3,870,360   5,11
ARDIAN Infrastructure Fund IV S.C.A., SICAR  Real Assets  10/04/2024   11,045,155    11,650,907   5
ARDIAN Infrastructure Fund V S.C.A., SICAR  Real Assets  10/04/2024   10,044,076    12,424,931   5
Astorg IQ-EQ Fund  Private Equity  12/31/2021   517,283    1,431,646   *,5
Astorg V Fund  Private Equity  01/11/2021   —    5,106   *
BE VI 'B' LP  Private Equity  09/30/2024   1,445,321    1,476,025   5
BID Equity Continuation Fund I SCSp  Private Equity  05/27/2025   9,795,241    11,509,980   *,5,9
Bridgepoint Europe V 'A3' LP  Private Equity  09/30/2024   555,881    786,275   *,5
Carlyle Europe Technology Partners III, L.P.  Private Equity  09/30/2024   799,753    767,658   *,5
Cevine Capital Management VI (No.1) Feeder Limited Partnership Incorporated  Private Equity  09/30/2024   492,595    449,644   *,5
CF24XB SCSp  Private Equity  04/16/2025   307,492    378,751   *,5,12
CVC Capital Partners VIII (A) L.P.  Private Equity  09/30/2024   5,458,732    6,745,071   5,11
DFI European Value-Add Fund II  Real Assets  07/12/2021   1,731,071    1,494,039   *,5,12
DIF Core Infrastructure Fund II SCSp  Real Assets  09/30/2024   11,256,872    13,500,271   5
DIF Infrastructure VI SCSp  Real Assets  09/30/2024   10,426,504    12,703,816   5
Elysium Acquisition LP  Private Equity  12/09/2024   11,260,060    15,143,415   5
Epiris Fund II (B) L.P.  Private Equity  09/30/2025   9,466,810    12,510,310   *,5,9

 

The accompanying notes are an integral part of these consolidated financial statements

 

4

 

StepStone Private Markets

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)             
Europe (continued)                   
EQT Infrastructure IV (No.2) EUR SCSp  Real Assets  09/29/2023  $7,113,640   $9,994,654   *,5,12
EQT Infrastructure IV (No.2) USD SCSp  Real Assets  10/10/2023   54,311,467    77,941,306   *,5,12
EQT Infrastructure V (No.1) EUR SCSp  Real Assets  07/12/2024   34,678,688    40,919,047   *,5
EQT IX (No.2) EUR SCSp  Private Equity  07/06/2022   12,697,176    15,105,287   *,5,11
EQT VIII (No.2) SCSp  Private Equity  07/06/2022   5,621,080    4,724,602   *,5,11
Equistone Partners Europe Fund IV  Private Equity  12/31/2020   233,913    89,331   *
EuroStone SRIO II S.C.A.  Real Assets  07/12/2021   65,596    195,162   *,5,12
Exponent Private Equity Partners III, LP  Private Equity  09/30/2025   6,432,029    7,321,608   *,5,9
F3 Presto HVD CV Fund AB  Private Equity  04/12/2024   4,722,350    5,742,110   *,5
Fifth Cinven Fund (No. 1) Limited Partnership  Private Equity  10/30/2020   1,073,632    1,374,896   *,12
GIP Pegasus Fund, L.P.  Real Assets  08/20/2024   19,823,028    21,036,532   *
Growth Capital Partners Fund V LP .  Private Equity  04/14/2022   7,401,290    7,633,317   5,12
Gyrus 1 LP .  Private Equity  12/09/2024   7,153,578    7,771,766   *,5
Harbert European Real Estate Fund III, L.P.  Real Assets  07/12/2021   —    10,793   *,5,12
IK Small Cap II Fund No.1 SCSp  Private Equity  12/31/2024   240,310    392,490   *,5
Inflexion Buyout Fund V (No.1) Limited Partnership  Private Equity  01/07/2025   1,234,933    983,296   5
Inflexion Continuation Fund I (No. 1) Limited Partnership  Private Equity  05/20/2025   5,936,965    7,068,604   *,5,9
InfraRed Infrastructure V (1) LP  Real Assets  06/29/2022   5,086,346    6,470,678   *,5
InfraVia European Fund IV FPCI  Real Assets  10/02/2024   8,980,213    11,267,579   5
InfraVia European Fund V FPCI  Real Assets  10/02/2024   13,106,291    15,982,792   5
Kitty Hawk Capital Partners IV L.P.  Real Assets  07/12/2021   377,237    432,407   *,5,12
LQG JV Landmark Portfolio GmbH & Co. KG  Real Assets  07/12/2021   932,694    584,438   *,12
Macquarie European Infrastructure Fund 4 FPCI  Real Assets  04/25/2023   —    1,241,051   *,5
Macquarie European Infrastructure Fund 5 SCSp  Real Assets  04/25/2023   17,322,053    21,504,189   *,5
Macquarie European Infrastructure Fund 6 SCSp  Real Assets  10/01/2024   19,423,935    21,773,049    
MCP Continuation Fund I Coöperatief U.A  Private Equity  06/04/2025   9,454,270    10,374,265   *,5,9
MI Continuation Fund A  Private Equity  02/23/2024   10,951,074    9,129,864   *,5
NIC Battery Acquisition LP  Real Assets  10/16/2024   16,094,456    25,206,355   *,5
Nordea Private Equity II - European Middle Market Buyout K/S  Private Equity  09/30/2024   34,259    50,478   *,5,13
Oakley Capital Guinness B2 SCSp  Private Equity  06/08/2023   7,427,494    12,015,397   *,5
PAI Europe VII, L.P.  Private Equity  09/30/2024   2,079,071    2,531,606   *,5,11
Pan-European Infrastructure II, S.C.S.  Real Assets  10/03/2024   5,301,131    7,096,738   *,5
Pan-European Infrastructure III, SCSp  Real Assets  10/03/2024   10,014,298    11,537,493   5
Permira VI L.P.1  Private Equity  09/30/2024   4,488,246    4,082,664   *,5,11
Permira VII L.P.1  Private Equity  09/30/2024   14,427,780    18,143,644   *,5,11
PSC Accelerator II (A), LP  Private Equity  11/23/2023   4,688,463    7,590,287   *,5
Seventh Cinven Fund (No.1) Limited Partnership  Private Equity  09/30/2024   3,963,115    4,709,520   5,11

 

The accompanying notes are an integral part of these consolidated financial statements

 

5

 

StepStone Private Markets

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)             
Europe (continued)                   
Sixth Cinven Fund (No. 3) Limited Partnership  Private Equity  10/30/2020  $2,575,791   $3,123,026   *,5,12
Strategic Opportunities Fund I GmbH & Co. KG.  Private Equity  02/05/2024   14,479,506    21,779,029   *,5
Ufenau Continuation 3, SLP  Private Equity  04/14/2022   21,821,903    31,638,756   *,5
Verdane Edda II (D) AB  Private Equity  09/30/2024   918,035    1,272,808   *,5
Verdane Idun I (D) AB  Private Equity  09/30/2024   1,006,757    840,207   *
VIP SIV I LP  Private Equity  05/06/2022   10,811,464    20,095,513   *,5
WPEF VII Feeder 2 ILP  Private Equity  01/07/2025   2,803,120    3,869,012   *,5
WREP#2 Luxco S.à r.l.  Real Assets  07/12/2021   132,673    475,974   *,12
Total Europe        $540,821,747   $674,530,701    
North America - 56.8% of NAV                   
ABRY Partners IX, L.P.  Private Equity  01/01/2025  $2,753,881   $3,295,255   5,12
AE Industrial Partners Fund II, LP  Private Equity  12/31/2024   1,898,761    3,156,638   *,5
AEA Investors Fund V LP  Private Equity  12/31/2021   —    178,107   *,5,11
AHP Fund I PV Feeder L.P.  Private Equity  12/28/2020   2,780,898    2,338,993   5
AHP Fund II PV Feeder L.P.  Private Equity  12/28/2020   9,429,068    10,368,609   5
AKKR Isosceles CV LP  Private Equity  06/26/2025   8,669,685    8,669,685   *,5,9
AKKR Strategic Capital LP  Private Equity  10/24/2024   12,601,348    16,045,662   *,5
Album Ventures MSL-C, LP  Private Equity  04/21/2022   3,927,756    5,871,348   *
Amaranth DC Holdings, LP  Private Equity  02/23/2024   29,030,847    34,109,992    
Ampersand CF Limited Partnership  Private Equity  11/13/2020   798,017    1,835,804   *
Apollo Investment Fund IX, L.P.  Private Equity  10/01/2024   16,258,376    17,053,301   5,11
Apollo Natural Resources Partners II, L.P.  Real Assets  04/01/2021   380,906    467,591   5,11
Apollo Overseas Partners (Delaware 892) VIII, L.P.  Private Equity  04/01/2021   1,456,174    1,041,385   5,11
Apollo Overseas Partners (Lux) IX, SCSp  Private Equity  10/01/2024   1,920,358    1,730,765   5
Apollo Overseas Partners IX, L.P.  Private Equity  01/01/2022   2,459,420    3,144,091   5,11
Aquiline Financial Services Continuation Fund L.P.  Private Equity  05/30/2024   23,268,220    35,195,047   *,5
Aquiline Financial Services Fund V L.P.  Private Equity  05/22/2024   705,801    791,578   *,5
Ares Pathfinder Fund (Offshore), L.P.  Private Debt  04/01/2023   36,540,343    38,460,458   5
Audax Private Equity Beacon CF, L.P.  Private Equity  08/08/2025   1,554,388    1,547,054   *,5,11
Audax Private Equity Fund IV CF, L.P.  Private Equity  12/24/2020   4,988,632    6,685,591   5
Audax Private Equity Fund V-B, L.P.  Private Equity  06/28/2024   11,796,799    9,050,504   5,11
Audax Private Equity Fund VI-A, L.P.  Private Equity  06/28/2024   35,740,222    34,748,199   11
Audax Private Equity Solutions Fund, L.P.  Private Equity  06/28/2024   3,103,453    3,047,308   5
Azimuth Energy Partners III LP .  Private Equity  09/30/2024   207,399    209,315   *,13
Bain Capital Beacon Holdings, L.P.  Private Equity  03/24/2025   13,328,567    15,925,688   *,5
Bay Ridge Journey, LLC  Real Assets  07/31/2025   17,754,917    18,202,061   *,5,10
Berkshire Fund IX Coinvestment Fund, L.P.  Private Equity  06/28/2024   14,040,275    20,753,510   *,5,12
Berkshire Fund IX, L.P.  Private Equity  09/04/2021   2,976,637    3,717,146   5,8
Berkshire Fund VIII, L.P.  Private Equity  09/04/2021   2,227,376    667,170   *,5,8
Berkshire Fund X, L.P.  Private Equity  09/04/2021   9,762,438    11,272,908   5,8

 

The accompanying notes are an integral part of these consolidated financial statements

 

6

 

StepStone Private Markets

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)             
North America (continued)                   
Blackstone Capital Partners VI L.P.  Private Equity  01/01/2021  $460,892   $434,875   5,11
Blue Point Capital Partners III, L.P.  Private Equity  06/30/2022   1,875,012    1,211,338   *,5,12
Blue Point Capital Partners IV, L.P.  Private Equity  06/30/2022   9,304,849    9,976,288   *,5,12
Blue Point Capital Partners V (A), L.P.  Private Equity  06/30/2022   3,639,321    3,635,026   *,5
Blue Road Capital PV II, L.P.  Real Assets  08/27/2024   19,927,616    26,306,655   *,5
Brookfield Capital Partners IV (ER) L.P.  Private Equity  09/30/2024   744,125    896,103   5
Brookfield Infrastructure Fund IV (ER) SCSp  Real Assets  01/30/2024   3,509,532    4,020,370   5,11
BV RN Continuation Fund, L.P.  Private Equity  10/10/2023   3,645,900    7,291,801   *,5
Catterton Partners VII, L.P.  Private Equity  12/31/2021   5,260,059    2,539,566   *,5
CD&R Value Building Partners I, L.P.  Private Equity  12/17/2021   8,182,021    11,056,141    
Centerbridge Falcon Acquisition Fund, L.P.  Private Equity  08/21/2025   13,984,444    18,656,976   *,5
Charlesbank Equity Fund IX, Limited Partnership  Private Equity  06/28/2024   33,166,375    35,859,870   *,5,12
Charlesbank Equity Fund X, Limited Partnership  Private Equity  06/28/2024   22,751,846    25,219,702   5,12
Charlesbank Equity Overage Fund X, Limited Partnership  Private Equity  06/28/2024   3,393,794    2,800,946   5,12
Chicago Pacific Founders Fund II-A, L.P.  Private Equity  06/28/2024   3,065,116    4,317,108   *,5
Chicago Pacific Founders Fund, L.P.  Private Equity  06/28/2024   3,489,727    3,614,625   *,5,12
Clayton, Dubilier & Rice Fund X, L.P.  Private Equity  12/31/2021   4,326,911    4,027,892   *,5,11
Clearlake Capital Partners VI (Offshore), L.P.  Private Equity  09/29/2022   14,557,501    16,416,157   *,5
Clearlake Capital Partners VI, L.P.  Private Equity  12/30/2022   7,600,446    8,911,291   *,5
Cortec Group Fund VII, L.P.  Private Equity  12/31/2024   2,492,569    3,037,450   *,5,12
Cortland Growth and Income, L.P.  Real Assets  04/01/2022   30,385,216    19,775,250   14
Court Square Capital Partners (Offshore) III, L.P.  Private Equity  03/07/2024   11,598,364    12,143,671   5
Court Square Capital Partners III, L.P.  Private Equity  03/07/2024   13,676,177    14,335,459   5,11
Court Square Capital Partners V, L.P.  Private Equity  03/07/2024   —    —   *,5
Dunes Point Capital Fund III-A, L.P.   Private Equity  10/12/2023   28,876,438    31,259,731   *,5
Encore Consumer Capital Fund (PV) IV, LP  Private Equity  06/30/2022   2,557,760    2,673,651   *,5
Encore Consumer Capital Fund III, LP  Private Equity  06/30/2022   16,670,937    25,231,659   5,11
ERA Blade Continuation Fund Parallel LP  Real Assets  08/11/2025   19,996,049    19,869,429   *,5,9
Excellere Capital Fund II, L.P.  Private Equity  04/01/2021   5,991,079    4,566,761   *,5,9
Excellere Capital Fund III, L.P.  Private Equity  09/30/2025   10,518,263    11,155,093   *,5,9
FFL Parallel Fund IV, L.P.  Private Equity  01/01/2021   556,125    611,577   5,11
FineLine CV LP   Private Equity  11/18/2024   13,107,112    15,434,602   *,5
First-Party Time VI LLC  Private Equity  07/02/2024   3,530,816    5,333,928   *
Francisco Partners V, L.P.  Private Equity  10/01/2024   10,189,905    12,111,757   5,11
Francisco Partners VI, L.P.  Private Equity  10/01/2024   4,065,308    4,951,042   *,5,11
Franklin BSP Capital Corporation (2,276,656 common shares)  Private Debt  03/31/2022   31,000,000    31,076,356   19
Fulcrum Capital Partners V, LP  Private Equity  12/31/2021   1,696,851    1,565,495   *,5
GA Continuity Fund II, L.P.  Private Equity  03/14/2025   7,264,189    11,449,265   *,5,9

 

The accompanying notes are an integral part of these consolidated financial statements

 

7

 

StepStone Private Markets

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)             
North America (continued)                   
Genstar Capital Partners IX, L.P.  Private Equity  09/30/2024  $6,354,600   $8,736,893   *,5,11,12
Genstar Capital Partners X, L.P.  Private Equity  09/30/2024   3,049,371    3,547,785   5,11
Genstar IX Opportunities Fund I, L.P.  Private Equity  09/30/2024   1,159,801    1,587,167   *,5,11
Genstar X Opportunities Fund I, L.P.  Private Equity  09/30/2024   793,700    1,006,690   *,5,11
Global Infrastructure Partners II-C, L.P.  Real Assets  06/30/2021   8,041,450    1,316,948   5
Global Infrastructure Partners IV-C, L.P.  Real Assets  06/30/2025   63,266,675    67,624,231   5,9
Gores Capital Partners III, L.P.  Private Equity  01/01/2021   2,701    80,445   *,5,11
GrandBanks Capital Venture Fund II LP  Private Equity  09/30/2025   2,222,576    2,682,925   *,5,9
Green Equity Investors CF III-B, L.P.  Private Equity  12/21/2023   862,065    613,080   *,5,11
Green Equity Investors CF IV-B, L.P.  Private Equity  04/17/2025   244,992    230,296   *,5
Green Equity Investors CF IV-C, L.P.  Private Equity  04/15/2025   1,880,622    2,067,701   *,5,9
Green Equity Investors IX, L.P.  Private Equity  06/30/2022   4,159,591    5,048,744   *,5
Green Equity Investors Offshore Fund VII, L.P.  Private Equity  09/30/2022   4,688,446    3,081,769   *,5
Green Equity Investors Offshore Fund VIII, L.P.  Private Equity  09/30/2022   2,941,053    4,479,211   *,5
Green Equity Investors Side CF III-B, L.P.  Private Equity  12/21/2023   4,598,073    3,290,857   *,5
Green Equity Investors Side VII, L.P.  Private Equity  06/30/2023   33,504,966    27,517,594   *,5
Green Equity Investors VII, L.P.  Private Equity  06/30/2022   9,083,551    5,742,419   *,5,11
Green Equity Investors VIII, L.P.  Private Equity  06/30/2022   3,355,084    5,205,887   *,5,11
Gridiron Capital Fund II, L.P.  Private Equity  04/01/2021   538,422    473,548   *,5,12
Gryphon Partners IV, L.P.  Private Equity  12/31/2021   1,292,533    1,364,284   *,5
GTCR Fund XII LP  Private Equity  12/31/2024   4,344,160    4,157,946   5,12
H.I.G. Realty Credit SRE Non-REIT Feeder Fund, L.P.  Real Assets  10/01/2021   7,450,577    5,600,446   5
Halifax Capital Partners IV, L.P.  Private Equity  06/30/2023   13,236,247    18,616,987   *,5,11
Halifax Capital Partners V, L.P.  Private Equity  06/30/2023   384,183    584,736   *,5
Harvest Partners IX (Parallel), L.P.  Private Equity  11/01/2022   6,232,662    6,462,054   5
Harvest Partners VI, L.P.  Private Equity  03/31/2021   1,667,265    681,484   *,5,10
Harvest Partners VII (Parallel), L.P.  Private Equity  11/01/2022   9,154,028    9,391,057   5
Harvest Partners VII, L.P.  Private Equity  11/01/2022   17,399,433    17,654,362   5
Hellman & Friedman Capital Partners IX, L.P.  Private Equity  06/30/2022   19,385,056    26,989,908   5,11,12
Hellman & Friedman Capital Partners VIII, L.P.  Private Equity  09/30/2024   4,275,546    4,325,960   5,11
Hellman & Friedman Capital Partners X, L.P.  Private Equity  09/30/2024   5,598,195    6,096,087   5,11
Heritage Healthcare Innovation Fund II, LP   Private Equity  10/17/2024   12,732,433    14,383,024   *
Heritage Healthcare Innovation Fund IV, LP  Private Equity  10/17/2024   855,851    776,925   *,5
HPH II International FF, LP  Private Equity  07/12/2021   4,591,520    6,587,754   *,5
HPH III Investments Parallel Fund, LP  Private Equity  07/16/2024   15,456,253    19,175,876   5
HS Mohawk Fund I LP  Private Equity  03/28/2024   13,286,186    21,110,832   5
Imaginary I Opportunity, L.P.  Private Equity  04/21/2022   3,000,000    1,738,417   *
Insight Partners Continuation Fund II, L.P.  Private Equity  03/31/2023   38,644,042    56,635,093   *,5
Insight Partners Continuation Fund III, L.P.  Private Equity  10/08/2024   17,187,057    21,483,422   5
InstarAGF Essential Infrastructure Fund II (LUX-USD), SCSp  Real Assets  07/01/2025   12,278,313    17,835,217   *,5,12

 

The accompanying notes are an integral part of these consolidated financial statements

 

8

 

StepStone Private Markets

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)             
North America (continued)                   
Integrity Growth Partners Fund II, L.P.  Private Equity  07/31/2024  $1,416,953   $1,736,214   5
Jade Equity Investors II, L.P.   Private Equity  07/10/2025   2,042,274    2,275,456   *,5,8
Jade Equity Investors Offshore Fund, L.P.  Private Equity  09/30/2022   1,454,326    1,713,566   *,5
JFL Equity Investors VI, L.P.  Private Equity  07/31/2024   18,772,556    22,234,561   *,5
JFL-NG Continuation Fund, L.P.  Private Equity  10/27/2021   2,406,110    4,788,368   *,5
KHIS Custodian LP  Private Equity  09/30/2025   3,306,806    29,964,733   *,9,17,18
Kelso Breathe Investor (DE), L.P.  Private Equity  02/11/2021   3,456,731    7,499,541   5
KKR Global Infrastructure Investors III EEA (EUR) SCSp  Real Assets  04/01/2024   13,997,458    15,170,956   5,11
KKR Global Infrastructure Investors IV (EUR) SCSp  Real Assets  10/01/2024   21,271,901    25,782,949   5
KKR Global Infrastructure Investors IV (USD) SCSp  Real Assets  07/01/2024   41,769,417    50,098,068   5
KPS Special Situations Fund IV, LP  Private Equity  09/30/2025   258,916    866,264   *,5,11
KPS Special Situations Fund V (A), LP   Private Equity  09/30/2025   72,950    221,147   *,5,9
KPS Special Situations Fund V, LP  Private Equity  09/30/2025   558,029    1,691,292   *,5,11
KPS Special Situations Fund VI (A), LP   Private Equity  09/30/2025   5,291    15,224   *,5,9
KPS Special Situations Fund VI, LP  Private Equity  09/30/2025   48,930    143,141   *,5,11
KPS Special Situations Mid-Cap Fund II, LP   Private Equity  09/30/2025   —    —   *,5,11
KPS Special Situations Mid-Cap Fund, LP   Private Equity  09/30/2025   327,896    1,281,861   *,5,11
L Catterton VIII Offshore, L.P.  Private Equity  12/31/2021   1,135,769    1,040,183   *,5
Linden Capital Partners IV-A LP  Private Equity  09/30/2025   2,845,043    3,531,806   *,5,9
LLR Equity Partners III, L.P.  Private Equity  04/02/2021   301,587    5,437   *,5,12
Madison Dearborn Capital Partners VIII-C, L.P.  Private Equity  03/12/2021   766,538    826,891   5
MAF Investments IV LLC  Private Debt  08/01/2024   11,743,163    11,595,353    
Marlin Equity Partners IV, L.P.  Private Equity  12/29/2023   2,979,768    1,731,469   *,5
Maroon Investors, LP  Private Equity  07/13/2023   4,082,269    5,332,540   *,5
MetLife Investment Private Equity Partners II (Feeder), LP  Private Equity  06/28/2024   67,296,714    87,081,859   5
MLC Private Equity Partners Feeder, L.P.  Private Equity  03/25/2024   203,358,886    285,032,360   5
Monogram Capital Partners I, L.P.  Private Equity  09/30/2025   3,704,600    3,081,994   *,5,8
Monogram Capital Partners II, L.P.  Private Equity  09/30/2025   2,635,587    2,323,216   *,5,8,9
Monogram Capital Partners III PV, L.P.  Private Equity  09/30/2025   —    —   *,5,9
Novacap Financial Services I, L.P.  Private Equity  09/30/2024   226,545    160,751   5,13
Novacap II, Limited Partnership  Private Equity  09/30/2024   75,537    87,926   *,5,13
Novacap Industries III, L.P.  Private Equity  09/30/2024   70,953    156,052   *,5,13
Novacap Industries IV, L.P.  Private Equity  09/30/2024   42,837    23,852   5,13
Novacap Industries V, L.P.  Private Equity  09/30/2024   299,045    402,212   *,5,13
Novacap Technologies III, L.P.  Private Equity  09/30/2024   —    115   *,5,13
Oak Hill Capital Partners V (Offshore 892), L.P.  Private Equity  01/29/2021   2,079,903    2,977,012   *,5
Oak Hill Capital Partners V (Offshore), L.P.  Private Equity  07/06/2023   25,266,480    33,399,665   *,5
Oak Hill Capital Partners VI (TE 892), L.P.  Private Equity  07/06/2023   6,972,758    8,126,758   *,5

 

The accompanying notes are an integral part of these consolidated financial statements

 

9

 

StepStone Private Markets

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes

Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)

                
North America (continued)                   
Oak Hill Digital Opportunities Partners (TE 892), L.P.  Real Assets   07/19/2024  $31,732,971   $35,032,545   *,5
OceanSound Partners Fund, LP  Private Equity  02/28/2022   8,616,663    14,089,748   *,5,12
OCP North Fund Offshore LP  Private Equity  09/30/2025   26,250,000    33,862,500   *,5,9
Odyssey Investment Partners Fund IV, LP  Private Equity  04/01/2021   1    267,151   *,5
OHCP V GA COI, L.P.  Private Equity  12/16/2020   2,468,970    4,579,254   *
Olympus Growth Fund VII, L.P.   Private Equity  07/31/2024   33,323,417    40,063,720   5,11
Paddington Partners, L.P.  Private Equity  01/10/2024   98,828,911    132,503,690   *,5
Pamlico Capital IV, L.P.  Private Equity  12/31/2024   4,409,939    4,533,724   *,5,12
Parallaxes Capital Opportunity Feeder Fund VI, L.P.  Private Equity  03/27/2024   5,173,244    6,192,292   *,5
Parallaxes Capital Opportunity Feeder Fund VII, L.P.  Private Equity  07/23/2025   1,688,477    1,688,477   *,5,9
Pegasus WSJLL Fund, L.P.   Private Equity  12/14/2021   13,239,188    15,243,226   *,5
Pine Brook Capital Partners II, L.P.  Private Equity  12/31/2020   974,522    1,550,956   *,5,11
Platinum Equity Capital Partners IV, L.P.  Private Equity  09/30/2024   14,530,706    14,668,583   *,5,11
Platinum Equity Capital Partners V, L.P.  Private Equity  09/30/2024   22,650,147    19,727,300   5,11
PlayCore CV, L.P.  Private Equity  11/21/2024   7,595,532    8,807,155   5
Poplar DC Holdings, LP   Private Equity  07/01/2024   23,444,551    22,832,581    
Providence Cameron (ATG) Co-Investment L.P.  Private Equity  09/11/2024   19,115,229    30,212,184   *,5
Providence Cameron (MO) Co-Investment L.P.   Private Equity  09/11/2024   15,792,308    21,955,124   *,5
Providence Cameron (W) Co-Investment L.P.  Private Equity  09/11/2024   42,974,595    51,068,213   *
Providence Equity Partners IX-A S.C.Sp.  Private Equity  09/11/2024   22,656,787    25,283,279   5
PSG Sequel-A L.P.   Private Equity  01/31/2025   45,293,901    54,900,881   5
PTEV, L.P.  Private Equity  12/30/2021   1,559,649    1,689,979   *,5,8
PWP Growth Equity Fund I (B) LP  Private Equity  09/30/2025   2,773,775    3,662,371   *,5,9
PWP Growth Equity Fund II B LP   Private Equity  09/30/2025   4,851,844    6,271,752   *,5,9
Redpoint Omega III, L.P.  Private Equity  12/31/2024   2,685,087    2,770,510   *,5
Rembrandt Venture Partners Fund Two, L.P.   Private Equity  09/30/2025   2,342,393    2,595,233   *,12
Riverside Capital Appreciation Fund VI, L.P.   Private Equity  12/31/2021   1,913,043    1,838,127   *,5
Riverside Micro-Cap Fund IV B A, L.P.   Private Equity  12/31/2021   1,347,412    883,399   *,5
Riverside Micro-Cap Fund IV-A, L.P.  Private Equity  12/31/2021   10,547,390    10,097,629   *,5
Roark Capital Partners CF LP   Private Equity  08/26/2022   16,848,438    28,072,937   5
Rocket Fuel III LLC  Private Equity  07/02/2024   3,531,813    4,410,590   *
Saw Mill Capital Investors, L.P.  Private Equity  04/09/2021   —    14,600   *,5,10
SBJ Fund, LP  Private Equity  07/31/2023   1,328,784    1,124,226   *,5,12
Sea Change IV LLC  Private Equity  07/02/2024   479,708    762,409   *
Sentinel Capital Partners VI, L.P.   Private Equity  01/07/2025   2,510,538    2,505,560   *,5,12
Sentinel MCA AV, L.P.  Private Equity  10/13/2023   7,627,875    8,785,537   *,5
SK Capital Partners V-A, L.P.  Private Equity  01/01/2025   2,123,366    1,814,043   *,5
SkyKnight TG Holdings, L.P.  Private Equity  08/01/2025   8,719,237    8,719,237   *,5,9
SL SPV-4 - A, L.P.   Private Equity  03/19/2025   4,500,000    6,919,426   *,5,9
SPC Partners IV, L.P.   Private Equity  03/31/2021   1,227,436    538,809   *,5,12

 

The accompanying notes are an integral part of these consolidated financial statements

 

10

 

StepStone Private Markets

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)                
North America (continued)                   
SPC Partners V, L.P.  Private Equity  12/31/2020  $166,961   $153,393   *,5,11
Sterling Investment Partners III, L.P.  Private Equity  01/01/2021   666,647    569,454   5,11
Stonepeak Infrastructure Fund III LP  Real Assets  09/29/2023   6,331,263    6,391,032   5,12
Strategic Value Spurs A, L.P.  Real Assets  12/13/2024   28,545,828    31,314,265   *,5
Stripes Continuation Feeder Fund, LP  Private Equity  10/29/2021   3,172,903    1,643,516   *,5
Summit Partners Growth Equity Fund IX-B, L.P.  Private Equity  09/30/2024   2,056,791    1,917,270   *,5
Summit Partners Growth Equity Fund X-A, L.P.   Private Equity  09/30/2025   9,026,359    10,135,453   *,5,8
Summit Partners Growth Equity Fund X-B, L.P.   Private Equity  09/30/2024   3,395,112    3,951,407   *,5,9
Summit Partners Growth Equity Fund XI-A, L.P.  Private Equity  09/30/2025   6,318,897    6,604,378   *,5,8
Summit Partners Growth Equity Fund XI-B, L.P.  Private Equity  09/30/2024   2,230,442    2,356,454   *,5,9
TA Atlantic and Pacific VII-B L.P.  Private Equity  12/31/2020   271,047    1,651,764   *,5,11
Tailwind Capital Partners II (Cayman) L.P.   Private Equity  12/31/2020   745,128    9,568   *,5
The Resolute III Continuation Fund, L.P.   Private Equity  09/27/2024   105,929,552    121,579,123   *,5
THL HT Parallel SPV, L.P.  Private Equity  11/30/2020   2,379,691    4,890,797   5
Thoma Bravo Discover Partners III, L.P.  Private Equity  01/01/2025   3,194,383    4,364,684   5,12
Thoma Bravo Fund XI-A, L.P.  Private Equity  01/01/2022   3,703,148    1,567,706   *,5
Thoma Bravo Fund XIII, L.P  Private Equity  09/30/2024   5,620,089    5,895,433   5,11
Thoma Bravo Fund XIV, L.P.  Private Equity  09/30/2024   14,812,309    15,915,690   5,11
Thoma Bravo Fund XV, L.P.  Private Equity  09/30/2024   4,271,532    5,461,971   5,11
Thoma Bravo Special Opportunities Fund II-A, L.P.  Private Equity  01/01/2022   1,404,367    1,305,679   5
Tiger Global Private Investment Partners XV Feeder, L.P.  Private Equity  03/23/2022   9,833,794    7,727,322   *,5
TowerBrook Investors III Trust  Private Equity  12/31/2020   107,310    13,120   *
TPG Growth II, L.P.  Private Equity  04/09/2021   154,383    114,552   *,5,12
TPG Partners VII, L.P.  Private Equity  01/05/2023   13,225,082    10,508,849   *,5
TPG Partners VIII, L.P.  Private Equity  06/30/2022   58,803,972    79,261,858   5,10,11,12
Trident VIII, L.P.  Private Equity  12/30/2022   5,648,996    8,127,811   5
Trinitas Capital Management, LLC  Private Debt  03/15/2024   33,800,000    31,520,513   11
Trinity Hunt Partners CF, L.P.  Private Equity  10/14/2022   24,330,132    28,862,111   *,5
Trinity Hunt Partners V, L.P.   Private Equity  09/30/2024   707,531    526,110   *,5
Trive Capital Fund I (Offshore) LP  Private Equity  12/31/2021   693,089    927,076   *,5,9
Trive Capital Fund II (Offshore) LP  Private Equity  12/31/2021   3,533,087    4,927,570   *,5,9
Trive Capital Fund III LP  Private Equity  12/31/2021   6,172,958    4,171,009   *,5,10
Trive Capital Fund III-A LP  Private Equity  12/31/2021   4,444,377    8,985,935   *,5,9
Trive Capital Fund IV-A LP   Private Equity  12/31/2021   667,478    992,898   *,5
Trive Structured Capital Fund I-A LP   Private Equity  12/31/2021   3,762,763    4,427,890   *,5
Trivest Discovery Fund II-A, L.P.   Private Equity  10/01/2024   644,895    568,744   *,5
Trivest Discovery Fund, L.P..  Private Equity  10/01/2024   264,222    335,189   *,5
Trivest Fund V, L.P.   Private Equity  10/01/2024   142,711    123,578   *,5
Trivest Fund VI, L.P.   Private Equity  10/01/2024   496,891    668,744   *,5
Trivest Fund VII-A, L.P.  Private Equity  10/01/2024   849,026    880,065   *,5

 

The accompanying notes are an integral part of these consolidated financial statements

 

11

 

StepStone Private Markets

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)                
North America (continued)                   
Trivest Growth Investment Fund, L.P.  Private Equity  10/01/2024  $363,437   $364,324   5
Trivest Growth Investment Fund II, L.P.  Private Equity  10/01/2024   821,871    1,048,479   5
Trivest Recognition Fund-A, L.P.  Private Equity  10/01/2024   606,627    657,273   *,5
TriWest Capital Partners III, L.P.  Private Equity  09/30/2024   90,043    222,875   *,5,13
TriWest Capital Partners IV, L.P.  Private Equity  09/30/2024   104,880    89,612   5,13
TriWest Capital Partners V, L.P.  Private Equity  09/30/2024   577,481    666,146   *,5,13
Truelink Capital I-A, L.P.  Private Equity  04/30/2024   26,060,346    35,128,405   5
TSCP CV II, L.P.   Private Equity  09/08/2024   33,159,842    37,294,522   *,5
Vector Capital V, L.P.  Private Equity  12/31/2021   4,794,923    5,397,618   *,5
Vestar Capital Partners Rainforest, L.P.   Private Equity  04/09/2024   15,409,765    18,921,010   *,5
Vista Equity Endeavor Fund I-A, L.P.   Private Equity  01/01/2022   776,722    1,326,730   *,5
Vista Equity Endeavor Fund III-A, L.P.  Private Equity  04/23/2025   —    75,926   *,5,9
Vista Equity Partners Fund VIII, L.P.  Private Equity  04/23/2025   6,765,311    8,530,193   *,5,12
Vista Equity Partners Hubble, L.P.  Private Equity  06/23/2025   17,699,644    26,525,029   *,5,9
Vista Equity Partners Meadowbrook, L.P.  Private Equity  04/23/2025   490,789    4,735,979   *,5,12
Vista Foundation Fund V-A, L.P  Private Equity  04/23/2025   737,943    729,868   *,5,9
Warburg Pincus Financial Sector, L.P.  Private Equity  09/30/2025   1,978,283    2,327,645   *,5,9
Warburg Pincus Global Growth-E, L.P.  Private Equity  09/30/2024   1,674,836    2,512,452   *,5
Warburg Pincus Jovian GG, L.P.  Private Equity  12/17/2024   154,389    241,645   *,5
Warburg Pincus Private Equity XII-D, L.P.   Private Equity  09/30/2024   1,265,264    1,405,605   *,11
Water Street Healthcare Partners II, L.P.  Private Equity  04/01/2021   553,537    21,965   *,5
Webster Equity Partners III-A, L.P.   Private Equity  04/29/2021   4,294,092    4,138,210   *,5
Webster Equity Partners III-B, L.P.   Private Equity  01/17/2024   572,680    1,141,962   *
WEP Terra Fund, L.P.   Private Equity  10/23/2024   5,984,316    8,444,125   *,5
West Street Real Estate Secondary Partners B, L.P.  Real Assets  12/10/2021   5,070,499    3,660,832   *,5,8
WestCap Strategic Operator Offshore Feeder, L.P.  Private Equity  04/13/2022   6,880,270    5,308,884   *
WestCap Strategic Operator US Feeder Fund, L.P.  Private Equity  04/13/2022   15,625,733    12,683,413   *,12
Westview Capital Partners III, L.P.  Private Equity  12/31/2021   2,304,287    1,582,315   *,5,11
XPV Water Extended Value Fund LP  Private Equity  10/03/2022   9,652,422    12,238,177   *,5
Total North America        $2,510,342,637   $2,993,052,679    
Rest of World - 0.5% of NAV                   
Bain Capital Asia Fund IV, L.P.  Private Equity  12/31/2024  $698,438   $858,341   5,12
Carlyle MENA Partners, L.P. and Parallel Vehicles  Private Equity  01/01/2021   40,494    300,247   *,5,11
Carlyle South America Buyout Fund, L.P. and Parallel Vehicles  Private Equity  01/01/2021   229,532    3,002   *,5,11
Eve One Fund II L.P.  Private Equity  03/11/2022   9,500,000    11,721,931   *,5
NewQuest Asia Fund IV HH, L.P.  Private Equity  04/25/2022   8,136,849    10,625,376   *,5
Pacific Equity Partners Fund VI, L.P.  Private Equity  12/31/2024   1,551,616    1,941,962   *,5

 

The accompanying notes are an integral part of these consolidated financial statements

 

12

 

StepStone Private Markets

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)             
Rest of World (continued)                   
Vertex IV CF L.P.  Private Equity  01/04/2022  $2,261,433   $2,290,039   *,5
Total Rest of World        $22,418,362   $27,740,898    
Total Non-Controlled/Non-Affiliated Secondary Investment Funds  $3,073,582,746   $3,695,324,278    
Public Securities - Non-Controlled/Non-Affiliated - 0.4% of NAV            1,2
North America - 0.4% of NAV                   
Karman Holdings Inc (292,428 common shares)  Public Securities  07/28/2025  $14,752,993   $21,113,301   *,10,18
Total North America        $14,752,993   $21,113,301    
Total Non-Controlled/Non-Affiliated Public Securities  $14,752,993   $21,113,301    
Short-Term Investments - Non-Controlled/Non-Affiliated - 0.7% of NAV             
Fidelity Investments Money Market Government Portfolio — Class I, 4.04% (39,465,237 shares)  Money Market  N/A  $39,465,237   $39,465,237   15,16
Total Non-Controlled/Non-Affiliated Short-Term Investments  $39,465,237   $39,465,237    
Total Non-Controlled/Non-Affiliated Investments - 88.7% of NAV  $3,937,286,715   $4,676,152,238    
Secondary Investment Funds - Controlled/Affiliated - 3.9% of NAV            1,2,3,4
North America - 3.9% of NAV                   
Accordion DC Holdings, LP  Private Equity  12/08/2022  $5,237,461   $7,468,825    
Gemspring Capital Goliath Fund, LP  Private Equity  10/30/2024   37,763,085    37,657,782   *,5
Octagon StepStone CLO Fund, LTD. (50,000 common shares)  Private Debt  02/07/2023   50,000,000    67,944,191   *
SkyKnight Capital II CV B, L.P.  Private Equity  10/29/2024   77,260,129    94,992,257   5
Total North America     $170,260,675   $208,063,055    
Total Controlled/Affiliated Secondary Investment Funds    $170,260,675   $208,063,055    
Total Controlled/Affiliated Investments - 3.9% of NAV  $170,260,675   $208,063,055    
Total Investments - 92.6% of NAV  $4,107,547,390   $4,884,215,293    
Other assets in excess of liabilities - 7.4% of NAV       $390,043,226    
Net Assets - 100.0% of NAV             $5,274,258,519    

 

*Investment is non-income producing.
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 Fund, Primary Investment Fund, or Co-Investment (together “Private Market Assets”) has not been calculated, reviewed, verified or in any way approved by any general partner, manager or advisor of such Private Market Assets (including any of its affiliates).
5Investment has been committed to but has not been fully funded.
6The fair value of the investment was determined using significant unobservable inputs.
7A 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.
8All or a portion of this security is held by SPRIM LLC - Series A.

 

The accompanying notes are an integral part of these consolidated financial statements

 

13

 

StepStone Private Markets

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

9All or a portion of this security is held by SPRIM Subsidiary LLC.
10All or a portion of this security is held by SPRIM LLC - Series B.
11All or a portion of this security is held by SPRIM Cayman II LLC.
12All or a portion of this security is held by SPRIM Cayman LLC.
13All or a portion of this security is held by SPRIM Blue Jay Investco ULC.
14Investment offers quarterly redemptions with a one quarter notice period.
15The audited financial statements of the investment can be found at sec.gov.
16The rate reported is the 7-day effective yield at the period end.
17Partnership is invested solely in Karman Holdings Inc listed on the New York Stock Exchange effective February 13, 2025.
18Investments are subject to contractual resale restrictions and may not be sold or transferred until the lock-up period expires on July 20, 2026, which may limit the Fund’s liquidity until that time.
19Investment offers annual redemptions.

 

The accompanying notes are an integral part of these consolidated financial statements

 

14

 

StepStone Private Markets

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Summary of Investments by Strategy (as a percentage of total investments)    
Co-Investments   17.7%
Primary Investment Funds   1.1%
Secondary Investment Funds   79.9%
Public Securities   0.5%
Short-Term Investments   0.8%
Total Investments   100.0%

 

The accompanying notes are an integral part of these consolidated financial statements

 

15

 

StepStone Private Markets

 

Consolidated Statement of Assets and Liabilities

September 30, 2025 (unaudited)

 

 

Assets     
Non-controlled/non-affiliated investments, at fair value (cost $3,937,286,715)  $4,676,152,238 
Controlled/affiliated investments, at fair value (cost $170,260,675)   208,063,055 
Total investments, at fair value (cost $4,107,547,390)   4,884,215,293 
Cash   377,788,429 
Cash denominated in foreign currency (cost $25,661,118)   25,698,667 
Receivable for Fund shares sold   59,173,057 
Investments paid in advance   24,264,709 
Dividend and interest receivable   5,652,528 
Prepaid  expenses   710,238 
Total Assets   5,377,502,921 
      
Liabilities     
Revolving credit facility   — 
Less deferred debt issuance costs   (2,014,750)
Revolving credit facility less deferred debt issuance costs   (2,014,750)
Payable for investments purchased   74,552,135 
Deferred tax liability   21,721,723 
Management fees payable   6,061,055 
Professional fees payable   966,989 
Transfer agent fees payable   336,871 
Administration fees payable   281,951 
Revolving credit facility interest and fees payable   54,124 
Trustees' fees payable   53,674 
Due to Adviser   20,053 
Other accrued expenses   1,210,577 
Total Liabilities   103,244,402 
Commitments and contingencies (see Note 9)     
Net Assets  $5,274,258,519 
      
Composition of Net Assets:     
Paid-in capital  $4,311,743,179 
Total distributable earnings (accumulated loss)   962,515,340 
Net  Assets  $5,274,258,519 
      
Class I     
Net Assets  $3,980,781,694 
Outstanding shares (unlimited number of shares authorized)   65,613,484 
Net Asset Value Per Share  $60.67 
      
Class D     
Net Assets  $86,190,013 
Outstanding shares (unlimited number of shares authorized)   1,430,933 
Net Asset Value Per Share  $60.23 
      
Class S     
Net Assets  $1,207,286,812 
Outstanding shares (unlimited number of shares authorized)   20,404,401 
Net Asset Value Per Share  $59.17 

 

The accompanying notes are an integral part of these consolidated financial statements

 

16

 

StepStone Private Markets

 

Consolidated Statement of Operations

For the Six Months Ended September 30, 2025 (unaudited)

 

 

Investment Income     
Non-controlled/non-affiliated investments dividend income (net of taxes withheld of $1,035,216)  $32,307,685 
Non-controlled/non-affiliated investments interest income   19,532,424 
Total Investment Income   51,840,109 
      
Expenses     
Management fees   34,148,400 
Revolving credit facility interest and fees   3,625,699 
Professional fees   1,628,988 
Administration fees   1,587,602 
Amortization of deferred investment costs   1,421,462 
Transfer agent fees   1,230,985 
Trustees' fees   102,780 
Income tax expense   47,613 
Chief compliance officer fees   30,082 
Distribution and shareholder servicing fees (Class S)   4,446,745 
Shareholder servicing fees (Class D)   95,011 
Other expenses   1,092,617 
Total Expenses   49,457,984 
Net Investment Income (Loss)   2,382,125 
      
Net Realized Gain (Loss)     
Distributions from non-controlled/non-affiliated investments   80,121,357 
Foreign currency transactions   (283,527)
Deferred tax   (4,515,882)
Total Net Realized Gain (Loss)   75,321,948 
      
Net Change in Unrealized Appreciation (Depreciation)     
Non-controlled/non-affiliated investments   279,896,781 
Controlled/affiliated investments   9,964,109 
Foreign currency translations   (463,044)
Deferred tax   (5,387,056)
Total Net Change in Unrealized Appreciation (Depreciation)   284,010,790 
      
Net Increase (Decrease) in Net Assets from Operations  $361,714,863 

 

The accompanying notes are an integral part of these consolidated financial statements

 

17

 

StepStone Private Markets

 

Consolidated Statements of Changes in Net Assets

 

 

 

   For the Six Months
Ended September 30,
2025 (unaudited)		   For the Year Ended
March 31, 2025		 
Change in Net Assets Resulting from Operations:          
Net investment income (loss)  $2,382,125   $8,920,655 
Net realized gain (loss)   75,321,948    109,804,558 
Net change in unrealized appreciation (depreciation)   284,010,790    210,936,019 
Net Increase (Decrease) in Net Assets Resulting from Operations   361,714,863    329,661,232 
           
Distributions from Distributable Earnings:          
Class I   (12,562,730)   (34,519,535)
Class D   (244,254)   (718,718)
Class S   (3,359,028)   (7,053,405)
Class T¹   —    (226,929)
Total Distributions from Distributable Earnings   (16,166,012)   (42,518,587)
           
Change in Net Assets Resulting from Capital Share Transactions:          
Class I          
Proceeds from shares issued   739,603,380    1,322,288,380 
Reinvestment of distributions   7,224,121    20,393,881 
Repurchase of shares   (414,725,757)   (162,697,044)
Exchange of shares   882,137    21,661,710 
Total Class I Transactions   332,983,881    1,201,646,927 
Class D          
Proceeds from shares issued   15,657,875    28,814,009 
Reinvestment of distributions   217,075    578,505 
Repurchase of shares   (2,773,894)   (1,798,826)
Exchange of shares   36,337    (9,327,478)
Total Class D Transactions   13,137,393    18,266,210 
Class S          
Proceeds from shares issued   242,911,250    531,817,713 
Reinvestment of distributions   2,842,335    6,220,270 
Repurchase of shares   (16,432,734)   (11,454,322)
Exchange of shares   (918,474)   13,445,867 
Total Class S Transactions   228,402,377    540,029,528 
Class T¹          
Proceeds from shares issued   —    9,003,754 
Reinvestment of distributions   —    159,080 
Repurchase of shares   —    (768,519)
Exchange of shares   —    (25,780,099)
Total Class T¹ Transactions   —    (17,385,784)
Change in Net Assets Resulting from Capital Share Transactions   574,523,651    1,742,556,881 
           
Total Increase (Decrease) in Net Assets   920,072,502    2,029,699,526 
 

The accompanying notes are an integral part of these consolidated financial statements

 

18

 

StepStone Private Markets

 

Consolidated Statements of Changes in Net Assets (continued)

 

 

 

    For the Six Months
Ended September 30,
2025 (unaudited)		     For the Year Ended
March 31, 2025		  
Net Assets            
Beginning of period     4,354,186,017       2,324,486,491  
End of period   $ 5,274,258,519     $ 4,354,186,017  

 

1 On January 17, 2025, the Fund converted Class T shares into Class S shares and ceased offering Class T Shares.

 

19

 

StepStone Private Markets

 

Consolidated Statement of Cash Flows

For the Six Months Ended September 30, 2025 (unaudited)

 

 

Cash Flows From Operating Activities     
Net increase (decrease) in net assets from operations  $361,714,863 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:     
Purchases of investments, net of payable for investments purchased   (626,035,500)
(Purchases) sales of short-term investments, net   99,001,470 
Distributions received from investments, net of distributions receivable from investments   162,310,653 
Net realized (gain) loss on distributions from investments   (80,121,357)
Net change in unrealized (appreciation) depreciation on investments    (289,860,890)
Net change in deferred tax liability..   9,902,938 
Amortization of debt issuance costs   593,568 
(Increase) Decrease in Assets    
Investments paid in advance.   (24,264,709)
Dividend and interest receivable   (3,744,378)
Prepaid expenses   (310,333)
Increase (Decrease) in Liabilities     
Management fees payable     1,082,928  
Professional fees payable     (83,277 )
Revolving credit facility interest and fees payable     (400,656 )
Administration fees payable     34,262  
Transfer agent fees payable     44,902  
Trustees' fees payable     280  
Due to Adviser     (18,425 )
Other accrued expenses     357,215  
Net Cash Provided by (Used in) Operating Activities     (389,796,446 )
         
Cash Flows from Financing Activities        
Proceeds from issuance of shares, net of receivable for fund shares sold     1,022,932,670  
Repurchase of shares     (433,932,385 )
Distributions paid in cash     (5,882,481 )
Proceeds from revolving credit facility     2,191,959  
Repayments of revolving credit facility     (2,191,959 )
Debt issuance costs paid     (2,583,318 )
Net Cash Provided by (Used in) Financing Activities     580,534,486  
         
Net Increase (Decrease) in Cash and Cash Equivalents and Cash Denominated in Foreign Currency     190,738,040  
         
Cash and Cash Equivalents and Cash Denominated in Foreign Currency          
Beginning of period     212,749,056  
End of period   $ 403,487,096  
         
End of Period Balances        
Cash denominated in foreign currency   $ 25,698,667  
Cash     377,788,429  
End of Period Balance   $ 403,487,096  

 

The accompanying notes are an integral part of these consolidated financial statements

 

20

 

StepStone Private Markets

 

Consolidated Statement of Cash Flows (continued)

For the Six Months Ended September 30, 2025 (unaudited)

 

 

Supplemental Disclosure of Cash Flow Information     
Reinvestment of distributions  $10,283,531 
Cash paid during the period for interest expense and commitment fees  $3,432,787 
Cash paid during the period for taxes  $22,747 
In-kind stock distributions received from investments  $14,752,993 

 

The accompanying notes are an integral part of these consolidated financial statements

 

21

 

StepStone Private Markets

 

Consolidated Financial Highlights

Class I

 

 

Per share operating performance for a capital share outstanding throughout each period

 

   For the Six
Months Ended
September 30,
2025		   For the Year Ended March 31,   For the
Period Ended 
March 31,		 
   (unaudited)   2025   2024   2023   2022   2021* 
Per Share Operating Performance:                              
Net Asset Value per share, beginning of period  $56.54   $51.73   $45.61   $43.07   $33.65   $25.00 
Activity from investment operations:                              
Net investment income (loss)1   0.08    0.24    0.30    (0.07)   (0.54)   (0.89)
Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments2   4.25    5.29    5.98    3.57    10.44    9.54 
Total from investment operations   4.33    5.53    6.28    3.50    9.90    8.65 
Less distributions:                              
From net investment income   (0.01)   (0.18)   —    (0.40)   (0.23)   — 
From net realized gains   (0.19)   (0.54)   (0.16)   (0.56)   (0.25)   — 
Total distributions   (0.20)   (0.72)   (0.16)   (0.96)   (0.48)   — 
                               
Net Asset Value per share, end of period3  $60.67   $56.54   $51.73   $45.61   $43.07   $33.65 
                               
Net Assets, end of period (in thousands)  $3,980,782   $3,378,914   $1,947,596   $963,316   $445,249   $81,122 
                               
Ratios to average net assets4                              
Net investment income (loss)5   0.29%   0.44%   0.63%   (0.16)%   (1.36)%   (5.85)%
Expenses before adviser expense recoupment (reimbursement)6   1.84%   1.88%   2.09%   2.32%   3.38%   11.57%
Expenses after adviser expense recoupment (reimbursement)6   1.84%   1.88%   2.09%   2.45%   3.56%   6.05%
Total return3 7 8   7.66%   10.76%   13.79%   8.23%   29.43%   34.60%
Portfolio turnover rate9   —%   0.28%   0.01%   4.35%   25.31%   5.95%
                               
   As of   As of   As of   As of   As of   As of 
   September 30,   March 31,   March 31,   March 31,   March 31,   March 31, 
   2025   2025   2024   2023   2022   2021 
Senior Securities:                               
Total borrowings (in thousands)  $—   $—   $—   $—   $—   $                    20,000 
Asset coverage per $1,000 unit of senior indebtedness10   N/A    N/A    N/A    N/A    N/A    4.29 

 

*The Class commenced operations on October 1, 2020.
1Per share data calculated using average shares method.
2Includes balancing amounts necessary to reconcile the change in net asset value per share for the period.
3The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

 

The accompanying notes are an integral part of these consolidated financial statements

 

22

 

StepStone Private Markets

 

Consolidated Financial Highlights (continued)

Class I

 

 

4Ratios do not reflect the proportionate share of income and expenses originating from the Fund's underlying Investments.
5Net investment income (loss) ratios have been annualized for periods of less than twelve months.
6Expense ratios have been annualized for periods of less than twelve months, and exclude deferred tax provisions (See Note 13). Taxes, if any, are disclosed separately in the Statement of Operations.
7Total return reflects the change in the net asset value per share based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested in accordance with the Fund's Dividend Reinvestment Plan ("DRIP") (See Note 11). The total return for periods less than 1 year have not been annualized.
8Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the periods of reimbursement.
9Excluding short-term investments, the portfolio turnover rate represents the lesser of the Fund's purchases or sales of investments for the period divided by the average monthly fair value of the Fund's investments during the period. Results for periods of less than 1 year are not annualized.
10Calculated by subtracting the Fund’s total liabilities (excluding borrowings) from the Fund’s total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

 

The accompanying notes are an integral part of these consolidated financial statements

 

23

 

StepStone Private Markets

 

Consolidated Financial Highlights (continued)

Class D

 

 

Per share operating performance for a capital share outstanding throughout each period

 

   For the Six
Months Ended
September 30,
2025		   For the Year Ended March 31,   For the
Period Ended
March 31, 		 
   (unaudited)   2025   2024   2023   2022   2021* 
Per Share Operating Performance:                              
Net Asset Value per share, beginning of period  $56.21   $51.51   $45.53   $43.03   $33.62   $25.00 
Activity from investment operations:                              
Net investment income (loss)1   0.01    0.10    0.14    (0.15)   (0.46)   (1.17)
Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments2   4.21    5.29    6.00    3.57    10.31    9.79 
Total from investment operations   4.22    5.39    6.14    3.42    9.85    8.62 
Less distributions:                              
From net investment income   (0.01)   (0.15)   —    (0.36)   (0.19)   — 
From net realized gains   (0.19)   (0.54)   (0.16)   (0.56)   (0.25)   — 
Total distributions   (0.20)   (0.69)   (0.16)   (0.92)   (0.44)   — 
Net Asset Value per share, end of period3  $60.23   $56.21   $51.51   $45.53   $43.03   $33.62 
                               
Net Assets, end of period (in thousands)  $86,190   $67,717   $44,397   $31,668   $14,908   $4,623 
                               
Ratios to average net assets4                              
Net investment income (loss)5   0.03%   0.19%   0.29%   (0.34)%   (1.17)%   (7.47)%
                               
Expenses before adviser expense recoupment (reimbursement)6   2.09%   2.13%   2.37%   2.49%   3.44%   11.54%
                               
Expenses after adviser expense recoupment (reimbursement)6   2.09%   2.13%   2.37%   2.62%   3.52%   7.72%
Total return3 7 8   7.51%   10.52%   13.51%   8.04%   29.32%   34.48%
Portfolio turnover rate9   —%   0.28%   0.01%   4.35%   25.31%   5.59%
                               
   As of   As of   As of   As of   As of   As of 
   September 30,   March 31,   March 31,   March 31,   March 31,   March 31, 
   2025   2025   2024   2023   2022   2021 
Senior Securities:                               
Total borrowings (in thousands)  $—        $—   $—   $—   $20,000 
Asset coverage per $1,000 unit of senior indebtedness10   N/A         N/A    N/A    N/A    4.29 

  

*The Class commenced operations on October 1, 2020.
1Per share data calculated using average shares method.
2Includes balancing amounts necessary to reconcile the change in net asset value per share for the period.
3The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
4Ratios do not reflect the proportionate share of income and expenses originating from the Fund's underlying Investments.

 

The accompanying notes are an integral part of these consolidated financial statements

 

24

 

StepStone Private Markets

 

Consolidated Financial Highlights (continued)

Class D

 

 

5Net investment income (loss) ratios have been annualized for periods of less than twelve months.
6Expense ratios have been annualized for periods of less than twelve months, and exclude deferred tax provisions (See Note 13). Taxes, if any, are disclosed separately in the Statement of Operations.
7Total return reflects the change in the net asset value per share based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested in accordance with the Fund's DRIP (See Note 11). The total return for periods less than 1 year have not been annualized.
8Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the periods of reimbursement.
9Excluding short-term investments, the portfolio turnover rate represents the lesser of the Fund's purchases or sales of investments for the period divided by the average monthly fair value of the Fund's investments during the period. Results for periods of less than 1 year are not annualized.
10Calculated by subtracting the Fund’s total liabilities (excluding borrowings) from the Fund’s total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

 

The accompanying notes are an integral part of these consolidated financial statements

 

25

 

StepStone Private Markets

 

Consolidated Financial Highlights (continued)

Class S

 

 

Per share operating performance for a capital share outstanding throughout each period

 

   For the Six
Months Ended
September 30,
2025		   For the Year Ended March 31,   For the
Period Ended
March 31,		 
   (unaudited)   2025   2024   2023   2022   2021* 
Per Share Operating Performance:                        
Net Asset Value per share, beginning of period  $55.35   $50.97   $45.38   $43.07   $33.65   $25.00 
Activity from investment operations:                              
Net investment income (loss)1   (0.17)   (0.22)   0.07    (0.30)   (0.31)   (0.79)
Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments2   4.18    5.19    5.68    3.48    10.21    9.44 
Total from investment operations   4.01    4.97    5.75    3.18    9.90    8.65 
Less distributions:                              
From net investment income   —    (0.05)   —    (0.31)   (0.23)   — 
From net realized gains.   (0.19)   (0.54)   (0.16)   (0.56)   (0.25)   — 
Total distributions   (0.19)   (0.59)   (0.16)   (0.87)   (0.48)   — 
Net Asset Value per share, end of period3  $59.17   $55.35   $50.97   $45.38   $43.07   $33.65 
                               
Net Assets, end of period (in thousands)  $1,207,287   $907,554   $316,271   $51,019   $87   $67 
                               
Ratios to average net assets4                              
Net investment income (loss)5   (0.58)%   (0.41)%   0.14%   (0.67)%   (0.81)%   (5.27)%
                               
Expenses before adviser expense recoupment (reimbursement)6   2.69%   2.73%   2.79%   3.40%   3.45%   11.67%
                               
Expenses after adviser expense recoupment (reimbursement)6   2.69%   2.73%   2.79%   3.41%   3.43%   5.44%
Total return3 7 8   7.25%   9.79%   12.70%   7.48%   29.43%   34.60%
Portfolio turnover rate9   —%   0.28%   0.01%   4.35%   25.31%   5.95%
                         
   As of   As of   As of   As of   As of   As of 
   September 30,   March 31,   March 31,   March 31,   March 31,   March 31, 
   2025   2025   2024   2023   2022   2021 
Senior Securities:                               
Total borrowings (in thousands)  $—   $—   $—   $—   $—   $20,000 
Asset coverage per $1,000 unit of senior indebtedness10   N/A    N/A    N/A    N/A    N/A    4.29 

 

*The Class commenced operations on October 1, 2020.
1Per share data calculated using average shares method.
2Includes balancing amounts necessary to reconcile the change in net asset value per share for the period.
3The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

 

The accompanying notes are an integral part of these consolidated financial statements

 

26

 

StepStone Private Markets

 

Consolidated Financial Highlights (continued)

Class S

 

 

4Ratios do not reflect the proportionate share of income and expenses originating from the Fund's underlying Investments.
5Net investment income (loss) ratios have been annualized for periods of less than twelve months.
6Expense ratios have been annualized for periods of less than twelve months, and exclude deferred tax provisions (See Note 13). Taxes, if any, are disclosed separately in the Statement of Operations.
7Total return reflects the change in the net asset value per share based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested in accordance with the Fund's DRIP (See Note 11). The total return for periods less than 1 year have not been annualized. Total return shown excludes the effect of applicable sales charges.
8Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the periods of reimbursement.
9Excluding short-term investments, the portfolio turnover rate represents the lesser of the Fund's purchases or sales of investments for the period divided by the average monthly fair value of the Fund's investments during the period. Results for periods of less than 1 year are not annualized.
10Calculated by subtracting the Fund’s total liabilities (excluding borrowings) from the Fund’s total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

 

The accompanying notes are an integral part of these consolidated financial statements

 

27

 

StepStone Private Markets

 

Notes to Consolidated Financial Statements

September 30, 2025 (unaudited)

 

 

1. Organization

 

StepStone Private Markets (“Fund”) was organized as a Delaware statutory trust under the Delaware Statutory Trust Act on September 6, 2019 and is registered under the Investment Company Act of 1940, as amended, ("1940 Act") as a diversified, closed-end management investment company. The Fund commenced operations on October 1, 2020.

 

The Fund offers Class I Shares, Class D Shares and Class S Shares (collectively, “Shares”) to eligible investors (“Shareholders”). On January 17, 2025, the Fund converted all outstanding Class T shares into Class S shares and ceased offering Class T shares. The Shares are offered in a continuous registered public offering with subscriptions accepted daily at the then-current-daily net asset value (“NAV”) per share, adjusted for sales load, if applicable. The Fund may, from time to time, offer to repurchase Shares pursuant to written repurchase offers. Repurchases will be made at such times, in such amounts and on such terms as determined by the Fund’s Board of Trustees (“Board”).

 

The Board provides broad oversight over the Fund’s investment program, management and operations and has the right to delegate management responsibilities. StepStone Group Private Wealth LLC, an investment adviser registered under the 1940 Act and a wholly-owned subsidiary of StepStone Group LP, serves as the Fund’s investment adviser (“Adviser”). The Adviser oversees the management of the Fund’s day-to-day activities including structuring, governance, distribution, reporting and oversight. StepStone Group LP serves as the Fund’s investment sub-adviser (“Sub-Adviser”) and is responsible for the day-to-day management of the Fund’s assets.

 

The Fund’s investment objectives are to invest, directly and indirectly, in a broad cross section of private market assets ("Private Market Assets") across private equity, private debt and real assets that will enable it to, over time, achieve long-term capital appreciation and offer an investment alternative for investors seeking to allocate a portion of their longer-term portfolio to private markets through a single investment that provides substantial diversification and access to historically top-tier managers.

 

Master-Feeder Structure

 

The Fund and StepStone Private Markets Feeder Ltd. (“Feeder Fund”) are part of a “master-feeder” structure. The Feeder Fund invests substantially all of its assets in the Class I Shares of the Fund. As of September 30, 2025, the Feeder Fund owns 10.37% of the Fund’s net assets.

 

2. Summary of Significant Accounting Policies

 

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are presented in U.S. dollars which is the functional currency of the Fund. The Fund is an investment company and therefore applies the accounting and reporting guidance issued by the Financial Accounting Standards Board (“FASB”) in Accounting Standards Codification (“ASC”) 946, Financial Services — Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the consolidated financial statements.

 

Basis of Consolidation

 

As provided under ASC Topic 946 and Regulation S-X, the Fund will generally not consolidate its investment in a company other than a wholly-owned or substantially wholly-owned investment company subsidiary whose design and purpose is to act as an extension of the Fund’s investment operations and facilitate the execution of the Fund’s investment strategy. Accordingly, the Fund has consolidated the results of the Fund’s direct wholly-owned subsidiary, SPRIM Holdings LLC, a Delaware limited liability company, along with its indirect wholly-owned subsidiaries: SPRIM Intermediate LLC, SPRIM Subsidiary LLC and SPRIM LLC (Series A and Series B), each formed as a Delaware limited liability company; SPRIM Cayman LLC, SPRIM Cayman II LLC and SPRIM Cayman III LLC (together, "SPRIM Cayman"), each formed as a Cayman Islands limited liability company; and SPRIM Blue Jay Investco ULC, an unlimited liability corporation registered in Canada. Collectively, these entities are wholly-owned subsidiaries ("Wholly-Owned Subsidiaries") of the Fund. The effects of all intercompany transactions between the Fund and its Wholly-Owned Subsidiaries have been eliminated in consolidation.

 

Use of Estimates

 

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Changes in the economic environment, financial markets and any other factors or parameters used in determining these estimates could cause actual results to differ materially.

 

28

 

StepStone Private Markets

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

Net Asset Value Determination

 

The NAV of the Fund is determined as of the close of the regular trading session on the New York Stock Exchange (“NYSE”) (normally 4:00 p.m. Eastern Time) on each business day that the NYSE is open for trading, or as may be determined from time to time in accordance with policies approved by the Board (each, a “Determination Date”). In determining NAV, the Fund’s investments are valued as of the relevant Determination Date. The NAV of the Fund will equal, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses allocated to Shares based on the relative net assets of each class to the total net assets of the Fund, each determined as of the relevant Determination Date.

 

Valuation of Investments

 

The Fund’s investments are valued as of each Determination Date at fair value consistent with the principles of ASC Topic 820, Fair Value Measurements (“ASC 820”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the valuation designee for the Fund to perform fair value determinations of the Fund’s investments. The Board has approved the Adviser’s valuation policy (“Valuation Policy”). The Adviser utilizes the resources and personnel of the Sub-Adviser and the Fund’s sub-administrator (as defined herein) in carrying out its responsibilities. The Board has ultimate oversight responsibility for valuing all investments held by the Fund.

 

Purchases of investments are recorded as of the first day of legal ownership of an investment and redemptions from investments are recorded as of the last day of legal ownership. Investments held by the Fund in Private Market Assets may include (i) (a) secondary purchases of existing investments in individual operating companies, projects or properties and private investment funds from other investors sponsored by unaffiliated managers and/or strategic acquirers ("Investment Manager"), (b) investments in open-ended funds, which are often substantially invested, with evergreen or long duration structures which may not have an explicit termination date, (c) investments in private investment funds that are actively fundraising, but have already invested a certain percentage of capital commitments (e.g. 25% at the time of closing) in Private Market Assets and (d) stapled primary investments contingent to a secondary investment purchase (together with the investments described in (a) - (d), “Secondary Investment Funds”), (ii) investments in private funds that are actively fundraising that have not yet invested a significant portion of their capital commitments in Private Market Assets (e.g., less than 25%) (“Primary Investment Funds”) and (iii) equity and/or debt investments directly in operating companies, projects or properties, generally alongside Investment Managers that lead or participate in the transaction via equity or debt (“Co-Investments”). These types of debt or equity investments normally do not have readily available market prices and therefore will be fair valued according to the Valuation Policy at each Determination Date. The Valuation Policy requires evaluation of all relevant information reasonably available to the Adviser at the time the Fund’s investments are valued. Valuations of Private Market Assets are inherently subjective and at any point in time may differ materially from the ultimate value, if any, realized on the investment.

 

Ordinarily, the fair value of the Fund’s investment in a Secondary Investment Fund or a Primary Investment Fund is based on the net asset value of the investment reported by its Investment Manager. In determining fair value, the Fund may incorporate public benchmark returns that are relevant to the investment funds under consideration to adjust fair values as of the relevant Determination Date. The public benchmark returns are adjusted for long-term, historical correlations between public and private investment returns and other relevant factors. If the Adviser determines that the Investment Manager has not reported a net asset value to the Fund, the Adviser will establish a fair value in accordance with the Fund’s Valuation Policy. In doing so, the Adviser will evaluate whether it is appropriate, considering all relevant circumstances, to use the last reported net asset value from the Investment Manager with adjustment made in accordance with the Fund’s Valuation Policy. The net asset values or adjusted net asset values are net of management fees and performance-based fees payable pursuant to the respective organizational documents of each investment fund.

 

Collateralized Loan Obligations (“CLO”) are not traded on a national securities exchange and instead are valued utilizing a market approach. The market approach is a method of determining the valuation of a security based on the selling price of similar securities. The types of factors that may be taken into account in pricing CLOs include: the yield of similar CLOs where pricing is available in the market; the riskiness of the underlying pool of loans; and features of the CLO, including weighted average life test, liability pricing, management fees, covenant cushions, weighted average spread of underlying loans and net asset value. These factors are used to determine an effective yield that is reassessed generally once a quarter at the time of payment or upon a transaction such as an add-on purchase, refinancing or reset.

 

The fair value of a Collateralized Loan Obligation Warehouse (“CLO Warehouse”), included as a Co-Investment in the Consolidated Schedule of Investments, if any, reflects the Fund’s pro rata interest in the residual economics of the structure. These investments are typically leveraged and are therefore sensitive to changes in the value and performance of the underlying assets. Valuation is influenced by factors including distributions, defaults, recoveries, prepayments, and the reinvestment environment. Interest is accrued daily based on an effective yield.

 

29

 

StepStone Private Markets

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

Due to the inherent uncertainty of valuations, however, estimated fair values may differ from the values that would have been used had a readily available market for the investments existed and the differences could be material.

 

In assessing the fair value of the Fund’s Co-Investments in accordance with the Valuation Policy, on a case by case basis, the Adviser either applies the net asset value reported by the Investment Manager or a variety of methods such as earnings and market multiple analysis based on comparables, discounted cash flow analysis and market data from third party pricing services. The Adviser takes into account the following factors in determining the fair value of Co-Investment: latest round of financing, company operating performance, market-based multiples, potential merger and acquisition activity and any other material information that may impact investment fair value.

 

In certain circumstances, the Adviser may determine that cost best approximates the fair value of a particular Private Market Asset. The Fund will generally value its investments that are traded or dealt in upon one or more securities exchanges and for which market quotations are readily available at the last quoted sales price on the primary exchange, or at the mean between the current bid and ask prices on the primary exchange, as of the Determination Date.

 

The Sub-Adviser and one or more of its affiliates acts as investment adviser to clients other than the Fund. However, the value attributed to a Private Market Asset held by the Fund and the value attributed to the same Private Market Asset held by another client of the Sub-Adviser or one of its affiliates might differ as a result of differences in accounting, regulatory, timing and other factors applicable to the Fund when compared to such other client.

 

Short-term investments are highly liquid instruments with low risk of loss and recorded at NAV per share, which approximates fair value.

 

Debt Issuance Costs

 

Debt issuance costs consist of fees and expenses paid in connection with the closing of and amendments to the Fund’s revolving credit facility. The aforementioned costs are amortized over the instrument’s term. Unamortized debt issuance costs are presented net against the outstanding revolving credit facility balance on the Consolidated Statement of Assets and Liabilities.

 

Foreign Currency Translation

 

The books and records of the Fund are maintained in U.S. dollars. The value of investments, assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon current foreign exchange rates on the Determination Date. Purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based on currency exchange rates prevailing on the date of the relevant transaction. Net realized gain (loss) on foreign currency transactions and net change in unrealized appreciation (depreciation) on foreign currency translations represents foreign exchange: (1) gains and losses from the holding and sales of foreign currencies; (2) gains and losses between trade date and settlement date on investment securities transactions; and (3) gains and losses from the difference between amounts of interest and dividends recorded as receivable and the amounts actually received. The Fund does not separately isolate the impact of changes in exchange rates from other changes in the fair value of investments within the net realized gain (loss) and the change in unrealized appreciation (depreciation) of investments as presented on the Consolidated Statement of Operations. The Fund presents net realized gain (loss) on foreign currency transactions, as well as changes in unrealized appreciation (depreciation) on foreign currency translations related to foreign cash and receivable balances, as separate line items on the Consolidated Statement of Operations.

 

Realized Gains on Investments, Interest Income and Dividend Income

 

Distributions received from Secondary Investment Funds, Primary Investment Funds and Co-Investments occur at irregular intervals and the exact timing of the distributions is not known. The classification and timing of distributions received in cash or in-kind, including return of capital, realized gains, interest income and dividend income, is based on information received from the Investment Manager of the Secondary Investment Fund, Primary Investment Fund or Co-Investment. To the extent a distribution exceeds the remaining cost basis of an investment, based on information provided by the Investment Manager, the excess amount is recognized as a realized gain distribution from investments. Dividend income and interest income are recorded on an ex-dividend date and accrual basis, respectively. Dividend income earned on short-term money market investments is accrued daily.

 

Income is accrued daily on CLO equity based on an estimated yield to maturity utilizing assumed cash flows in accordance with FASB ASC 325-40, Beneficial Interests in Securitized Financial Assets. Estimated yields for CLO positions are updated upon receipt of payments quarterly, as needed, or upon a transaction, such as an add-on purchase, refinancing or reset. When payments are received, any amount above or below the expected yield is treated as an adjustment to interest income or cost basis. The expected yield and investment cost may ultimately not be realized.

 

30

 

StepStone Private Markets

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

Fund Expenses

 

The Fund bears all expenses incurred in the course of its operations including, but not limited to, the following: all fees and expenses of the Private Market Assets in which the Fund invests (“Acquired Fund Fees”), management fees, expenses associated with a credit facility, legal fees, administrator fees, audit and tax preparation fees, custodial fees, transfer agency fees, registration expenses, expenses of the Board and other administrative expenses.

 

Expenses are recorded on an accrual basis and expenses other than class-specific expenses are allocated pro-rata to Shares based upon prior day net assets at each Determination Date. Class-specific expenses are allocated only to their respective share class (see Note 6). Closing costs associated with the purchase of Secondary Investment Funds, Primary Investment Funds and Co-Investments are included in the cost of the investment.

 

Federal Income Taxes

 

For U.S. federal income tax purposes, the Fund has elected to be treated, and intends to qualify annually, as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended, by distributing substantially all of its taxable net investment income and net realized capital gains to Shareholders each year and by meeting certain diversification and income requirements with respect to investments. If the Fund were to fail to meet the requirements to qualify as a RIC, and if the Fund were ineligible to or otherwise unable to cure such failure, the Fund would be subject to tax on its taxable income at corporate rates, whether or not distributed to Shareholders, and all distributions of earnings and profits would be taxable to Shareholders as ordinary income.

 

Additionally, the Fund is subject to a 4% federal excise tax on any undistributed income, including net capital gains, if it does not distribute at least 98% of its taxable income and 98.2% of its capital gains each year. The Fund endeavors to meet these distribution requirements to avoid such excise tax, and any excise tax liability, if incurred, will be reflected in the consolidated financial statements.

 

The Fund’s tax year is the 12-month period ending September 30. The Fund files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by federal, state, local and foreign jurisdictions, where applicable. As of September 30, 2025, the tax years from the year 2022 forward remain subject to examination by the major tax jurisdictions under the statute of limitations.

 

Distributions are determined in accordance with federal income tax regulations, which may differ from net investment income and net realized capital gains for financial statement purposes under U.S. GAAP. Differences may be permanent or temporary. Permanent differences, including book/tax differences relating to Shareholder distributions, are reclassified among capital accounts in the consolidated financial statements to reflect the applicable tax characterization. Temporary differences arise when certain items of income, expense, gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse in the future. The tax basis components of distributable earnings differ from the amounts reflected in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations due to temporary book/tax differences. These amounts will be finalized before filing the Fund’s federal tax return.

 

In accounting for income taxes, the Fund follows the guidance in FASB ASC Codification 740, Income Taxes ("ASC 740"). ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the consolidated financial statements. Management evaluates the tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions will "more-likely-than-not" be sustained upon examination by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold that would result in a tax benefit or expense to the Fund would be recorded as a tax benefit or expense in the current year.

 

In preparing the consolidated financial statements, SPRIM Holdings LLC, SPRIM Intermediate LLC, SPRIM Subsidiary LLC, SPRIM LLC (Series A and Series B), SPRIM Cayman and SPRIM Blue Jay Investco ULC are required to recognize their estimate of income taxes for purposes of determining deferred tax assets or liabilities. SPRIM Holdings LLC, SPRIM Intermediate LLC, SPRIM Subsidiary LLC, SPRIM LLC (Series A and Series B) are subject to U.S. federal and state income taxes while SPRIM Cayman and SPRIM Blue Jay Investco ULC are subject to U.S. federal withholding tax, state taxes, and branch profits tax on effectively connected income with a U.S. trade or business. The Fund recognizes deferred income taxes for temporary differences in the basis of assets and liabilities for financial and income tax purposes. Deferred tax assets are recognized for deductible temporary differences, tax credit carryforwards or net operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. To the extent the Wholly- Owned Subsidiaries have a deferred tax asset, consideration is given to whether a valuation allowance is required.

 

31

 

StepStone Private Markets

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

Cash

 

Cash includes monies on deposit with UMB Bank, N.A. who serves as the Fund’s custodian (“Custodian”). Deposits, at times, may exceed the insurance limit guaranteed by the Federal Deposit Insurance Corporation. The Fund has not experienced any losses on deposits and does not believe it is exposed to significant credit risk on such deposits. There are no restrictions on cash held by the Custodian on the Fund’s behalf.

 

Deferred Costs Relating to Purchases of Secondary Investment Funds

 

Deferred costs associated with the acquisition of Secondary Investment Funds are amortized daily over the deferral period until the payment due date. On the due date, the payment value corresponds to the notional amount owed to the respective counterparty.

 

Segment Reporting

 

An operating segment is defined in ASC Topic 280, Segment Reporting, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. A management committee of the Fund’s Adviser acts as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole. The Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of a defined investment strategy which is executed by the Fund’s portfolio managers as described in Note 1. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios, changes in net assets resulting from operations, and subscriptions and redemptions activity is used by the CODM to assess the Fund’s performance versus comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, and is consistent with that presented within the Fund’s consolidated financial statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

 

New Accounting Pronouncements

 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends current guidance to provide expanded disclosure for the rate reconciliation with information about specific categories and reconciling items that meet a specific threshold, and to provide additional information about income taxes paid disaggregated by jurisdiction. The amendment is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Fund does not expect the adoption of this guidance to have a material effect on the consolidated financial statements.

 

3. Fair Value Measurements

 

U.S. GAAP, ASC 820, defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the asset or liability. ASC 820 establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in valuing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observation of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below:

 

Level 1: Quoted prices are available in active markets for identical investments as of the reporting date. The types of investments which would generally be included in Level 1 include listed equities, registered money market funds and short- term investment vehicles.

 

Level 2: Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. The types of investments which would generally be included in Level 2 include corporate bonds and loans and less liquid and restricted equity securities.

 

Level 3: Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment and/or estimation. Those unobservable inputs, that are not corroborated by market data, generally reflect the reporting entity’s own assumptions about the assumptions market participants would use in determining the fair value of the investment.

 

32

 

StepStone Private Markets

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

The types of investments which would generally be included in Level 3 are equity and/or debt securities issued by private entities.

 

In accordance with ASC 820, certain portfolio investments are excluded from the fair value hierarchy as they are valued using NAV as a practical expedient. These investments are fair valued using NAV or by adjusting the most recently available NAV for cash flows and public benchmark returns. As such, investments in securities with a fair value of $4.6 billion are excluded from the fair value hierarchy as of September 30, 2025.

 

The following is a summary of the Fund's investments classified by fair value hierarchy as of September 30, 2025:

 

   Level 1   Level 2   Level 3  

Investments
Valued at NAV

   Total 
Co-Investments  $—   $—   $183,957,393   $680,127,539   $864,084,932 
Primary Investment Funds   —    —    —    56,164,490    56,164,490 
Secondary Investment Funds   —    —    —    3,903,387,333    3,903,387,333 
Public Securities   21,113,301    —    —    —    21,113,301 
Short-Term Investments   39,465,237    —    —    —    39,465,237 
Total Investments  $60,578,538   $—   $ 183,957,393   $ 4,639,679,362   $ 4,884,215,293 

 

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

 

    Co-Investments  
Balance as of March 31, 2025   $ 159,033,769  
Transfers into Level 3     —  
Purchases     17,854,618  
Distributions from Investments     (1,025,350 )
Net Realized Gain (Loss)     —  
Net Change in Unrealized Appreciation (Depreciation)     8,094,356  
Transfers out of Level 3     —  
Balance as of September 30, 2025   $ 183,957,393  
         
Net Change in Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of the Reporting Period   $ 8,078,618  

 

Changes in inputs or methodologies used for valuing investments may result in transfers in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be indicative of the risk associated with investing in those investments. Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur.

 

33

 

StepStone Private Markets

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2025:

 

Investment Type   Fair Value as of
September 30,
2025		   Valuation
Technique(s)		   Unobservable
Input		  Single Input or
Range of Inputs		  Weighted
Average of
Input(1)		   Impact to
Valuation from
an Increase in
Input(2)
Co-Investments   $9,080,229   Market comparable companies   Enterprise value to EBITDA multiple  9.81x - 23.32x   8.56x   Increase
Co-Investments   $33,419,060   Exit price   Recent transaction price  N/A   N/A   Increase
Co-Investments   $79,069,551   Discounted cash flow   Market yield spreads  13.00% - 14.00%   13.24%   Decrease
Co-Investments   $28,728,553   Market comparable companies   Enterprise value to revenue multiple  4.77x - 7.9x   7.31x   Increase
Co-Investments   $33,660,000   Market comparable companies   Enterprise value to EBITDA and revenue multiples  0.7x - 11.9x   7.02x   Increase

 

(1)Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

 

(2)This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input.

 

A listing of the Private Market Asset types held by the Fund and the related attributes, as of September 30, 2025, are shown in the table below:

 

         Unfunded
Investment Type  Investment Strategy  Fair Value  Commitments
Co-Investments  Investments in the equity and/or debt of operating companies, projects or properties generally alongside an Investment Manager  $864,084,932   $63,648,619 
Primary Investment Funds  Investments in private funds actively fundraising with less than 25% of capital commitments invested  $56,164,490   $7,500,000 
Secondary Investment Funds  Investments in individual companies and private funds purchased from other investors, open-ended funds, private funds actively fundraising with 25% or more of capital commitments invested and stapled primary investments  $3,903,387,333   $866,806,901 

 

4. Investment Adviser and Transactions with Affiliates

 

In consideration of its services to the Fund, the Adviser is entitled to a management fee (“Management Fee”) equal to 1.40% on an annualized basis of the Fund’s daily net assets, provided that the Management Fee shall in no instance be greater than a Management Fee computed based on the value of the net assets of the Fund as of the close of business on the last business day of the relevant month (including any assets in respect of Shares that would be repurchased by the Fund on such date). The Management Fee is accrued daily and payable monthly in arrears. The Adviser pays the Sub-Adviser 50% of the Management Fee. For the six months ended September 30, 2025, the Adviser earned $34.1 million in Management Fees of which $6.1 million was payable as of September 30, 2025.

 

34

 

StepStone Private Markets

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

The Adviser serves as the Fund’s administrator (“Administrator”) pursuant to an administration agreement (“Administration Agreement”) under which the Administrator provides administrative, accounting and other services to the Fund. Pursuant to the Administration Agreement, which became effective April 27, 2023, the Fund pays the Administrator an administration fee ( “Administration Fee”) in an amount up to 0.12% on an annualized basis of the Fund’s net assets. The Administration Fee is accrued daily based on the value of the prior day net assets of the Fund as of the close of business on each business day (including any assets in respect of Shares that will be repurchased by the Fund on such date), and is payable monthly in arrears. For the six months ended September 30, 2025, the Administrator earned $1.6 million in Administration Fees of which $0.3 million was payable as of September 30, 2025.

 

5. Controlled/Affiliated Investments

 

Under Section 2(a)(9) of the 1940 Act, an investment is deemed a control affiliate of the Fund if the Fund owns 25% or more of the investment's outstanding voting securities. As of September 30, 2025, the Fund held 25% or more of the voting securities of the following investments:

 

                   Change in         
   Balance as of       Proceeds       Unrealized   Balance as of     
   March 31,   Purchases at   from   Realized   Appreciation   September 30,   Affiliated 
Controlled/Affiliated Investment  2025   Cost   Distributions   Gain  (Loss)   (Depreciation)   2025   Income 
Accordion DC Holdings, LP  $7,814,278   $56,509   $—   $—   $(401,962)  $7,468,825   $— 
Gemspring Capital Goliath Fund, LP   37,678,661    36,800    —    —    (57,679)   37,657,782    — 
Octagon StepStone CLO Fund, LTD.   64,870,877    —    —    —    3,073,314    67,944,191    — 
SkyKnight Capital II CV B, L.P.   89,818,760    646,402    190,015    —    4,717,110    94,992,257    — 
   $200,182,576   $739,711   $190,015   $—   $7,330,783   $208,063,055   $— 

 

6. Sub-Administrator, Custodian and Transfer Agent

 

From the proceeds of the Administration Fee, the Administrator pays UMB Fund Services, Inc. (“Sub-Administrator”) a sub-administration fee to perform certain administrative and accounting services for the Fund on behalf of the Administrator. The sub-administration fee, pursuant to a sub-administration agreement and a fund accounting agreement, is paid monthly by the Administrator and is based on the value of the net assets of the Fund as of the close of business on each business day, subject to an annual minimum.

 

UMB Bank, N.A. serves as the Fund’s Custodian pursuant to a custody agreement. As the Custodian, UMB Bank, N.A. holds the Fund’s U.S. assets. Foreign assets, if any, including foreign currency holdings, are held by a designated sub-custodian appointed by the Custodian in accordance with the terms of the custody agreement. For the six months ended September 30, 2025, the Custodian earned $0.2 million in custody fees, recorded in other expenses on the Consolidated Statement of Operations, of which $0.1 million was payable as of September 30, 2025 and recorded in other accrued expenses on the Consolidated Statement of Assets and Liabilities.

 

The Sub-Administrator also serves as the Fund’s transfer agent (“Transfer Agent”) pursuant to a transfer agency agreement. The Transfer Agent, among other things, receives and processes purchase orders, effects issuance of Shares, prepares and transmits payments for distributions, receives and processes repurchase offers and maintains records of account. For the six months ended September 30, 2025, the Transfer Agent earned $1.2 million in transfer agent fees of which $0.3 million was payable as of September 30, 2025.

 

7. Distribution and Shareholder Servicing Plan

 

Distribution Services, LLC serves as the Fund’s distributor (“Distributor”) pursuant to a distribution agreement. The Distributor distributes the Shares of the Fund. The Distributor is authorized to enter into Sub-Distribution Agreements with brokers, dealers, certain registered investment advisers and other financial intermediaries to effect the distribution of Shares of the Fund. To operate in a manner consistent with Rule 12b-1 under the 1940 Act, the Fund pays a distribution and shareholder servicing fee out of the net assets of Class S Shares at the annual rate of 0.85% of the aggregate NAV of Class S Shares. To operate in a manner consistent with Rule 12b-1 under the 1940 Act, the Fund pays a shareholder servicing fee out of the net assets of Class D Shares at the annual rate of 0.25% of the aggregate NAV of Class D Shares. Distribution and shareholder servicing fees are determined and accrued daily based on the net assets of the share class as of the close of business on each business day (including net assets in respect of Shares that will be repurchased by the Fund on such date). Class I Shares are not subject to a distribution and shareholder servicing fee. For the six months ended September 30, 2025, distribution and shareholder servicing fees incurred are disclosed on the Consolidated Statement of Operations.

 

35

 

StepStone Private Markets

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

8. Revolving Credit Facility

 

Effective November 23, 2021, the Fund entered into a revolving credit agreement, as amended from time to time, with Cadence Bank, N.A. allowing the Fund to borrow up to $350.0 million. The credit agreement was terminated effective April 22, 2025.

 

Effective April 22, 2025, SPRIM Holdings LLC entered into a senior secured credit agreement with UBS AG, Stamford Bank ("UBS"), as the administrative agent and lender, and the other lenders, party thereto, to provide SPRIM Holdings LLC with a revolving credit facility ("Credit Facility"). SPRIM Holdings LLC is a direct, wholly-owned subsidiary of the Fund, organized as a Delaware limited liability company. Borrowings under the Credit Facility are secured by all of the assets of SPRIM Holdings LLC. The Credit Facility carries an initial commitment (“Commitment”) of $500.0 million.The purpose of the Credit Facility is to provide short-term working capital, primarily to bridge the timing of the Fund’s acquisition of Private Market Assets in advance of the receipt of investor subscriptions.

 

The Credit Facility has an interest rate of the secured overnight financing rate ("Term SOFR") rate plus an applicable margin ("Applicable Margin") of 2.80% per annum. The Credit Facility has a commitment fee of 0.55% and a minimum utilization fee equal to the Applicable Margin. The minimum utilization fee is calculated based on a minimum borrowing requirement equal to 25% of the Commitment.

 

The stated maturity date of the Credit Facility is April 22, 2027, subject to extensions or termination events described in the credit agreement. The Credit Facility includes a provision for automatic extension of the Credit Facility by an additional twelve months annually, beginning one year after the closing date.

 

In conjunction with the Credit Facility, the Fund incurred total debt issuance costs of $2.6 million which are being amortized in the Consolidated Statement of Operations over the term of the Credit Facility. For the six months ended September 30, 2025, expenses incurred by the Fund related to the Credit Facility were $3.6 million. During the six months ended September 30, 2025, the Credit Facility bore interest at a weighted average interest rate of 7.07% and the daily average amount of outstanding borrowings under the Credit Facility was $0.1 million.

 

9. Commitments and Contingencies

 

As of September 30, 2025, the Fund has contractual unfunded commitments to provide additional funding of $938.0 million to certain investments.

 

ASC 460-10, Guarantees - Overall, requires entities to provide disclosure and, in certain circumstances, recognition of guarantees and indemnifications. In the normal course of business, the Fund enters into contracts that contain a variety of indemnification arrangements. The Fund’s exposure under these arrangements, if any, cannot be quantified. However, the Fund has not had claims or losses pursuant to these indemnification arrangements and expects the potential for a material loss to be remote.

 

The Fund may, from time to time, be party to various legal matters arising in the ordinary course of business, including claims and litigation proceedings. Although the ultimate outcome of the foregoing matters, if any, cannot be ascertained at this time, the Adviser believes, after consultation with counsel, that the resolution of such matters would not have a material adverse effect on the Fund’s consolidated financial statements.

 

10. Capital Share Transactions

 

The Fund offers three separate classes of shares of beneficial interest designated as Class I Shares, Class D Shares and Class S Shares. Each class of Shares is subject to different fees and expenses. Effective January 17, 2025, the Fund converted all outstanding Class T shares into Class S shares and ceased offering Class T Shares.

 

The minimum initial investment in Class I Shares by an investor in the Fund is $1.0 million. The minimum initial investment in Class D Shares and Class S Shares by an investor is $5,000. The minimum initial investment in any share class may be reduced at the Adviser's discretion. Investors purchasing Class S Shares may be charged a sales load up to a maximum of 3.50%. Investors purchasing Class I Shares and Class D Shares are not charged a sales load. The Fund accepts initial and additional purchases of Shares daily at the Fund’s then-current NAV per share.

 

Subject to certain conditions, Shareholders may exchange shares from one class to another for an equivalent NAV amount of that share class.

 

36

 

StepStone Private Markets

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

The following table summarizes the capital share transactions for the six months ended September 30, 2025 and the year ended March 31, 2025:

 

   For the Six Months Ended         
   September 30, 2025 (unaudited)   For the Year Ended March 31, 2025 
   Shares   Dollar Amounts   Shares   Dollar Amounts 
Class I                    
Proceeds from shares issued   12,663,511   $739,603,380    24,320,638   $1,322,288,380 
Reinvestment of distributions   122,902    7,224,121    377,421    20,393,881 
Repurchase of shares   (6,952,946)   (414,725,757)   (2,981,121)   (162,697,044)
Exchange of shares   14,836    882,137    396,609    21,661,710 
Net increase (decrease)   5,848,303   $332,983,881    22,113,547   $1,201,646,927 
                     
Class D                    
Proceeds from shares issued   268,798   $15,657,875    535,218   $28,814,009 
Reinvestment of distributions   3,718    217,075    10,752    578,505 
Repurchase of shares   (47,061)   (2,773,894)   (32,822)   (1,798,826)
Exchange of shares   836    36,337    (170,378)   (9,327,478)
Net increase (decrease)   226,291   $13,137,393    342,770   $18,266,210 
                     
Class S                    
Proceeds from shares issued   4,258,948   $242,911,250    10,040,921   $531,817,713 
Reinvestment of distributions   49,475    2,842,335    116,410    6,220,270 
Repurchase of shares   (283,846)   (16,432,734)   (213,803)   (11,454,322)
Exchange of shares   (16,039)   (918,474)   247,061    13,445,867 
Net increase (decrease)   4,008,538   $228,402,377    10,190,589   $540,029,528 
                     
Class T1                    
Proceeds from shares issued   —   $—    171,870   $9,003,754 
Reinvestment of distributions   —    —    2,991    159,080 
Repurchase of shares   —    —    (14,657)   (768,519)
Exchange of shares   —    —    (478,756)   (25,780,099)
Net increase (decrease)   —   $—    (318,552)  $(17,385,784)

 

1On January 17, 2025, the Fund converted Class T shares into Class S shares and ceased offering Class T Shares.

 

Subject to the Board’s discretion, the Fund offers a quarterly share repurchase program where the total aggregate amount of Share repurchases will be up to 5.00% of the Fund’s outstanding Shares each quarter. It is expected that the Adviser will recommend to the Board that the Fund offer to repurchase Shares from Shareholders quarterly, with such repurchases to typically occur on March 15, June 15, September 15 and December 15 of each year, although the Adviser may not recommend, and the Board may not authorize, a repurchase offer for any quarter in which the Adviser believes that it would be detrimental to the Fund for liquidity or other reasons. In the event that Shareholders, in the aggregate, submit for repurchase more than the number of Shares that the Fund will offer to repurchase, the Fund will repurchase the Shares on a pro rata basis, which may result in the Fund not honoring the full amount of a Share repurchase requested by a Shareholder. The Fund has no obligation to repurchase Shares at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Board of Trustees, in its sole discretion. For the September 15, 2025 repurchase, the Board elected to offer to repurchase 10.00% of the Fund's outstanding Shares. For the six months ended September 30, 2025 and the year ended March 31, 2025, 7,283,853 and 3,242,403 Shares were repurchased by the Fund, respectively.

 

37

 

StepStone Private Markets

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

11. Dividend Reinvestment Plan

 

Pursuant to the Dividend Reinvestment Plan ("DRIP") established by the Fund, each Shareholder whose Shares are registered in its own name will automatically be a participant under the DRIP and all income and/or capital gain dividend distributions will automatically be reinvested in additional Shares unless such Shareholder specifically elects to receive all income and/or capital gain dividends in cash. A Shareholder is free to change this election at any time. If, however, a Shareholder requests to change its election within 45 days prior to a distribution, the request will be effective only with respect to distributions after the 45-day period.

 

12. Investment Transactions

 

For the six months ended September 30, 2025, purchases of investments, excluding short-term investments, were $669.1 million. For the six months ended September 30, 2025, total distributions received from investments, excluding short-term investments, were $160.3 million. During the six months ended September 30, 2025, there were no sale, redemption or other disposition of investments, excluding short-term investments.

 

13. Tax Information

 

The Fund has temporary differences primarily due to timing differences between book and tax treatment of partnership interests and passive foreign investment company investments held by the Fund, qualified late-year loss deferrals, as well as activity related to the Fund's Wholly-Owned Subsidiaries.

 

U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. As of September 30, 2025, the Fund had $31,296 of permanent book to tax differences due to distributions in excess. The permanent book to tax difference has been reclassified to paid in capital and has no effect on the net assets or net asset value per share of the Fund.

 

For the tax year ended September 30, 2025, the Fund’s tax components of distributable earnings on a tax basis are as follows:

 

Current year late-year loss deferral  $(11,680,988)
Net tax appreciation (depreciation)   974,944,408 
Other temporary differences   (748,080)
Total distributable earnings (accumulated loss)  $962,515,340 

 

The tax character of Subchapter M distributions declared for the tax years ended September 30, 2025 and September 30, 2024 were as follows:

 

   Ordinary Income   Long-Term
Capital Gains		 
2025  $13,354,952   $31,152,714 
2024  $7,076,114   $12,692,743 

 

The Fund is designating a portion of its distributions as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), for the tax year ending September 30, 2025.

 

As of the tax year ended September 30, 2025, the Fund’s deferred, on a tax basis, qualified late year losses are as follows:

 

Ordinary loss  $10,239,513 
Net capital  $1,441,475 

 

38

 

StepStone Private Markets

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

13. Tax Information (continued)

 

As of September 30, 2025, the federal tax cost of investments and unrealized appreciation (depreciation) are as follows: 

 

Gross unrealized appreciation  $1,085,384,077 
Gross unrealized depreciation   (94,575,649)
Net unrealized appreciation (depreciation) on investments  $990,808,428 
      
Tax cost of investments  $3,893,406,865 

 

SPRIM LLC recorded a provision for income tax expense of $47,613 for the six months ended September 30, 2025.

 

The deferred income tax is computed by applying the federal statutory income tax rate of 21.0% and estimated applicable state income tax statutory rate of 2.25% to net investment income, realized and unrealized gains (losses) on investments before taxes. As of September 30, 2025, SPRIM LLC has a deferred tax liability of $21.7 million.

 

As of September 30, 2025, the Fund had no uncertain tax positions for federal, state or local income tax purposes. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as component of income tax expense in the Consolidated Statement of Operations. For the tax year ended September 30, 2025, the Fund did not incur any interest or penalties.

 

14. Risk Factors

 

An investment in the Fund involves material risks, including performance risk, liquidity risk, business and financial risk, risks associated with the use of leverage, valuation risk, tax risk and other risks that should be carefully considered prior to investing and investing should only be considered by persons financially able to maintain their investment and who can afford a loss of a substantial part or all of such investment.

 

15. Subsequent Events

 

On November 10, 2025, the Fund commenced a repurchase offer with a valuation date of December 15, 2025.

 

On October 20, 2025, the Fund began offering Class R shares.

 

The Fund has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet or may be of such a nature that disclosure will keep the financial statements from being misleading. The Adviser has evaluated the Fund’s related events and transactions that occurred through the date of issuance of the Fund’s financial statements. There were no other events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Fund’s consolidated financial statements or the accompanying notes.

 

39

 

StepStone Private Markets

 

Other Information

September 30, 2025 (unaudited)

 

 

Proxy Voting Policies and Procedures

 

A description of the Fund’s proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Fund at (704) 215-4300 or on the U.S. Securities and Exchange Commission’s (“SEC”) website at sec.gov.

 

Proxy Voting Record

 

Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling the Fund at (877) 772-7724 or by accessing the Fund’s Form N-PX on the SEC’s website at sec.gov.

 

Availability of Quarterly Portfolio Schedules

 

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT is available on the SEC website at sec.gov, or without charge and upon request by calling the Fund at (704) 215-4300.

 

40

 

Investment Adviser and Administrator

StepStone Group Private Wealth LLC

128 S Tryon St., Suite 1600

Charlotte, North Carolina 28202

www.stepstonepw.com

 

Investment Sub-Adviser

StepStone Group LP

4225 Executive Square, Suite 1600

La Jolla, California 92037

 

Custodian

UMB Bank, N.A.

928 Grand Boulevard, 5th Floor

Kansas City, Missouri 64106

 

Sub-Administrator, Transfer Agent and Sub-Accountant

UMB Fund Services, Inc.

235 W. Galena Street

Milwaukee, Wisconsin 53212-3949

Phone: (414) 299-2200

 

Distributor

Distribution Services, LLC

3 Canal Plaza, Suite 100

Portland, Maine 04101

 

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Manhattan West

New York, New York 10001

 

41

 

(b) Not applicable.

 

ITEM 2. CODE OF ETHICS.

 

Not applicable for semi-annual report.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable for semi-annual report.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable for semi-annual report.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. INVESTMENTS.

 

(a) Schedule of Investments in securities of non-controlled/non-affiliated and controlled/affiliated issuers as of the close of the reporting period is included as part of the Report to Shareholders filed under Item 1(a) of this Form.

 

(b) Not applicable.

 

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

 

 

 

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

 

Not applicable.

 

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable for semi-annual report.

 

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

(a) Not applicable for semi-annual report.

 

(b) Not applicable.

 

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

No purchases were made during the reporting period by or on behalf of the Fund or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the Fund’s equity securities that is registered by the Registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

 

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's board of trustees during the period covered by this report.

 

ITEM 16. CONTROLS AND PROCEDURES.

 

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 

 

 

 

ITEM 17. DISCLOSURE OF THE SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT COMPANIES.

 

(a) Not applicable.

 

(b) Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

(a) Not applicable.

 

(b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a)(1) Not applicable for semi-annual report.

 

(a)(2) Not applicable.

 

(a)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(a)(4) Not applicable.

 

(a)(5) Not applicable.

 

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) StepStone Private Markets  
     
By (Signature and Title)* /s/ Robert W. Long  
  Robert W. Long, President  
  (Principal Executive Officer)  
     
Date December 2, 2025  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)* /s/ Robert W. Long  
  Robert W. Long, President  
  (Principal Executive Officer)  
     
Date December 2, 2025  
     
     
By (Signature and Title)* /s/ Kimberly S. Zeitvogel  
  Kimberly S. Zeitvogel, Treasurer  
  (Principal Financial Officer)  
     
Date December 2, 2025  

 

* Print the name and title of each signing officer under his or her signature.