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StepStone Private Infrastructure Fund

 

 

Consolidated Schedule of Investments
June 30, 2026 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnote
Co-Investments - Non-Controlled/Non-Affiliated - 23.6% of NAV                  1,2,3,4
Direct Equity - 8.4% of NAV                   
North America - 8.4% of NAV                   
Sidewalk Infrastructure Partners, LLC (4,115,226 Series C preferred units)  Infrastructure Assets  03/16/2026  $80,000,000   $116,600,000   *,5,6
Total North America        $80,000,000   $116,600,000    
Total Direct Equity        $80,000,000   $116,600,000    

Investment Funds - 15.2% of NAV

                   

Europe - 2.5% of NAV

                   
EQT Active Core Infrastructure I CoInvestment (G) SCSp  Infrastructure Assets  03/24/2025  $12,987,469   $14,307,782   *,7
KKR Devonshire Co-Invest L.P.  Infrastructure Assets  03/26/2025   5,125,155    5,600,676   *
KKR Optics Co-Invest Blocker L.P.  Infrastructure Assets  05/23/2024   3,918,411    5,336,060   *
MEIF 7 Earth Co-Invest SCSp  Infrastructure Assets  08/25/2025   10,058,392    9,941,289   *
Total Europe        $32,089,427   $35,185,807    
North America - 12.7% of NAV                   
AP Granite Co-Invest, L.P.  Infrastructure Assets  06/25/2026  $—   $—   *,⁺,7
Ara Energy I Power Blocked Co-Investment, LP  Infrastructure Assets  12/12/2025   18,615,973    18,513,151   *,⁺
Buckeye Co-Invest II, LP  Infrastructure Assets  07/26/2024   4,145,769    4,958,364   7
ECP V (California Co-Invest), LP  Infrastructure Assets  05/26/2024   6,087,556    6,608,255   *
ERA EA Coinvest Blocker Feeder LP  Infrastructure Assets  04/21/2026   11,080,312    10,918,787   *,⁺,7
FIC PP Co-Invest, LP  Infrastructure Assets  05/15/2026   12,000,000    11,754,691   *,⁺,7
Greystar Zen Coinvestment Partners (Blocked), LP  Infrastructure Assets  05/15/2026   22,744,017    22,407,879   *,⁺,7
KKR Dino Co-Invest L.P.  Infrastructure Assets  03/26/2025   15,751,245    17,274,550   *
Northleaf WASH Co-Investment LP  Infrastructure Assets  07/01/2025   8,149,275    8,662,483   *
OIC III MCE Co-Invest Blocked Feeder, L.P.   Infrastructure Assets  04/21/2026   146,822    139,783   7
OIC MCE Co-Invest, L.P.   Infrastructure Assets  04/21/2026   5,621,178    5,351,735   7
Peggy Aggregator, LLC   Infrastructure Assets  12/02/2025   55,276,188    60,324,227   *,8
Sandbrook rPlus Co-Invest II LP  Infrastructure Assets  05/21/2024   3,110,655    4,019,741   *,⁺
Stonepeak Ace (Co-Invest) Holdings (CYM) LP  Infrastructure Assets  04/26/2024   3,983,652    5,243,082   *,⁺
Total North America        $166,712,642   $176,176,728    
Rest of World - —% of NAV                   
KKR Opal SGD CoInvest LP  Infrastructure Assets  06/05/2026  $—   $—   *,⁺,7
Total Rest of World        $—   $—    
Total Investment Funds        $198,802,069   $211,362,535    
Total Non-Controlled/Non-Affiliated Co-Investments        $278,802,069   $327,962,535    

 

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StepStone Private Infrastructure Fund

 

 

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

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnote
Primary Investments - Non-Controlled/Non-Affiliated - 0.7% of NAV                  1,2,3,4
Investment Funds - 0.7% of NAV                   
North America - 0.7% of NAV                   
Ara Energy Fund I-A, SCSp  Infrastructure Assets  12/12/2025  $6,258,263   $7,049,076   ⁺
ERA Infra Fund II Parallel LP  Infrastructure Assets  04/21/2026   3,615,971    2,972,610   *,⁺,7
Total North America        $9,874,234   $10,021,686    
Total Investment Funds        $9,874,234   $10,021,686    
Total Non-Controlled/Non-Affiliated Primary Investments        $9,874,234   $10,021,686    
Secondary Investments - Non-Controlled/Non-Affiliated - 70.8% of NAV                  1,2,3,4
Investment Funds - 70.8% of NAV                   
Europe - 28.8% of NAV                   
Antin Infrastructure Partners II LP  Infrastructure Assets   10/02/2023  $522,404   $1,404   *,9
ARDIAN Infrastructure Fund IV S.C.A., SICAR  Infrastructure Assets   10/04/2024   4,660,517    4,658,306   ⁺,7
ARDIAN Infrastructure Fund V S.C.A., SICAR  Infrastructure Assets   10/04/2024   25,397,216    28,041,196   *,⁺,7
Compass European Infrastructure SCSp  Infrastructure Assets   11/03/2023   4,656,058    6,212,634   ⁺
Daiwa ICP Infrastructure Investments 2 L.P.  Infrastructure Assets   09/12/2024   9,127,272    10,407,778   ⁺
DIF Core Infrastructure Fund II SCSp  Infrastructure Assets   09/30/2024   4,777,471    5,615,892   *,⁺
DIF Infrastructure VI SCSp  Infrastructure Assets   09/30/2024   4,675,837    5,581,402   *,⁺
Digital Infrastructure Vehicle II SCSp  Infrastructure Assets   03/23/2026   13,021,211    16,331,670   *,⁺
EQT Infrastructure II (No.1) Feeder Limited Partnership  Infrastructure Assets   11/08/2023   175,652    1,341   *,⁺,7
EQT Infrastructure III (No.1) SCSp  Infrastructure Assets   11/08/2023   234,580    316,065   *,⁺,7
EQT Infrastructure IV (No.1) EUR SCSp  Infrastructure Assets   07/01/2025   16,477,101    16,309,805   *,⁺,7
EQT Infrastructure IV (No.2) USD SCSp  Infrastructure Assets   10/10/2023   7,284,573    9,798,209   *,⁺,10
EQT Infrastructure V (No.1) EUR SCSp  Infrastructure Assets   07/05/2024   28,272,888    34,627,394   *,⁺,7
GIP Pegasus Fund, L.P.  Infrastructure Assets   08/20/2024   5,290,032    5,663,279   *,7
iCON Infrastructure Partners III, L.P.  Infrastructure Assets   09/29/2023   3,143,964    1,625,418   *,⁺,10
InfraVia European Fund III FPCI  Infrastructure Assets   09/30/2024   2,062,022    643,775   *,⁺,7
InfraVia European Fund III SCSp  Infrastructure Assets   09/30/2023   1,881,024    819,345   *,⁺,9
InfraVia European Fund IV FPCI  Infrastructure Assets   10/02/2024   3,910,603    4,724,909   *,⁺,7
InfraVia European Fund V FPCI  Infrastructure Assets   10/02/2024   6,334,306    7,651,026   ⁺,7
InfraVia European Fund V SCSp  Infrastructure Assets   12/31/2025   43,352,319    46,868,999   ⁺,7
Macquarie European Infrastructure Fund 6 SCSp  Infrastructure Assets   10/01/2024   114,836,787    129,011,182    
MML Keystone SCSp  Infrastructure Assets   09/24/2024   12,138,306    13,866,713   *,⁺
Next Generation Rail Fund SCSp  Infrastructure Assets   06/29/2026   33,647,499    38,689,844   *,⁺
NIC Battery Acquisition LP  Infrastructure Assets   10/16/2024   3,536,866    6,852,744   *,⁺
Pan-European Infrastructure II, S.C.S.  Infrastructure Assets   10/03/2024   840,521    591,086   ⁺
Pan-European Infrastructure III, SCSp  Infrastructure Assets   10/03/2024   4,344,835   $5,187,752   ⁺
Total Europe        $354,601,864   $400,099,168    
North America - 37.5% of NAV                   
ArcLight Infrastructure Partners Feeder-B, L.P.  Infrastructure Assets   10/16/2025  $21,125,053   $21,579,138   ⁺
Blue Road Capital PV II, L.P.  Infrastructure Assets   08/26/2024   10,014,072    11,275,043   *,⁺
Brookfield Americas Infrastructure Fund, L.P.  Infrastructure Assets   09/29/2023   79,851    33,835   *,⁺,11

 

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StepStone Private Infrastructure Fund

 

 

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

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnote
Secondary Investments - Non-Controlled/Non-Affiliated (continued)                   
Investment Funds (continued)                   
North America (continued)                   
Brookfield Infrastructure Fund III-A, L.P.  Infrastructure Assets  09/29/2023  $1,425,927   $1,641,620   ⁺,11
Brookfield Infrastructure Fund IV (ER) SCSP  Infrastructure Assets  12/31/2023   4,093,908    4,756,914   ⁺,11
DC Front Range Holdings I, LP  Infrastructure Assets  10/03/2025   12,263,901    16,225,229   *,7
DC Trident Holdings I, LP  Infrastructure Assets  10/03/2025   15,369,366    16,984,962   *,7
DigitalBridge Partners, LP  Infrastructure Assets  10/03/2025   19,840,403    20,410,872   *,⁺,11
DigitalBridge Valhalla Partners I-B, L.P.  Infrastructure Assets  10/03/2025   16,609,061    18,849,728   *,7
EIV Capital Fund V-A, LP  Infrastructure Assets  11/17/2025   10,358,310    12,321,029   *,⁺
EnCap Parliament Co-Invest B, L.P.  Infrastructure Assets  05/18/2026   18,000,000    17,760,000   *,⁺,7
ERA Blade Continuation Fund Parallel LP  Infrastructure Assets  08/11/2025   22,019,481    24,170,343   *,⁺
Global Energy & Power Infrastructure Fund II, L.P.  Infrastructure Assets  10/05/2023   1,155,930    1,270,640   ⁺,12
Global Infrastructure Partners III-C, L.P.  Infrastructure Assets  09/29/2023   7,067,561    6,843,998   ⁺,7,11
Global Infrastructure Partners IV-C, L.P.  Infrastructure Assets  06/30/2025   100,978,136    110,104,325   ⁺,7
InstarAGF Essential Infrastructure Fund LP  Infrastructure Assets  09/30/2024   2,076,370    2,957,655   ⁺
InstarAGF Essential Infrastructure Fund II (LUX-USD), SCSp  Infrastructure Assets  07/01/2025   24,035,249    31,241,353   *,⁺,12
ISQ Global Infrastructure Fund III, L.P.  Infrastructure Assets  04/01/2026   6,672,524    8,045,298   ⁺
KKR Global Infrastructure Investors II (EEA) L.P.  Infrastructure Assets  01/01/2024   217,512    403,801   ⁺,10
KKR Global Infrastructure Investors III EEA (EUR) SCSp  Infrastructure Assets  04/01/2024   6,709,257    6,439,590   *,⁺,10
KKR Global Infrastructure Investors III L.P.  Infrastructure Assets  07/01/2025   8,932,090    8,093,544   *,⁺
KKR Global Infrastructure Investors IV (EUR) SCSp  Infrastructure Assets  10/01/2024   9,472,595    11,498,744   ⁺
KKR Global Infrastructure Investors IV (USD) SCSp  Infrastructure Assets  07/01/2024   27,060,434    33,348,119   ⁺
KKR Global Infrastructure Investors V (USD) SCSp  Infrastructure Assets  06/08/2026   4,483,078    4,525,638   *,⁺,7
Lotus Infrastructure Fund WLVP Feeder, LP  Infrastructure Assets  06/12/2026   16,376,471    16,376,471   *,⁺,7
NGP Energy Transition IV, L.P.  Infrastructure Assets  06/04/2026   17,190,706    22,266,647   *,⁺
North Haven Infrastructure Partners III SCSp  Infrastructure Assets  03/31/2026   20,594,465    23,149,596   *,⁺
Oak Hill Digital Opportunities Partners (TE 892), L.P.  Infrastructure Assets  07/19/2024   7,348,032    9,570,000   *,⁺
Snowhawk Capital Digital Opportunities Fund I-A L.P.  Infrastructure Assets  04/17/2026   11,972,075    17,625,051   ⁺,7
Snowhawk Crane Coinvest LP  Infrastructure Assets  04/17/2026   2,869,930    3,366,353   *,⁺,7
Snowhawk Partridge Coinvest B, LP  Infrastructure Assets  04/17/2026   3,243,226    5,794,211   *,7
Sterling Investment Partners XK Opportunities Fund-A, L.P.  Infrastructure Assets  10/23/2025   18,829,309    20,277,625   *,⁺
Stonepeak Infrastructure Fund II LP  Infrastructure Assets  10/02/2023   367,551    176,366   ⁺,12
Stonepeak Infrastructure Fund LP  Infrastructure Assets  10/02/2023   1,228,546    1,754,187   ⁺,12
Strategic Value Spurs A, L.P.  Infrastructure Assets  12/13/2024   7,385,024    9,069,450   *,⁺
Total North America        $457,465,404   $520,207,375    

 

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StepStone Private Infrastructure Fund

 

 

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

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnote
Secondary Investments - Non-Controlled/Non-Affiliated (continued)                   
Investment Funds (continued)                   
Rest of World - 4.5% of NAV                   
Coatue CT 162 LP  Infrastructure Assets  01/06/2026  $30,150,000   $30,061,546   *,7
ISQ Orchid Fund, L.P.  Infrastructure Assets  05/29/2026   17,645,714    17,645,714   *,⁺,7
Walker Aggregator LP  Infrastructure Assets  09/19/2025   13,905,330    15,019,157   *
Total Rest of World        $61,701,044   $62,726,417    
Total Investment Funds        $873,768,312   $983,032,960    
Total Non-Controlled/Non-Affiliated Secondary Investments        $873,768,312   $983,032,960    
Short-Term Investments - Non-Controlled/Non-Affiliated - 2.0% of NAV                   
Fidelity Investments Money Market Government Portfolio — Class I, 3.53% (28,181,537 shares)  Money Market  N/A  $28,181,537   $28,181,537   13
Total Non-Controlled/Non-Affiliated Short-Term Investments        $28,181,537   $28,181,537    
Total Non-Controlled/Non-Affiliated Investments - 97.1% of NAV        $1,190,626,152   $1,349,198,718    
Other assets in excess of liabilities - 2.9% of NAV             $40,245,415    
Net Assets - 100.0% of NAV             $1,389,444,133    

 

*Investment is non-income producing.
⁺Investment has been committed to but has not been fully funded.
1Geographic region generally reflects the location of the investment manager or company.
2Investments do not issue shares or hold outstanding principal, except where noted. The terms “shares” and “units” are used interchangeably.
3Private investments typically do not permit redemptions or withdrawals, except at the discretion of their general partner, manager, or advisor. Final distribution dates are generally unknown unless specified. These investments are fair valued using net asset value as the practical expedient, unless otherwise noted, and are usually acquired through private placements with contractual resale restrictions that do not lapse. Each investment may have been purchased on different dates and for varying amounts. The acquisition date of the first purchase is listed in the Consolidated Schedule of Investments.
4The fair value of any Secondary Investment, Primary Investment, or Co-Investment has not been calculated, reviewed, verified or in any way approved by any general partner, manager or advisor of such investments (including any of its affiliates).
5The fair value of the investment was determined using significant unobservable inputs.
6All or a portion of this security is held by STRUCTURE Sidewalk LLC.
7All or a portion of this security is held by STRUCTURE Subsidiary LLC.
8All or a portion of this security is held by STRUCTURE LLC Series A.
9All or a portion of this security is held by STRUCTURE Cayman II LLC.
10All or a portion of this security is held by STRUCTURE Cayman III LLC.
11All or a portion of this security is held by STRUCTURE Cayman IV LLC.
12All or a portion of this security is held by STRUCTURE Cayman LLC.
13The rate reported is the 7-day effective yield at the period end.

 

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StepStone Private Infrastructure Fund

 

 

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

 

 

A summary of outstanding financial instruments at June 30, 2026 is as follows:

 

Forward Foreign Currency Contracts

 

                 Unrealized 
                 Appreciation 
Settlement Date  Counterparty  Currency Purchased  Currency Sold  Value    (Depreciation) 
7/31/2026  Royal Bank of Canada   $1,046,680  C$1,420,313  $(1,002,846)   $43,834 
7/31/2026  Canadian Imperial Bank of Commerce   $1,031,802  C$1,400,000  $(988,503)   $43,298 
7/31/2026  MUFG Bank, Ltd.  $1,031,650  C$1,400,000  $(988,503)   $43,146 
7/31/2026  Royal Bank of Canada   $5,022,346  A$7,028,881  $(4,863,567)   $158,780 
7/31/2026  MUFG Bank, Ltd.  $5,002,480  A$7,000,000  $(4,843,583)   $158,897 
7/31/2026  Canadian Imperial Bank of Commerce   $5,002,200  A$7,000,000  $(4,843,583)   $158,617 
7/31/2026  Royal Bank of Canada   $126,292,393  €107,739,629  $(123,266,598)   $3,025,795 
7/31/2026  Canadian Imperial Bank of Commerce   $123,151,350  €105,000,000  $(120,132,145)   $3,019,205 
7/31/2026  MUFG Bank, Ltd.  $123,100,950  €105,000,000  $(120,132,145)   $2,968,804 
7/31/2026  Royal Bank of Canada   €3,398,955  $4,009,713  $3,888,798   $(120,916)
7/31/2026  Canadian Imperial Bank of Commerce  $6,082,785  £4,500,000  $(5,968,920)   $113,865 
7/31/2026  Royal Bank of Canada  $7,919,769  £5,859,941  $(7,772,783)   $146,986 
7/31/2026  MUFG Bank, Ltd.  $6,081,435  £4,500,000  $(5,968,920)   $112,515 
7/31/2026  Canadian Imperial Bank of Commerce  $20,858,915  €17,964,014  $(20,552,910)   $306,005 
7/31/2026  Royal Bank of Canada  $33,634,556  £25,491,345  $(33,812,403)   $(177,847)
                    $10,000,984 

 

Legend:

C$ - Canadian Dollar

A$ - Australian Dollar

€ - Euro

£ - British Pound

 

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