StepStone Private Markets

 

 

Consolidated Schedule of Investments
June 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Co-Investments - Non-Controlled/Non-Affiliated - 13.6% of NAV                1,2,3,4
Europe - 2.1% of NAV                 
BC Partners Defender Co-Investment L.P.  Private Equity  09/10/2021  $3,561,113   $6,375,219   *
Blackstone Infrastructure Hogan Co-Invest 2 (CYM) L.P.   Real Assets  08/30/2023   11,965,842    11,939,932   5
Blackstone Infrastructure Miro Co-Invest (CYM) L.P.  Real Assets  04/25/2022   9,964,635    12,891,812   *,5
CCP Hermes LP  Private Equity  11/01/2024   40,078    —   *,5
Cinven Pegasus Limited Partnership  Private Equity  10/02/2024   8,787,520    10,060,515   *
Enak Aggregator Limited Partnership  Private Equity  01/18/2022   2,875,802    3,964,701   *
Everest Co-Investment LP  Private Equity  03/19/2025   4,858,467    5,224,047   *
Hao Tian Asia Investment Co Ltd. Facility A ($514,781 principal amount, 10.65%, 04/15/2025)   Private Debt  06/04/2021   530,519    547,003   6
Kindred Capital Co-Invest I LP  Private Equity  04/26/2022   15,125,016    11,400,000   *
KKR Cretaceous Co-Invest L.P.  Real Assets  12/08/2022   14,300,000    18,990,628   *
Palace Co-Invest, SLP  Real Assets  08/07/2021   9,370,425    16,493,759   *
Triton C Investment A L.P.  Private Equity  03/29/2022   4,912,115    6,448,029   *
Total Europe        $86,291,532   $104,335,645    
                    
North America - 11.2% of NAV                   
AMP-20 Sterling Limited Partnership   Private Equity  08/02/2023  $4,511,587   $3,921,921   *,5
Ares CARS Co-Invest, L.P.  Real Assets  05/26/2022   21,517,786    25,179,336   5
Ares Insurance Partners, L.P.  Private Equity  10/17/2024   16,085,215    17,030,456   *,5
Ascend SMG Co-Invest 1, L.P.  Private Equity  09/25/2023   2,562,567    3,791,642   *
Birch Grove CLO Ltd. ($17,158,750 principal amount, 07/17/2037)  Private Debt  10/15/2024   11,747,753    12,078,114   6,7
Birch Grove CLO 10 Ltd. ($18,500,000 principal amount, 1/22/2038)  Private Debt  11/26/2024   18,513,341    19,725,562   6,7
Birch Grove CLO 12 Ltd. ($18,500,000 principal amount, 4/22/2038)  Private Debt  01/02/2025   18,523,935    19,072,731   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    7,993,392    
Carlyle US CLO 2025-2, Ltd. ($16,741,375 principal amount, 07/25/2038)  Private Debt  06/11/2025   14,846,117    14,946,578   6,7,9
Castlelake Consumer Receivables Opportunity III, L.P.   Private Debt  06/26/2024   20,632,982    22,912,892   *,5
Cendyn Group Holdings LLC (675 preferred shares)   Private Equity  10/05/2023   31,978,077    31,968,648   6
CIFC Funding 2024-V, Ltd. ($22,896,900 principal amount, 01/22/2038)  Private Debt  12/20/2024   20,003,900    21,246,882   6,7
Cinven Discovery Limited Partnership  Private Equity  09/22/2022   2,571,723    4,775,188   *
Columbia Spectrum Partners VI-A, L.P.   Private Equity  09/10/2024   45,000,000    44,955,000   *
Decisions, LLC (1,718,769 common shares)   Private Equity  12/28/2020   2,700,000    5,795,157   *,6,10
ECP V (California Co-Invest), LP  Real Assets  08/19/2024   26,152,225    25,903,057   *,5
Elk 2 Coinvest I, L.P.  Private Equity  07/29/2024   —    —   *,5
EQT X Co-Investment (F) SCSp   Private Equity  02/09/2024   4,938,839    4,905,214   *

 

 

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Co-Investments - Non-Controlled/Non-Affiliated (continued)                 
North America (continued)                 
FH Sunrise Co-Investment I, LP (4,365,458 common shares)  Private Equity  05/01/2023  $4,365,458   $6,373,568   *
HS Ruby LLC   Private Equity  07/25/2024   325,713    —   *,5
Ilumed Parent LLC (3,060 preferred shares)   Private Equity  08/19/2024   22,006,789    22,000,000   *,6,8
IPEX Co-Invest, L.P.   Private Equity  02/28/2024   5,000,000    7,050,000   *
JFL-Rand Co-Invest US Partners, L.P.  Private Equity  03/10/2023   6,225,599    17,011,242   *,5
JFL-Tiger Co-Invest Partners, L.P.   Private Equity  10/12/2023   4,171,578    7,085,802   *,5
KKR Apple Co-Invest L.P.   Real Assets  09/20/2021   5,173,770    7,167,909   *
KKR Gameday Co-Invest L.P.   Private Equity  08/22/2024   25,891,890    28,475,258   *
LJ Perimeter Co-Invest, L.P.   Private Equity  10/28/2022   4,834,380    4,736,259   *,5
LJ Shield Co-Invest, L.P.   Private Equity  07/11/2024   17,357,826    23,055,994   *,5
MH Fund II Co-Invest, LP   Real Assets  03/23/2021   6,258,462    6,913,785   *,5,8
Mosyle Corporation - Series B-2 (45,010 preferred shares)  Private Equity  04/21/2022   1,083,980    1,354,977   *,6
MPP KKC Holdings, LLC (3,000,000 common shares)   Private Equity  11/10/2021   3,000,000    5,430,000   *,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    3,276,052   *
OSP Co-Invest II, LP - MB series  Private Equity  01/02/2024   10,010,000    15,573,285   *,8
Palms Co-Investment Partners, L.P.  Private Equity  06/03/2022   4,676,217    5,288,863   *
Peak Topco, Inc. (20,833 common shares)   Private Equity  08/23/2024   20,833,333    20,833,333   *,5,6
Pegasus Coinvestors, L.P.   Real Assets  10/05/2021   3,686,738    4,283,989   5,10
Providence VIII Tetris Co-Investment-A L.P.  Private Equity  11/18/2022   3,961,993    5,771,412   *,5
RPIII FB Co-Invest LLC   Private Equity  03/02/2023   5,000,000    5,450,000   *,10
Starlight Co-Invest LP   Private Equity  10/30/2024   20,056,257    20,011,528   *
Stripes VI Rainier Co-Invest, LP   Private Equity  10/31/2024   25,057,693    24,991,485   *
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   230,308    2,308,443   5
WP Irving Co-Invest, L.P.   Private Equity  04/11/2022   1,139,587    3,932,160    
Total North America        $489,657,634   $554,015,996    
                    
Rest of the World - 0.3% of NAV                   
BGO Asia III Blossoms Co-Investment LP  Real Assets  10/10/2023  $10,705,991   $12,652,739   *,5,11
Total Rest of the World        $10,705,991   $12,652,739    
Total Non-Controlled/Non-Affiliated Co-Investments        $586,655,157   $671,004,380    
                    
Primary Investment Funds - Non-Controlled/Non-Affiliated - 4.3% of NAV                  1,2,3,4
Europe - 0.1% of NAV                   
Growth Capital Partners Fund V LP   Private Equity  04/14/2022  $6,248,112   $6,924,412   5,12
Total Europe        $6,248,112   $6,924,412    
                    
North America - 4.0% of NAV                   
Blue Road Capital PV II, L.P.  Real Assets  08/27/2024  $19,247,777   $24,625,563   *,5
Carlyle Santiago Aggregator, L.P.  Private Debt  08/23/2024   37,924,714    38,215,570    
Dunes Point Capital Fund III-A, L.P.  Private Equity  10/12/2023   21,418,788    24,842,071   *,5

 

 

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2025 (unaudited)

 

 
Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Primary Investment Funds - Non-Controlled/Non-Affiliated (continued)                 
North America (continued)                 
HPH III Investments Parallel Fund, LP   Private Equity  07/16/2024  $15,248,398   $18,302,980   5
Imaginary I Opportunity, L.P.   Private Equity  04/21/2022   3,000,000    1,773,883   *
JFL Equity Investors VI, L.P.   Private Equity  07/31/2024   14,243,729    17,610,186   *,5
OceanSound Partners Fund, LP   Private Equity  02/28/2022   8,578,286    14,024,996   *,5,12
PennantPark Capital Liquidity Solutions, LP  Private Debt  08/04/2023   17,500,000    19,589,163   *,5
Tiger Global Private Investment Partners XV Feeder, L.P.   Private Equity  03/23/2022   9,583,794    7,402,705   *,5
Truelink Capital I-A, L.P.   Private Equity  04/30/2024   22,508,869    29,997,865   *,5
Total North America        $169,254,355   $196,384,982    
                    
Rest of World - 0.2% of NAV                   
Eve One Fund II L.P.  Private Equity  03/11/2022  $8,900,000   $11,330,176   *,5
Total Rest of World        $8,900,000   $11,330,176    
Total Non-Controlled/Non-Affiliated Primary Investment Funds        $184,402,467   $214,639,570    
                    
Secondary Investment Funds - Non-Controlled/Non-Affiliated - 65.8% of NAV                  1,2,3,4
Europe - 13.0% 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   6,111,951    7,416,186   *,5,11
Advent International GPE IX-A SCSp   Private Equity  09/30/2024   1,791,115    2,188,525   *,5
Advent International GPE IX-F Limited Partnership   Private Equity  12/31/2024   2,119,993    2,788,636   *,5,12
Advent International GPE VII-E Limited Partnership   Private Equity  12/31/2021   695,079    204,216   *,5,11
Advent International GPE VIII Limited Partnership   Private Equity  09/30/2024   1,026,291    1,161,524   *
Advent International GPE VIII-B Limited Partnership   Private Equity  12/31/2024   3,081,349    3,249,243   *,5,12
Advent International GPE VIII-H Limited Partnership   Private Equity  12/31/2021   3,096,353    2,569,484   *,11
Advent International GPE X-A SCSp   Private Equity  09/30/2024   860,513    1,061,235   *,5
Altor Fund IV (No. 1) AB   Private Equity  12/30/2022   9,111,890    9,121,291   *,5
Altor Fund V (No. 1) AB   Private Equity  12/30/2022   17,372,232    21,018,939   5
Altor Fund V (No. 2) AB   Private Equity  06/30/2023   1,925,451    2,289,711   5
Ambienta Water Pumps, SCSp  Private Equity  12/06/2024   24,944,439    28,278,732   *,5
Apax IX USD L.P.   Private Equity  09/30/2024   2,481,193    2,761,619   *,5,11
Apax X USD L.P.   Private Equity  09/30/2024   3,476,403    3,853,054   5,11
ARDIAN Infrastructure Fund IV S.C.A., SICAR  Real Assets  10/04/2024   12,601,634    13,782,385   *,5
ARDIAN Infrastructure Fund V S.C.A., SICAR  Real Assets  10/04/2024   10,044,076    12,210,573   *,5
Astorg IQ-EQ Fund  Private Equity  12/31/2021   517,283    1,374,686   *,5
Astorg V Fund   Private Equity  01/11/2021   —    5,097   *
BE VI 'B' LP   Private Equity  09/30/2024   1,520,547    2,026,052   5
BID Equity Continuation Fund I SCSp   Private Equity  05/27/2025   9,439,152    9,828,061   *,5,9
Bridgepoint Europe V 'A3' LP   Private Equity  09/30/2024   555,881    772,565   *,5

 

 

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)                 
Europe (continued)                 
Carlyle Europe Technology Partners III, L.P.   Private Equity  09/30/2024  $799,753   $724,015   5
Cevine Capital Management VI (No.1) Feeder Limited Partnership Incorporated  Private Equity   09/30/2024   498,630    654,955   *,5
CF24XB SCSp  Private Equity  04/16/2025   307,492    307,492   *,12
CVC Capital Partners VIII (A) L.P.   Private Equity  09/30/2024   5,468,537    6,646,617   5,11
DFI European Value-Add Fund II   Real Assets  07/12/2021   1,731,071    1,456,517   *,5,12
DIF Core Infrastructure Fund II SCSp  Real Assets  09/30/2024   11,900,328    13,917,577   *,5
DIF Infrastructure VI SCSp   Real Assets  09/30/2024   10,269,278    12,327,200   *,5
Elysium Acquisition LP  Private Equity  12/09/2024   11,260,060    14,227,827   5
EQT Infrastructure IV (No.2) EUR SCSp   Real Assets  09/29/2023   7,133,346    9,647,507   *,5,12
EQT Infrastructure IV (No.2) USD SCSp   Real Assets  10/10/2023   54,547,383    69,504,569   *,5,12
EQT Infrastructure V (No.1) EUR SCSp   Real Assets  07/12/2024   34,176,996    39,549,263   *,5
EQT IX (No.2) EUR SCSp  Private Equity  07/06/2022   13,150,939    17,414,782   *,5,11
EQT VIII (No.2) SCSp   Private Equity  07/06/2022   6,095,811    5,317,705   *,5,11
Equistone Partners Europe Fund IV   Private Equity  12/31/2020   233,913    87,687   *
EuroStone SRIO II S.C.A.   Real Assets  07/12/2021   65,596    195,829   *,5,12
F3 Presto HVD CV Fund AB  Private Equity  04/12/2024   4,698,921    5,889,527   *,5
Fifth Cinven Fund (No. 1) Limited Partnership.  Private Equity  10/30/2020   1,073,632    1,723,628   *,12
GIP Pegasus Fund, L.P.  Real Assets  08/20/2024   19,781,147    20,437,007   *
Gyrus 1 LP  Private Equity  12/09/2024   7,153,578    6,805,846   *,5
Harbert European Real Estate Fund III, L.P.   Real Assets  07/12/2021   —    9,958   *,5,12
IK Small Cap II Fund No.1 SCSp  Private Equity  12/31/2024   240,310    394,564   *,5
Inflexion Buyout Fund V (No.1) Limited Partnership   Private Equity  01/07/2025   1,358,732    1,427,567   5
Inflexion Continuation Fund I (No. 1) Limited Partnership   Private Equity  05/20/2025   5,936,965    6,371,924   *,5,9
InfraRed Infrastructure V (1) LP   Real Assets  06/29/2022   5,300,425    6,438,038   *,5
InfraVia European Fund IV FPCI   Real Assets  10/02/2024   9,086,825    10,946,479   *,5
InfraVia European Fund V FPCI   Real Assets  10/02/2024   12,562,567    14,383,415   5
Kitty Hawk Capital Partners IV L.P.  Real Assets  07/12/2021   361,212    556,820   *,5,12
LQG JV Landmark Portfolio GmbH & Co. KG   Real Assets  07/12/2021   932,694    581,944   *,12
Macquarie European Infrastructure Fund 4 FPCI  Real Assets  04/25/2023   —    1,205,936   *,5
Macquarie European Infrastructure Fund 5 SCSp   Real Assets  04/25/2023   17,328,796    20,573,428   *,5
Macquarie European Infrastructure Fund 6 SCSp   Real Assets  10/01/2024   19,423,935    21,005,161    
MCP Continuation Fund I Coöperatief U.A   Private Equity  06/04/2025   9,454,270    9,989,043   *,5,9
MI Continuation Fund A (1,199 shares)   Private Equity  02/23/2024   10,184,339    8,302,557   *,5
NIC Battery Acquisition LP  Real Assets  10/16/2024   16,094,456    24,782,010   *,5
Nordea Private Equity II - European Middle Market Buyout K/S   Private Equity  09/30/2024   62,211    71,196   *,5,13
Oakley Capital Guinness B2 SCSp  Private Equity  06/08/2023   7,427,494    12,020,671   *,5
PAI Europe VII, L.P.   Private Equity  09/30/2024   2,221,462    2,565,259   *,5,11

 

 

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)                 
Europe (continued)                 
Pan-European Infrastructure II, S.C.S.  Real Assets  10/03/2024  $5,301,131   $7,541,613   *,5
Pan-European Infrastructure III, SCSp  Real Assets  10/03/2024   10,014,298    10,917,379   5
Permira VI L.P.1   Private Equity  09/30/2024   4,488,246    3,985,371   *,5,11
Permira VII L.P.1   Private Equity  09/30/2024   14,449,140    17,774,803   *,5,11
PSC Accelerator II (A), LP   Private Equity  11/23/2023   4,688,463    7,339,684   *,5
Seventh Cinven Fund (No.1) Limited Partnership  Private Equity   09/30/2024   3,994,723    4,700,804   5,11
Sixth Cinven Fund (No. 3) Limited Partnership   Private Equity  10/30/2020   2,619,561    4,549,118   *,5,12
Strategic Opportunities Fund I GmbH & Co. KG  Private Equity  02/05/2024   14,479,506    21,617,487   *,5
Ufenau Continuation 3, SLP   Private Equity  04/14/2022   21,709,902    33,260,608   *,5
Verdane Edda II (D) AB   Private Equity  09/30/2024   983,785    1,328,400   *,5
Verdane Idun I (D) AB  Private Equity  09/30/2024   757,201    644,609   *,5
VIP SIV I LP   Private Equity  05/06/2022   12,959,023    23,533,521   *,5
WPEF VII Feeder 2 ILP   Private Equity  01/07/2025   2,803,120    3,793,725   *,5
WREP#2 Luxco S.à r.l.   Real Assets  07/12/2021   132,673    486,714   *,12
Total Europe        $520,545,104   $637,965,573    
                    
North America - 52.5% of NAV                   
ABRY Partners IX, L.P.  Private Equity  01/01/2025  $2,744,781   $3,333,014   5,12
AE Industrial Partners Fund II, LP  Private Equity  12/31/2024   1,898,761    3,324,664   *,5
AEA Investors Fund V LP  Private Equity  12/31/2021   —    181,281   *,5,11
AHP Fund I PV Feeder L.P.  Private Equity  12/28/2020   2,780,898    2,345,780   5
AHP Fund II PV Feeder L.P.  Private Equity  12/28/2020   8,619,656    9,668,531   *,5
AKKR Isosceles CV LP  Private Equity  06/26/2025   8,669,685    8,609,468   *,5,9
AKKR Strategic Capital LP  Private Equity  10/24/2024   8,128,621    10,366,358   *,5
Album Ventures MSL-C, LP  Private Equity  04/21/2022   3,927,756    4,890,616   *
Amaranth DC Holdings, LP  Private Equity  02/23/2024   29,030,847    32,662,311    
Ampersand CF Limited Partnership  Private Equity  11/13/2020   798,017    1,869,553   *
Apollo Investment Fund IX, L.P.  Private Equity  10/01/2024   16,266,352    18,044,660   5,11
Apollo Natural Resources Partners II, L.P.  Real Assets  04/01/2021   384,487    445,028   5,11
Apollo Overseas Partners (Delaware 892) VIII, L.P.   Private Equity  04/01/2021   1,508,459    1,160,960   *,5,11
Apollo Overseas Partners (Lux) IX, SCSp   Private Equity  10/01/2024   1,921,168    1,831,379   5
Apollo Overseas Partners IX, L.P.   Private Equity  01/01/2022   2,460,897    3,341,521   5,11
Aquiline Financial Services Continuation Fund L.P.   Private Equity  05/30/2024   25,246,241    40,936,255   *,5
Aquiline Financial Services Fund V L.P.   Private Equity  05/22/2024   672,559    771,203   *,5
Ares Pathfinder Fund (Offshore), L.P.   Private Debt  04/01/2023   36,521,121    39,410,572   5
Audax Private Equity Fund IV CF, L.P.  Private Equity  12/24/2020   4,988,632    6,292,524   5
Audax Private Equity Fund V-B, L.P.   Private Equity  06/28/2024   12,602,814    11,982,931   *,5,11
Audax Private Equity Fund VI-A, L.P.  Private Equity  06/28/2024   37,399,553    36,424,515   *,11
Audax Private Equity Solutions Fund, L.P.  Private Equity  06/28/2024   2,865,921    2,801,949   5
Azimuth Energy Partners III LP   Private Equity  09/30/2024   207,399    232,699   *,13

 

 

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)                 
North America (continued)                 
Bain Capital Beacon Holdings, L.P.   Private Equity  03/24/2025  $13,328,567   $14,078,436   *,5
Berkshire Fund IX Coinvestment Fund, L.P.   Private Equity  06/28/2024   14,040,275    20,018,479   *,5,12
Berkshire Fund IX, L.P.  Private Equity  09/04/2021   2,976,637    3,639,700   5,8
Berkshire Fund VIII, L.P.  Private Equity  09/04/2021   2,227,376    784,642   *,5,8
Berkshire Fund X, L.P.  Private Equity  09/04/2021   9,319,608    10,637,185   5,8
Blackstone Capital Partners VI L.P.  Private Equity  01/01/2021   521,048    513,341   5,11
Blue Point Capital Partners III, L.P.   Private Equity  06/30/2022   1,875,012    1,229,998   *,5,12
Blue Point Capital Partners IV, L.P.  Private Equity  06/30/2022   10,065,757    12,207,399   *,5,12
Blue Point Capital Partners V (A), L.P.   Private Equity  06/30/2022   3,078,950    3,286,810   *,5
Brookfield Capital Partners IV (ER) L.P.   Private Equity  09/30/2024   696,727    986,381   *,5
Brookfield Infrastructure Fund IV (ER) SCSp   Real Assets  01/30/2024   3,466,893    3,753,124   5,11
BV RN Continuation Fund, L.P.   Private Equity  10/10/2023   3,645,900    7,273,118   *,5
Catterton Partners VII, L.P.  Private Equity  12/31/2021   5,260,059    2,519,502   *,5
CD&R Value Building Partners I, L.P.   Private Equity  12/17/2021   8,182,021    10,261,129    
Charlesbank Equity Fund IX, Limited Partnership   Private Equity   06/28/2024   33,093,608    35,475,968   *,5,12
Charlesbank Equity Fund X, Limited Partnership   Private Equity   06/28/2024   22,210,995    25,763,596   *,5,12
Charlesbank Equity Overage Fund X, Limited Partnership   Private Equity   06/28/2024   3,311,212    2,819,892   *,5,12
Chicago Pacific Founders Fund II-A, L.P.  Private Equity  06/28/2024   3,065,116    4,330,270   *,5
Chicago Pacific Founders Fund, L.P.   Private Equity  06/28/2024   3,489,727    3,828,556   *,5,12
Clayton, Dubilier & Rice Fund X, L.P.  Private Equity  12/31/2021   4,326,911    4,177,931   *,5,11
Clearlake Capital Partners VI (Offshore), L.P.  Private Equity  09/29/2022   14,557,501    16,733,351   *,5
Clearlake Capital Partners VI, L.P.   Private Equity  12/30/2022   7,600,446    9,083,524   *,5
Clearview Capital Fund II, L.P.   Private Equity  03/31/2021   778,253    —   *,12
Cortec Group Fund VII, L.P.   Private Equity  12/31/2024   2,479,962    3,030,337   *,5,12
Cortland Growth and Income, L.P. (17,070 common shares)  Real Assets   04/01/2022   30,287,094    19,816,330   14
Court Square Capital Partners (Offshore) III, L.P.   Private Equity   03/07/2024   11,598,364    12,850,296   5
Court Square Capital Partners III, L.P.   Private Equity  03/07/2024   13,676,177    15,121,634   5,11
Court Square Capital Partners V, L.P.   Private Equity  03/07/2024   —    —   *,5
Encore Consumer Capital Fund (PV) IV, LP  Private Equity  06/30/2022   2,557,760    2,685,114   *,5
Encore Consumer Capital Fund III, LP   Private Equity  06/30/2022   17,172,057    25,193,490   *,5,11
Excellere Capital Fund II, L.P.  Private Equity  04/01/2021   3,855,364    1,809,426   *,5
FFL Parallel Fund IV, L.P.  Private Equity  01/01/2021   547,106    609,375   5,11
FineLine CV LP   Private Equity  11/18/2024   13,064,362    15,475,445   *,5
First-Party Time VI LLC  Private Equity  07/02/2024   3,526,348    5,367,882   *
Francisco Partners V, L.P.   Private Equity  10/01/2024   10,189,905    12,094,607   *,5,11
Francisco Partners VI, L.P.   Private Equity  10/01/2024   4,053,738    4,866,442   *,5,11
Franklin BSP Capital Corporation (2,276,656 common shares)  Private Debt   03/31/2022   31,000,000    31,349,555    
Fulcrum Capital Partners V, LP   Private Equity  12/31/2021   1,663,915    1,525,987   *,5

 

 

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)                 
North America (continued)                 
GA Continuity Fund II, L.P.  Private Equity  03/14/2025  $7,233,813   $10,815,811   *,5,9
Genstar Capital Partners IX, L.P.  Private Equity  09/30/2024   6,030,802    7,986,409   *,5,11,12
Genstar Capital Partners X, L.P.  Private Equity  09/30/2024   3,041,735    3,619,073   *,5,11
Genstar IX Opportunities Fund I, L.P.   Private Equity  09/30/2024   1,154,502    1,390,970   *,5,11
Genstar X Opportunities Fund I, L.P.   Private Equity  09/30/2024   791,851    1,001,051   *,5,11
Global Infrastructure Partners II-C, L.P.   Real Assets  06/30/2021   8,216,484    1,734,561   5
Global Infrastructure Partners IV-C, L.P.   Real Assets  06/30/2025   32,879,388    34,158,781   *,5,9
Gores Capital Partners III, L.P.   Private Equity  01/01/2021   2,701    78,659   *,5,11
Green Equity Investors CF III-B, L.P.   Private Equity  12/21/2023   862,065    598,273   *,5,11
Green Equity Investors CF IV-B, L.P.  Private Equity  04/17/2025   244,992    244,992   *,5
Green Equity Investors CF IV-C, L.P.   Private Equity  04/15/2025   1,873,085    1,983,350   *,5,9
Green Equity Investors IX, L.P.   Private Equity  06/30/2022   3,713,301    4,357,306   *,5
Green Equity Investors Offshore Fund VII, L.P.  Private Equity  09/30/2022   4,681,070    3,014,230   *,5
Green Equity Investors Offshore Fund VIII, L.P.  Private Equity  09/30/2022   2,935,411    4,447,746   *,5
Green Equity Investors Side CF III-B, L.P.   Private Equity  12/21/2023   4,598,073    3,212,196   *,5
Green Equity Investors Side VII, L.P.   Private Equity  06/30/2023   33,439,124    26,912,168   *,5
Green Equity Investors VII, L.P.   Private Equity  06/30/2022   9,069,824    5,616,129   *,5,11
Green Equity Investors VIII, L.P.   Private Equity  06/30/2022   3,348,520    5,168,731   *,5,11
Gridiron Capital Fund II, L.P.  Private Equity  04/01/2021   538,422    499,975   *,5,12
Gryphon Partners IV, L.P.   Private Equity  12/31/2021   1,292,533    1,272,602   *,5
GTCR Fund XII LP   Private Equity  12/31/2024   5,218,469    6,383,598   5,12
H.I.G. Realty Credit SRE Non-REIT Feeder Fund, L.P.   Real Assets   10/01/2021   7,413,573    5,679,174   5
Halifax Capital Partners IV, L.P.   Private Equity  06/30/2023   13,236,247    18,090,344   *,5,11
Halifax Capital Partners V, L.P.   Private Equity  06/30/2023   384,183    576,433   *,5
Harvest Partners IX (Parallel), L.P.  Private Equity  11/01/2022   5,928,920    6,343,778   *,5
Harvest Partners VI, L.P.   Private Equity  03/31/2021   1,667,265    826,319   *,5,10
Harvest Partners VII (Parallel), L.P.  Private Equity  11/01/2022   9,112,848    9,917,102   *,5
Harvest Partners VII, L.P.  Private Equity  11/01/2022   17,381,383    18,555,721   *,5
Hellman & Friedman Capital Partners IX, L.P.   Private Equity  06/30/2022   19,661,034    26,204,466   5,11,12
Hellman & Friedman Capital Partners VIII, L.P.  Private Equity  09/30/2024   4,395,805    4,821,121   5,11
Hellman & Friedman Capital Partners X, L.P.   Private Equity  09/30/2024   5,209,752    5,741,084   5,11
Heritage Healthcare Innovation Fund II, LP   Private Equity  10/17/2024   12,732,433    14,832,995   *
Heritage Healthcare Innovation Fund IV, LP   Private Equity  10/17/2024   855,851    667,825   *,5
HPH II International FF, LP  Private Equity  07/12/2021   4,591,520    6,644,592   *,5
HS Mohawk Fund I LP  Private Equity  03/28/2024   13,325,583    21,041,531   *,5
Insight Partners Continuation Fund II, L.P.  Private Equity  03/31/2023   38,644,042    57,194,186   *,5
Insight Partners Continuation Fund III, L.P.  Private Equity  10/08/2024   18,635,689    24,407,708   *,5
Integrity Growth Partners Fund II, L.P.  Private Equity  07/31/2024   1,024,909    1,593,538   *,5
Jade Equity Investors Offshore Fund, L.P.  Private Equity  09/30/2022   1,460,897    1,665,947   5
JFL-NG Continuation Fund, L.P.   Private Equity  10/27/2021   2,406,110    4,408,676   *,5
Kelso Breathe Investor (DE), L.P.  Private Equity  02/11/2021   3,448,979    7,494,320   5

 

 

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)                 
North America (continued)                 
KKR Global Infrastructure Investors III EEA (EUR) SCSp   Real Assets  04/01/2024  $15,375,285    $17,485,967   5,11
KKR Global Infrastructure Investors IV (EUR) SCSp   Real Assets  10/01/2024   21,670,984     26,437,861   5
KKR Global Infrastructure Investors IV (USD) SCSp   Real Assets  07/01/2024   42,542,511     50,537,586   5
L Catterton VIII Offshore, L.P.  Private Equity  12/31/2021   1,119,547     1,029,084   *,5
LLR Equity Partners III, L.P.  Private Equity  04/02/2021   301,587     5,716   *,5,12
Madison Dearborn Capital Partners VIII-C, L.P.  Private Equity  03/12/2021   784,565     902,484   *,5
MAF Investments IV LLC  Private Debt  08/01/2024   12,046,893     12,323,529    
Marlin Equity Partners IV, L.P.  Private Equity  12/29/2023   2,956,270     2,040,988   *
Maroon Investors, LP   Private Equity  07/13/2023   4,082,269     5,294,923   *,5
MetLife Investment Private Equity Partners II (Feeder), LP   Private Equity  06/28/2024   67,420,089     80,095,150   *,5
MLC Private Equity Partners Feeder, L.P.  Private Equity  03/25/2024   203,358,886     275,119,236   5
Novacap Financial Services I, L.P.  Private Equity  09/30/2024   226,902     273,686   *,5,13
Novacap II, Limited Partnership  Private Equity  09/30/2024   75,537     81,896   *,5,13
Novacap Industries III, L.P.  Private Equity  09/30/2024   70,953     126,567   *,5,13
Novacap Industries IV, L.P.  Private Equity  09/30/2024   42,837     14,526   *,5,13
Novacap Industries V, L.P.  Private Equity  09/30/2024   292,000     381,364   *,5,13
Novacap Technologies III, L.P.  Private Equity  09/30/2024   —     111   *,5,13
Oak Hill Capital Partners V (Offshore 892), L.P.   Private Equity  01/29/2021   2,252,974     3,296,653   *,5
Oak Hill Capital Partners V (Offshore), L.P.  Private Equity  07/06/2023   27,190,310     36,979,250   *,5
Oak Hill Capital Partners VI (TE 892), L.P.  Private Equity  07/06/2023   6,667,838     7,579,913   *,5
Oak Hill Digital Opportunities Partners (TE 892), L.P.  Real Assets   07/19/2024   28,823,405     31,694,423   *,5
Odyssey Investment Partners Fund IV, LP  Private Equity  04/01/2021   1     255,985   *,5
OHCP V GA COI, L.P.  Private Equity  12/16/2020   2,468,970     4,406,048   *
Olympus Growth Fund VII, L.P.  Private Equity  07/31/2024   33,320,048     38,825,425   *,5,11
Paddington Partners, L.P.  Private Equity  01/10/2024   98,828,911     133,255,672   *,5
Pamlico Capital IV, L.P.   Private Equity  12/31/2024   4,330,978     5,531,864   *,5,12
Parallaxes Capital Opportunity Feeder Fund VI, L.P.   Private Equity   03/27/2024   3,594,701     4,124,770   *,5
Pegasus WSJLL Fund, L.P.   Private Equity  12/14/2021   13,175,779     15,275,451   *,5
Pine Brook Capital Partners II, L.P.  Private Equity  12/31/2020   1,111,546     1,628,444   *,5,11
Platinum Equity Capital Partners IV, L.P.  Private Equity  09/30/2024   14,300,352     14,370,714   *,5,11
Platinum Equity Capital Partners V, L.P.  Private Equity  09/30/2024   23,956,491     24,276,242   *,5,11
PlayCore CV, L.P.  Private Equity  11/21/2024   7,138,863     9,139,772   *,5
Poplar DC Holdings, LP  Private Equity  07/01/2024   23,444,551     22,443,230    
Providence Cameron (ATG) Co-Investment L.P.  Private Equity  09/11/2024   21,542,444     31,575,694   *,5
Providence Cameron (MO) Co-Investment L.P.   Private Equity  09/11/2024   15,792,308     21,877,067   *,5
Providence Cameron (W) Co-Investment L.P.  Private Equity  09/11/2024   42,974,595     50,054,903   *
Providence Equity Partners IX-A S.C.Sp.  Private Equity  09/11/2024   23,952,775     25,331,726   5
PSG Sequel-A L.P.   Private Equity  01/31/2025   45,100,772     54,343,728   5

 

 

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2025 (unaudited)

 

 
Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)                 
North America (continued)                 
PTEV, L.P.   Private Equity  12/30/2021  $1,559,649   $1,716,602   *,5,8
Redpoint Omega III, L.P.   Private Equity  12/31/2024   2,802,711    3,225,207   *,5
Riverside Capital Appreciation Fund VI, L.P.  Private Equity  12/31/2021   1,913,043    1,953,259   *,5
Riverside Micro-Cap Fund IV B A, L.P.   Private Equity  12/31/2021   1,347,412    871,937   *,5
Riverside Micro-Cap Fund IV-A, L.P.  Private Equity  12/31/2021   10,655,189    9,768,585   *,5
Roark Capital Partners CF LP   Private Equity  08/26/2022   16,812,295    28,093,849   5
Rocket Fuel III LLC  Private Equity  07/02/2024   3,531,813    4,413,845   *
Saw Mill Capital Investors, L.P.  Private Equity  04/09/2021   —    15,347   *,5,10
SBJ Fund, LP   Private Equity  07/31/2023   1,328,784    1,151,336   *,5,12
Sea Change IV LLC  Private Equity  07/02/2024   479,708    719,536   *
Sentinel Capital Partners VI, L.P.  Private Equity  01/07/2025   2,510,538    2,552,752   *,5,12
Sentinel MCA AV, L.P.  Private Equity  10/13/2023   7,627,875    8,676,674   *,5
SK Capital Partners V-A, L.P.  Private Equity  01/01/2025   2,234,603    2,288,904   *,5
SL SPV-4 - A, L.P.   Private Equity  03/19/2025   4,500,000    7,542,004   *,5,9
SPC Partners IV, L.P.   Private Equity  03/31/2021   1,227,436    661,515   *,5,12
SPC Partners V, L.P.   Private Equity  12/31/2020   166,961    158,432   *,5,11
Sterling Investment Partners III, L.P.  Private Equity  01/01/2021   663,533    614,723   5,11
Stonepeak Infrastructure Fund III LP  Real Assets  09/29/2023   6,279,630    6,388,503   5,12
Strategic Value Spurs A, L.P.  Real Assets  12/13/2024   28,475,654    30,833,998   *,5
Stripes Continuation Feeder Fund, LP  Private Equity  10/29/2021   2,916,464    1,400,424   *,5
Summit Partners Growth Equity Fund IX-B, L.P.  Private Equity  09/30/2024   2,088,132    2,300,554   *,5
Summit Partners Growth Equity Fund X-B, L.P.   Private Equity  09/30/2024   2,085,769    2,598,299   *,5
Summit Partners Growth Equity Fund XI-B, L.P.  Private Equity  09/30/2024   1,025,693    1,150,684   *,5
TA Atlantic and Pacific VII-B L.P.  Private Equity  12/31/2020   271,047    1,596,004   *,5,11
Tailwind Capital Partners II (Cayman) L.P.  Private Equity  12/31/2020   745,128    19,301   *,5
The Resolute III Continuation Fund, L.P.   Private Equity  09/27/2024   103,639,308    120,522,928   *,5
THL HT Parallel SPV, L.P.  Private Equity  11/30/2020   2,379,691    4,689,963   5
Thoma Bravo Discover Partners III, L.P.  Private Equity  01/01/2025   3,194,383    4,436,682   *,5,12
Thoma Bravo Fund XI-A, L.P.   Private Equity  01/01/2022   3,703,148    1,570,999   *,5
Thoma Bravo Fund XIII, L.P.  Private Equity  09/30/2024   5,620,089    5,898,739   5,11
Thoma Bravo Fund XIV, L.P.   Private Equity  09/30/2024   15,140,250    16,732,592   5,11
Thoma Bravo Fund XV, L.P.   Private Equity  09/30/2024   4,271,532    5,464,138   5,11
Thoma Bravo Special Opportunities Fund II-A, L.P.   Private Equity   01/01/2022   1,404,367    1,314,615   5
TowerBrook Investors III Trust   Private Equity  12/31/2020   107,310    13,246   *
TPG Growth II, L.P.  Private Equity  04/09/2021   154,383    112,147   *,5,12
TPG Partners VII, L.P.  Private Equity  01/05/2023   13,195,098    11,460,397   *,5
TPG Partners VIII, L.P.  Private Equity  06/30/2022   58,803,972    78,054,050   5,10,11,12
Trident VIII, L.P.   Private Equity  12/30/2022   5,694,066    8,321,763   5
Trinitas Capital Management, LLC  Private Debt  03/15/2024   33,800,000    31,082,833   11
Trinity Hunt Partners CF, L.P.   Private Equity  10/14/2022   24,204,580    28,770,136   *,5
Trinity Hunt Partners V, L.P.   Private Equity  09/30/2024   667,129    471,227   *,5

 

 

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date   Cost    Fair Value   Footnotes
Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)                   
North America (continued)                   
Trive Capital Fund I (Offshore) LP  Private Equity  12/31/2021  $139,258   $ 196,623  *,5
Trive Capital Fund II (Offshore) LP  Private Equity  12/31/2021   703,292     1,577,784  *,5
Trive Capital Fund III LP   Private Equity  12/31/2021   6,744,074     21,752,108  *,5,10
Trive Capital Fund III-A LP  Private Equity  12/31/2021   2,004,377     6,471,646  *,5
Trive Capital Fund IV-A LP   Private Equity  12/31/2021   667,478     1,012,486  *,5
Trive Structured Capital Fund I-A LP   Private Equity  12/31/2021   3,762,763     4,407,273  *,5
Trivest Discovery Fund II-A, L.P.   Private Equity  10/01/2024   567,723     511,884  *,5
Trivest Discovery Fund, L.P.  Private Equity  10/01/2024   381,907     482,121  *,5
Trivest Fund V, L.P.   Private Equity  10/01/2024   142,711     127,793  *,5
Trivest Fund VI, L.P.   Private Equity  10/01/2024   496,891     656,628  *,5
Trivest Fund VII-A, L.P.   Private Equity  10/01/2024   737,433     699,813  *,5
Trivest Growth Investment Fund II, L.P.  Private Equity  10/01/2024   780,640     980,925  5
Trivest Growth Investment Fund, L.P.  Private Equity  10/01/2024   363,437     334,954  5
Trivest Recognition Fund-A, L.P.   Private Equity  10/01/2024   403,519     436,425  *,5
TriWest Capital Partners III, L.P.  Private Equity  09/30/2024   90,043     204,745  *,5,13
TriWest Capital Partners IV, L.P.  Private Equity  09/30/2024   104,880     90,644  5,13
TriWest Capital Partners V, L.P.  Private Equity  09/30/2024   574,947     660,231  *,5,13
TSCP CV II, L.P.   Private Equity  09/08/2024   33,075,012     37,314,072  *,5
Vector Capital V, L.P.   Private Equity  12/31/2021   4,794,923     6,667,277  *,5
Vestar Capital Partners Rainforest, L.P.  Private Equity  04/09/2024   15,345,802     20,002,779   *,5
Vista Equity Endeavor Fund I-A, L.P.   Private Equity  01/01/2022   742,565     1,363,419  *,5
Vista Equity Endeavor Fund III-A, L.P.   Private Equity  04/23/2025   —     —  *,5,9
Vista Equity Partners Fund VIII, L.P.   Private Equity  04/23/2025   6,921,011     7,820,380  *,5,12
Vista Equity Partners Hubble, L.P.  Private Equity  06/23/2025   17,539,342     17,539,342  *,5,9
Vista Equity Partners Meadowbrook, L.P.  Private Equity  04/23/2025   —     4,189,849  *,5,12
Vista Foundation Fund V-A, L.P.   Private Equity  04/23/2025   —     —  *,5,9
Warburg Pincus Global Growth-E, L.P.  Private Equity  09/30/2024   1,822,738     2,756,119  *,5
Warburg Pincus Jovian GG, L.P.  Private Equity  12/17/2024   151,664     221,752  *,5
Warburg Pincus Private Equity XII-D, L.P.   Private Equity  09/30/2024   1,265,264     1,412,216  *,11
Water Street Healthcare Partners II, L.P.   Private Equity  04/01/2021   553,537     20,717  *,5
Webster Equity Partners III-A, L.P.   Private Equity  04/29/2021   4,028,734     3,782,406  *,5
Webster Equity Partners III-B, L.P.   Private Equity  01/17/2024   572,680     1,142,039  *
WEP Terra Fund, L.P.   Private Equity  10/23/2024   5,984,316     8,052,007  *,5
West Street Real Estate Secondary Partners B, L.P.    Real Assets   12/10/2021   5,221,288     4,264,862  *,5,8
WestCap Strategic Operator Offshore Feeder, L.P.    Private Equity   04/13/2022   7,156,801     5,875,174  *
WestCap Strategic Operator US Feeder Fund, L.P.    Private Equity   04/13/2022   16,287,088     14,284,242  *,12
Westview Capital Partners III, L.P.   Private Equity  12/31/2021  2,304,287    1,576,403  *,5,11
XPV Water Extended Value Fund LP  Private Equity  10/03/2022    9,491,726     12,279,156  *,5
Total North America        $

2,182,606,815

   $

2,586,544,166

    

 

 

 

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)                 
Rest of World - 0.3% of NAV                 
Bain Capital Asia Fund IV, L.P.  Private Equity  12/31/2024  $725,185   $1,000,613   5,12
Carlyle MENA Partners, L.P. and Parallel Vehicles  Private Equity  01/01/2021   40,494    308,520   *,5,11
Carlyle South America Buyout Fund, L.P. and Parallel Vehicles  Private Equity  01/01/2021   229,532    6,482   *,5,11
NewQuest Asia Fund IV HH, L.P.  Private Equity  04/25/2022   8,136,849    10,228,866   *,5
Pacific Equity Partners Fund VI, L.P.  Private Equity  12/31/2024   1,551,616    1,848,816   *,5
Vertex IV CF L.P.  Private Equity  01/04/2022  $2,254,860   $2,165,846   *,5
Total Rest of World        $12,938,536   $15,559,143    
Total Non-Controlled/Non-Affiliated Secondary Investment Funds        $2,716,090,455   $3,240,068,882    
                    
Short-Term Investments - Non-Controlled/Non-Affiliated - 0.8% of NAV                   
Fidelity Investments Money Market Government Portfolio — Class I, 4.23% (39,050,546 shares)  Money Market  N/A  $39,050,546   $39,050,546   15,16
Total Non-Controlled/Non-Affiliated Short-Term Investments        $39,050,546   $39,050,546    
Total Non-Controlled/Non-Affiliated Investments - 84.5% of NAV        $3,526,198,625   $4,164,763,378    
                    
Secondary Investment Funds - Controlled/Affiliated - 4.1% of NAV                  1,2,3,4
North America - 4.1% of NAV                   
Accordion DC Holdings, LP  Private Equity  12/08/2022  $5,237,461   $7,141,569    
Gemspring Capital Goliath Fund, LP  Private Equity  10/30/2024   37,763,085    37,678,661   *,5
Octagon StepStone CLO Fund, LTD. (50,000 common shares)  Private Debt  02/07/2023   50,000,000    66,288,137   *
SkyKnight Capital II CV B, L.P.  Private Equity  10/29/2024   77,044,787    94,097,264   5
Total North America.        $170,045,333   $205,205,631    
Total Controlled/Affiliated Secondary Investment Funds        $170,045,333   $205,205,631    
Total Controlled/Affiliated Investments - 4.1% of NAV        $170,045,333   $205,205,631    
Total Investments - 88.6% of NAV        $3,696,243,958   $4,369,969,009    
                    
Cash Equivalents - 11.2% of NAV                   
UMB Bank Money Market Special II — 4.19% ($550,353,971 principal)  Money Market  N/A  $550,353,971   $550,353,971   16
Total Cash Equivalents        $550,353,971   $550,353,971    
Other assets in excess of liabilities - 0.2% of NAV             $7,609,705    
Net Assets - 100.0% of NAV             $4,927,932,685    

 

*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.

 

 

 

 

StepStone Private Markets

 

 

Consolidated Schedule of Investments (continued)
June 30, 2025 (unaudited)

 

 

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 funds 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.

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.