1. Organization

StepStone Private Credit Fund LLC (collectively with its consolidated subsidiaries, the “Company”) is a Delaware limited liability company which was formed on September 26, 2022 and operates as an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company elected to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to maintain its qualification as a RIC annually thereafter. The liability of each member of the Company is limited to the value of capital contributed of such member in accordance with the provisions of the Company’s Limited Liability Company Agreement.

The Company seeks to achieve attractive risk-adjusted returns mainly by investing in various credit-related strategies. StepStone Group Private Debt LLC (the “Advisor”) serves as the Company’s external investment advisor pursuant to an investment advisory agreement with the Company (the “Advisory Agreement”). The Advisor is an investment advisor registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Advisor also serves as the Company’s administrator pursuant to an amended and restated administration agreement (the “Administration Agreement”). SEI Investments Global Funds Services (the “Sub-Administrator”) provides certain outsourced administration and outsourced accounting services for the Company.

The Advisor has engaged StepStone Group Europe Alternative Investments Limited (“SGEAIL” or the “Sub-Advisor” and, together with the Advisor, the “Advisor”) to act as the Company’s sub-advisor pursuant to a sub-advisory agreement by and among the Advisor, SGEAIL, and the Company (the “Sub-Advisory Agreement”), to provide certain ongoing, non-discretionary investment advice and services to the Advisor in regard to the Advisor’s management of the Company.

The Company is conducting a continuous private offering (the “Private Offering”) of up to $10,000,000 of its limited liability company interests (“Shares”) in reliance on the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder, and pursuant to Regulation S under the Securities Act. In connection with the Private Offering, the Company has entered into, and expects to continue to enter into, subscription agreements with investors (each, a “Subscription Agreement”).

The organizational meeting of the Board of Directors (the “Board”) of the Company was held on January 11, 2023. On January 4, 2023, the Advisor contributed $10 of capital to the Company in exchange for 400 shares of the Company’s Shares. There were no operations prior to April 3, 2023 (commencement of operations).