as a straddle. To the extent the straddle rulesapply to positions established by the Fund, or the Investment Funds, losses realized by the Fund may be deferred to the extent of unrealized gain in the offsetting positions. necessary to delay its effective date until Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section8(a) of the Securities Act of 1933 or SIRA . to each director, officer or partner of the Adviser is incorporated by reference to FormADV with the Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940, as amended (File Other legal risks relate to environmental issues and industrial actions or to actions by special interest groups and actions The exercise of control over a As defined by the 1940 Act, as amended (the 1940 Act), the vote of a majority of the outstanding voting securities of the Fund means the vote, at an annual or He was responsible for the day-to-day operation of the firm, and he was the head of distribution. consultation with Sub-Advisers Chief Compliance Officer will determine how the Sub-Adviser should vote the proxy in accordance with applicable voting guidelines, be economically unsound, or legally prohibited, to build a competing facility, such as an airport, toll-road or timberland. In addition, there can be no assurance that the relevant government there is a material risk of a conflict arising in the area of allocations that would disadvantage the Fund relative to another StepStone client. The minimum initial and additional investments may be reduced at the Advisers discretion. weather conditions and changes in climate conditions could intensify the effects of any of these factors. Occupation(s)DuringPast5Years. to clients about the voting of proxies for their portfolio securities and maintaining relevant and required records. Accordingly, the performance of the Fund could be adversely affected by such currency fluctuations. StepStones Legal and Compliance department. A terrorist attack on an infrastructure asset may When will I receive my detailed tax information? judgments as to the desired portfolio composition of the Funds Private Market Assets, in that the Funds performance may be tied to the performance of fewer Private Market Assets and/or may not reflect the Advisers judgment as to The deal values the business, known as SIP, at $1.25 billion, said a person familiar with the terms who asked not to be identified because they're private. Alternatives, a private markets industry group, and during his term as Chairman, led several of its strategic initiatives. private markets and has served as the CEO of two publicly traded companies focused on expanding. StepStone Group Private Wealth LLC is registered as an investment adviser under the Investment Advisers Act of 1940 (the respect to each investment opportunity generally will be allocated among the various Related Investment Accounts for which the investment has been approved pro rata. Secondary Investments may be acquired at a discount to the Investment Funds NAV. with senior debt, while providing lenders an opportunity to participate in the capital appreciation of a borrower, if any, through an equity interest. significant. U.S. federal income taxes, a portion of all taxable dividends and repurchase proceeds payable to Shareholders who fail to provide the Fund with their correct taxpayer identification numbers, generally on an IRS The fact that a loss is reportable as just described does not affect the legal determination of whether the taxpayers treatment of the loss is real estate investments may adversely affect their tenants ability to make their lease payments and, in such event, would substantially reduce both their income from operations and ability to make distributions that directly or indirectly Primary Investments are generally closed-end funds and only accept new investments during a finite period. The Fund and the Advisers may use independent pricing services to assist in calculating Any capital gain that a Foreign Shareholder realizes upon a repurchase of Shares or otherwise upon a sale or exchange of certain ordinary losses), plus any such amounts that were not distributed in previous calendar years, then the Fund will generally be subject to a nondeductible 4% excise tax with respect to the Funds undistributed amounts. bank or securities dealer and the Investment Funds simultaneous agreement to repurchase the security for a fixed price (reflecting a market rate of interest) on a specific date. The Sub-Adviser will maintain a record of the resolution of any conflict of interest. foreign taxes. dividends daily and pay such dividends on a monthly or more frequent basis. High-Quality, Diversified Infrastructure Exposure: The Fund will seek to provide diversification by The Management Fee is computed based on the value of the net assets of the Fund as of the close of business on the last business day of each month (including any assets in respect of Shares that will be repurchased by the Fund as Shares are being offered through the distributor at an offering price equal to the Funds then-current NAV per Share, plus any applicable sales load. Mr.Sittema has served as the CEO of an industry-leading private markets asset manager and the Chairman of the Board of numerous publicly registered funds designed for individual investors. in normal circumstances, invest more than 25% of the value of its total assets at the time of purchase in Infrastructure Assets. StepStone is a global private markets investment firm focused on providing customized investment solutions and advisory and investments. Finally, all or a portion of any gain realized from engaging in conversion transactions Fund. order from the SEC that permits the Fund to co-invest alongside its affiliates. the Sub-Adviser and indirectly benefit from the success of the Fund based on his ownership interest. You are advised to read this Prospectus carefully and to retain it for future reference. or other distributions that they receive from the Fund. subject to monetary penalties or they may lose their rights to operate the underlying infrastructure assets, or both. or litigation relating to the acquisition, ownership, operation and disposition of the Co-Investments that may adversely affect the Co-Investment or the value thereof. hold the related investment. With respect to Primary Investments, StepStone uses its best efforts to defer the allocation decision to the relevant The Fund may invest in Co-Investments that derive substantially all of their revenues Inflation Hedge: Most regulated infrastructure assets, and many non-regulated As a result of the risks associated with advancing the companys was owned or operated by that person. In addition, the Adviser is responsible for the operational and governance 2019. stock during the applicable taxable year and such income would nevertheless be subject to the distribution requirement and would be taken into account under prescribed timing rulesfor purposes of the 4% excise tax (described above). If, however, a Shareholder requests to change its election within 30 days prior to a distribution, the request will be effective 801-117639). the cost of the Funds investments and cost of doing business, which could adversely affect investors. each year and approved over $75billion across asset classes in 400 plus separate transactions, including over $13billion of infrastructure capital, in 2021 alone. investments and other distressed asset-based investments require active monitoring. Fund faces the risk of being unable to enforce its rights with respect to holdings in Chinese securities and the information about the Chinese securities in which the Fund may invest may be less reliable or complete. advantages of StepStones global platform through an investment process that integrates the firms analytical and investment expertise, access to proprietary information and insights gained through deep relationships with Investment Board and on. On non-routine matters, the Sub-Adviser will However, the Fund may accept all Shares tendered for repurchase by Shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered.

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