StepStone Private Markets (SPRIM™)
Inviting You Inside the Private Markets
Aligning investor interests, building trust
Simplifying your investment process
Seeking enhanced portfolio outcomes
Much of the growth, value creation and opportunity has been taking place in the private vs. public markets.
Number of US IPOs Per Year1
![](https://www2.stepstonegroup.com/l/501151/2021-05-19/79zxsb/501151/1621454584OorQRBlZ/Number_of_IPOs.svg")
Companies have been staying private 2x longer
Current Blend of US Private Vs. Public Companies2
7x more private than public companies
1Jay R. Ritter. January 2023. Initial Public Offerings: Updated Statistics. https://site.warrington.ufl.edu/ritter/files/IPO-Statistics.pdf
2Capital IQ (January 2022). Note: 87% represents private US companies with >$100M in revenue.
Historically, the private markets have been opaque and difficult to access. However, performing well goes far beyond simply having access.
Historically, it has been difficult for high net worth individual investors and smaller institutions to get diversified exposure to the private markets for the following reasons:
Watch: A short discussion on the private markets, the potential benefits of SPRIM™, and why we believe it makes sense to incorporate the fund within a portfolio.
1K-1’s offer potential tax flow-through benefits for investors but also include added complexity.
StepStone is one of the largest private markets investment managers in the world with unparalleled access to deal flow and a proprietary suite of integrated data and technology solutions, allowing them to perform comprehensive due diligence and make better investment decisions.
StepStone’s proprietary private markets database, SPI, tracks the information of:3
81,000
Private Companies
42,000
Funds
16,000
GPs
All dollars are USD.
1Total capital responsibility equals Assets Under Management (AUM) plus Assets Under Advisement (AUA). AUM includes any accounts for which StepStone Group has full discretion over the investment decisions, has responsibility to arrange or effectuate transactions, or has custody of assets. AUA refers to accounts for which StepStone Group provides advice or consultation but for which the firm does not have discretionary authority, responsibility to arrange or effectuate transactions, or custody of assets. $602B in total capital responsibility includes $134B in AUM and $468B in AUA. Reflects final data for the prior period (September 30, 2022), adjusted for net new client account activity through December 31, 2022. Does not include post-period investment valuation or cash activity. NAV data for underlying investments as of September 30, 2022, as reported by underlying managers up to 100 days following September 30, 2022. When NAV data is not available by 100 days following September 30, 2022, such NAVs are adjusted for cash activity following the last available reported NAV.
2For the twelve months ended December 31, 2022. Excludes legacy funds, feeder funds and research-only, non-advisory services.
312 months ending January 31, 2023
412 months ending January 31, 2023. Includes all of StepStone’s private markets asset classes: Private Equity, Private Debt and Real Assets.
SPRIM™ is a core private markets holding, which may provide high net worth individuals and smaller institutions with fully diversified exposure to the private markets, available via a convenient, efficient and transparent product.
Globally diversified private market investments within a single fund
Unique access to deal flow, global scale, and information advantage
Intends to provide superior risk-adjusted returns
Seeking to reduce portfolio volatility
Securities in the private markets lack the daily price transparency of securities in the public markets.
There are no assurances these objectives will be met. SPRIM™ may be considered speculative, has substantial costs and is not suitable for all investors. The investment’s share price is evaluated less frequently which does not indicate stability in the value of the underlying assets. Investors will have limited liquidity. SPRIM™ is not obligated to redeem any shares, and approval is at the Board of Trustees’ discretion. The share redemption plan is subject to other limitations, and the Board may modify, suspend or terminate the plan.