Spotlight: StepStone Private Wealth and Its Evergreen Private Markets Funds

The wealth arm of Nasdaq-listed StepStone Group reports $21.8 billion in assets as of June 30, 2026, more than four times its October 2024 total, spread across five U.S. evergreen funds and a set of offshore versions.

October 21, 2026

StepStone Private Wealth Solutions is the individual-investor business of StepStone Group (Nasdaq: STEP), a private markets firm that reports $913 billion of total capital responsibility, including $245 billion of assets under management, as of June 30, 2026. The wealth unit takes the parent's institutional work in primary fund commitments, secondaries and co-investments and offers it through continuously offered funds that advisors buy by ticker. According to StepStone, those funds held $21.8 billion as of June 30, 2026, and the private wealth group had 117 professionals as of March 31, 2026.

From StepStone Conversus to $21.8 Billion

The business started in 2019 as StepStone Conversus and launched its first registered evergreen fund, StepStone Private Markets Fund, in 2020. In November 2022, at roughly $1 billion in assets, the platform was renamed StepStone Private Wealth and its two funds dropped the Conversus prefix. StepStone reported crossing $5 billion in October 2024 and $10.2 billion as of July 31, 2025, attributing that growth mainly to the U.S. alongside new partnerships in Europe, Australia, Hong Kong, Singapore and the U.K. In the same August 2025 update, the firm said it had lowered minimums and removed accreditation requirements on most of its U.S. evergreen funds.

StepStone Private Markets Fund (SPRIM)

SPRIM is the core multi-asset vehicle, investing across private equity, real assets and private debt mainly through secondary purchases, co-investments and primary commitments. It is a diversified tender-offer fund with daily subscriptions, no capital calls, a $5,000 minimum on its S, D and R share classes and 1099 tax reporting, and it is eligible for IRAs and 401(k) plans. SPRIM moved to daily admittance and daily valuation in 2023, and its board may offer to repurchase up to 5% of shares each quarter.

SPRING, STRUCTURE and CRDEX

StepStone Private Venture and Growth Fund (SPRING) is a tender-offer fund that allocates across venture and growth managers on an open-architecture basis. It held a first close of more than $100 million in 2022, and its quarterly repurchase offers run up to 2.5% of shares.

StepStone Private Infrastructure Fund (STRUCTURE) is an interval fund investing in private infrastructure across sectors and geographies. It began operations on September 11, 2023, and intends to repurchase 5% of shares each quarter. StepStone Private Credit Income Fund (CRDEX) is an interval fund focused on senior secured direct lending, built on a multi-lender approach.

StepStone Private Equity Strategies Fund (STPEX)

STPEX, the newest U.S. fund, is an interval fund that invests in private equity alongside StepStone's institutional clients. It launched in September 2025 and had raised more than $750 million by mid-November, according to the firm. It carries a $5,000 minimum and no accreditation requirement, with semi-annual redemptions currently expected at up to 5% of net asset value. StepStone has since put STPEX at $2 billion of assets as of September 30, 2026. In March 2026 the fund was added to Fidelity model portfolios with private markets, available through Envestnet, and AssetMark added it to its platform in September 2026.

The private wealth hub also carries investor access for StepStone Private Credit Fund LLC, StepStone's privately offered BDC for accredited investors. The fund raises capital through monthly share sales, including $211.6 million dated July 1, 2026, and in September it added a $250 million revolving credit facility led by Goldman Sachs Bank USA.

Offshore Versions

StepStone runs Luxembourg versions of SPRIM, SPRING and STRUCTURE, Australian feeders for SPRING and STRUCTURE, and a Luxembourg private credit ELTIF. The Luxembourg UCI Part II structures launched in February 2025, and StepStone partnered with Goji on digital onboarding for several of its European funds.

Leadership, Retirement Plans and Advisor Tools

Brett Schlemovitz, who joined StepStone in 2022 and was named a partner in 2024, leads the business as partner and president. In May 2026 StepStone hired Taylor Benson as head of U.S. defined contribution and said it is developing collective investment trusts across private equity, infrastructure and private debt for retirement plans.

StepStone Academy, the firm's education platform, offers continuing education credit to U.S. financial professionals. On October 14, 2026, StepStone added Total Portfolio Allocator, a modeling tool in which an advisor starts from a public-market risk profile, adds private markets allocations across four asset classes and compares hypothetical returns, volatility and drawdowns against a public-only portfolio, including through the 2008 financial crisis, COVID-19 and the 2022 rate shock. The tool runs on SPI by StepStone, the firm's database covering more than 20,000 general partners, 53,000 funds and 304,000 underlying investments.