StepStone Private Credit Fund Lines Up $250 Million Goldman-Led Revolver
Priced at SOFR plus 190 basis points with a 2031 maturity, the facility gives the fund a three-year window to fund new loans through a dedicated financing subsidiary.
September 18, 2026
StepStone Private Credit Fund LLC has secured a new $250 million revolving credit facility led by Goldman Sachs Bank USA, adding a fresh layer of asset-based leverage as the private BDC continues to build out its direct-lending portfolio.
The facility was put in place on September 14 through StepStone SPV Facility VII LLC, a wholly owned special-purpose subsidiary that serves as borrower, with the fund itself acting as collateral manager. Goldman is administrative, syndication and calculation agent, while UMB Bank fills the collateral administrator, custodian and agent roles. The numbering on the SPV places it in an established line of financing subsidiaries at the fund.
Pricing and Availability
Borrowings will generally carry interest at term SOFR, floored at zero, plus a margin of 1.90%, and the borrower owes a non-use fee on undrawn amounts. Both the rate and the fee are subject to a deemed minimum utilization amount, which effectively sets a floor on what the fund pays regardless of how much it actually draws.
Availability is governed by a borrowing base that applies different advance rates depending on the type of asset pledged, with eligibility requirements that can narrow the amount available to borrow. Lenders are secured by all assets held in the SPV and by a pledge of the SPV’s equity from an intermediate holding company, StepStone SPV Facility VII Intermediate Holdco LLC. Borrowings count toward the fund’s asset coverage requirements under the Investment Company Act of 1940.
Term Structure and Exit Costs
The facility follows a familiar shape for SPV-level BDC financing:
- Reinvestment period: ends September 14, 2029, after which no new draws are permitted;
- Maturity: September 14, 2031;
- Make-whole premium: 2% on commitment reductions or post-default acceleration through September 14, 2027, stepping down to 1% through September 14, 2028.
Voluntary prepayment and commitment cancellations are permitted subject to that premium, and the agreement carries customary mandatory prepayment and amortization provisions.
Fund-Level Guaranty
Alongside the credit agreement, the fund and the intermediate holding company signed a non-recourse carveout guaranty in favor of UMB and Goldman. Under it, the fund backstops losses arising from specified bad acts, including gross negligence, willful misconduct, fraud, intentional misrepresentation, misappropriation of funds and willful breaches of the facility terms. The guaranty also imposes financial maintenance covenants at the fund and holding-company level.
The new facility arrives as the fund continues to raise equity on a monthly cadence. Chief Financial Officer Joseph Cambareri signed the report on September 17.
