The non-traded fund’s net asset value reached roughly $2.54 billion at the end of May as it presses ahead with a continuous offering capped at $10 billion.

June 24, 2026

StepStone Private Credit Fund LLC reported that it sold about 10.65 million unregistered shares for aggregate proceeds of $279.6 million, extending a private fundraising effort that has now drawn close to $2.69 billion since it began.

The New York fund dated the sale as of June 1, 2026, and set the final share total on June 23. The shares represent limited liability company interests in the fund. Because the offering is private, StepStone relied on common exemptions from federal registration requirements, among them Section 4(a)(2) of the Securities Act along with Regulation D and Regulation S.

Portfolio and Valuation

The fund disclosed several balance-sheet markers as of May 31, 2026:

• Net asset value per share: $26.25
• Aggregate net asset value: roughly $2.54 billion
• Investment portfolio fair value: about $3.61 billion
• Debt outstanding (principal): $1.42 billion

Status of the Offering

The capital raise is one piece of a broader private offering that the fund may extend up to $10 billion in shares. To date it has issued nearly 103 million shares for total consideration of roughly $2.69 billion.

Those totals exclude shares created through the fund’s distribution reinvestment plan, and they leave out shares bought back under its discretionary quarterly repurchase program. The fund said it plans to keep selling shares on a monthly schedule.

StepStone Private Credit Fund identifies itself as an emerging growth company under federal securities rules.