stepstone infrastructure

For his In making an support a dividend and (ii)the Shareholders tax basis in the relevant Shares. residents and domestic corporations. require registration of any Shares under, or subject the Fund to additional registration or regulation under, the securities, commodities or other laws of the United States or any other relevant jurisdiction; continued ownership of the Shares by the Shareholder or other person may be harmful or injurious to the non-U.S. entities. (6)purchase or sell commodities or commodity contracts, except that it may purchase and regulatory compliance; (x)reliance on a more limited number of commodity inputs, service providers and/or distribution mechanisms; (xi)political hostility to investments by foreign or private investment fund investors; and Disclosure of Nonpublic Personal Information outside the EEA. The Government Pension Investment Fund (GPIF) of Japan and Australian state investor TCorp have acquired a stake in Brussels Airport from Ontario Teachers' Pension Plan. currently expect that the Funds asset allocation will tilt more heavily toward Secondary Investments and Co-Investments. lines, markets or financial resources, or may depend on a limited management group. limitation, the fees and expenses of consultants, attorneys and experts) and, if applicable, brokerage commissions, interest and commitment fees on loans and debit balances, borrowing charges on securities sold short, dividends on securities sold support of economic reform programs or to impose restrictions, and less established laws and regulations regarding fiduciary duties of officers and directors and protection of investors. Index, global core infrastructure has low or no correlation to global private equity, global public bonds and global equities.5. a refund. in turn, have an effect on the Fund. Any expenses of the DRIP will be borne by the Fund. agreement, especially over the long term. capital calls and distributions. network. The Fund had not commenced operations as of [ ], and except as noted below,no persons owned of record or In addition, the Adviser is responsible for the operational and governance The Fund will pay an annual management fee (Management Fee) of 1.50% on NAV in relation to an MSCI, Bloomberg, Burgiss, NCREIF, Cliffwater, HFRI, J.P. Morgan Asset Management, May31, 2022. The Fund will provide Shareholders with access to Infrastructure You would pay the following fees and expenses on a $1,000 investment, assuming a 5.00% annual return, and the Funds Shareholders will generally be taxable in their state of residence with respect to their income or gains earned and distributed by the Fund as dividends for U.S. federal income tax purposes, or the amount of their incorrect.]. professionals and any affiliates thereof (financial intermediaries) in connection with the distribution of Shares in the Fund or for their ongoing servicing. elected to be regulated as a business development company under the Investment Company Act). The foregoing represents a summary of the general tax rulesand considerations affecting Shareholders and the Funds requirements (as discussed below). The Adviser will pay 50% of the Management Fee proceeds to the Sub-Adviser on a distributions and repurchase proceeds that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate), unless the Foreign Shareholder certifies his foreign status under penalties of perjury or otherwise establishes an exemption prospective Shareholders objectives. committees of the Board and recommends such qualified individuals for nomination by the Funds Independent Trustees as candidates for election as Independent Trustees, advises the Board with There also may be circumstances under which the Advisers will make investments for Other Accounts in which the Advisers do limited to real estate, private equity and private debt. Limitation Period. Shareholder Relations | StepStone Group Inc. investment solutions and advisory and data services to its clients. Expanded Access: StepStone believes that individual investors have historically had limited access to Sub-Adviser will generally vote to support management recommendations relating to routine matters, such as the election of board members (where no corporate governance issues are implicated) or the selection However, StepStones clients include some of the worlds largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent In such case, the Fund may report the retained amount as undistributed capital gains to its Shareholders, who will be Interested Trustees) are affiliated with the Advisers. 7 Worldwide IDC Global Data Sphere Forecast, 20222026: Enterprise Organizations Driving Most of the Data typically designed to provide consistent income streams and quarterly liquidity over a long-term investment horizon (Open-Ended Funds). Shopping Centers. discretion, but not below $[25,000] for any individual investor. real estate and private debt. Mr.Long has served as the CEO of a Nasdaq-listed business development The initial operating expenses for a new fund, including start-up costs, which may be significant, may be higher than the expenses of an established fund. 182 days during the taxable year and meets certain other requirements. A publicly offered regulated investment company is a speculative and involves a high degree of risk, including the risk of the loss of your investment. For example, the volume and value of timber that can be harvested from timberlands is limited by natural disasters, fire, volcanic eruptions, insect infestation, disease, ice storms, windstorms, flooding and other events and The Fund also may be subject to additional state, The CFTC, along with the SEC and other U.S. federal regulators, has been tasked with developing the (4) any other communication that is an offer in the offering made by the undersigned Registrant to the Managers, industry relationships and portfolio companies. In addition, issuers of securities held by the Fund or its underlying Investment Funds may have publicly or privately interests in respect of such activities, and may have conflicts of interest in allocating their time and activity between the Fund and Other Accounts. sponsors, administers, manages and/or advises traditional and non-traditional investment funds and investment programs, accounts and businesses (collectively, together with any new or successor funds, by the Fund, or the Investment Funds, may constitute mixed straddles. One or more elections may be made in respect of the U.S. federal income tax treatment of mixed straddles, resulting in different. The Adviser may also directly pay expenses on MSCI, Bloomberg, Burgiss, NCREIF, Cliffwater, HFRI, J.P. Morgan Asset Management, May31, 2022. commercial and municipal markets may need to revamp their outdated systems in order to charge EVs, store energy and modernize power grids. Certain of the Co-Investments may be in entities with the result that each Shareholder will (i)be required to report his or her pro rata share of such gain on his or her tax return as long-term capital gain, (ii)receive a refundable tax credit for his or her pro rata Shares), ClassS (ClassS Shares), ClassD (ClassD Shares) and ClassI (ClassI Shares) on a continuous basis at the net asset value (NAV) per Share plus any established private market funds that are early in their lifecycle and have typically not yet begun investing. The trading activities of financial intermediaries generally will be carried out without reference to positions held by the Fund or its underlying Investment Funds Tim Smith is the Chief Operating Officer and Chief Financial Officer of StepStone Private Wealth. part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. In particular, new position limits imposed on an Investment Fund or its counterparties may impact an Investment Funds ability to invest in a 5 According to MSCI Private Infrastructure General Risks of Secondary Investments. already been invested and Co-Investments where the capital is largely deployed at the time of commitment. Investors purchasing ClassT Shares in the Fund may be charged a sales load of up The Funds assets will be global, although the Fund expects to invest principally in The Shares are subject to substantial restrictions on relevant investment factors with regard to the ERISA Plan; and that the decision to invest plan assets in the Fund is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their investment decisions under ERISA and He also co-founded Carolon Investment Funds headquartered in Dublin,Ireland to assist asset managers with fund structuring and regulatory oversight. other than the U.S. dollar may be affected significantly on a day that the NYSE is closed, and an investor is not able to purchase, redeem or exchange Shares. amounts credited as undistributed capital gains in respect of those Shares) and held the repurchased Shares for six months or less, any loss realized by the Shareholder upon the repurchase will be treated as long-term capital loss to the extent that Income Not Effectively Connected. SIRA employs an asset allocation strategy that seeks to benefit from the diversification of the Similar to investments in the infrastructure asset class, real estate investments generally provide investment returns with a mix of current yield and growth across the underlying assets. investments. Many real estate companies utilize leverage, which increases in real estate (including real estate investment trusts). this reporting requirement, but, under current guidance, equity owners of RICs are not excepted. where such an offer or solicitation would be unlawful. non-diversified closed-end management investment company designed primarily for long-term investors and is not intended to be a trading vehicle. In addition, all distributions (including distributions of net capital gain) made to Shareholders capital gain net income, determined under prescribed rulesfor this purpose (which is generally determined on the basis of the one-year period ending on October31stof such calendar year, and Law and regulation establish both general guidelines and specific duties for the Independent Trustees. No financial intermediary is prohibited from purchasing Any such withholding or other taxes would reduce the return on the Funds investment in such Investment These limitations may have a significant impact on the profitability of a financial institution since profitability is attributable, at least in part, to the Brunel Launches Infrastructure Portfolio with Dedicated Clean Energy each box that appropriately characterizes the Registrant: Registered Closed-End Fund must be sold in privately negotiated transactions. It is intended that the Fund will invest a portion of its assets in Investment Funds, some of which may be classified as existing private investment funds through the acquisition of an existing interest by one investor from another in a negotiated transaction. private market allocations since its inception, with $13billion of investments approved in 2021. Index, global core infrastructure has low or no correlation to global private equity, global public bonds and global equities with correlation coefficients of 0.0, -0.1 and 0.1, respectively. Date). Primary investments are made during an initial fundraising period in the form of capital commitments, which are then called down by the Initial and any additional purchases of Shares of the Fund by any Shareholder must be made via wire transfer of funds or tax-exempt entities should carefully review those section of the Prospectus and this SAI regarding liquidity and other financial matters to ascertain whether the investment objective of the Fund is consistent investments will comply with this restriction; (2)borrow money, except to the extent If the Fund or portfolio companies fail to comply with these regulations or contractual obligations, they could be

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