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StepStone Private Wealth Launches Private Credit Fund

Date: Jun 07, 2024 @ 07:58 AM
Filed Under: Industry News

StepStone Private Wealth announced the launch of the StepStone Private Credit Income Fund (“CRDEX”), an evergreen interval fund that can be purchased daily via ticker CRDEX.

CRDEX offers individual investors and institutions exposure to a highly diversified, open-architecture portfolio of private credit assets in a single investment, seeking to generate current income and long-term capital appreciation, mainly by investing in various credit-related strategies. CRDEX will use a “multi-lender” approach to help achieve its objectives and employ both direct lending and specialty credit strategies to construct its portfolio, which will include investments such as direct loans and secondaries.

The launch of CRDEX complements the current SPW investment strategies that can be purchased by a ticker including StepStone Private Markets Fund or SPRIM (ticker: XPMIX), and StepStone Private Infrastructure Fund or STRUCTURE (ticker: STRUX), along with the StepStone Private Venture and Growth Fund or SPRING.

CRDEX’s capital will be invested by StepStone Private Debt, which leverages StepStone’s global platform, scale, and relationships to build portfolios tailored to meet client objectives. StepStone Private Debt’s team of more than 65 private debt investment professionals is responsible for $50 billion of capital as of March 31, 2024 and will invest CRDEX’s capital alongside the firm’s institutional clients.

“CRDEX seeks to provide a stable, attractive yield and inflation protection that will temper the volatility in traditional portfolios by investing primarily in floating rate, senior secured loans,” said Bob Long, CEO of StepStone Private Wealth. “Benefitting from StepStone’s industry leading technology, research, and data capabilities, CRDEX aspires to construct a portfolio that is well diversified by manager, underlying borrower and sub-strategy, similar to our other private wealth funds.”

As an evergreen fund, CRDEX will raise capital daily while providing liquidity through quarterly redemptions of 5% of the fund’s NAV. There are no ongoing capital calls, and tax reporting will be provided via a Form 1099 rather than a Schedule K-1. CRDEX is available to investors in the United States with a minimum investment of $25,000 through a range of share classes created for various wealth management platforms. After the first closing, CRDEX will be available through select mutual fund platforms via a ticker and otherwise purchased by subscription agreements for platforms that prefer them.

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