Fund databaseInfrastructure

StepStone Private Infrastructure Fund

StepStone Group · LU3044421744

Part II SICAV Infrastructure Luxembourg Article 6 15 share classes ↓

NAV · 24 Jun 202629.09 USD
Fund currencyUSD
Income treatmentaccumulatingclass tracked, verified
Performance since Dec 2023 p.a.+10.5%Class A EUR
Ongoing costs
Min. investment
Redemptionquarterly
Risk (SRI)6 / 7

01Performance

Unit price (NAV) in EUR · share class A EUR · 33 data points · not the share class named in the header

32.31 EURNAV as at 5 Aug 2026
25.327.629.932.2Dec 2023Aug 2024May 2025Jan 2026Aug 2026
Source: Price feed from the management company, individual values from provider documents all values documented from primary sources
YTD+8.8%
1 year+14.9%
since Dec 2023 p.a.+10.5%

Calendar-year returns

Calendar years, calculated from the NAV series

+14.8%2024+3.8%2025+8.8%2026 YTD

Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and the trading costs of reinvestment are not taken into account. Past performance is not a reliable indicator of future results.

Provider figures

These come from the factsheet, the PRIIPs KID or the monthly report. They may relate to a different reference date, a different share class or a longer period than the series above — the series starts with the first documented unit price, not necessarily with the launch. That is why the values sometimes differ.

Performance 12M16.89%

Target return per the provider: No return target. PRIIPs scenarios class A EUR (investment of EUR 50,000) after 5 years: stress -6.09 % p.a., unfavourable +2.05 % p.a., moderate +10.25 % p.a., favourable +13.59 % p.a.; return before costs in the moderate scenario 14.60 % p.a

Source: KID_LU2677665254_A-EUR-Acc_2026-04-30.pdf

Provider figure or KID scenario — not a forecast by semiliquid.info. Target returns are not guaranteed.

02Strategy & portfolio

What the fund does and how the portfolio is put together.

Launch year2023
Fund sizeUSD 324mas at 24 Jun 2026 (monthly report)
CurrencyUSD
Income treatmentaccumulating
SFDRArticle 6
Recommended holding5 yrs
Liquidity buffer
Leverage limit

Risk indicator 6 of 7 from the key information document (1 = low, 7 = high); it captures liquidity risks only to a limited extent.

Portfolio breakdown

Broken down using semiliquid’s common taxonomy — provider labels are mapped onto shared categories so that funds can be compared. Only published figures are used; nothing is estimated.

Sector breakdown

Actual portfolioFair market valueas at 31 May 2026

Digital infrastructure31.7%
Utilities & environment20.4%
Renewable energy17.3%
Transport & logistics15.6%
Energy & commodities5.5%
Social infrastructure4.8%
Diversified, no sector breakdown2.4%
Other2.3%
Show individual values
Digital infrastructure31.7%
Renewable energy17.3%
Utilities & environment15.7%
Transport & logistics15.6%
Midstream & storage5.5%
Social infrastructure4.8%
Conventional power generation2.5%
Decarbonisation infrastructure2.2%
Diversified, no sector breakdown2.4%
Other2.3%
Source: StepStone 'Private Infrastructure Fund (STRUCTURE Lux)' Monatsbericht Juni 2026, 'Sector Composition' per 31.05.2026

Geographic breakdown

Actual portfolio% of NAVas at 30 Jun 2026

North America53.0%
Europe36.0%
Other / unallocated11.0%
Source: StepStone 'Private Infrastructure Fund (STRUCTURE Lux)' Monatsbericht Juni 2026, Grafik 'Geography'

Portfolio composition

Access routes: co-investments 20-50 %, secondaries 40-80 %, primaries 0-10 %. Asset classes: 90-100 % infrastructure investments, 0-10 % other private-markets investments; at least 80 % of assets in infrastructure investments. Fund-of-funds ratios: 0-10 % primary funds, 40-80 % secondary funds (excluding the portion allocated to operating companies)
Source: KID_LU2677665254_A-EUR-Acc_2026-04-30.pdf, Investment policy / fund of funds

03Costs

The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.

Management fee1.25%
Total ongoing costsnot documented
Entry charge max.0.00%
Redemption fee0.00%
Performance fee10.00%
Hurdle rate5.00%
High-water marknot documented

How the performance fee works

10 % of the TOTAL RETURN at product level, above a hurdle rate of 5 %; in addition, possible carried interest at target-fund level. Neither a catch-up nor a high-water mark nor a crystallisation cycle is mentioned in the KID
Source: KID_LU2677665254_A-EUR-Acc_2026-04-30.pdf

Costs per the key information document

Class A (EUR) accumulating, KID as at 30 Apr 2026, investment example EUR 50,000: management fees and other administrative/operating costs 2.5 % p.a. (EUR 1,255, including the target-fund level); transaction costs 0.0 % (EUR 0); performance fees 1.4 % p.a. (EUR 695). TOTAL COSTS EUR 1,950 on exit after 1 year, EUR 12,402 on exit after 5 years. ANNUAL COST IMPACT (reduction in yield): 3.9 % in year 1, 4.3 % p.a. over the recommended holding period of 5 years (return 14.60 % p.a. before costs, 10.25 % p.a. after costs)
Source: KID_LU2677665254_A-EUR-Acc_2026-04-30.pdf, section 'What are the costs?'

04Subscription & entry

How you get into the fund, and on what terms.

Subscriptionweekly
Minimum investmentnot documented
Entry chargeup to 0.00%
Rec. holding period5 years

Subscription per the document

monthly (typical)

05Redemption & liquidity

Semi-liquid means redemption only on fixed dates, with notice periods and upper limits. This is how it works for this fund — in the order the redemption process runs.

Units can be redeemed quarterly; on each date the fund redeems at most 5 % of fund assets.

1 · Lock-upnone
2 · Notice periodunknown
3 · Redemption datequarterly
4 · Gatemax. 5 % per date
5 · Payoutnot documented

The gate caps redemptions at 5 % of fund assets per date. If more investors want out at the same time, orders are scaled back pro rata or deferred to the next date.

Redemption per the document

Quarterly repurchases — 'Up to 5 % of the shares in issue per quarter may be repurchased by the sub-fund. The limited shareholders may tender their shares during a specified period, and the repurchased shares are paid out in cash on the basis of the net asset value as at the valuation date.'

Source: KID_LU2677665254_A-EUR-Acc_2026-04-30.pdf — previous assumption now documented by a primary source

Gate per the document

5 % of the shares in issue per quarter. 'The repurchase procedures may be adjusted on account of regulatory requirements or liquidity constraints. The general partner may suspend or postpone repurchases.'

Source: KID_LU2677665254_A-EUR-Acc_2026-04-30.pdf

Notice period

not documented

Lock-up

No minimum holding period and no penalty — 'You should be prepared to remain invested for at least 5 years. This is, however, neither a minimum holding period nor a recommendation ...'; 'You can sell your units ... without penalty.'

Source: KID_LU2677665254_A-EUR-Acc_2026-04-30.pdf

06Share classes

15 classes known. All cost and risk figures on this page apply to LU3044421744.

ISINStatusMin. investmentOngoing costsSRI
LU3044421744basis of this pagenot documentednot documentednot documented
LU2677665254documentednot documented2.50%6/7
LU2677665684documentednot documentednot documentednot documented
+ 12 more share classes
ISINStatusMin. investmentOngoing costsSRI
LU2677665171documentednot documentednot documentednot documented
LU2677665098documentednot documentednot documentednot documented
LU2677665338documentednot documentednot documentednot documented
LU2739708605documentednot documentednot documentednot documented
LU3097959624documentednot documentednot documentednot documented
LU2677665411documentednot documentednot documentednot documented
LU2677665502documentednot documentednot documentednot documented
LU3044421827documentednot documentednot documentednot documented
LU3072856654documentednot documentednot documentednot documented
LU3084311938documentednot documentednot documentednot documented
LU3176616145documentednot documentednot documentednot documented
LU3097959970documentednot documentednot documentednot documented
Note on the classes
Monthly report 06/2026: 15 classes listed, 13 with a NAV; A-GBP (LU2677665338) and D-GBP (LU2677665502) without a NAV and without a launch date (listed, not active). S1 classes with a reduced management fee of 0.25 %.

07Fund details & verification

Who stands behind the fund, who it is authorised for — and what the figures rest on.

AIFM / management company

PRIIP manufacturer and manager: StepStone Group Europe Alternative Investments Limited (Ireland, Central Bank of Ireland). Investment manager of the sub-fund: StepStone Group Private Wealth LLC (USA, SEC-registered). Registered office: 10 rue du Château d'Eau, L-3364 Leudelange, Luxembourg. The SICAV is CSSF-regulated and qualifies as an AIF within the meaning of the AIFM Directive

Source: KID_LU2677665254_A-EUR-Acc_2026-04-30.pdf

Depositary

Northern Trust Global Services SE, Luxembourg

Source: KID_LU2677665254_A-EUR-Acc_2026-04-30.pdf

Launch date

First issue of class E USD (employee class): 27 Sep 2023; first public class A EUR: 1 Dec 2023 (monthly report 06/2026, footnote 2).

Source: KID_LU2677665254_A-EUR-Acc_2026-04-30.pdf

Eligible investors

'suitable only for investors who have knowledge and experience of investing in the financial markets and who understand private markets as an asset class, and who are prepared to invest in a product with a recommended holding period of at least five years'; ability to bear a total loss required. PRIIPs KID for retail investors

Source: KID_LU2677665254_A-EUR-Acc_2026-04-30.pdf

Fee layers / double charging

Not documented – StepStone is positioned as a fund-of-funds and secondaries manager, so a target-fund level with additional fees would structurally be expected; substantiated information is not documented, however.

All figures come from our analysis of provider documents (product data as at 19 Aug 2026, distribution data as at 12 Aug 2026) and have not been conclusively verified.

Similar funds

Same asset class, sorted by overlap of sub-strategy — no recommendation, no ranking.

Important information. semiliquid.info does not provide investment advice and makes no recommendation to buy, sell or hold fund units — no ranking, no offer, no invitation to subscribe. Only the prospectus and the key information document (PRIIPs KID) of the respective fund are authoritative. We give no warranty for the accuracy, completeness or currency of the information. Semi-liquid funds invest in illiquid assets: redemptions are possible only to a limited extent and can be capped, deferred or suspended; there is a risk of total loss. Past performance is not a reliable indicator of future results. Read the prospectus and the key information document before making an investment decision and seek professional advice where appropriate.