Fund database › Infrastructure
StepStone GroupLU3044421744Class RC USD
The StepStone infrastructure fund targets secondaries and co-investments in the global core-plus and value-add segment — as a Luxembourg Part II SICAV with weekly valuation, launched in 2023.
Weekly subscription; exit runs through the StepStone-typical quarterly repurchase offer at the manager's discretion — with no minimum holding period and no penalty fee.
Subscription from EUR 25,000 for professional investors with private-markets understanding; not registered for distribution in Germany.
Like its PE sister funds, the product trades a hard redemption right for a lived repurchase programme — in the infrastructure context with the added argument that secondaries entries dampen the valuation risks of young portfolios.
Figures for class RC USD (LU3044421744) · product data 25 Sep 2026 · sources: prospectus (as at 1 Aug 2026), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in May 2025, the unit price has gained 13.5% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
17 monthly values, 14 derived from monthly returns · Source: price feed / provider document, secondary source (data portal) · Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and dealing costs of reinvestment are not considered. Past performance is not a reliable indicator of future results. The fund has been running since Sep 2023; a reliable NAV series of the class is available from May 2025.
What the prospectus permits: The sub-fund builds its infrastructure portfolio through three access routes: secondary transactions (target range 40-80%), co-investments (20-50%) and primary funds (0-10%).
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
83 holdings; the largest are Pattern Energy, Renew Home, Verrus. 17.1% is held in the liquidity reserve — enough for 10 months of maximum redemptions.
How the reserve is invested: Northern Trust Global Funds – US Dollar Fund (Class A Inc) 23.3% · Fidelity Investments Money Market Government Portfolio (parallel fund) 7.1% · Fidelity Investments Money Market Government Portfolio - Class I 2.0%. It covers 10 months of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.
Among the largest positions: 5 equity holdings.
Pattern Energy (San Francisco) develops, owns and operates wind and solar farms, transmission lines and energy storage in North America …
U.S. provider of a home energy platform (virtual power plant) that controls connected thermostats and household appliances to shift electricity demand and relieve the grid at peak times.
Verrus develops and operates flexible, grid-supportive data centers in the United States that can adjust their power demand to grid conditions using storage and control technology.
DayOne (Singapore) develops and operates hyperscale data centers in Southeast Asia, including Johor (Malaysia), Batam (Indonesia) and Singapore, as well as in other Asian markets.
CyrusOne develops and operates data centers for hyperscale cloud providers and large enterprises in the United States and Europe; it is headquartered in Dallas, Texas.
Positions and shares according to the provider; weights of the holdings are not reported; short descriptions by semiliquid.info from public sources; holdings as at 29 Jul 2026, reserve as at 31 Dec 2025; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 2.50%, class RC USD is above the median of the asset class (2.42%). On top comes a performance fee of 10% above a hurdle of 5% — without a high-water mark.
For 25,000 USD this means roughly 625 USD per year.
For 25,000 USD, no charge on purchase.
Based on the PRIIPs key information document of class RC USD, hence comparable across providers. Median: 25 Infrastructure funds in this database, data run 16 Oct 2026.
Units can be subscribed weekly. The price is the NAV on the valuation day — it is not known when the order is placed and is published only 2 business days later.
Cut-off may be brought forward or extended at the discretion of the General …
Price = NAV per share on this day.
Valuation Date = Wednesday of each calendar week.
after NAV publication: 3 business days after NAV publication
An order placed today is invested in — days (—); the money is due on —. Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
| Frequency | weekly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | fixed weekday |
| Cut-off | 1 business day before dealing day · 17:00 CET · (before the anchor date) |
| Price | valuation day |
| NAV publication | Valuation Date = Wednesday of each calendar week; NAV Calculation Date no later than the 2nd business day after the Valuation Date |
| Payment | after NAV publication: 3 business days after NAV publication |
| Minimum investment | USD/EUR/GBP/CHF 25,000 (classes D, E, EI, RC, RA, RE) |
| Entry charge (max.) | 1% (distributor) |
| Subscription limit | Acceptance or rejection at the sole discretion of the General Partner; no quantitative cap |
| Revocation | Subscription applications irrevocable except where subscriptions are suspended |
| Business day | banks generally open for business during the whole day in Luxembourg, Ireland and the United States (p. 16) |
Dates calculated from the prospectus rules (bank holidays: IE, LU, US); only the transfer agent’s confirmation is binding. Data as at 25 Sep 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate) and without a lock-up. How quickly the money arrives and what happens if many want out at once is set out below.
No ongoing redemption right: liquidity solely via the Repurchase Programme.
Price = NAV per share on this day.
Quarterly repurchase offer of up to 5% of the sub-fund NAV of the relevant quarter, effective as at the last …
No date can be calculated from the captured rules — a determinable valuation day is missing. Shown are the prospectus figures.
Money typically within half a year — on average 139 days from decision to cash.
Rank 45 of 112 · rank 6 of 23 in Infrastructure · no lock-up · no fixed redemption fee
Confidence medium — waiting time approximated · prospectus as at 1 Aug 2026 · score run 16 Oct 2026 · How 139 days become 33 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.
| Character | tender offer |
|---|---|
| Frequency | quarterly |
| Valuation day | special rule, see prospectus |
| Notice | 30 calendar days before redemption day |
| Price | valuation day |
| Payout | 45 business days after valuation day (latest 45 business days) |
| Gate | 5% of NAV on the redemption day per quarter |
| Scaled-back portion | scaled-back portion lapses; new request required, no priority |
| Redemption fee (max.) | 0% |
| Lock-up | none |
| Suspension | Closure/restriction of relevant markets; political or economic emergency; disruption of price determination or of the repatriation of funds |
| Liquidity tools | Redemption gate; swing pricing of up to 2% (up to 5% in exceptional cases); suspension of subscriptions and redemptions. |
| Switch / transfer | possible with the consent of the General Partner; in principle a minimum holding period of 6 months and a residual holding above the minimum initial … |
| Compulsory redemption | Compulsory repurchase of the entire holding where the value falls below USD 10,000 or below the minimum initial subscription. |
Quarterly repurchase offer of up to 5% of the sub-fund NAV of the relevant quarter, effective as at the last Wednesday of the quarter (or the next business day). There is no redemption right - repurchases are at the discretion of the Manager. In the event of oversubscription the General Partner scales back pro rata by value; it may also extend the offer or take other measures.
The 5% limit is the size of the repurchase offer, not a gate applied after the event. Where the shares submitted exceed the volume, the General Partner scales back pro rata by value; requests not met are not automatically carried forward.
Data as at 25 Sep 2026 · Documents: 08.
15 classes. All cost and risk figures on this page refer to the basis class RC USD.
PRIIPs KID ✓: a key information document exists and is the source of the costs. —: no KID documented — the class is distributed outside the EEA or to investors not covered by the KID requirement, or the document is not available.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Key information document (PRIIPs KID) | 30 Apr 2026 | — |
| NAV series price feed / provider document, secondary source (data portal) | 26 Aug 2026 | Performance (01) |
| Positions and reserve | 29 Jul 2026 | Portfolio (03) |
All figures are taken from provider documents (product data as at 16 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.
Redemption quarterly, notice period 30 calendar days before redemption day, with 5% gate per quarter.
Ongoing costs of 2.50% p.a. according to the PRIIPs KID for class RC USD; the median of the Infrastructure funds in this database is 2.42%; plus a performance fee of 10%.
25,000 USD in class RC USD.
Not as a retail investor. According to our evidence, in Germany it is open only to semi-professional investors (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the StepStone Private Infrastructure Fund. Under the prospectus a gate of 5% per quarter applies.
Same asset class, similar sub-strategy.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.