Fund database › Private Credit
StepStone Group Inc.LU2910550792Class RE-AC (EUR)
The StepStone credit ELTIF builds a fully first-lien secured European portfolio in a multi-strategy and fund-of-funds approach — with weekly valuation and subscription, as an ELTIF 2.0, launched in 2025.
Redemption through a quarterly repurchase programme with six months' notice; the limit is measured several times over against units outstanding, smoothed assets and the liquid holdings. No minimum holding period, no exit fee.
Subscription from EUR 10,000 for long-term-oriented retail investors and professional investors, recommended holding period ten years; registered in roughly nineteen countries, including Germany.
Weekly subscription meets a six-month redemption notice — the most asymmetric liquidity mechanics in the credit field: quick in, slow out. The pure senior-secured mandate and the moderate fee structure are the compensation.
Figures for class RE-AC (EUR) (LU2910550792) · product data 25 Sep 2026 · sources: prospectus (as at 27 Jul 2026), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Aug 2025, the unit price has gained 7.2% (cumulative, 0.9 years). The series is still short; valuations of private holdings arrive quarterly and smoothed.
37 monthly values, 11 derived from monthly returns · Source: secondary source (data portal), price feed / provider document, Bloomberg · 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 Jan 2025; a reliable NAV series of the class is available from Aug 2025.
What the prospectus permits: Two approaches: (i) a direct credit-related approach and (ii) an underlying-fund approach (fund of funds). Strategies including corporate lending, CLO-related strategies, non-corporate private lending, distressed loans …
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
251 holdings; the five largest account for 68.6% of the fund. 4.1% is held in the liquidity reserve — enough for 2 months of maximum redemptions.
Among the ten largest: 8 loans, 1 primary fund, 1 LP secondary; 7 names not disclosed.
Segregated StepStone vehicle (“SV”) that pools several European senior secured (first lien) loans from co-investments.
Provider figures for the credit portfolio, not calculated by semiliquid.info. Providers report yield, remaining life and credit ratings under differing definitions — the basis of calculation is therefore shown with every figure. A comparison across funds only holds where the basis is the same.
Positions and shares according to the provider; 5 of 5 names not disclosed; short descriptions by semiliquid.info from public sources; holdings as at 31 Dec 2025, reserve as at 31 Aug 2026; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 2.10%, class RE-AC (EUR) is close to the median of the asset class (2.05%). On top comes a performance fee of 7.50% above a hurdle of 5%.
For 10,000 EUR this means roughly 210 EUR per year.
For 10,000 EUR, a one-off up to 500 EUR on purchase.
Based on the PRIIPs key information document of class RE-AC (EUR), hence comparable across providers. Median: 32 Private Credit 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.
1 business day before Subscription Dealing Day, 17:00 CET
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 | EUR 10,000 (RA, RE, RI, RC, E) |
| Entry charge (max.) | 0% (distributor) |
| Subscription limit | Acceptance at the sole discretion of the General Partner; subscriptions may be suspended at any time; no quantitative cap |
| KYC / documents | 1 business day before Subscription Dealing Day, 17:00 CET |
| Revocation | The application is revocable only for as long as the GP has not accepted it within 6 months; thereafter revocation in writing. |
| 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), lock-up 12 months. How quickly the money arrives and what happens if many want out at once is set out below.
Redemption Program: after the end of the 12-month Kick-Off Period the GP intends to offer quarterly …
Price = NAV per share on this day.
Quarterly redemption programme, limited to the lower of 5% of the shares outstanding and 5% of the average …
redemption day
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically within a year — on average 240 days from decision to cash.
Rank 61 of 112 · rank 24 of 31 in Private Credit · no lock-up · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 27 Jul 2026 · score run 16 Oct 2026 · How 240 days become 24 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 | quarter-end |
| Notice | 180 calendar days before redemption day |
| Price | quarter-end |
| Payout | 8 business days after redemption day |
| Gate | 5% of the average NAV of previous months per quarter; Volume of the Redemption Program at most 50% of the sum of UCITS-eligible assets and prudently forecast 12-month cash … |
| Scaled-back portion | scaled-back portion lapses; new request required, no priority |
| Redemption fee (max.) | 0% |
| Lock-up | fund-level, 12 months (fund launch) |
| 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 GP; conditions are a holding period of at least 6 months, remaining holdings above the minimum initial subscription and the … |
| Compulsory redemption | GP at any time at its discretion; Restricted Person at the lower of NAV and the subscription price less at least 30%; falling below the minimum holding |
Quarterly redemption programme, limited to the lower of 5% of the shares outstanding and 5% of the average NAV of the three preceding months, additionally capped at 50% of the liquid (UCITS-eligible) investments plus the cash flow projected over 12 months. Oversubscription results in a pro-rata scale-back; requests not satisfied lapse and must be resubmitted with a further 180-day notice period.
The gate is subject to a double cap: per quarter the LOWER of (i) 5% of the units outstanding and (ii) 5% of the average aggregate NAV of the three immediately preceding months. It is also decisive that requests not met are NOT carried forward: they must be resubmitted by the investor before the next redemption date - again observing the six-month notice period.
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.
20 classes. All cost and risk figures on this page refer to the basis class RE-AC (EUR).
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) created 30 Apr 2026 | 30 Apr 2026 | — |
| NAV series secondary source (data portal), price feed / provider document, Bloomberg | 26 Aug 2026 | Performance (01) |
| Positions and reserve | 31 Dec 2025 | 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 180 calendar days before redemption day, with 5% gate per quarter. Subscribing today, it takes on average 240 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 2.10% p.a. according to the PRIIPs KID for class RE-AC (EUR); the median of the Private Credit funds in this database is 2.05%; plus a performance fee of 7.50%.
10,000 EUR in class RE-AC (EUR).
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 Credit ELTIF. Under the prospectus a gate of 5% per quarter applies.
Same asset class, similar sub-strategy.
Apollo Global Management · ELTIF 2.0 · quarterly
Tiera Capital (Indosuez Wealth Management) · ELTIF 2.0 · quarterly
AXA IM Alts · FPS ELTIF 2 (fonds professionnel spécialisé with ELTIF 2 authorisation) · semi-monthly
Apollo Global Management · Part II SICAV · quarterly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.