Fund database › Private Equity
StepStone GroupLU3044420266Class RC USD
The venture and growth building block of the StepStone platform invests through secondaries, primaries and co-investments in growth companies across Europe and North America — as a Luxembourg Part II SICAV, launched in 2022.
As with its sister fund, a quarterly repurchase programme applies instead of a redemption right — with a quarterly quota half the size of the buyout-oriented StepStone products. No minimum holding period, no redemption fee.
Subscription from EUR 25,000 for professional investors with private-markets experience; not registered for distribution in Germany.
Together with Hamilton Lane's venture vehicle, it shows the field's pattern: venture portfolios get half the liquidity quota — here made transparent rather than hidden. A multi-year record since 2022 distinguishes it from younger competitors.
Figures for class RC USD (LU3044420266) · product data 26 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 40.5% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
15 monthly values, 13 derived from monthly returns · Source: price feed / provider document · 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 Nov 2022; a reliable NAV series of the class is available from May 2025.
What the prospectus permits: Multi-stage VC; secondaries, direct and co-investments, seasoned primaries
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
496 holdings; the largest are Space Exploration Technologies Corp. (SpaceX, incl. X.AI Holdings), Saronic Technologies, Inc., Databricks, Inc. 5.5% is held in the liquidity reserve — enough for 7 months of maximum redemptions.
How the reserve is invested: Northern Trust Global Funds – US Dollar Fund (Class A Inc) 7.0% · Fidelity Investments Money Market Government Portfolio - Class I 3.8% · Fidelity Investments Money Market Government Portfolio (parallel fund) 2.4%. It covers 7 months of the maximum net redemption (at most 10% per year under the gate) — what that means for redemptions is in 06.
Among the largest positions: 5 equity holdings; 2 names not disclosed.
SpaceX (headquartered in Starbase, Texas) develops and operates reusable launch vehicles …
U.S. defense technology company based in Austin, Texas, that designs and builds autonomous surface vessels for naval and defense missions.
Databricks runs a cloud-based data and AI platform (lakehouse, or “Data Intelligence Platform”) for data engineering, analytics, machine learning and generative AI …
Undisclosed US foundational artificial intelligence research company, described in the factsheet as one of the leading players in the field.
Undisclosed US provider of a platform for online payments and financial infrastructure.
Positions and shares according to the provider; weights of the holdings are not reported; 2 of 5 names not disclosed; short descriptions by semiliquid.info from public sources; holdings as at 30 Jun 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 2.40%, class RC USD is below the median of the asset class (2.60%). On top comes a performance fee of 10% above a hurdle of 5% — with a high-water mark.
For 25,000 USD this means roughly 600 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: 35 Private Equity funds in this database, data run 16 Oct 2026.
Units can be subscribed monthly. The price is the NAV at the end of the previous month — it is not known when the order is placed and is published only 10 business days later.
Cut-off may be brought forward or extended at the discretion of the General …
Price = NAV at the end of the previous month.
Valuation Date = last calendar day of the calendar month.
after NAV publication: 3 business days after NAV publication
An order placed today is invested in — days (—); the money is due on —.
Shown without a date because the prospectus does not quantify: cut-off. The remaining markers are calculated from the prospectus rules.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Dealing day | 1st business day of the month |
| Cut-off | 17:00 CET · (counted from month-end) |
| Price | previous month-end |
| NAV publication | Valuation Date = last calendar day of the calendar month; NAV Calculation Date no later than the 10th 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; classes may be closed at any time; 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 26 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 2.5% of the sub-fund NAV of the relevant quarter - half the rate of the …
at the latest 45 business days after NAV publication (—)
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically within half a year — on average 145 days from decision to cash.
Rank 46 of 112 · rank 12 of 38 in Private Equity · no lock-up · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 1 Aug 2026 · score run 16 Oct 2026 · How 145 days become 32 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 | 30 calendar days before redemption day |
| Price | quarter-end |
| Payout | 45 business days after valuation day (latest 45 business days) |
| Gate | 2.5% 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 2.5% of the sub-fund NAV of the relevant quarter - half the rate of the sister funds SPRIM and STRUCTURE. The valuation reference date is the quarter end (31 Mar, 30 Jun, 30 Sep, 31 Dec); the repurchase takes effect as at the first business day of the following quarter.
The 2.5% limit is the size of the repurchase offer, not a gate applied after the event: if the units tendered exceed this volume, the General Partner scales back pro rata by value; unserved requests are not automatically carried forward into the following quarter.
Dates calculated from the prospectus rules (bank holidays: IE, LU, US); only the transfer agent’s confirmation is binding. Data as at 26 Sep 2026 · Documents: 08.
18 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. 2 classes are closed to new subscriptions.
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 | — |
| Document | — | — |
| NAV series price feed / provider document | 31 Aug 2026 | Performance (01) |
| Positions and reserve | 30 Jun 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 2.50% gate per quarter. Subscribing today, it takes on average 145 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 2.40% p.a. according to the PRIIPs KID for class RC USD; the median of the Private Equity funds in this database is 2.60%; 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 Venture and Growth Fund. Under the prospectus a gate of 2.50% per quarter applies.
Same asset class, similar sub-strategy.
Altaroc · FCPR · semi-monthly
Ardian · Part II SICAV · quarterly
BlackRock · ELTIF 2.0 · quarterly
Blackstone · Part II SICAV · quarterly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.