considered by the Funds Board of Trustees in approving the Sub-Advisory Agreement will be set forth in the Funds first annual or semi-annual report following the commencement of operations. It provides investment solutions in the areas of. Demographics: Growing and urbanizing populations are straining highway systems and public transit, while years of underinvestment have infrastructure, transportation and logistics and utilities. including the Investment Managers ability and bandwidth for managing the existing portfolio towards liquidity. Fund in respect of that repurchase or Share transfer. These services and roles may include (either currently or in the future) managing trustee, managing member, general partner, investment manager or advisor, investment sub-advisor, distributor, broker, dealer, selling agent and investor servicer, custodian, transfer agent, fund administrator, prime broker, recordkeeper, shareholder servicer, interfund lending servicer, Fund the Sub-Administrator to the Fund, the Administrator pays the Sub-Administrator from the proceeds of the Administration Fee a The Sub-Adviser, as a matter of policy and as a fiduciary to the Fund, has responsibility for voting proxies for portfolio securities consistent with the best economic interest of the Fund. the Funds current or accumulated earnings and profits as determined under U.S. federal income tax principles) and net gain attributable to the disposition of property not held in a trade or business (which could include net gain from the sale, in Central Florida. earthquake extended coverage and rental loss insurance, or insurance in place may be subject to various policy specifications, limits and deductibles. transactions among the Adviser and any custodian or other agent engaged by the Fund; any extraordinary expenses (as defined below), including indemnification expenses as provided for in the No. Infrastructure Assets may be subject to a variety of risks, not all of which can be foreseen or quantified, including: (i)the burdens of ownership of infrastructure: (ii)local, national and international political and Because no public market exists for the Shares, Such scrutiny may increase the Funds and/or the Advisers legal, compliance, administrative and other He was the co-founder and CEO of Conversus Capital, and along with Mr.Smith, led the $2billion IPO of this innovative With respect to evergreen funds such as the Fund, the Funds Agreement and Declaration of Trust and is affected by restrictions imposed under applicable securities laws. StepStone does not sell or market a Notice Recipients personal information to nonaffiliated interest or incentive allocation generally equal to 20% of the net profits earned by the Investment Fund that it manages, typically subject to a preferred return. Utilities (e.g., electricity distribution and transmission, district heating& cooling and As a result, an Investment Managers valuation of the securities may fail to match the amount ultimately realized with respect to the disposition of such Infrastructure Assets up to the limits of the Asset Coverage Requirement. The Fund is a non-diversified, closed-end The Advisers and their affiliates will not purchase securities or other property Compliance with these new requirements will be required after an eighteen-month transition period. The discussion of ERISA and the Code contained herein is, of necessity, general and may be affected by future publication of regulations and rulings. accountant, transaction (e.g., a swap) counterparty and/or lender. (6)purchase or sell commodities or commodity contracts, except that it may purchase and investments. -. essential to society or otherwise largely risk mitigated through a higher degree of cash flow predictability. qualifies, the Fund will generally not be subject to U.S. federal income tax on its taxable income and gains that it distributes as dividends for U.S. federal income tax purposes to Shareholders. Period to an amount not to exceed 1.00% for ClassI, D, S, and T Shares, on an annualized basis, of the Funds average daily net assets. the Treasury (the Treasury) and the IRS have the authority to issue regulations expanding the application of these rulesto derivatives with respect to debt instruments and/or stock in corporations that are not pass-thru entities. The Fund shall file an annual report of each proxy voted with respect to portfolio securities of the Fund during the twelve-month period ended June30 on FormN-PXnot later than August31 of each year. repurchase the Shares on a pro rata basis. Shopping Centers. If, however, a A financial intermediary may directly or indirectly provide services to, or serve in other roles for focusing on long-only strategies for asset managers. Favorable Structure: Our structure solves many of the common challenges that have historically financial and management control systems, and any failure to do so may have a material, adverse effect on their business. acquisition of the Shares was not true when made or has ceased to be true; the Shareholder is subject to special regulatory or compliance requirements, such as those imposed by the U.S. using its position to cause such ERISA Plan to make an investment from which it or certain third parties in which such fiduciary has an interest would receive a fee or other consideration. StepStone maintains physical, electronic and procedural safeguards to guard a Notice Recipients nonpublic personal information. Shares will ordinarily be exempt from U.S. tax unless, in the case of a Foreign Shareholder that is a nonresident alien individual, the gain is U.S. source income and such Foreign Shareholder is physically present in the United States for more than Similar consequences could arise with respect to other infectious diseases. Nonpublic Personal Information that StepStone Discloses. Fund invests may be subject to the following additional risks: Communication infrastructure companies are subject to risks involving changes in government regulation, Further, under various statutes, rules and regulations of certain jurisdictions, a current or previous owner or operator of real property may be liable for the costs of investigation, monitoring, removal or remediation of hazardous materials, in Infrastructure assets in particular may face risks from the physical effects of climate change, such as risks posed by increasing frequency or severity of extreme weather events and rising sea levels and temperatures. Each Investment Manager receives any incentive-based allocations to which it is entitled irrespective of the performance of the For each transaction, the assigned investment team gathers and reviews available For taxable years beginning before 2026, miscellaneous itemized deductions generally are not this Prospectus. Certain prospective Benefit Plan Shareholders may currently maintain relationships with the policies, energy prices, changes in the relative popularity of certain industries or the availability of purchasers to acquire companies, and dependence on cash flow, as well as acts of God, this reporting requirement, but, under current guidance, equity owners of RICs are not excepted. The Administration Fee and Sub-Administration Fee are calculated based on the Funds average daily net asset value and payable monthly in arrears. management. At the growth stage, we target companies with revenue of at least $10 million and often serve as lead investors. There can be no assurances that the Fund or the Advisers will not in the future be subject to regulatory review or discipline. For example, Investment Managers may value investments in portfolio companies and direct private equity investments at cost.
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