of an investment adviser or principal underwriter of the Fund, or a person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with an investment adviser or principal underwriter of third parties. capital calls and distributions. sub-administration fee (the Sub-Administration Fee) in an amount up to [ ] on an annualized basis of the Funds net assets, subject to a minimum annual essential to society or otherwise largely risk mitigated through a higher degree of cash flow predictability. Thus, in general, the Funds private markets allocation will consist of both funded and unfunded commitments. The minimum occupancy levels. private market commitments are reflected in the Funds NAV. for infrastructure investment is driven by the overall growth of the global economy and by a number of global megatrends, such as: Digitalization: Connectivity and data consumption have become essential to everyday life and are fundamental to global economic The Fund is required under the Foreign Account Tax Compliance Act (FATCA) provisions of the Code to withhold U.S. See Conflicts of Interest The Advisers., Leverage Utilized by the Fund. If your Shares are repurchased in Year 1, you would incur subject to a number of risks, including investment, compliance, operational and valuation risk, among others. business taxable income (UBTI) from being realized by its U.S. federally tax-exempt Shareholders (including, among others, individual retirement accounts (IRAs), 401(k)accounts, The Adviser also intends to compensate, from its own resources, third-party securities dealers, other industry investment portfolio of private infrastructure assets, which is an asset class that is often less correlated to both public and private assets and can potentially be a hedge against inflation and rising interest rates. The Sub-Administration Fee Therefore, Shareholders should expect that they will be unable to sell their Shares for an indefinite time or at a desired price. The SAI and the Funds annual and semi-annual reports and other information filed with the SEC are available upon request and without charge by writing to the Fund at c/o StepStone subscription in whole or in part. An Fiduciaries of ERISA Plan Shareholders may be required to represent that the decision to invest in the Fund was made by them as fiduciaries that are securities or other property from, or sell securities or other property to the Fund, except that the Fund may, in accordance with rulesunder the 1940 Act, engage in transactions with accounts that are affiliated with the Fund as a result of shorter periods for private debt or longer for infrastructure investments. addition, Infrastructure Assets may, in some cases, be newly organized with limited operating histories upon which to evaluate their performance. There can be no assurance that such target will be achieved or that the investment will be able to implement its investment strategy, achieve its investment solutions and advisory and data services to its clients. In addition, interest and investment
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