StepStone Private Markets
Data through 2026-03-31 · latest filing SC TO-I/A filed 2026-07-02
Sponsored by StepStone. Tender-Offer Fund structure focused on private equity.
Tender-Offer FundPrivate Equity
- Net assets
- $5.83B
source
Shareholder report (Form N-CSR) · filed 2026-06-09 · period 2026-03-31
per-class statement blocks (V5 family, non-FS filer agent)
“Class I: NA $4,370,857,226 (x1), 70,792,776 sh, NAV $61.74 | Class D: NA $98,484,878 (x1), 1,608,723 sh, NAV $61.22 | Class S: NA $1,356,082,339 (x1), 22,622,646 sh, NAV $59.94 | Class R: NA $3,455,374 (x1), 57,639 sh, NAV $59.95”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $61.74
source
Shareholder report (Form N-CSR) · filed 2026-06-09 · period 2026-03-31
per-class statement blocks (V5 family, non-FS filer agent), Class I
“Class I: NA $4,370,857,226 (x1), 70,792,776 sh, NAV $61.74 | Class D: NA $98,484,878 (x1), 1,608,723 sh, NAV $61.22 | Class S: NA $1,356,082,339 (x1), 22,622,646 sh, NAV $59.94 | Class R: NA $3,455,374 (x1), 57,639 sh, NAV $59.95”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Filed fund value · as of 2026-03-31 - Net flows, last qtr
- +3.7% qtr ended 2026-03-31
- Distribution coverage
- Not reported Private-equity distributions are episodic and realization-driven.
- Leverage in use
- 5% debt / equity 0.03x
- Total return, 12m
- Pending SEC-filed periodic NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Castlelake Consumer Receivables Opportunity III, L.P. (2026-03-31)
Castlelake Consumer Receivables Opportunity III, L.P. marked down -26% (2025-12-31 $17,873,291 -> 2026-03-31 $13,256,269) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.32% of portfolio value.
Why it matters and what changed
A portfolio position was written down materially. Marks are management's own estimate of impairment, so a large markdown is a loss being recognized -- the fund-level NAV effect depends on the position's size.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: nport-diff:2026-03-31:mark:castlelake consumer receivables opportunity iii, l.p.
Trive Capital Fund III LP marked down -81% (2025-06-30 $21,752,108 -> 2025-09-30 $4,171,009) with par balance unchanged (+-2%) -- a valuation mark, not a trade. (2025-09-30)
Trive Capital Fund III LP marked down -81% (2025-06-30 $21,752,108 -> 2025-09-30 $4,171,009) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.45% of portfolio value.
Why it matters and what changed
A portfolio position was written down materially. Marks are management's own estimate of impairment, so a large markdown is a loss being recognized -- the fund-level NAV effect depends on the position's size.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: nport-diff:2025-09-30:mark:trive capital fund iii lp
Historical findings (2)
TPG Partners VII, L.P. (2025-06-30)
Gross share sales: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year [Notify, 2021-02-28]
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance
| Window | Class | Basis | Return | Source |
|---|---|---|---|---|
| 2025-04-01 to 2026-03-31 | Class I | at NAVFiled return footnote | +10.47% | SEC source 0001213900-26-066828 |
| 2025-04-01 to 2025-09-30 | Class I | basis not stated in the filed row | +7.66% | SEC source 0001213900-25-117001 |
| 2024-04-01 to 2025-03-31 | Class I | at NAVFiled return footnote | +10.76% | SEC source 0001213900-25-052671 |
| 2024-04-01 to 2024-09-30 | Class I | at NAVFiled return footnote | +6.64% | SEC source 0001213900-24-105792 |
| 2023-04-01 to 2024-03-31 | Class I | at NAVFiled return footnote | +13.79% | SEC source 0001213900-24-050296 |
Monthly performance eligibility
Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
| Date | Position change |
|---|---|
| 2026-03-31 | Aquiline Financial Services Continuation Fund L.P. marked down -39% (2025-12-31 $35,524,667 -> 2026-03-31 $21,698,371) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.64% of portfolio value. |
| 2026-03-31 | Castlelake Consumer Receivables Opportunity III, L.P. marked down -26% (2025-12-31 $17,873,291 -> 2026-03-31 $13,256,269) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.32% of portfolio value. |
| 2026-03-31 | Elysium Acquisition LP marked up +33% (2025-12-31 $16,649,738 -> 2026-03-31 $22,122,330) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.30% of portfolio value. |
| 2026-03-31 | GTCR Oak Fund LP marked up +25% (2025-12-31 $19,240,079 -> 2026-03-31 $24,056,865) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.35% of portfolio value. |
| 2026-03-31 | OCP North Fund Offshore LP marked up +34% (2025-12-31 $34,939,527 -> 2026-03-31 $46,812,738) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.63% of portfolio value. |
| 2026-03-31 | Providence Equity Partners IX-A S.C.Sp. marked up +28% (2025-12-31 $26,290,549 -> 2026-03-31 $33,642,283) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.48% of portfolio value. |
| 2025-12-31 | Octagon StepStone CLO Fund, LTD. (1.3% of portfolio value in the 2025-09-30 report, $67,944,191) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | Columbia Spectrum Partners VI-A, L.P. marked up +39% (2025-09-30 $45,014,854 -> 2025-12-31 $62,553,015) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.86% of portfolio value. |
| 2025-12-31 | Karman Holdings Inc. marked up +145% (2025-09-30 $21,113,301 -> 2025-12-31 $51,764,263) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.98% of portfolio value. |
| 2025-12-31 | POWWR Five Elms, L.P. marked up +30% (2025-09-30 $22,000,000 -> 2025-12-31 $28,658,634) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.42% of portfolio value. |
| 2025-12-31 | New position HS Sky LLC: 1.0% of portfolio value ($56,000,000) as of 2025-12-31; absent from the 2025-09-30 report. |
| 2025-09-30 | Trive Capital Fund III LP marked down -81% (2025-06-30 $21,752,108 -> 2025-09-30 $4,171,009) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.45% of portfolio value. |
Where exit demand met the cap.
Stated cap: 5% of shares/quarter. The disclosed history shows no rationed period.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-06-16 | 2.3% of net assets
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2026-07-02 · period 2026-06-16 disclosed_dollar_demand / filed_total_net_assets * 100; numerator 0001193125-26-294042; denominator 0001213900-26-066828 “The net asset value of the Shares tendered pursuant to the Offer were calculated as of June 16, 2026 in the amount of $118,660,920.13 for Class I Shares, $2,856,990.36 for Class D Shares, $14,024,600.12 for Class S Shares, and $35,068.82 for Class R Shares.” Why this source Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locatornet assets formulaNumerator: 135,577,579.43 as of 2026-06-16; SEC source 0001193125-26-294042 Denominator: 5,828,879,817.00 as of 2026-03-31; SEC source 0001213900-26-066828 | 100% | Pending | filled |
| 2026-03-16 | Pending | 100% | Pending | filled |
| 2025-12-15 | Pending | 100% | Pending | filled |
| 2025-09-15 | Pending | 100% | Pending | filled |
| 2025-06-16 | Pending | 100% | Pending | filled |
| 2025-03-14 | Pending | 100% | Pending | filled |
| 2024-12-16 | Pending | 100% | Pending | filled |
| 2024-09-16 | Pending | 100% | Pending | filled |
| 2024-03-15 | Pending | 100% | Pending | filled |
| 2023-12-15 | Pending | 100% | Pending | filled |
| 2023-09-15 | Pending | 100% | Pending | filled |
| 2023-05-26 | Pending | 100% | Pending | filled |
| 2023-02-24 | Pending | 100% | Pending | filled |
| 2022-11-28 | Pending | 100% | Pending | filled |
| 2022-07-01 | Pending | 100% | Pending | filled |
| 2022-04-01 | Pending | 100% | Pending | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Pending
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class I | Pending | Pending | Pending | Pending | Pending |
Management fee: 1.40% of daily net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001213900-26-066828.
Filed fee conditions
In consideration of its services to the Fund, the Adviser is entitled to a management fee equal to 1.40% on an annualized basis of the Fund's daily net assets, provided the fee shall in no instance be greater than one computed on the value of net assets as of the close of business on the last business day of the relevant month (including Shares pending repurchase) -- a valuation-timing proviso, not a second rate. The Adviser pays the Sub-Adviser 50% of the Management Fee out of this amount, not an additional fund-level charge.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | 1.40% | None
*
None. The standardized prospectus fee table contains no incentive/performance-fee line. SEC source 0001193125-25-338319 |
Pending | Pending | 1.91%filed basis*Filed label: Expenses before adviser expense recoupment (reimbursement) 5; period 2026-03-31. before adviser recoupment/reimbursement (explicit filing row); waiver state: before / excluding disclosed support. SEC source 0001213900-26-066828 |
1.91%filed basis*Filed label: Expenses after adviser expense recoupment (reimbursement) 5; period 2026-03-31. After waiver: not separately stated; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001213900-26-066828 |
Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (2)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | In consideration of its services to the Fund, the Adviser is entitled to a management fee equal to 1.40% on an annualized basis of the Fund's daily net assets, provided the fee shall in no instance be greater than one computed on the value of net assets as of the close of business on the last business day of the relevant month (including Shares pending repurchase) -- a valuation-timing proviso, not a second rate. The Adviser pays the Sub-Adviser 50% of the Management Fee out of this amount, not an additional fund-level charge. | 1.4 pct_annual_of_daily_net_assets | Pending |
| repurchase_program_terms | Discretionary quarterly tender offer program: the Fund's Schedule TO offers have consistently stated up to 5% of Shares outstanding per quarter (most recently confirmed 2026-05-12). StepStone Private Markets | 5.0 pct_of_shares_outstanding_per_quarter | Pending |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-07-02 | SC TO-I/A | 0001193125-26-294042 |
| 2026-06-09 | N-CSR | 0001213900-26-066828 |
| 2026-05-29 | NPORT-P | 0001193125-26-247063 |
| 2026-05-12 | SC TO-I | 0001193125-26-219013 |
| 2026-03-24 | SC TO-I/A | 0001193125-26-121685 |
| 2026-02-27 | NPORT-P | 0001193125-26-080141 |
| 2026-02-09 | SC TO-I | 0001193125-26-042598 |
| 2025-12-31 | 424B3 | 0001193125-25-338319 |
| 2025-12-19 | SC TO-I/A | 0001193125-25-326911 |
| 2025-12-02 | N-CSRS | 0001213900-25-117001 |
| 2025-11-28 | NPORT-P | 0001193125-25-301326 |
| 2025-11-10 | SC TO-I | 0001193125-25-274340 |
| 2025-10-20 | 486BPOS | 0001193125-25-243390 |
| 2025-09-26 | SC TO-I/A | 0001193125-25-220652 |
| 2025-09-22 | SC TO-I/A | 0001193125-25-211585 |