StepStone Private Infrastructure Fund

Data through 2026-03-31 · latest filing 424B3 filed 2026-06-18

Sponsored by StepStone. Interval Fund structure focused on infrastructure.

Interval FundInfrastructure

Sponsor: StepStone
CIK: 0001957892
Liquidity: Quarterly repurchase offers at NAV
Inception: 2023

Net assets: $1.20B

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 $1,183,566,594 (x1), 77,656,642 sh, NAV $15.24 | Class D: NA $35,450 (x1), 2,332 sh, NAV $15.20 | Class S: NA $12,569,093 (x1), 832,214 sh, NAV $15.10”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1957892/000121390026066832/ea0293631-01_ncsr.htm | per-class statement blocks (V5 family, non-FS filer agent)
NAV / share: $15.24

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 $1,183,566,594 (x1), 77,656,642 sh, NAV $15.24 | Class D: NA $35,450 (x1), 2,332 sh, NAV $15.20 | Class S: NA $12,569,093 (x1), 832,214 sh, NAV $15.10”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1957892/000121390026066832/ea0293631-01_ncsr.htm | per-class statement blocks (V5 family, non-FS filer agent), Class I
Net flows, last qtr: +18.8%
Distribution coverage (NII): 80%
Leverage in use: Unlevered
Total return, 12m: Pending

01 / Signals

What changed in the latest filings.

Current findings ordered by severity. Each observation remains traceable to its filed source.

No current red or yellow flags in filings reviewed through 2026-07-31.

Historical findings (1)

Harold Mills resigned as Independent Trustee, effective May 11, 2024. (2024-05-11)
Harold Mills resigned as Independent Trustee, effective May 11, 2024.

02 / Trends

How the fund has moved.

Net asset value, total return, capital flows, and distribution coverage across the filing record.

NAV per share

Net capital flows, % of NAV

Distribution coverage

Filed performance

Window	Class	Basis	Return	Source
2025-04-01 to 2026-03-31 fiscal year · annualization not stated	Class I	at NAV Filed return footnote Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends at net asset value during the period and repurchase on the last day of the period at net asset value.	+15.06%	SEC source 0001213900-26-066832 N-CSR filed 2026-06-09
2025-04-01 to 2025-09-30 semiannual · annualization not stated	Class I	basis not stated in the filed row Filed return footnote Total return reflects the change in the net asset value per share based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested in accordance with the Fund's Dividend Reinvestment Plan ("DRIP") (See Note 10).	+7.74%	SEC source 0001213900-25-117010 N-CSRS filed 2025-12-02
2024-04-01 to 2025-03-31 fiscal year · annualization not stated	Class I	at NAV Filed return footnote Total return based on net asset value per share reflects the change in the net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested in accordance with the Fund's Dividend Reinvestment Plan ("DRIP") (See Note 10).	+15.40%	SEC source 0001213900-25-052668 N-CSR filed 2025-06-09
2024-04-01 to 2024-09-30 semiannual · annualization not stated	Class I	at NAV Filed return footnote Total return based on net asset value per share reflects the change in the net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested in accordance with the Fund’s DRIP.	+10.03%	SEC source 0001213900-24-105790 N-CSRS filed 2024-12-05
2023-09-11 to 2024-03-31 since inception · annualization not stated	Class I	at NAV Filed return footnote Total return based on net asset value per share reflects the change in the net asset value based on the effects of the performance of the Fund during the period and assume distributions, if any, were reinvested.	+15.60%	SEC source 0001213900-24-050292 N-CSR filed 2024-06-06

Figures are reproduced from filed disclosures with their exact window, class, and stated basis. They are separate from the calculated NAV-plus-distributions index and from manager-source monthly returns.

Monthly performance eligibility

Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.

1y: Pending; 3y: Pending; 5y: Pending Manager-published observations remain distinct from SEC-filed facts and publish only after declared-crawler, robots, class, exact-window, and SEC-precedence gates pass.

03 / Portfolio

What moved inside the book.

Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.

Pending

04 / Redemptions

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
2026-03-16	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
2024-06-14	Pending	100%	Pending	filled

05 / Financing

How the balance sheet is funded.

Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.

Pending

06 / Share classes

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%

Share of total net assets ($1,196,171,137) as of 2026-03-31; the hatched band is net assets the filings do not attribute to a captured class.

Class	Terms-based role description	Load	Servicing	Minimum	Assets
Class I	Pending	Pending	Pending	Pending	Pending

Management fee: 1.60% of daily net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001213900-26-066832.

Filed fee conditions

In consideration of its services to the Fund, the Adviser is entitled to a management fee equal to 1.60% on an annualized basis of the Fund's daily net assets. The Management Fee is accrued daily and payable monthly in arrears. 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	1.60%	None * None. The standardized prospectus fee table contains no incentive/performance-fee line. SEC source 0001193125-26-152939	Pending	Pending	2.47%filed basis * Filed label: Expenses before adviser expense recoupment (reimbursement)⁷; period 2026-03-31. before adviser recoupment/reimbursement (explicit filing row); waiver state: before / excluding disclosed support. SEC source 0001213900-26-066832	2.57%filed basis * Filed label: Expenses after adviser expense recoupment (reimbursement)⁷ ⁸; 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 0001213900-26-066832

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.

07 / Sources

The evidence beneath the page.

Filed terms and recent documents remain available without crowding the primary research flow.

Term register (1)

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 1.60% on an annualized basis of the Fund's daily net assets. The Management Fee is accrued daily and payable monthly in arrears. The Adviser pays the Sub-Adviser 50% of the Management Fee out of this amount, not an additional fund-level charge.	1.6 pct_annual_of_daily_net_assets	Pending

Recent filings

Filed	Form	Accession
2026-06-18	424B3	0001193125-26-275631
2026-06-09	N-CSR	0001213900-26-066832
2026-05-29	NPORT-P	0001193125-26-246894
2026-05-12	N-23C3A	0001193125-26-219611
2026-04-13	486BPOS	0001193125-26-152939
2026-02-27	NPORT-P	0001193125-26-081487
2026-02-09	N-23C3A	0001193125-26-042611
2025-12-02	N-CSRS	0001213900-25-117010
2025-11-28	NPORT-P	0001193125-25-301328
2025-11-10	N-23C3A	0001193125-25-274608
2025-08-29	NPORT-P	0001145549-25-057503
2025-08-11	N-23C3A	0001193125-25-178097
2025-06-09	N-CSR	0001213900-25-052668
2025-05-30	NPORT-P	0001145549-25-037159
2025-05-12	N-23C3A	0001193125-25-117906