StepStone launches private credit fund for US wealth market
StepStone Group’s private wealth division has launched a private credit fund that is open to individual investors in the US.
StepStone Private Credit Income Fund is an evergreen interval fund that offers exposure to a diversified portfolio of private credit assets.
The fund – which will be listed under the ticker CRDEX on the Nasdaq – will employ both direct lending and specialty credit strategies.
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“CRDEX seeks to provide a stable, attractive yield and inflation protection that will temper the volatility in traditional portfolios by investing primarily in floating rate, senior secured loans,” said Bob Long, chief executive of StepStone Private Wealth.
“Benefitting from StepStone’s industry leading technology, research, and data capabilities, CRDEX aspires to construct a portfolio that is well diversified by manager, underlying borrower and sub-strategy, similar to our other private wealth funds.”
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The fund will raise capital daily while providing liquidity through quarterly redemptions of five per cent of the fund’s net asset value. There is a minimum investment of $25,000 (£19,568).
After the first closing, CRDEX will be available through select mutual fund platforms or purchased by subscription agreements for platforms that prefer them.
Nasdaq-listed StepStone Group is a global private markets investment firm with $157bn of assets under management.
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