StepStone Private Infrastructure Fund (STDUX)
Filed: 28 Feb 25, 1:48pm
StepStone Private Infrastructure Fund
Consolidated Schedule of Investments
December 31, 2024 (unaudited)
| Investments | Footnote | Asset Class | Acquisition Date | Fair Value | ||||||
| Co-Investments - 7.3% of NAV | 1,2,3,4 | |||||||||
| Europe - 1.3% of NAV | ||||||||||
| KKR Optics Co-Invest Blocker L.P. | * | Infrastructure Assets | 05/23/2024 | $ | 3,932,013 | |||||
| Total Europe | 3,932,013 | |||||||||
| North America - 6.0% of NAV | ||||||||||
| Buckeye Co-Invest II, LP | Infrastructure Assets | 07/26/2024 | 4,225,629 | |||||||
| ECP V (California Co-Invest), LP | * | Infrastructure Assets | 05/26/2024 | 6,000,000 | ||||||
| Sandbrook rPlus Co-Invest II LP | *,5 | Infrastructure Assets | 05/21/2024 | 3,239,076 | ||||||
| Stonepeak Ace (Co-Invest) Holdings (CYM) LP | *,5 | Infrastructure Assets | 04/26/2024 | 4,135,247 | ||||||
| Total North America | 17,599,952 | |||||||||
| Total Co-Investments (Cost $20,609,944) | 21,531,965 | |||||||||
| Primary Investments - 7.7% of NAV | 1,2,3,4 | |||||||||
| Europe - 3.8% of NAV | ||||||||||
MML Infrastructure I SCSp | *,5 | Infrastructure Assets | 09/24/2024 | 11,232,438 | ||||||
| Total Europe | 11,232,438 | |||||||||
| North America - 3.9% of NAV | ||||||||||
Blue Road Capital PV II, L.P. | *,5 | Infrastructure Assets | 08/26/2024 | 11,384,025 | ||||||
| Total North America | 11,384,025 | |||||||||
| Total Primary Investments (Cost $18,599,644) | 22,616,463 | |||||||||
| Secondary Investments - 61.5% of NAV | 1,2,3,4 | |||||||||
| Europe - 37.2% of NAV | ||||||||||
| Antin Infrastructure Partners II LP | *,6 | Infrastructure Assets | 10/02/2023 | 14,797 | ||||||
| ARDIAN Infrastructure Fund IV S.C.A., SICAR | 5 | Infrastructure Assets | 10/04/2024 | 5,015,933 | ||||||
| ARDIAN Infrastructure Fund V S.C.A., SICAR | *,5 | Infrastructure Assets | 10/04/2024 | 4,298,641 | ||||||
| Compass European Infrastructure SCSp | 5 | Infrastructure Assets | 11/23/2023 | 4,992,854 | ||||||
| Daiwa ICP Infrastructure Investments 2 L.P. | * | Infrastructure Assets | 09/12/2024 | 5,123,284 | ||||||
| DIF Core Infrastructure Fund II SCSp | 5 | Infrastructure Assets | 09/30/2024 | 4,790,126 | ||||||
| DIF Infrastructure VI SCSp | *,5 | Infrastructure Assets | 09/30/2024 | 4,393,763 | ||||||
| EQT Infrastructure Fund II (No.1) SCSp | *,5 | Infrastructure Assets | 11/08/2023 | 152,221 | ||||||
| EQT Infrastructure Fund III (No.1) SCSp | *,5 | Infrastructure Assets | 11/08/2023 | 618,323 | ||||||
| EQT Infrastructure IV (No.2) USD SCSp | *,5,7 | Infrastructure Assets | 10/10/2023 | 9,676,140 | ||||||
| EQT Infrastructure V (No.1) EUR SCSp | *,5 | Infrastructure Assets | 07/05/2024 | 28,329,864 | ||||||
| GIP Pegasus Fund, L.P. | Infrastructure Assets | 08/20/2024 | 4,608,014 | |||||||
| iCON Infrastructure Partners III, L.P. | 5,7 | Infrastructure Assets | 09/29/2023 | 2,089,308 | ||||||
| InfraVia European Fund III FPCI | *,5 | Infrastructure Assets | 09/30/2024 | 3,573,447 | ||||||
| InfraVia European Fund III SCSp | 5,6 | Infrastructure Assets | 10/19/2023 | 4,548,865 | ||||||
| InfraVia European Fund IV FPCI | *,5 | Infrastructure Assets | 10/02/2024 | 3,663,734 | ||||||
| InfraVia European Fund V FPCI | *,5 | Infrastructure Assets | 10/02/2024 | 4,644,032 | ||||||
| Macquarie European Infrastructure Fund 6 SCSp | Infrastructure Assets | 10/01/2024 | 7,902,422 | |||||||
| NIC Battery Acquisition LP | *,5 | Infrastructure Assets | 10/17/2024 | 4,152,226 | ||||||
StepStone Private Infrastructure Fund
Consolidated Schedule of Investments (continued)
December 31, 2024 (unaudited)
| Investments | Footnote | Asset Class | Acquisition Date | Fair Value | ||||||
| Secondary Investments (continued) | ||||||||||
| Europe (continued) | ||||||||||
| Pan-European Infrastructure II, S.C.S. | *,5 | Infrastructure Assets | 10/03/2024 | $ | 2,255,658 | |||||
| Pan-European Infrastructure III, SCSp | 5 | Infrastructure Assets | 10/03/2024 | 3,849,263 | ||||||
| Total Europe | 108,692,915 | |||||||||
| North America - 24.3% of NAV | ||||||||||
| Brookfield Americas Infrastructure Fund, L.P. | 5,8 | Infrastructure Assets | 09/29/2023 | 182,145 | ||||||
| Brookfield Infrastructure Fund III-A, L.P. | 5,8 | Infrastructure Assets | 09/29/2023 | 1,960,115 | ||||||
| Brookfield Infrastructure Fund IV (ER) SCSP | 5,8 | Infrastructure Assets | 01/30/2024 | 4,461,252 | ||||||
| Global Energy & Power Infrastructure Fund II, L.P. | *,5,9 | Infrastructure Assets | 10/05/2023 | 1,072,236 | ||||||
| Global Infrastructure Partners III-C, L.P. | 5,8 | Infrastructure Assets | 09/29/2023 | 2,885,966 | ||||||
| InstarAGF Essential Infrastructure LP | 5 | Infrastructure Assets | 09/30/2024 | 2,298,336 | ||||||
| KKR Global Infrastructure Investors II (EEA) L.P. | 5,7 | Infrastructure Assets | 01/01/2024 | 440,247 | ||||||
| KKR Global Infrastructure Investors III EEA (EUR) SCSp | 5,7 | Infrastructure Assets | 04/01/2024 | 8,450,414 | ||||||
| KKR Global Infrastructure Investors IV (EUR) SCSp | 5 | Infrastructure Assets | 10/01/2024 | 8,795,776 | ||||||
| KKR Global Infrastructure Investors IV (USD) SCSp | 5 | Infrastructure Assets | 07/01/2024 | 26,962,090 | ||||||
| Oak Hill Digital Opportunities Partners (TE 892) LP | *,5 | Infrastructure Assets | 07/19/2024 | 3,566,141 | ||||||
| Stonepeak Infrastructure Fund II LP | 5,9 | Infrastructure Assets | 10/02/2023 | 268,347 | ||||||
| Stonepeak Infrastructure Fund LP | 5,9 | Infrastructure Assets | 10/02/2023 | 865,011 | ||||||
| Strategic Value SH 130-A, L.P. | *,5 | Infrastructure Assets | 12/13/2024 | 8,748,139 | ||||||
| Total North America | 70,956,215 | |||||||||
| Total Secondary Investments (Cost $172,138,977) | 179,649,130 | |||||||||
| Short-Term Investments - 3.6% of NAV | ||||||||||
| Fidelity Investments Money Market Government Portfolio, 4.38% (10,495,443 shares) | 10,11 | 10,495,443 | ||||||||
| Total Short-Term Investments (Cost $10,495,443) | 10,495,443 | |||||||||
| Total Investments - 80.1% of NAV (Cost $221,844,008) | $ | 234,293,001 | ||||||||
| Other assets in excess of liabilities - 19.9% of NAV | 58,273,299 | |||||||||
| Net Assets - 100.0% of NAV | $ | 292,566,300 | ||||||||
| * | Investment is non-income producing. |
| 1 | Geographic region generally reflects the location of the investment manager. |
| 2 | Investments do not issue shares or hold outstanding principal, except where noted. Terms shares and units are used interchangeably. |
| 3 | Investments do not allow redemptions or withdrawals except at discretion of their general partner, manager or advisor and the final distribution date is not known, except where noted. |
| 4 | Private investments are generally issued in private placement transactions and as such are generally restricted as to resale. There are no circumstances that could cause a lapse in the restriction to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under acquisition date as shown in the Consolidated Schedule of Investments. Total fair value of restricted investments as of December 31, 2024 was $223,797,558, or 76.5% of net assets. As of December 31, 2024, the aggregate cost of each investment restricted to sale was $3,918,411, $4,139,009, $6,072,265, $2,498,062, $3,982,197, $9,370,905, $9,228,739, $522,404, $5,317,275, $4,238,110, $4,455,655, $4,971,938, $4,894,200, $4,254,469, $198,229, $412,896, $7,261,352, $27,462,467, $5,236,996, $3,280,213, $3,246,532, $3,354,928, $3,751,724, $4,654,413, $8,292,359, $3,338,433, $2,245,778, $4,029,648, $119,529, $1,567,237, $4,211,834, $1,127,649, $2,586,930, $2,027,056, $261,006, $8,235,489, $8,625,948, $24,259,104, $3,651,487, $363,047, $1,308,153 and $8,374,489, respectively, totaling $211,348,565. |
| 5 | Investment has been committed to but has not been fully funded. |
StepStone Private Infrastructure Fund
Consolidated Schedule of Investments (continued)
December 31, 2024 (unaudited)
| 6 | Security is held by STRUCTURE Cayman II LLC. |
| 7 | Security is held by STRUCTURE Cayman III LLC. |
| 8 | Security is held by STRUCTURE Cayman IV LLC. |
| 9 | Security is held by STRUCTURE Cayman LLC. |
| 10 | The audited financial statements of the fund can be found at sec.gov. |
| 11 | The rate reported is the 7-day effective yield at the period end. |