StepStone Private Markets
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
Canonical (canonical class) · 2026-03-31 - Net flows, last qtr
- +3.7% qtr ended 2026-03-31
- Leverage in use
- Not captured not captured
- Total return, 12m
- +9.2% computed from 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
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
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.
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 | Not disclosed | 100% | Not disclosed | filled |
| 2026-03-16 | Not disclosed | 100% | Not disclosed | filled |
| 2025-12-15 | Not disclosed | 100% | Not disclosed | filled |
| 2025-09-15 | Not disclosed | 100% | Not disclosed | filled |
| 2025-06-16 | Not disclosed | 100% | Not disclosed | filled |
| 2025-03-14 | Not disclosed | 100% | Not disclosed | filled |
| 2024-12-16 | Not disclosed | 100% | Not disclosed | filled |
| 2024-09-16 | Not disclosed | 100% | Not disclosed | filled |
| 2024-03-15 | Not disclosed | 100% | Not disclosed | filled |
| 2023-12-15 | Not disclosed | 100% | Not disclosed | filled |
| 2023-09-15 | Not disclosed | 100% | Not disclosed | filled |
| 2023-05-26 | Not disclosed | 100% | Not disclosed | filled |
| 2023-02-24 | Not disclosed | 100% | Not disclosed | filled |
| 2022-11-28 | Not disclosed | 100% | Not disclosed | filled |
| 2022-07-01 | Not disclosed | 100% | Not disclosed | filled |
| 2022-04-01 | Not disclosed | 100% | Not disclosed | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
No structured financing components have been captured for this fund.
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.
No filed share-class terms have been captured for this fund; ownership type is therefore not inferred.
Management fee: 1.40% of daily net assets per year. source. 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.
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 | Date not captured |
| 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 | Date not captured |
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 |
| 2025-12-19 | 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 |
| 2025-09-26 | SC TO-I/A | 0001193125-25-220652 |
| 2025-09-22 | SC TO-I/A | 0001193125-25-211585 |
| 2025-08-29 | NPORT-P | 0001145549-25-057506 |
| 2025-08-12 | SC TO-I | 0001193125-25-178694 |