Conversus StepStone Private Markets Exceed 100mm
CHARLOTTE, North Carolina, May 18, 2021 (GLOBE NEWSWIRE) – Conversus, an investment platform designed to expand access to private markets for high net worth and accredited investors, has announced that its inaugural fund, Conversus StepStone Private Markets (” CPRIM ”), reached 108mm of assets and its shares appreciated 36% from October 1, 2020 to April 30, 2021, for a net asset value of $ 33.99. Conversus acts as an advisor to CPRIM and is a wholly owned business of StepStone Group LP (“StepStone”), which acts as a sub-advisor.
CPRIM provides accredited investors with diversified global exposure to major private market asset classes – private equity, real assets, including infrastructure and real estate, and private debt – in a single investment. An open architecture solution, CPRIM’s portfolio seeks to be well diversified between the underlying managers and by sector, strategy, geography and year. StepStone invests the capital of CPRIM alongside its institutional clients and has built a portfolio of over 300 companies to date, with a focus on sectors that Conversus believes to be more sustainable and resilient, such as information technology , health and financial services. CPRIM initially focused on purchases of secondary market fund investments and direct co-investments and will eventually add primary fund investments.
Designed specifically for individual investors and small institutions, CPRIM’s investor-centric structure emphasizes convenience, efficiency and transparency. A permanent fund, CPRIM raises capital through monthly closings while providing liquidity through quarterly purchase offers. There are no calls for capital in progress. Investors will receive regular distributions, and tax returns are provided via a 1099. CPRIM is available to accredited US investors with a minimum investment of $ 50,000 through a range of share classes created for various wealth management platforms. , as well as for qualified non-US investors at the same minimum investment level.
“CPRIM’s 36% gain since October has been fueled by strong performance from portfolio companies, including numerous liquidity events. We have also taken advantage of price shifts during the pandemic by purchasing funds that we consider to be managed by top managers at significant discounts from current net asset value, ”said Long bob, CEO of Conversus. “Financial advisors and their clients are actively looking for ways to diversify their portfolios with private assets, and CPRIM’s ability to meet this need in a simple, cost-effective format has resonated with investors, as evidenced by the overtaking of the milestone of $ 100 million in just seven months. . “
“Effective liquidity management is critical to the success of a continuous, permanent fund, and StepStone has leveraged its scale, relationships, data and analytics capabilities to deploy CPRIM capital as quickly as possible. ‘it was lifted, thus helping to generate attractive expected returns,’ said Jason Ment, President and Co-Chief Operating Officer of StepStone. “We maintain a strong and growing portfolio of secondary and direct co-investment opportunities that we believe will continue to benefit CPRIMs in the future.”
Conversus markets CPRIM through its team of experienced distribution professionals spanning the United States and Europe. Conversus is StepStone’s platform for delivering the company’s institutional asset management capabilities and experience to the mass high net-worth and affluent market and is led by its founders. Tom sittema, Executive Chairman, Neil Menard, President of distribution and Tim smith, Chief Operating Officer, in addition to Mr. Long.
Conversus is an investment firm designed to expand access to private markets for high net worth and high net worth investors and is 100% owned by StepStone. Conversus seeks to create innovative, investor-centric solutions with an emphasis on convenience, efficiency and transparency. Conversus is derived from the Latin verb for conversion, and the company’s mission is to convert the private market benefits enjoyed by institutional investors into opportunities for individual investors. Conversus StepStone Private Markets (CPRIM) is its first fund. Learn more about www.conversus.com.
StepStone Group Inc. (Nasdaq: STEP) is a global private market investment firm focused on providing personalized investment solutions and advisory and data services to its clients. As of December 31, 2020, STEP oversaw $ 333 billion in private market allocations, including $ 80 billion in assets under management. STEP’s clients include some of the largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as endowments, foundations, family offices and private clients. prominent, which include the well-to-do. STEP partners with its clients to develop and build private market portfolios designed to meet their specific objectives in the private equity, infrastructure, private debt and real estate asset classes.
Media: Brian Ruby / Chris Gillick, ICR
Relations with the shareholders of StepStone Group Inc.
The performance data quoted represents past performance and does not guarantee future results. The return and capital value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Actual performance may be lower or higher than the performance data quoted. For the most recent month-end performance please call (704) 215-4300. Short-term performance can often reflect conditions that are unlikely to be sustainable, and therefore, such performance may not be repeated in the future.
Before investing, you should carefully consider the investment objectives, risks, charges and expenses of the Fund. This and other information can be found in the prospectus, a copy of which can be obtained from Conversus StepStone Private Markets (“CPRIM” or the “Fund”) at 704.215.4300 or by visiting the SEC website at address www.sec.gov. An investor should read the prospectus carefully before investing (link to the prospectus). Investors should also consult the material available at www.conversus.com with regard to Conversus StepStone Private Markets.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and is effective under the Securities Act of 1933. This communication does not constitute an offer to buy or the solicitation of an offer to buy. and there will be no sale of such securities in any state in which such offering, solicitation or sale would be illegal before registration or qualification under the securities laws of such state.
Foreside Fund Services, LLC, a FINRA registered broker-dealer, acts as distributor.
An indication of interest in response to this announcement will not imply any obligation or commitment of any kind.
Investing in the Fund involves significant risks. Investing in stocks can be considered speculative and involves a high degree of risk, including the risk of losing your investment. The Shares are illiquid and suitable only as a long term investment.
- The performance of the Fund depends on the performance of the underlying investment managers and selected private market assets.
- The underlying investments involve a high degree of business and financial risk which can lead to substantial losses.
- The securities in which a portfolio manager may invest may be among the most subordinate in a portfolio company’s capital structure and, therefore, subject to the highest risk of loss.
- The investments of an investment manager, depending on the strategy, may be in companies or other assets whose capital structure is heavily leveraged.
- The Fund will allocate a portion of its assets to several investment funds, and shareholders will bear two levels of fees and expenses: management fees and administrative fees at the Fund level, and asset-based management fees. , interest earned, incentive allowances or fees and expenses at the investment fund level.
- Shareholders will not have the right to receive information about investment funds or investment managers, and they will have no recourse against investment funds or their investment managers.
- The Fund intends to qualify as a regulated investment company under the Internal Revenue Code of 1986, but may be subject to substantial tax obligations if it does not meet these conditions.
- A significant portion of the Fund’s investments will likely be priced by investment funds in the absence of an easily accessible market and may be priced based on fair value determinations, which may prove to be inaccurate.
- Stocks are an illiquid investment. There is no market exchange available for the shares of the Fund, which makes their liquidation difficult.
- The possible use of leverage, limited by the requirements of the 1940 law, may increase the volatility of the Fund.