StepStone’s $5.8B Private Markets Fund Clears Tender With No Proration

StepStone Private Markets accepted 100% of the shares tendered in its second-quarter repurchase offer without prorating, a contrast to recent redemption pressure at other nontraded funds in the alternatives space.

The $5.8 billion fund, known as SPRIM and managed by StepStone Group Private Wealth LLC, a unit of StepStone Group Inc. (Nasdaq: STEP), accepted about $135.6 million in tendered shares combined across its Class I, Class D, Class S, and Class R shares, according to StepStone. Shareholders who tendered were paid 100% of the unaudited net asset value of their shares. The $135.6 million accepted represents roughly 2.3% of the fund’s $5.83 billion in net assets as of March 31, 2026, well below the 5% quarterly cap on repurchases.

The result stands in contrast to other nontraded funds AltsWire has covered in recent weeks. Ares Strategic Income Fund capped its second-quarter tender at 5% of shares outstanding after redemption demand reached 14.4%, and it separately expanded its credit line to $4.1 billion amid what AltsWire has reported as continued redemption pressure. Morgan Stanley’s North Haven Private Income Fund prorated its second-quarter tender at 43% after demand reached 11.6% of shares outstanding.

SPRIM invests across private equity, real assets, and private debt, giving individual investors exposure to institutional-style private-market strategies through a single evergreen vehicle. Registered under the 1940 Act as a nontraded, non-diversified closed-end fund, SPRIM operates as a tender offer fund, meeting redemptions through discretionary quarterly repurchases rather than the mandatory offers of an interval fund. Unlike Ares Strategic Income Fund and North Haven Private Income Fund, both business development companies focused on private credit, SPRIM’s broader multi-asset mandate makes it an imperfect structural comparison, but the diverging redemption experience reflects how liquidity demand is varying across nontraded strategies this quarter.

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