25% of the value of its total assets is invested in the securities (other than U.S. Government securities or the securities of other RICs) of a single issuer, two or more issuers that the Fund controls and that are engaged in the same, similar or Potential investors should Investments, given they are, similarly, the acquisition of an interest in what is typically a mature portfolio, and all, or the majority, of capital is deployed at the time of investment, and therefore the impact of the J-Curve is expected to be mitigated. investment income and net capital gains earned each year. 30 years of operational experience working in private equity, private markets distribution and asset management businesses. regulated investment companies and other securities, with such other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of the Funds total assets and 10% of the outstanding To the extent a debt investment is collateralized by the The Shares have not been approved or disapproved by the Securities and Exchange Commission or any other U.S. federal or state governmental agency or regulatory authority or any national securities exchange. The Fund will update this Prospectus to account for any material changes in the risks involved with an investment in the Fund. The Fund will not the state, local and foreign tax consequences of an investment in Shares and the particular tax consequences to them of an investment in the Fund. compensation that a financial intermediary may receive in connection with the sale of Shares in the Fund may be greater than the compensation it may receive for the distribution of other investment products. risks associated with market and customer concentration and variability in demand. See The Board reviews and ratifies the execution appropriate. which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of realizing any guarantees that may have obtained in connection with the investment; may have shorter operating histories, narrower product lines and smaller market shares than larger businesses, information may be retained by StepStone for the duration of a Notice Recipients investment or engagement with StepStone, and afterwards in accordance with StepStones legal and regulatory obligations, including but not limited to Primary Investments to which the Fund wishes to allocate capital may not be available at any given time. companies, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. secondaries). with the industry sectors of concentration. not exceed one third of the value of its total assets (including the indebtedness). ClassD, and ClassI Shares? advantages of StepStones global platform through an investment process that integrates the firms analytical and investment expertise, access to proprietary information and insights gained through deep relationships with Investment traditional voting rights, and the occurrence of corporate governance or other consent or voting matters for this type of investment is substantially less than that encountered in connection with registered equity securities. Demand and Usage Risk. performance of the Funds investments, including exacerbating other pre-existing political, social and economic risks. A copy of the Prospectus may be obtained by contacting the Fund at the telephone number or address set forth above. limited partners. The tax basis in the Shares repurchased or transferred by the Fund, to the extent remaining after any dividend and return of capital distribution with respect ability of the Fund to fund subsequent repurchase requests of Shareholders or to conduct future repurchases at all. the Fund and [ ] as administrator (the Administrator). The UBS Global Infrastructure Index is a free float-adjusted, market capitalization-weighted index designed to track the performance of non-utility related global listed infrastructure (transportation and communication). purposes of this requirement. This Prospectus concisely provides the information that a prospective investor should know about plan, or other arrangement subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA), or the Code (an ERISA Plan) should consider, among other things, the matters described below before determining compensation for, the Fund, an Investment Fund or a portfolio company. A meaningful input in the Funds Valuation Procedures will be the valuations provided by the Investment Managers. significantly more onerous than, the requirement to deliver an applicable U.S. nonresident withholding tax certification form (e.g.,IRS FormW-8BEN)) and certain other requirements have been Regulatory Change. StepStone Infrastructure Co-Investment Partners 2022 Europe, SCSp See Investment ProgramLeverage.. to the Advisers. As a result, the Fund may, in a particular taxable year, be required to make ordinary income distributions in excess of the net economic income from such investments with respect to such taxable year. share of these fees and expenses for such taxable year, (3)each such U.S. (as defined in the Code to generally include certain transactions designed to convert ordinary income into capital gain) may be characterized as ordinary income. Advisers Act). With respect to Primary Investments, StepStone uses its best efforts to defer the allocation decision to the relevant Portfolio allocations are achieved through using a combination of Secondary Investments, Co-Investments and Primary Investments. Part of a broad private markets business that consistently has thousands of third-party sponsor interactions income test, one or more subsidiary entities treated as U.S. corporations for U.S. federal income tax purposes may be employed to earn such income and (if applicable) hold the related investment. Such scrutiny may increase the Funds and/or the Advisers legal, compliance, administrative and other The Trustees of the Fund, their birth years, addresses, The Sub-Advisers Chief Compliance Officer, as applicable, will verify the Fund holds the security to which the proxy relates. Investment Funds and other issuers that could be treated as PFICs or implement certain restrictions with the respect to any Investment Funds or other issuers that could be treated as CFCs in order to limit the Funds tax liability or maximize For more information on the means of transfer of data or a copy of the relevant safeguards, please contact us atprivacy@stepstoneglobal.com. If your Shares are repurchased in Year 1, you would incur The offer to purchase Shares is a including distributions (if any) derived from the Funds net capital gain (i.e., the excess of the net long-term capital gains over net short-term capital losses) to Shareholders. Core Plus: These assets have some similarities with core infrastructure; however, there is generally more The business or reputation of the Fund, the Board of Trustees, the Advisers or any of their affiliates, or may subject the Fund or any Shareholder to an undue risk of adverse tax or other fiscal or regulatory consequences; any of the representations and warranties made by the Shareholder or other person in connection with the
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