# EDGAR Filing Document

**Accession Number:** 0001918642
**File Stem:** 0001213900-26-066820
**Filing Date:** 2026-6
**Character Count:** 253304
**Document Hash:** c9b7fa3446f75936d905bc4c7d3f4ccd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-066820.hdr.sgml**: 20260609

**ACCESSION NUMBER**: 0001213900-26-066820

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260609

**DATE AS OF CHANGE**: 20260609

**EFFECTIVENESS DATE**: 20260609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** StepStone Private Venture & Growth Fund
- **CENTRAL INDEX KEY:** 0001918642

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23786
- **FILM NUMBER:** 261076507

**BUSINESS ADDRESS:**
- **STREET 1:** 128 S TRYON STREET
- **STREET 2:** SUITE 1600
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** (704) 215-4300

**MAIL ADDRESS:**
- **STREET 1:** 128 S TRYON STREET
- **STREET 2:** SUITE 1600
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Conversus StepStone Private Venture & Growth Fund
- **DATE OF NAME CHANGE:** 20220321

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-23786

-----------------------

StepStone Private Venture and Growth Fund

--------------------------------------------------------------

(Exact name of registrant as specified in charter)

128 S Tryon St., Suite 1600

Charlotte, NC 28202

--------------------------------------------------------------

(Address of principal executive offices) (Zip code)

Robert W. Long

Chief Executive Officer

StepStone Group Private Wealth LLC

128 S Tryon St., Suite 1600

Charlotte, NC 28202

--------------------------------------------------------------

(Name and address of agent for service)

Registrant's telephone number, including area code: (704) 215-4300

---------------

Date of fiscal year end: March 31

---------

Date of reporting period: March 31, 2026

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) The Report to Shareholders is attached herewith.

**StepStone Private Venture and Growth Fund**

**Consolidated Financial Statements**

For the Year Ended March 31, 2026

**Annual Report**

**StepStone Private Venture and Growth Fund**

**Table of Contents**

For the Year Ended March 31, 2026

---

| | |
|:---|:---|
| [Management's Discussion of Fund Performance (unaudited)](#a_001) | 2 - 3 |
| [Report of Independent Registered Public Accounting Firm](#a_002) | 4 |
| [Consolidated Schedule of Investments](#a_003) | 5 - 16 |
| [Consolidated Statement of Assets and Liabilities](#a_004) | 17 - 18 |
| [Consolidated Statement of Operations](#a_005) | 19 |
| [Consolidated Statements of Changes in Net Assets](#a_006) | 20 - 21 |
| [Consolidated Statement of Cash Flows](#a_007) | 22 - 23 |
| [Consolidated Financial Highlights](#a_008) | 24 - 29 |
| [Notes to Consolidated Financial Statements](#a_009) | 30 - 43 |
| [Trustees and Officers (unaudited)](#a_010) | 44 - 45 |
| [Approval of Investment Advisory and Sub-Advisory Agreements (unaudited)](#a_011) | 46 - 48 |
| [Other Information (unaudited)](#a_012) | 49 |
| [Privacy Notice (unaudited)](#a_013) | 50 - 52 |

---

**StepStone Private Venture and Growth Fund**

Management's Discussion of Fund Performance (unaudited)

March 31, 2026

**Introduction**

StepStone Private Venture and Growth Fund ("SPRING" or the "Fund") is a private venture capital and growth equity solution that seeks to generate long-term capital appreciation. The Fund launched in November 2022 and maintains a strategy of investing in venture capital and growth equity assets via primary direct investments, primary investments, secondary direct investments and secondary investment funds. SPRING offers access to venture and growth investments with exposure that varies across sectors, markets and investment partners with a focus on managing risk and targeting attractive risk-adjusted returns.

Designed specifically for individual investors and small institutions, SPRING's investor-centric structure emphasizes convenience, efficiency and transparency. As an evergreen fund, SPRING raises capital monthly while providing liquidity through quarterly repurchase offers, subject to approval by the Board of Trustees. There are no ongoing capital calls. Investors will receive dividend distributions and tax reporting is provided via Form 1099.

**Investment Activity, Performance1 and Benchmark**

As of March 31, 2026, the Fund invested in 351 positions and reached total net assets of $6,489.0 million. We are pleased to report that SPRING (Class I) generated a total return of 43.29% for the fiscal year ended March 31, 2026 (referred to as "fiscal year 2026"), compared to the NASDAQ Composite Index,2 the Fund's primary benchmark, which reported gains of 25.60% during the same period.

The Fund deploys capital in a diversified pool of investment funds and direct investments acquired via secondary and primary transactions with investment managers believed to deliver above-average returns. Unrealized gains on investments totaled approximately $1,874.1 million for the fiscal year 2026, and were the primary driver of the Fund's total return.

Contributions to the Fund's performance were led by exposure to assets with compelling valuation profiles and strong market positioning. There were no material detractors from the Fund's performance over the period.

**Liquidity**

We believe SPRING has ample liquidity to meet its obligations and is well-positioned to execute on investment opportunities in the upcoming year. As of March 31, 2026, SPRING held $246.2 million of cash as well as $154.7 million of short-term investments and had $155.0 million available to be drawn under its credit facility3.

**Investment Approach**

SPRING seeks to offer investors access to a private venture and growth strategy focused on investments that vary across industry sectors and geographies, whereby the adviser utilizes a variety of investment partners to source investment opportunities for the Fund.

This commentary reflects the viewpoints of StepStone Group Private Wealth LLC as of March 31, 2026 and is not intended as a forecast or guarantee of future results.

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of March 31, 2026** **<sup>1,4</sup>** | **Average Annual Total Returns as of March 31, 2026** **<sup>1,4</sup>** | **Average Annual Total Returns as of March 31, 2026** **<sup>1,4</sup>** |
|  | **1 Year** | **Since Inception** |
| StepStone Private Venture and Growth Fund, Class I | 43.29% | 31.24% |
| StepStone Private Venture and Growth Fund, Class D | 43.01% | 30.92% |
| StepStone Private Venture and Growth Fund, Class S | 42.13% | 38.97% |
| NASDAQ Composite Index<sup>2</sup> | 25.60% | 23.12% |

---

**StepStone Private Venture and Growth Fund**

Management's Discussion of Fund Performance (unaudited) (continued)

March 31, 2026

**Performance of a $1,000,000 Investment (as of March 31, 2026)**

![](image_001.jpg)

The chart above represents the hypothetical growth of a $1,000,000 investment in Class I shares. Returns for the Fund's other classes will vary from what is seen above due to differences in fee structures, specifically the distribution and shareholder servicing fees associated with brokers, dealers and certain registered investment advisers and other financial intermediaries.

The performance data quoted herein represents past performance, and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance does not predict future performance.

The Fund's performance assumes the reinvestment of dividends. Index returns assume reinvestment of dividends and, unlike a portfolio's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>1</sup> Performance is cumulative and represents the percent change in NAV and assumes reinvestment of all distributions pursuant to the Fund's distribution reinvestment plan.

<sup>2</sup> The NASDAQ Composite, a stock market index that includes almost all stocks listed on the NASDAQ stock exchange, is a total return index and SPRING's primary benchmark.

<sup>3</sup> See Note 8 to the consolidated financial statements for further details on the credit facility.

<sup>4</sup> The date of inception for all share classes is November 1, 2022.

---

| | | |
|:---|:---|:---|
| ![](image_002.jpg) |  |  |
| ![](image_002.jpg) |  |  |
| ![](image_002.jpg) |  |  |
| ![](image_002.jpg) | Ernst & Young LLP | Tel: +1 212 773 3000 |
| ![](image_002.jpg) | One Manhattan West | ey.com |
| ![](image_002.jpg) | New York, NY 10001-8604 |  |

---

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of

StepStone Private Venture and Growth Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of StepStone Private Venture and Growth Fund (the "Fund"), including the consolidated schedule of investments, as of March 31, 2026, and the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the three years in the period then ended and for the period from November 1, 2022 (commencement of operations) to March 31, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund at March 31, 2026, the consolidated results of its operations and its cash flows for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, and its consolidated financial highlights for each of the three years in the period then ended and for the period from November 1, 2022 (commencement of operations) to March 31, 2023, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, investment funds and portfolio company investees; when replies were not received from investment funds, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](image_003.jpg)

We have served as the auditor of one or more of the StepStone Group LP investment companies since 2020.

New York, New York

May 30, 2026

*A member firm of Ernst & Young Global Limited* 

**StepStone Private Venture and Growth Fund**

Consolidated Schedule of Investments

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnotes** |
| **Primary Direct Investments - Non-Controlled/Non-Affiliated - 31.7% of NAV** | **Primary Direct Investments - Non-Controlled/Non-Affiliated - 31.7% of NAV** |  |  |  | 1234 |
| &nbsp;&nbsp;&nbsp;**Europe - 0.8% of NAV** | &nbsp;&nbsp;&nbsp;**Europe - 0.8% of NAV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altimeter Pilot Fund I, L.P. | Venture Capital | 05/08/2025 | $11083549 | $21729358 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund J-1, a series of Riot Ventures Opportunity Fund, L.P. | Venture Capital | 08/25/2025 | 1103798 | 1078049 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monzo Bank Holding Group Limited (1,144,930 preferred shares) | Venture Capital | 03/05/2024 | 19474131 | 28622139 | \*,5,6 |
| &nbsp;&nbsp;&nbsp;**Total Europe** |  |  | $31661478 | $51429546 |  |
| &nbsp;&nbsp;&nbsp;**North America - 30.0% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8VC AI Fund III, LLC | Venture Capital | 08/13/2025 | $11520547 | $15419840 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8VC AI Fund IV, LLC | Venture Capital | 10/15/2025 | 14620694 | 14620000 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8VC ANSF SPV I, LLC | Venture Capital | 07/16/2024 | 3614027 | 9967776 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8VC CBSB, LLC | Venture Capital | 10/27/2025 | 18000854 | 18000000 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8VC CHSB SPV, LLC | Venture Capital | 08/02/2024 | 6400304 | 28385376 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8VC COSB LLC | Venture Capital | 02/06/2026 | 15964500 | 15754441 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8VC ERSA SPV, LLC | Venture Capital | 07/18/2025 | 6525310 | 10545804 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8VC ERSB-A LLC | Venture Capital | 02/13/2026 | 4350000 | 4155737 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8VC LBSD SPV, LLC | Venture Capital | 03/27/2025 | 15750747 | 29291068 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACN5 LLC | Venture Capital | 10/21/2025 | 17000000 | 25940059 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AcuityMD, Inc. (514,711 preferred shares) | Venture Capital | 04/12/2024 | 3832394 | 4627201 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altimeter Atlas Fund I, L.P. | Venture Capital | 05/08/2025 | 4798595 | 7413301 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altimeter Growth Co-Invest IV, L.P. | Venture Capital | 09/05/2024 | 29435885 | 41811559 | \*,⁺,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altimeter Growth Co-Invest V, L.P. | Venture Capital | 09/30/2024 | 22580916 | 76087828 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altimeter Growth Olympic Fund II, L.P. | Venture Capital | 04/04/2025 | 13518276 | 26916185 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altimeter Growth Olympic Fund III, L.P. | Venture Capital | 07/01/2025 | 12827868 | 25518781 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altimeter Kilauea Fund I, L.P. | Venture Capital | 11/21/2025 | 8608788 | 10299766 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altimeter Vesuvius Fund I L.P. | Venture Capital | 11/26/2025 | 12815288 | 14820314 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anduril Industries, Inc. (65,393 preferred shares) | Venture Capital | 03/20/2025 | 2673449 | 4509024 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Technology, Inc. (924,758 preferred shares) | Venture Capital | 04/16/2025 | 9754609 | 18784147 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASA4 LLC | Venture Capital | 06/12/2024 | 8900000 | 14309851 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atticus Labs, Inc. (307,490 preferred shares) | Venture Capital | 04/09/2025 | 5080679 | 5080565 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner VC Co-Invest I, LP | Venture Capital | 03/24/2026 |  |  | \*,⁺,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Forest Labs Inc. (82,177 preferred shares) | Venture Capital | 11/21/2025 | 19373220 | 19373220 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boldstart Cardinal, LLC | Venture Capital | 06/04/2025 | 1408859 | 2245154 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSV Holdings I LP | Venture Capital | 03/10/2025 | 1828174 | 3358435 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caffeinated Capital Saronic SPV II, LLC | Venture Capital | 01/28/2025 | 28500000 | 45998020 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caffeinated Capital Varda SPV II, LLC | Venture Capital | 09/05/2024 | 3900000 | 6045367 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canto of Arcadia, LP | Venture Capital | 09/02/2025 | 879724 | 803150 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canto of Jupiter II, LP | Venture Capital | 09/25/2025 | 1170989 | 1454078 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerebras Systems Inc. (195,471 preferred shares) | Venture Capital | 01/28/2026 | 17399968 | 17399968 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaos Industries, Inc. (305,262 preferred shares) | Venture Capital | 04/25/2025 | 33249495 | 42412064 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIV TNC SPV I, LLC | Venture Capital | 04/16/2025 | 4766158 | 4731162 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIV TNC SPV II, LP | Venture Capital | 02/23/2026 | 17487000 | 17400000 | \*,12 |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Schedule of Investments (continued)

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnotes** |
| **Primary Direct Investments - Non-Controlled/Non-Affiliated (continued)** | **Primary Direct Investments - Non-Controlled/Non-Affiliated (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colony Labs, Inc. (1,831,998 preferred shares) | Venture Capital | 10/22/2025 | $14871128 | $14841382 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmic 20252, L.P. | Venture Capital | 05/02/2025 | 8000000 | 7985572 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creatio Inc. (7,609 preferred shares) | Venture Capital | 06/10/2024 | 778806 | 778806 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crusoe Inc. (107,132 preferred shares) | Venture Capital | 10/08/2025 | 8999973 | 11570256 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRV Select II-V, LP | Venture Capital | 05/06/2024 | 9630590 | 24759861 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cube Planning Inc. (277,368 preferred shares) | Venture Capital | 12/15/2023 | 1431302 | 1431302 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyware Labs, Inc. ($52,206 principal amount, 10.00%, 03/26/2027) | Venture Capital | 12/12/2025 | 52206 | 52206 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyware Labs, Inc. (16,739 preferred shares) | Venture Capital | 11/08/2023 | 188612 | 188612 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Databricks, Inc. (111,842 preferred shares) | Venture Capital | 12/16/2025 | 21249980 | 21249980 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duplocloud, Inc. (181,320 preferred shares) | Venture Capital | 11/01/2023 | 1675406 | 2044379 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elephant Partners 2023 SPV-A, L.P. | Venture Capital | 05/19/2023 | 34665443 | 37544399 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ensemble Continuation Fund LLC - Series Saronic | Venture Capital | 07/10/2024 | 4571429 | 22276085 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etched.ai, Inc. (67,513 preferred shares) | Venture Capital | 12/30/2025 | 1039078 | 1039078 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FE IV Co-Invest FA, L.P. | Growth Equity | 07/31/2024 | 4360115 | 8247933 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FE IV Co-Invest SO, L.P. | Growth Equity | 10/24/2024 | 36814573 | 40889723 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federato Technologies, Inc. (1,277,740 preferred shares) | Venture Capital | 11/15/2024 | 9538093 | 18716770 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FLB Partners B, LP | Venture Capital | 05/14/2025 | 40950000 | 65510619 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fleet Data Centers I, LP | Other | 10/08/2025 | 10853154 | 8369630 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flock Group Inc (4,174,157 preferred shares) | Venture Capital | 03/31/2026 | 65250005 | 65250005 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fundomo ET-002, LP | Venture Capital | 01/05/2026 | 3140628 | 3140628 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgian Fund VI C Invest LP | Venture Capital | 11/14/2024 | 17682873 | 28337660 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GlossGenius, Inc. (15,397 preferred shares) | Venture Capital | 01/26/2026 | 754410 | 754410 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hadrian Automation, Inc. (201,307 preferred shares) | Venture Capital | 12/19/2025 | 3701832 | 3701834 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HotWheels Co-Invest LP | Venture Capital | 07/09/2025 | 13793280 | 14004297 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICONIQ Strategic Partners VI Co-Invest, L.P. - Series N-B3 | Venture Capital | 07/14/2025 | 8700000 | 16747676 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ilumed Parent LLC ($3,031,915 principal amount, 17.50%, 07/23/2027) | Growth Equity | 01/23/2026 | 3031915 | 3031915 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ilumed Parent LLC (1,650 preferred units) | Growth Equity | 08/19/2024 | 9493125 | 12801360 | \*,5,7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinite Uptime, Inc. (231,940 preferred shares) | Venture Capital | 01/06/2025 | 1813377 | 1813377 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interlagos I, LLC, an Interlagos Capital Fund | Venture Capital | 08/25/2025 | 6781223 | 11925199 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interlagos II, LLC, an Interlagos Capital Fund | Venture Capital | 08/29/2025 | 1818640 | 1813063 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interlagos III, LLC, an Interlagos Capital Fund | Venture Capital | 08/29/2025 | 624787 | 842039 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KA Venture Investments Holdings, LLC | Venture Capital | 10/15/2024 | 989115 | 1676124 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kindred GMF1, L.P. | Venture Capital | 05/23/2025 | 3480006 | 15607715 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KoBold Metals Company (430,512 preferred shares) | Venture Capital | 12/05/2024 | 40217438 | 48480645 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lavrock-Castelion-P, LLC | Venture Capital | 08/06/2025 | 6308162 | 8284170 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LGF SUNNY MOMENTUM, L.P. | Venture Capital | 04/30/2025 | 4572750 | 4567805 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightspeed C Holdings, LLC | Venture Capital | 11/12/2025 | 5388584 | 7485704 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lynk Global, Inc. (661,073 preferred shares) | Venture Capital | 02/12/2026 | 5643407 | 15224511 | \*,5,12 |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Schedule of Investments (continued)

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnotes** |
| **Primary Direct Investments - Non-Controlled/Non-Affiliated (continued)** | **Primary Direct Investments - Non-Controlled/Non-Affiliated (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lynk Global, Inc. (495,804 commonwarrants) | Venture Capital | 02/12/2026 | $446596 | $1204804 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MC Tech IV (Co-Invest), LP | Venture Capital | 04/04/2025 | 6808052 | 22643189 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTS Belmont Holdings, L.P. | Growth Equity | 06/03/2025 | 28203560 | 28203560 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEA CH 2026 SPV, L.P. | Venture Capital | 03/24/2026 | 175589 | 175589 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEA CH SPV, L.P. | Venture Capital | 05/09/2024 | 1952874 | 2840708 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEA SH 2025 SPV, L.P. | Venture Capital | 06/24/2025 | 8733796 | 8700271 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orca Biosystems, Inc. (158,202 preferred shares) | Venture Capital | 02/02/2026 | 8699988 | 8699987 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overhaul Group Holdings, Inc. (830,940 preferred shares) | Venture Capital | 02/01/2023 | 10416248 | 16652785 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overland AI Inc. (482,503 preferred shares) | Venture Capital | 11/24/2025 | 4399993 | 4399993 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Topco Inc. (2,667 common shares) | Growth Equity | 08/23/2024 | 2248390 | 3119911 | \*,⁺,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMRP, LLC - Series 1 | Venture Capital | 09/08/2025 | 8516900 | 10778640 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMRP, LLC - Series 2 | Venture Capital | 01/20/2026 | 21749925 | 21749925 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMRP, LLC - Series 3 | Venture Capital | 02/12/2026 | 21749836 | 21749836 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poolside Infrastructure Company, Inc. (160,443 preferred shares) | Venture Capital | 02/23/2026 | 2 | 2 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poolside, Inc. (160,443 preferred shares) | Venture Capital | 07/11/2024 | 12226575 | 29509206 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Shamrock, LLC | Venture Capital | 10/14/2025 | 21630155 | 21515049 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PushPress, Inc. (760,282 preferred shares) | Venture Capital | 10/17/2024 | 5350333 | 5350333 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rasa Technologies Inc. (361,126 preferred shares) | Venture Capital | 12/06/2023 | 1651249 | 1651249 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redpoint Omega IV-C, L.P. | Venture Capital | 06/28/2024 | 6565911 | 10168839 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPIII FB Co-Invest LLC | Growth Equity | 03/02/2023 | 4025684 | 4891737 | \*,7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saronic Technologies, Inc. (1,113,001 preferred shares) | Venture Capital | 07/11/2024 | 22025049 | 30546312 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series W DIs, a Series of Atreides Special Circumstances Fund, LLC | Venture Capital | 01/26/2026 | 4480500 | 4350000 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shrug Opportunities & Natural Capital LP | Venture Capital | 10/11/2024 | 22695000 | 35424804 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sift Stack, Inc. (797,607 preferred shares) | Venture Capital | 07/18/2025 | 5687815 | 5687815 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SiMa Technologies, Inc. ($4,265,865 principal amount, 7.50%, 12/31/2027) | Venture Capital | 07/18/2025 | 4265865 | 7296674 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Space Exploration Technologies Corp. (308,381 common shares) | Venture Capital | 05/10/2024 | 112000310 | 162390351 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StepStone VC PVP Follow-On, LLC | Venture Capital | 09/11/2024 | 53193 | 50059 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stripes VII Azul Co-Invest, LP | Venture Capital | 03/02/2026 | 2642336 | 2610000 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SWG Brands, Inc. (3,248,958 preferred shares) | Venture Capital | 02/15/2024 | 8282602 | 12833709 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teamshares Inc. (5,714 preferred shares) | Venture Capital | 06/20/2024 | 436131 | 436131 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telstar4Ever by XYZ, LLC | Venture Capital | 09/29/2025 | 4536000 | 7479110 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporal Technologies Inc. (73,765 preferred shares) | Venture Capital | 02/03/2025 | 4371343 | 10016638 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ThreatLocker, Inc. (827,118 preferred shares) | Venture Capital | 04/08/2024 | 42211570 | 48154314 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrive Capital Partners IX Growth-C, LLC | Venture Capital | 12/16/2024 | 7617428 | 15597800 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrive Capital Partners IX Growth-F, LLC | Venture Capital | 04/02/2025 | 27135315 | 68058087 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcend Inc. (265,808 preferred shares) | Venture Capital | 12/29/2023 | 2785645 | 2785641 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TurbineOne, Inc. (54,690 preferred shares) | Venture Capital | 05/07/2025 | 1493494 | 1493496 | \*,5 |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Schedule of Investments (continued)

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnotes** |
| **Primary Direct Investments - Non-Controlled/Non-Affiliated (continued)** | **Primary Direct Investments - Non-Controlled/Non-Affiliated (continued)** |  | | |  |
| &nbsp;&nbsp;&nbsp;**North America (continued)** |  |  | | |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unitQ inc. (614,975 preferred shares) | Venture Capital | 04/19/2024 | $2536280 | $2536280 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valor Summit 1.0 L.P. | Venture Capital | 10/30/2024 | 32356940 | 110244803 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varda Space Industries, Inc. (621,671 preferred shares) | Venture Capital | 02/24/2026 | 12749975 | 12749975 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vercel Inc. (54,767 preferred shares) | Venture Capital | 09/26/2025 | 10999952 | 10999952 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VY Cerebrum, L.P. | Venture Capital | 05/27/2025 | 9202532 | 9142689 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WH Growth Fund III LP | Venture Capital | 03/18/2026 | 6181350 | 6090000 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WndrCo Holdings M C SPV LP | Venture Capital | 05/02/2025 | 10137918 | 10055677 | \* |
| &nbsp;&nbsp;&nbsp;**Total North America** |  |  | $1323828961 | $1937501901 |  |
| &nbsp;&nbsp;&nbsp;**Rest of World - 0.9% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia XIG Co-Invest, L.P. | Venture Capital | 11/25/2025 | $3935228 | $3915000 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KA CT, LLC Venture Capital |  | 01/02/2024 | 2190000 | 2899245 | \*,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lyka Wellness Pty Ltd (29,344 preferred shares) | Venture Capital | 04/25/2023 | 2871103 | 5928934 | \*,5,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rei do Pitaco Limited | Venture Capital | 06/28/2024 | 3325000 | 5348500 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zencity Technologies Ltd. (575,444 preferred shares) | Venture Capital | 05/15/2024 | 5852957 | 5852957 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zepto Limited (61,513,005 preferred shares) | Venture Capital | 08/24/2023 | 17778157 | 34994477 | \*,5 |
| &nbsp;&nbsp;&nbsp;**Total Rest of World** |  |  | $35952445 | $58939113 |  |
| **Total Non-Controlled/Non-Affiliated Primary Direct Investments** | **Total Non-Controlled/Non-Affiliated Primary Direct Investments** |  | $1391442884 | $2047870560 |  |
| **Primary Investments - Non-Controlled/Non-Affiliated - 3.5% of NAV** | **Primary Investments - Non-Controlled/Non-Affiliated - 3.5% of NAV** | **Primary Investments - Non-Controlled/Non-Affiliated - 3.5% of NAV** |  |  | 1234 |
| &nbsp;&nbsp;&nbsp;**North America - 3.5% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8VC DSS A, L.P. | Venture Capital | 02/28/2025 | $41401964 | $67137722 | \*,⁺,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altimeter Venture Partners Fund VII, L.P. | Venture Capital | 11/08/2024 | 22898317 | 39343734 | \*,⁺,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BVP Forge II Institutional A, L.P. | Growth Equity | 11/12/2025 |  |  | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cantos Ventures IV, L.P. | Venture Capital | 09/25/2025 | 154659 | 154659 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmic - Aleph 4, L.P. | Venture Capital | 09/10/2025 | 235706 | 216908 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmic - Bet 4 Durable, L.P. | Venture Capital | 09/10/2025 | 420291 | 418209 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmic - Bet 4, L.P. | Venture Capital | 09/10/2025 | 7074930 | 7166681 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glade Brook Strategic Growth V LP | Venture Capital | 02/11/2026 | 3923801 | 3915000 | \*,⁺,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HX One L.P. | Growth Equity | 04/08/2025 | 9418500 | 10027249 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interlagos Fund I, LP | Venture Capital | 09/24/2025 | 949298 | 1042817 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Management Partners Fund I, LP | Venture Capital | 04/25/2025 | 1144876 | 1419186 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrive Capital Partners X Opportunity Fund, L.P. | Venture Capital | 10/24/2025 | 45846769 | 98317770 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;**Total North America** |  |  | $133469111 | $229159935 |  |
| **Total Non-Controlled/Non-Affiliated Primary Investments** | **Total Non-Controlled/Non-Affiliated Primary Investments** |  | $133469111 | $229159935 |  |
| **Secondary Direct Investments - Non-Controlled/Non-Affiliated - 11.8% of NAV** | **Secondary Direct Investments - Non-Controlled/Non-Affiliated - 11.8% of NAV** | **Secondary Direct Investments - Non-Controlled/Non-Affiliated - 11.8% of NAV** |  |  | 1234 |
| &nbsp;&nbsp;&nbsp;**Europe - 0.7% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monzo Bank Holding Group Limited (1,772,343 preferred shares) | Venture Capital | 05/03/2024 | $33024390 | $44306856 | \*,5,6 |
| &nbsp;&nbsp;&nbsp;**Total Europe** |  |  | $33024390 | $44306856 |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Schedule of Investments (continued)

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnotes** |
| **Secondary Direct Investments - Non-Controlled/Non-Affiliated (continued)** | **Secondary Direct Investments - Non-Controlled/Non-Affiliated (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**North America - 11.1% of NAV** | &nbsp;&nbsp;&nbsp;**North America - 11.1% of NAV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AcuityMD, Inc. (40,288 preferred shares) | Venture Capital | 12/22/2025 | $362185 | $362185 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anduril Industries, Inc. (91,127 common shares) | Venture Capital | 05/14/2024 | 2514476 | 6283453 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anduril Industries, Inc. (251,681 preferred shares) | Venture Capital | 08/05/2024 | 7677221 | 17354084 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atticus Labs, Inc. (25,624 preferred shares) | Venture Capital | 05/23/2025 | 432789 | 423378 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Forest Labs Inc. (9,131 common shares) | Venture Capital | 01/26/2026 | 2152632 | 2152632 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BuildOps, Inc. (222,285 preferred shares) | Venture Capital | 09/27/2023 | 229865 | 499297 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carry Technologies Inc. (32,519 common shares) | Venture Capital | 04/28/2025 | 1753385 | 3074710 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castelion Corporation (8,790 common shares) | Venture Capital | 02/27/2026 | 1511880 | 1511880 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castelion Corporation (1,476 preferred shares) | Venture Capital | 12/31/2025 | 224322 | 253872 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaos Industries, Inc. (34,481 preferred shares) | Venture Capital | 07/30/2025 | 2500014 | 4790673 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contentful Global, Inc. (74,057 preferred shares) | Venture Capital | 06/13/2023 | 970147 | 970147 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creatio Inc. (15,127 common shares) | Venture Capital | 06/10/2024 | 1426792 | 1548298 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creatio Inc. (32,501 preferred shares) | Venture Capital | 06/10/2024 | 3326585 | 3326585 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crusoe Inc. (12,847 preferred shares) | Venture Capital | 12/22/2025 | 1284700 | 1387476 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cube Planning Inc. (15,142 preferred shares) | Venture Capital | 01/29/2024 | 57947 | 78137 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyware Labs, Inc. (78,769 common shares) | Venture Capital | 11/08/2023 | 754418 | 153663 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Databricks, Inc. (27,718 common shares) | Venture Capital | 12/01/2025 | 4157700 | 5266420 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Databricks, Inc. (536,745 preferred shares) | Venture Capital | 12/01/2025 | 80511750 | 101981550 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duplocloud, Inc. (22,402 preferred shares) | Venture Capital | 11/01/2023 | 159493 | 252582 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federato Technologies, Inc. (122,707 preferred shares) | Venture Capital | 11/15/2024 | 1417734 | 1797454 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GlossGenius, Inc. (11,136 common shares) | Venture Capital | 11/16/2023 | 282909 | 545633 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hadrian Automation, Inc. (26,352 preferred shares) | Venture Capital | 10/14/2025 | 267839 | 484587 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HyperNative Inc. (171,481 preferred shares) | Venture Capital | 05/07/2025 | 4549991 | 4549991 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KoBold Metals Company (4,594 common shares) | Venture Capital | 07/07/2025 | 390614 | 517338 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KoBold Metals Company (25,971 preferred shares) | Venture Capital | 02/05/2025 | 2207440 | 2924636 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kong Inc. (1,211,663 preferred shares) | Venture Capital | 10/10/2024 | 12123382 | 12412033 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maven Clinic Co. (254,542 preferred shares) | Venture Capital | 08/16/2024 | 4522931 | 4522931 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orca Biosystems, Inc. (54,375 preferred shares) | Venture Capital | 03/09/2026 | 2175000 | 2990239 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outreach Corporation (225,367 common shares) | Venture Capital | 06/14/2023 | 1802939 | 901468 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postman, Inc. (354,691 common shares) | Venture Capital | 09/26/2025 | 4078947 | 4665357 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PushPress, Inc. (400,842 preferred shares) | Venture Capital | 10/17/2024 | 2820845 | 2820845 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saronic Technologies, Inc. (430,576 common shares) | Venture Capital | 07/23/2024 | 3627978 | 11817158 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solutions By Text Holdco Inc. (268,109 common shares) | Venture Capital | 05/16/2024 | 1730435 | 2557224 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Space Exploration Technologies Corp. (222,244 common shares) | Venture Capital | 04/26/2024 | 33915083 | 117031468 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Space Exploration Technologies Corp. (58,321 preferred shares) | Venture Capital | 09/16/2025 | 123640520 | 307112554 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teamshares Inc. (17,142 preferred shares) | Venture Capital | 09/27/2023 | 1308392 | 1308392 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ThreatLocker, Inc. (544,041 preferred shares) | Venture Capital | 04/08/2024 | 22848548 | 31673741 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TurbineOne, Inc. (39,062 preferred shares) | Venture Capital | 05/07/2025 | 1066719 | 1066721 | \*,5 |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Schedule of Investments (continued)

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnotes** |
| **Secondary Direct Investments - Non-Controlled/Non-Affiliated (continued)** | **Secondary Direct Investments - Non-Controlled/Non-Affiliated (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Inc. (1,061,681 preferred shares) | Venture Capital | 02/12/2024 | $3198070 | $6415644 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vannevar Labs, Inc. (58,103 common shares) | Venture Capital | 03/06/2025 | 3704261 | 3698192 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vannevar Labs, Inc. (82,416 preferred shares) | Venture Capital | 02/18/2025 | 5254296 | 5245688 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vercel Inc. (82,151 common shares) | Venture Capital | 11/13/2025 | 16500248 | 16500028 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vercel Inc. (82,151 preferred shares) | Venture Capital | 11/13/2025 | 16500028 | 16500028 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vetro, Inc. (273,397 preferred shares) | Growth Equity | 08/08/2025 | 4272645 | 6422096 | \*,5 |
| &nbsp;&nbsp;&nbsp;**Total North America** |  |  | $386216095 | $718152468 |  |
| &nbsp;&nbsp;&nbsp;**Rest of World - 0.0% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lyka Wellness Pty Ltd (7,809 preferred shares) | Venture Capital | 05/02/2024 | $671181 | $1577803 | \*,5,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zepto Limited (2,156,326 common shares) | Venture Capital | 01/08/2024 | 210266 | 991694 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zepto Limited (896,393 preferred shares) | Venture Capital | 06/05/2024 | 214630 | 517414 | \*,5 |
| &nbsp;&nbsp;&nbsp;**Total Rest of World** |  |  | $1096077 | $3086911 |  |
| **Total Non-Controlled/Non-Affiliated Secondary Direct Investments** | **Total Non-Controlled/Non-Affiliated Secondary Direct Investments** |  | $420336562 | $765546235 |  |
| **Secondary Investment Funds - Non-Controlled/Non-Affiliated - 48.2% of NAV** | **Secondary Investment Funds - Non-Controlled/Non-Affiliated - 48.2% of NAV** |  |  |  | 123413 |
| &nbsp;&nbsp;&nbsp;**Europe - 3.6% of NAV** | &nbsp;&nbsp;&nbsp;**Europe - 3.6% of NAV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glade Brook Private Investors XLIII LP | Growth Equity | 08/01/2025 | $106250000 | $158790829 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MVII Parloa SPV-B, L.P. | Venture Capital | 06/25/2025 | 11943022 | 26804204 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-0226 SPV, a series of 201 Ventures Co-Invest LP | Venture Capital | 02/17/2026 | 4350000 | 4350000 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SilverTree Equity VIII LP | Venture Capital | 04/10/2025 | 44989139 | 45606072 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;**Total Europe** |  |  | $167532161 | $235551105 |  |
| &nbsp;&nbsp;&nbsp;**North America - 43.2% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 Holdings AI II, LLC | Venture Capital | 02/21/2024 | $12500609 | $46975944 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 Holdings SXXI, LLC | Venture Capital | 03/18/2024 | 12699000 | 61154190 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8VC ANSD SPV GP, LLC | Venture Capital | 11/26/2025 | 4273517 | 4823531 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8VC ANSD SPV, L.P | Venture Capital | 11/26/2025 | 906666 | 995540 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8VC Opportunities Fund II, L.P. | Venture Capital | 12/31/2025 | 7725788 | 12363224 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AH Parallel Fund IV-Q, L.P. | Venture Capital | 07/01/2023 | 162598 | 167902 | \*,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altimeter Atlas Fund II, L.P. | Venture Capital | 06/12/2025 | 896263 | 1433513 | \*,⁺,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altimeter Premier Growth VIII, L.P. | Venture Capital | 11/14/2025 | 18345213 | 21953731 | \*,⁺,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amaranth DC Holdings, LP. | Growth Equity | 02/23/2024 | 13938639 | 17067611 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amplify Partners II, L.P. | Venture Capital | 04/14/2025 | 267303 | 222825 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amplify Partners III, L.P. | Venture Capital | 04/14/2025 | 3380294 | 5764296 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amplify Partners Select Fund IV, L.P. | Venture Capital | 04/14/2025 | 345004 | 536145 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andreessen Horowitz Fund IV-Q, L.P. | Venture Capital | 07/01/2023 | 357622 | 320004 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctos Sports Partners Elvis Co-Invest II LP | Growth Equity | 12/18/2025 | 14914775 | 14164400 | \*,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctos Sports Partners Fund II, LP . | Growth Equity | 10/07/2025 | 4680536 | 4754845 | \*,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardent GB Holdings, LP | Venture Capital | 03/21/2024 | 2723400 | 2712214 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARP4 II LLC | Venture Capital | 07/28/2025 | 34800000 | 64469641 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARP4 LLC | Venture Capital | 03/20/2025 | 20768665 | 52347013 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASY5 LLC.. | Growth Equity | 08/08/2025 | 30450000 | 34272787 | \* |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Schedule of Investments (continued)

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnotes** |
| **Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)** | **Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Backend Capital, a series of Backend Capital, LP | Venture Capital | 08/29/2023 | $689809 | $1931091 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Betaworks Ventures 1.0, LP | Venture Capital | 01/24/2023 | 5221432 | 21543852 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Betaworks Ventures 2.0, LP | Venture Capital | 01/24/2023 | 1976935 | 2626699 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Betaworks Ventures 3.0, LP | Venture Capital | 01/24/2023 | 1650000 | 1589125 | \*,⁺,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boldstart Opportunities I L.P. | Venture Capital | 04/17/2024 | 249020 | 281964 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boldstart Ventures II L.P. | Venture Capital | 06/30/2024 | 3714606 | 4762638 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boldstart Ventures III L.P. | Venture Capital | 04/17/2024 | 3111579 | 5662632 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bregal Sagemount IV RGS Co-Invest L.P. | Growth Equity | 03/25/2026 |  |  | \*,⁺,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caffeinated Capital Venture Fund IV, LP | Venture Capital | 06/17/2025 | 5905074 | 11272794 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caffeinated Capital Venture Fund V, LP | Venture Capital | 07/01/2025 | 936995 | 922754 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles River Partnership XIV, LP | Venture Capital | 06/30/2023 | 83101 | 57094 | \*,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles River Partnership XV, LP | Venture Capital | 06/30/2023 | 706240 | 1391550 | \*,⁺,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles River Partnership XVI, LP | Venture Capital | 06/30/2023 | 4442265 | 6360041 | \*,⁺,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNK Fund IV, L.P. | Venture Capital | 12/31/2023 | 5736579 | 11443014 | \*,⁺,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNK Seed Fund I, L.P. | Venture Capital | 12/31/2023 | 1693201 | 3055991 | \*,⁺,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Capital Equity Partners VI (QP), L.P. | Venture Capital | 06/30/2023 | 231054 | 276159 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Capital Equity Partners VII (QP), L.P. | Growth Equity | 08/04/2023 | 224719 | 356258 | \*,⁺,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Spectrum Partners VI-A, L.P. | Venture Capital | 09/10/2024 | 44500000 | 61856793 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion Capital Fund II, LP | Venture Capital | 09/30/2023 | 46298 | 50642 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Craft Ventures Affiliates II, L.P. | Venture Capital | 06/30/2023 | 174577 | 359787 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Craft Ventures Growth I, L.P. | Venture Capital | 06/30/2023 | 76732 | 263356 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Craft Ventures III, L.P. | Venture Capital | 06/30/2023 | 87895 | 182808 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRV SPV2-Z, LLC | Venture Capital | 12/06/2024 | 5285066 | 7018343 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DST Global IX, L.P. | Venture Capital | 10/01/2023 | 15671097 | 37543179 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DST Global VI, L.P. | Venture Capital | 10/01/2023 | 2206878 | 4557253 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DST Global VII, L.P. | Venture Capital | 10/01/2023 | 7516150 | 20747969 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DST Global VIII, L.P. | Venture Capital | 10/01/2023 | 5885606 | 11885453 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DST Investments XXI, L.P. | Venture Capital | 10/01/2023 | 281117 | 343818 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DSTG VII Investments-1, L.P. | Venture Capital | 10/01/2023 | 253192 | 360514 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DSTG VII Investments-4, L.P. | Venture Capital | 10/01/2023 | 58052 | 106752 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elephant Partners I, L.P. | Growth Equity | 04/12/2024 | 513786 | 425428 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elephant Partners II, L.P. | Growth Equity | 04/12/2024 | 534646 | 797728 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elephant Partners III, L.P. | Growth Equity | 04/12/2024 | 387439 | 819499 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elephant Partners IV, L.P. | Growth Equity | 04/12/2024 | 324680 | 401431 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emergence Capital Partners II, L.P. | Venture Capital | 10/22/2024 | 1771885 | 1192517 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Felicis Ventures VI, L.P. | Venture Capital | 11/04/2022 | 15445552 | 19600354 | \*,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Felicis Ventures VII, L.P. | Venture Capital | 11/04/2022 | 14105574 | 20421216 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fika Ventures - A, L.P. | Venture Capital | 01/09/2024 | 116968 | 142064 | *\** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fika Ventures, L.P. | Venture Capital | 06/27/2023 | 933803 | 1509166 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fingercheck Buyer SPV, LLC | Venture Capital | 10/16/2024 | 30156802 | 33268030 | \* |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Schedule of Investments (continued)

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnotes** |
| **Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)** | **Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First-Party Time VI LLC | Growth Equity | 07/02/2024 | $13350066 | $18986906 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Elms III Apptegy CV, L.P. | Growth Equity | 12/20/2023 | 18805495 | 30858256 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Continuation Fund V, LP | Growth Equity | 11/20/2025 | 81887233 | 91298200 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTV - FA, L.P. | Growth Equity | 07/11/2025 | 16266899 | 16228746 | ⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fundomo ET001, LP | Venture Capital | 06/23/2025 | 8220293 | 15063549 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fundomo Fund II, LP | Venture Capital | 06/16/2025 | 265171 | 261091 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fundomo Sequel I, LP | Venture Capital | 06/06/2025 | 1121876 | 1113267 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gator Co-Invest LI, L.P. | Growth Equity | 10/21/2025 | 26833979 | 26509874 | \*,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgian Alignment Fund AS, LP | Venture Capital | 10/31/2024 | 57772097 | 99492569 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glade Brook Gondola Fund I LP | Growth Equity | 02/09/2026 | 278463067 | 413507710 | \*,⁺,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glade Brook Private Investors XXXIV LP | Venture Capital | 10/22/2025 | 1128494 | 1537290 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glade Brook Private Investors XXXVII LP | Venture Capital | 05/14/2025 | 65558419 | 94663195 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glade Brook Strategic Growth IV LP | Venture Capital | 04/15/2025 | 983315 | 1430626 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenoaks Capital MS LP - Jenner II Series | Venture Capital | 06/06/2024 | 23164166 | 26902802 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group 11 Fund VI, L.P. | Venture Capital | 12/22/2023 | 1785153 | 3875015 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hildred Capital Co-Invest-REBA, LP | Venture Capital | 10/08/2024 | 21627000 | 28854820 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hildred Equity Partners III-A, LP | Growth Equity | 10/08/2024 | 293099 | 161230 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hildred Perennial Partners I, LP | Venture Capital | 12/22/2023 | 3442494 | 5057158 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imaginary Venture Capital TR-1, L.P. | Venture Capital | 07/30/2024 | 13350000 | 18362125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initialized III L.P. | Venture Capital | 11/27/2024 | 25994431 | 32648654 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Partners Continuation Fund II, L.P. | Growth Equity | 03/31/2023 | 16690871 | 21963629 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspired Capital Shop, L.P. | Venture Capital | 08/08/2025 | 4376970 | 4354793 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Growth Partners Fund II, L.P. | Growth Equity | 07/31/2024 | 6515023 | 8499459 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JMI Fuego Aggregator, L.P. | Growth Equity | 06/26/2025 | 10526281 | 10397250 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K1X Co-Invest, LLC | Venture Capital | 09/05/2024 | 3215998 | 5917517 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KA HINT, LLC | Venture Capital | 03/13/2025 | 8200000 | 23104947 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightspeed Venture Partners Select II, L.P. | Venture Capital | 12/30/2022 | 655654 | 606728 | \*,⁺,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightspeed Venture Partners Select IV, L.P. | Venture Capital | 12/30/2022 | 1090071 | 2002317 | \*,⁺,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightspeed Venture Partners X, L.P. | Venture Capital | 12/30/2022 | 2450569 | 2460271 | \*,⁺,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightspeed Venture Partners XI, L.P. | Venture Capital | 12/30/2022 | 1781103 | 1673838 | \*,⁺,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightspeed Venture Partners XII, L.P. | Venture Capital | 12/30/2022 | 1515798 | 2627577 | \*,⁺,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightspeed Venture Partners XIII, L.P. | Venture Capital | 12/30/2022 | 1491365 | 2668183 | \*,⁺,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightspeed W-I, LLC | Venture Capital | 03/26/2024 | 13434105 | 36908900 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lux Ventures IV, L.P. | Venture Capital | 06/30/2023 | 511875 | 797201 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maple 3 VC, L.P. | Venture Capital | 08/20/2024 | 618902 | 848572 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maple SPV-C2, LLC | Venture Capital | 08/14/2024 | 1754230 | 11475808 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March Capital Opportunity Fund II, L.P. | Venture Capital | 09/30/2023 | 42628 | 65063 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March Capital Partners Fund II, L.P. | Venture Capital | 09/30/2023 | 34781 | 55260 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maroon Investors, L.P. | Growth Equity | 07/14/2023 | 9738688 | 13769782 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEA Secondary Opportunity Fund, L.P. | Venture Capital | 07/03/2024 | 7980663 | 17141876 | \*,⁺ |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Schedule of Investments (continued)

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnotes** |
| **Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)** | **Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexus Ventures VI, L.P. | Venture Capital | 08/28/2023 | $132969 | $373705 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkila Growth Fund III, LP | Growth Equity | 09/29/2023 | 2123360 | 4455018 | \*,⁺,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkila Growth Fund IV, LP | Growth Equity | 09/29/2023 | 80867 | 82566 | \*,⁺,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otherwise Fund V, L.P. | Venture Capital | 03/24/2025 | 448890 | 440401 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otherwise RP SPV, L.P. | Venture Capital | 03/17/2025 | 13330236 | 15688460 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poplar DC Holdings, LP | Growth Equity | 07/01/2024 | 39414217 | 38097905 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primary Select Fund II, L.P. | Venture Capital | 04/28/2023 | 534706 | 859783 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Banded, LLC | Venture Capital | 03/31/2026 | 43523943 | 40903002 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Heron, LLC | Venture Capital | 10/07/2025 | 83357003 | 143528110 | \*,⁺,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSG Sequel-A L.P. | Growth Equity | 01/30/2025 | 52336402 | 59363222 | ⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVP SGSS I, LLC | Venture Capital | 12/18/2023 | 4212937 | 4201390 | \*,⁺,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVP SGSS I-A, LLC | Venture Capital | 12/18/2023 | 4660059 | 4759446 | \*,⁺,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refactor Capital, L.P. | Venture Capital | 02/03/2026 | 2091654 | 2506249 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolve Growth Partners Fund I (Murray), L.P. | Growth Equity | 10/01/2025 | 2193237 | 2086387 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolve Growth Partners Fund I, L.P. | Growth Equity | 10/01/2025 | 6270860 | 7663529 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolve Growth Partners Fund II, L.P. | Growth Equity | 09/30/2025 | 760317 | 688357 | \*,⁺,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Fuel III LLC | Growth Equity | 07/02/2024 | 13345533 | 15644364 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sands Capital Global Innovation Fund III-RP, L.P. | Venture Capital | 09/10/2025 | 13637084 | 13459078 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea Change IV LLC | Growth Equity | 07/02/2024 | 1813312 | 2986128 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SG VC Fund II, L.P. | Venture Capital | 12/05/2023 | 5270032 | 7194020 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shasta Ventures V, L.P. | Venture Capital | 06/30/2024 | 5428648 | 6757160 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signal Peak Ventures III CIV-A, L.P. | Venture Capital | 09/30/2024 | 4604236 | 9341335 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signal Peak Ventures III, L.P. | Venture Capital | 09/30/2024 | 5036890 | 8854847 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signal Peak Ventures IV, L.P. | Venture Capital | 11/01/2024 | 3274282 | 4317600 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silas Capital Partners II, L.P. | Venture Capital | 03/15/2024 | 6064386 | 8248647 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silas-MBM LLC | Venture Capital | 02/12/2024 | 783832 | 1372862 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSG Fika VC, LLC | Venture Capital | 01/03/2025 | 4661885 | 5510423 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Crypto Venture Fund I LP | Venture Capital | 10/23/2024 | 1677003 | 2837739 | \*,⁺,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StepStone BSV VC 2024 LLC | Venture Capital | 08/14/2024 | 7582580 | 21288739 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stripes VI Crimson Co-Invest, LP | Venture Capital | 01/17/2025 | 3339833 | 5521844 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stripes VI Rainier Co-Invest, LP | Growth Equity | 10/24/2024 | 8833154 | 8803720 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stripes VI(A), LP | Growth Equity | 07/17/2025 | 62318555 | 100904061 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stripes VII(A), LP | Venture Capital | 07/25/2025 | 3078699 | 2820561 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Private Opportunities Offshore Fund LP | Venture Capital | 01/02/2026 | 6129124 | 9106602 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCV Juniper Co, L.P. | Growth Equity | 04/07/2025 | 9185368 | 8899903 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telescope FU Investor, LLC | Venture Capital | 04/22/2025 | 11805885 | 15679850 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrive Capital Partners IX Growth-E, LLC | Venture Capital | 01/14/2025 | 2884226 | 5910905 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrive Capital Partners VIII Growth-B, LLC | Venture Capital | 03/17/2023 | 10888611 | 34026875 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Tech Adjacencies II Stellar CI, L.P. | Venture Capital | 10/21/2025 | 1955921 | 4837805 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Troy Capital Partners Exploration Fund 2024, LP | Venture Capital | 09/16/2024 | 19394809 | 81924210 | \* |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Schedule of Investments (continued)

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnotes** |
| **Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)** | **Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)** |  | | |  |
| &nbsp;&nbsp;&nbsp;**North America (continued)** |  |  | | |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TTCP Co-Invest CAN, LP | Growth Equity | 03/19/2025 | $9208460 | $16498617 | \*,7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TTCP Fund III, L.P. | Growth Equity | 03/20/2025 | 6279539 | 5938722 | \*,⁺,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turn/River Capital V (Co-Investment S), L.P. | Growth Equity | 04/01/2025 | 4770495 | 4767026 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turn/River Capital VI (Co-Investment S), L.P. | Growth Equity | 04/01/2025 | 6914505 | 6910294 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valor Equity Partners V L.P. | Venture Capital | 10/01/2025 | 23013656 | 52685289 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valor M33 III L.P. | Venture Capital | 08/29/2024 | 12011200 | 39989245 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VY Nous LP | Venture Capital | 01/29/2026 | 41409991 | 45138664 | \*,⁺,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VY Space II LP | Venture Capital | 10/29/2024 | 15304468 | 65091099 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VYC25 Limited | Venture Capital | 03/10/2025 | 55719400 | 107479929 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Who is John Galt, LP | Venture Capital | 08/22/2025 | 9360076 | 9116043 | \* |
| **Total North America** |  |  | $1772437953 | $2803600902 |  |
| &nbsp;&nbsp;&nbsp;**Rest of World - 1.4% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coatue US 50 LLC - Series 1 | Venture Capital | 12/19/2024 | $36395265 | $48463604 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glade Brook Strategic Growth III LP | Venture Capital | 04/21/2025 | 3344566 | 4062029 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KWI Cyber Holdings LLC | Venture Capital | 10/07/2025 | 13653093 | 13653093 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGR-CloudWalk LLC | Venture Capital | 09/12/2024 | 3035785 | 4568523 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSMGR-C, LLC - Series 1 | Venture Capital | 10/21/2024 | 13027441 | 17677747 | \*,12 |
| &nbsp;&nbsp;&nbsp;**Total Rest of World** |  |  | $69456150 | $88424996 |  |
| **Total Non-Controlled/Non-Affiliated Secondary Investment Funds** | **Total Non-Controlled/Non-Affiliated Secondary Investment Funds** | **Total Non-Controlled/Non-Affiliated Secondary Investment Funds** | $2009426264 | $3127577003 |  |
| **Public Securities - Non-Controlled/Non-Affiliated - 0.0% of NAV** | **Public Securities - Non-Controlled/Non-Affiliated - 0.0% of NAV** | **Public Securities - Non-Controlled/Non-Affiliated - 0.0% of NAV** |  |  | 12 |
| &nbsp;&nbsp;&nbsp;**North America - 0.0% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navan, Inc. (10,888 common shares) | Public Securities | 03/27/2026 | $132942 | $144157 | \*,10 |
| &nbsp;&nbsp;&nbsp;**Total North America** |  |  | $132942 | $144157 |  |
| **Total Non-Controlled/Non-Affiliated Public Securities** | **Total Non-Controlled/Non-Affiliated Public Securities** |  | $132942 | $144157 |  |
| **Short-Term Investments - Non-Controlled/Non-Affiliated - 2.4% of NAV** | **Short-Term Investments - Non-Controlled/Non-Affiliated - 2.4% of NAV** | **Short-Term Investments - Non-Controlled/Non-Affiliated - 2.4% of NAV** |  |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio — Class I, 3.53% (154,685,500 shares) | Money Market | N/A | $154685500 | $154685500 | 1011 |
| **Total Non-Controlled/Non-Affiliated Short-Term Investments** | **Total Non-Controlled/Non-Affiliated Short-Term Investments** |  | $154685500 | $154685500 |  |
| **Total Non-Controlled/Non-Affiliated Investments - 97.6% of NAV** | **Total Non-Controlled/Non-Affiliated Investments - 97.6% of NAV** | **Total Non-Controlled/Non-Affiliated Investments - 97.6% of NAV** | $4109493263 | $6324983390 |  |
| **Primary Direct Investments - Controlled/Affiliated - 0.3% of NAV** | **Primary Direct Investments - Controlled/Affiliated - 0.3% of NAV** | **Primary Direct Investments - Controlled/Affiliated - 0.3% of NAV** |  |  | 1234 |
| &nbsp;&nbsp;&nbsp;**North America - 0.3% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSV Star Queen, LLC | Venture Capital | 10/15/2024 | $4450000 | $7321291 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defense Tech SVC BH SPV LLC | Venture Capital | 10/17/2025 | 1126801 | 1497749 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S Squared - HAD LP | Venture Capital | 06/18/2025 | 469168 | 757827 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terrain Opportunity I, LP | Venture Capital | 02/26/2025 | 2278987 | 6736986 | \* |
| &nbsp;&nbsp;&nbsp;**Total North America** |  |  | $8324956 | $16313853 |  |
| **Total Controlled/Affiliated Primary Direct Investments** | **Total Controlled/Affiliated Primary Direct Investments** |  | $8324956 | $16313853 |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Schedule of Investments (continued)

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnotes** |
| **Secondary Investment Funds - Controlled/Affiliated - 1.1% of NAV** | **Secondary Investment Funds - Controlled/Affiliated - 1.1% of NAV** | **Secondary Investment Funds - Controlled/Affiliated - 1.1% of NAV** |  |  | 1234 |
| &nbsp;&nbsp;&nbsp;**North America - 1.1% of NAV** | &nbsp;&nbsp;&nbsp;**North America - 1.1% of NAV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRV XVIII-Z, LP | Venture Capital | 10/10/2024 | $11009502 | $11549452 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redpoint Omega IV-Y, L.P | Venture Capital | 11/18/2024 | $26620000 | $60218537 | \* |
| &nbsp;&nbsp;&nbsp;**Total North America** |  |  | $37629502 | $71767989 |  |
| **Total Controlled/Affiliated Secondary Investment Funds** | **Total Controlled/Affiliated Secondary Investment Funds** |  | $37629502 | $71767989 |  |
| **Total Controlled/Affiliated Investments - 1.4% of NAV** | **Total Controlled/Affiliated Investments - 1.4% of NAV** |  | $45954458 | $88081842 |  |
| **Total Investments - 99.0% of NAV** |  |  | $4155447721 | $6413065232 |  |
| **Other assets in excess of liabilities - 1.0% of NAV** |  |  |  | $75943218 |  |
| **Net Assets - 100.0% of NAV** |  |  |  | $6489008450 |  |

---

\* Investment is non-income producing.

⁺ Investment has been committed to but has not been fully funded.

1 Geographic region generally reflects the location of the investment manager or company.

2 Investments do not issue shares or hold outstanding principal, except where noted. The terms "shares" and "units" are used interchangeably.

---

| | |
|:---|:---|
| 3 | Private investments typically do not permit redemptions or withdrawals, except at the discretion of their general partner, manager, or advisor. Final distribution dates are generally unknown unless specified. These investments are fair valued using net asset value as the practical expedient, unless otherwise noted, and are usually acquired through private placements with contractual resale restrictions that do not lapse. Each investment may have been purchased on different dates and for varying amounts. The acquisition date of the first purchase is listed in the Consolidated Schedule of Investments. |

---

4 The fair value of any Secondary Investment Fund, Secondary Direct Investment, Primary Investment, or Primary Direct Investment has not been calculated, reviewed, verified or in any way approved by any general partner, manager or advisor of such investments (including any of its affiliates).

5 The fair value of the investment was determined using significant unobservable inputs.

6 All or a portion of this security is held by SPRING Cayman II LLC.

7 All or a portion of this security is held by SPRING I LLC - Series A.

8 All or a portion of this security is held by SPRING Cayman LLC.

9 Investment is a simple agreement for future equity (SAFE) security.

10 The audited financial statements of the investment can be found at sec.gov.

11 The rate reported is the 7-day effective yield at the period end.

12 All or a portion of this security is held by SPRING Subsidiary LLC.

---

| | |
|:---|:---|
| 13 | The Fund's investments in certain Secondary Investment Funds - Non-Controlled/Non-Affiliated result in indirect exposure to Space Exploration Technologies Corp. of approximately 11.2% of the Fund's NAV. |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Schedule of Investments (continued)

March 31, 2026

---

| | |
|:---|:---|
| **Summary of Investments by Strategy (as a percentage of total investments)** | |
| &nbsp;&nbsp;&nbsp;**Primary Direct Investments** | **32.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Funds | 19.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity | 12.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt | 0.2% |
| &nbsp;&nbsp;&nbsp;**Primary Investments** | **3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Funds | 3.6% |
| &nbsp;&nbsp;&nbsp;**Secondary Direct Investments** | **11.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity | 11.9% |
| &nbsp;&nbsp;&nbsp;**Secondary Investment Funds** | **49.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Funds | 49.9% |
| &nbsp;&nbsp;&nbsp;**Public Securities** | **0.0%** |
| &nbsp;&nbsp;&nbsp;**Short-Term Investments** | **2.4%** |
| **Total Investments** | **100.0%** |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Statement of Assets and Liabilities

March 31, 2026

---

| | |
|:---|:---|
| **Assets** | |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments, at fair value (cost $4,109,493,263) | $6324983390 |
| &nbsp;&nbsp;&nbsp;Controlled/affiliated investments, at fair value (cost $45,954,458) | 88081842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value (cost $4,155,447,721) | 6413065232 |
| &nbsp;&nbsp;&nbsp;Cash | 246178840 |
| &nbsp;&nbsp;&nbsp;Restricted cash held in escrow | 329730557 |
| &nbsp;&nbsp;&nbsp;Subscriptions receivable | 850000 |
| &nbsp;&nbsp;&nbsp;Dividend and interest receivable | 2332028 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 1210180 |
| &nbsp;&nbsp;&nbsp;Distributions receivable from investments | 601525 |
| **Total Assets** | 6993968362 |

---

---

| | |
|:---|:---|
| **Liabilities** | |
| &nbsp;&nbsp;&nbsp;Revolving credit facility |  |
| &nbsp;&nbsp;&nbsp;Less deferred debt issuance costs | (861295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revolving credit facility less deferred debt issuance costs | (861295) |
| &nbsp;&nbsp;&nbsp;Subscriptions received in advance | 329752307 |
| &nbsp;&nbsp;&nbsp;Incentive fees payable | 105148246 |
| &nbsp;&nbsp;&nbsp;Payable for share repurchases | 31976854 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 24378368 |
| &nbsp;&nbsp;&nbsp;Management fees payable | 8230764 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability | 2671455 |
| &nbsp;&nbsp;&nbsp;Professional fees payable | 764680 |
| &nbsp;&nbsp;&nbsp;Administration fees payable | 436192 |
| &nbsp;&nbsp;&nbsp;Revolving credit facility interest and fees payable | 102989 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees payable | 37372 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable | 41648 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 9973 |
| &nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees payable | 1988440 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 281919 |
| **Total Liabilities** | 504959912 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (see Note 9) |  |
| **Net Assets** | $6489008450 |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Statement of Assets and Liabilities (continued)

March 31, 2026

---

| | |
|:---|:---|
| **Composition of Net Assets:** | |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $4572941327 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated loss) | 1916067123 |
| **Net Assets** | $6489008450 |
| **Class I** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $3602833791 |
| &nbsp;&nbsp;&nbsp;Outstanding shares (unlimited number of shares authorized) | 57388791 |
| **Net Asset Value Per Share** | $62.78 |
| **Class D** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $15209670 |
| &nbsp;&nbsp;&nbsp;Outstanding shares (unlimited number of shares authorized) | 244303 |
| **Net Asset Value Per Share** | $62.26 |
| **Class S** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $2870964989 |
| &nbsp;&nbsp;&nbsp;Outstanding shares (unlimited number of shares authorized) | 46840221 |
| **Net Asset Value Per Share** | $61.29 |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Statement of Operations

For the Year Ended March 31, 2026

---

| | |
|:---|:---|
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Bank deposits interest income | $14013351 |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments dividend income (net of taxes withheld of $0) | 2380381 |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments interest income | 323339 |
| **Total Investment Income** | 16717071 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Incentive fees | 271264261 |
| &nbsp;&nbsp;&nbsp;Management fees | 56770077 |
| &nbsp;&nbsp;&nbsp;Administration fees | 3124094 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred investment costs | 2584030 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1681777 |
| &nbsp;&nbsp;&nbsp;Professional fees | 1815556 |
| &nbsp;&nbsp;&nbsp;Revolving credit facility interest and fees | 1964094 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 160000 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees | 60000 |
| &nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees (Class S) | 13274623 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Class D) | 22859 |
| &nbsp;&nbsp;&nbsp;Other expenses | 2275342 |
| **Total Expenses** | 354996713 |
| &nbsp;&nbsp;&nbsp;Adviser expense recoupment (reimbursement) | 180078 |
| **Net Expenses** | 355176791 |
| **Net Investment Income (Loss)** | (338459720) |
| **Net Realized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Distributions from non-controlled/non-affiliated investments | 3032032 |
| **Total Net Realized Gain (Loss)** | 3032032 |
| **Net Change in Unrealized Appreciation (Depreciation)** |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 1832489573 |
| &nbsp;&nbsp;&nbsp;Controlled/affiliated investments | 41627056 |
| &nbsp;&nbsp;&nbsp;Deferred tax | (1524798) |
| **Total Net Change in Unrealized Appreciation (Depreciation)** | 1872591831 |
| **Net Increase (Decrease) in Net Assets from Operations** | $1537164143 |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**March 31, <br> 2026** | **For the Year Ended**<br>**March 31, <br> 2025** |
| **Change in Net Assets Resulting from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(338459720) | $(49132146) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 3032032 | 8574513 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1872591831 | 283521826 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | 1537164143 | 242964193 |
| **Distributions from Distributable Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (3452439) | (5713496) |
| &nbsp;&nbsp;&nbsp;Class D | (17862) | (28205) |
| &nbsp;&nbsp;&nbsp;Class S | (2608896) | (2724014) |
| &nbsp;&nbsp;&nbsp;Class T<sup>1</sup> |  | (3630) |
| **Total Distributions from Distributable Earnings** | (6079197) | (8469345) |
| **Change in Net Assets Resulting from Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 1600767372 | 642775648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 2468354 | 3605993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of shares | (106021018) | (37131800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange of shares | 4669273 | 6417909 |
| &nbsp;&nbsp;&nbsp;**Total Class I Transactions** | 1501883981 | 615667750 |
| &nbsp;&nbsp;&nbsp;**Class D** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 7253632 | 5787012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 10189 | 21642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of shares | (523097) | (155593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange of shares | (1090693) | (4653375) |
| &nbsp;&nbsp;&nbsp;**Total Class D Transactions** | 5650031 | 999686 |
| &nbsp;&nbsp;&nbsp;**Class S** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 1534409966 | 575802383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 2237975 | 2180430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of shares | (14290761) | (689638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange of shares | (3578580) | (1087941) |
| &nbsp;&nbsp;&nbsp;**Total Class S Transactions** | 1518778600 | 576205234 |
| &nbsp;&nbsp;&nbsp;**Class T¹** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued |  | 520000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions |  | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange of shares |  | (676593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Class T¹ Transactions** |  | (155357) |
| **Change in Net Assets Resulting from Capital Share Transactions** | 3026312612 | 1192717313 |
| **Total Increase (Decrease) in Net Assets** | 4557397558 | 1427212161 |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended <br> March 31,<br> 2026** | **For the Year Ended <br> March 31, <br> 2025** |
| **Net Assets** | | |
| Beginning of period | 1931610892 | 504398731 |
| End of period | $6489008450 | $1931610892 |

---

1 On January 17, 2025, the Fund converted Class T shares into Class S shares and ceased offering Class T Shares.

*The accompanying notes are an integral part of these consolidated financial statements*

 

**StepStone Private Venture and Growth Fund**

Consolidated Statement of Cash Flows

For the Year Ended March 31, 2026

 

---

| | |
|:---|:---|
| **Cash Flows From Operating Activities** | |
| Net increase (decrease) in net assets from operations | $1537164143 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments, net of payable for investments purchased | (2579215960) |
| &nbsp;&nbsp;&nbsp;(Purchases) sales of short-term investments, net | (111484535) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of investments | 2006025 |
| &nbsp;&nbsp;&nbsp;Distributions received from investments, net of distributions receivable from investments | 20046297 |
| &nbsp;&nbsp;&nbsp;Net realized (gain) loss on distributions from investments | (3032032) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (1874116629) |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 559260 |
| &nbsp;&nbsp;&nbsp;Net change in deferred tax liability | 1524798 |
| (Increase) Decrease in Assets |  |
| &nbsp;&nbsp;&nbsp;Dividend and interest receivable | (1437928) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (1080425) |
| Increase (Decrease) in Liabilities |  |
| &nbsp;&nbsp;&nbsp;Incentive fees payable | 86221845 |
| &nbsp;&nbsp;&nbsp;Management fees payable | 5765569 |
| &nbsp;&nbsp;&nbsp;Professional fees payable | 509896 |
| &nbsp;&nbsp;&nbsp;Revolving credit facility interest and fees payable | 65572 |
| &nbsp;&nbsp;&nbsp;Administration fees payable | 244872 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees payable | (25782) |
| &nbsp;&nbsp;&nbsp;Due to Adviser | (272572) |
| &nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees payable | 1988440 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | (246844) |
| **Net Cash Provided by (Used in) Operating Activities** | (2914815990) |
| **Cash Flows from Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of shares, net of change in subscriptions received in advance and subscriptions receivable | 3335354160 |
| &nbsp;&nbsp;&nbsp;Repurchase of shares | (108849693) |
| &nbsp;&nbsp;&nbsp;Proceeds from revolving credit facility | 105000000 |
| &nbsp;&nbsp;&nbsp;Repayments of revolving credit facility | (105000000) |
| &nbsp;&nbsp;&nbsp;Distributions paid in cash | (1362679) |
| &nbsp;&nbsp;&nbsp;Debt issuance costs | (1011656) |
| **Net Cash Provided by (Used in) Financing Activities** | 3224130132 |
| **Net Increase (Decrease) in Cash and Restricted Cash Held in Escrow** | 309314142 |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Statement of Cash Flows (continued)

For the Year Ended March 31, 2026

---

| | |
|:---|:---|
| **Cash and Restricted Cash Held in Escrow** | |
| Beginning of period | 266595255 |
| End of period | $575909397 |
| **End of Period Balances** |  |
| &nbsp;&nbsp;&nbsp;Cash | $246178840 |
| &nbsp;&nbsp;&nbsp;Restricted cash held in escrow | 329730557 |
| **End of Period Balance** | $575909397 |
| **Supplemental Disclosure of Cash Flow Information** |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of shareholder distributions | $4716518 |
| &nbsp;&nbsp;&nbsp;Cash paid during the period for interest expense and commitment fees | $1339262 |
| &nbsp;&nbsp;&nbsp;Cash paid during the period for taxes | $1524798 |
| &nbsp;&nbsp;&nbsp;In-kind stock distributions received from investments | $1701900 |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Financial Highlights

Class I

*Per share operating performance for a capital share outstanding throughout each period*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year <br> Ended**<br>**March 31, <br> 2026** | **For the Year <br> Ended**<br>**March 31, <br> 2025** | **For the Year <br> Ended**<br>**March 31, <br> 2024** | **For the Period<br> Ended**<br>**March 31, <br> 2023\*** |
| **Per Share Operating Performance:** | | | | |
| **Net Asset Value per share, beginning of period** | $43.87 | $36.71 | $30.13 | $25.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)¹ | (4.49) | (1.64) | (1.34) | (0.70) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments² | 23.47 | 9.05 | 7.92 | 5.83 |
| Total from investment operations | 18.98 | 7.41 | 6.58 | 5.13 |
| Less distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.07) | (0.25) |  |  |
| Total distributions | $(0.07) | $(0.25) | $— | $— |
| **Net Asset Value per share, end of period³** | $62.78 | $43.87 | $36.71 | $30.13 |
| **Net Assets, end of period (in thousands)** **<sup>3</sup>** | $3602834 | $1215283 | $439238 | $185844 |
| **Ratios to average net assets⁴** |  |  |  |  |
| Net investment income (loss)⁵ | (8.59)% | (4.10)% | (4.02)% | (1.74)% |
| Expenses before adviser expense recoupment (reimbursement) and management fees voluntarily waived⁶ | 9.03% | 5.29% | 6.26% | 6.18% |
| Expenses after adviser expense recoupment (reimbursement)⁶ ⁷ | 9.04% | 5.41% | 6.12% | 5.06% |
| Expenses after adviser expense recoupment (reimbursement) and management fees voluntarily waived⁶ ⁷ | 9.04% | 5.41% | 5.92% | 4.27% |
| Total return³ ⁸ ⁹ | 43.29% | 20.23% | 21.84% | 20.52% |
| Portfolio turnover rate¹⁰ | 0.06% | 0.42% | 0.19% | 0.05% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Senior Securities:** | **As of <br> March 31, <br> 2026** | **As of <br> March 31, <br> 2025** | **As of <br> March 31, <br> 2024** | **As of <br> March 31, <br> 2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowings (in thousands) | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset coverage per $1,000 unit of senior indebtedness¹¹ | N/A | N/A | N/A | 7222 |

---

\* The Class commenced operations on November 1, 2022.

1 Per share data calculated using average shares method.

---

| | |
|:---|:---|
| 2 | Includes balancing amounts necessary to reconcile the change in net asset value per share for the period. |

---

---

| | |
|:---|:---|
| 3 | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

4 Ratios do not reflect the proportionate share of income and expenses originating from the Fund's underlying Investments.

---

| | |
|:---|:---|
| 5 | Net investment income (loss) ratios have been annualized for periods of less than twelve months, except for organizational costs and incentive fees. If incentive fees were excluded, the ratios would have increased by 7.15%, 3.31%, 3.63% and 2.90%, respectively, for the years ended March 31, 2026, 2025 and 2024 and the period ended March 31, 2023. Ratios exclude deferred tax provisions (Note 13). Taxes, if any, are disclosed separately in the Statement of Operations. |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Financial Highlights (continued)

Class I

---

| | |
|:---|:---|
| 6 | Expense ratios have been annualized for periods of less than twelve months, except for organizational costs and incentive fees. If incentive fees had been excluded, the expense ratios would have decreased by 7.15%, 3.31%, 3.63% and 2.90%, respectively, for the years ended March 31, 2026, 2025 and 2024 and the period ended March 31, 2023. Expense ratios exclude deferred tax provisions (Note 13). Taxes, if any, are disclosed separately in the Statement of Operations. |

---

7 Recoupment (reimbursement) ratios have been annualized for periods of less than 12 months.

---

| | |
|:---|:---|
| 8 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends at net asset value during the period and repurchase on the last day of the period at net asset value. Total return calculated for a period of less than one year is not annualized. |

---

---

| | |
|:---|:---|
| 9 | Total return would have been higher or lower had certain expenses not been recouped or waived by the Adviser during the periods of recoupment or reimbursement, respectively. |

---

10 Excluding short-term investments, the portfolio turnover rate represents the lesser of the Fund's purchases or sales of investments for the period divided by the average monthly fair value of the Fund's investments during the period. Results for periods of less than one year are not annualized.

---

| | |
|:---|:---|
| 11 | Calculated by subtracting the Fund's total liabilities (excluding borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Financial Highlights (continued)

Class D

*Per share operating performance for a capital share outstanding throughout each period*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended**<br>**March 31,<br> 2026** | **For the Year Ended**<br>**March 31, <br> 2025** | **For the Year Ended**<br>**March 31, <br> 2024** | **For the Year Ended**<br>**March 31, <br> 2023\*** |
| **Per Share Operating Performance:** | | | | |
| **Net Asset Value per share, beginning of period** | $43.59 | $36.51 | $30.08 | $25.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)¹ | (4.51) | (1.51) | (1.52) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments² | 23.25 | 8.84 | 7.95 | 5.27 |
| Total from investment operations | 18.74 | 7.33 | 6.43 | 5.08 |
| Less distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.07) | (0.25) |  |  |
| Total distributions | $(0.07) | $(0.25) | $— | $— |
| **Net Asset Value per share, end of period³** | $62.26 | $43.59 | $36.51 | $30.08 |
| **Net Assets, end of period (in thousands)³** | $15210 | $5223 | $3210 | $754 |
| **Ratios to average net assets⁴** |  |  |  |  |
| Net investment income (loss)⁵ | (8.75)% | (3.85)% | (4.51)% | (0.33)% |
| Expenses before adviser expense recoupment (reimbursement) and management fees voluntarily waived⁶ | 9.20% | 5.18% | 6.53% | 4.92% |
| Expenses after adviser expense recoupment (reimbursement)⁶ ⁷ | 9.20% | 5.18% | 6.57% | 4.16% |
| Expenses after adviser expense recoupment (reimbursement) and management fees voluntarily waived⁶ ⁷ | 9.20% | 5.18% | 6.40% | 3.28% |
| Total return³ ⁸ ⁹ | 43.01% | 20.12% | 21.38% | 20.32% |
| Portfolio turnover rate¹⁰ | 0.06% | 0.42% | 0.19% | 0.05% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Senior Securities:** | **As of <br> March 31, <br> 2026** | **As of <br> March 31, <br> 2025** | **As of <br> March 31, <br> 2024** | **As of <br> March 31, <br> 2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowings (in thousands) | $— | $— | $— | $30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset coverage per $1,000 unit of senior indebtedness¹¹ | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;7222 |

---

\* The Class commenced operations on November 1, 2022.

1 Per share data calculated using average shares method.

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| | |
|:---|:---|
| 2 | Includes balancing amounts necessary to reconcile the change in net asset value per share for the period. |

---

---

| | |
|:---|:---|
| 3 | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

4 Ratios do not reflect the proportionate share of income and expenses originating from the Fund's underlying Investments.

---

| | |
|:---|:---|
| 5 | Net investment income (loss) ratios have been annualized for periods of less than twelve months, except for organizational costs and incentive fees. If incentive fees were excluded, the ratios would have increased by 7.11%, 2.99%, 3.66% and 0.86%, respectively, for the years ended March 31, 2026, 2025 and 2024 and the period ended March 31, 2023. Ratios exclude deferred tax provisions (Note 13). Taxes, if any, are disclosed separately in the Statement of Operations. |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Financial Highlights (continued)

Class D

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| | |
|:---|:---|
| 6 | Expense ratios have been annualized for periods of less than twelve months, except for organizational costs and incentive fees. If incentive fees had been excluded, the expense ratios would have decreased by 7.11%, 2.99%, 3.66% and 0.86%, respectively, for the years ended March 31, 2026, 2025 and 2024 and the period ended March 31, 2023. Expense ratios exclude deferred tax provisions (Note 13). Taxes, if any, are disclosed separately in the Statement of Operations. |

---

7 Recoupment (reimbursement) ratios have been annualized for periods of less than 12 months.

---

| | |
|:---|:---|
| 8 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends at net asset value during the period and repurchase on the last day of the period at net asset value. Total return calculated for a period of less than one year is not annualized. Total return shown excludes the effect of applicable sales charges. |

---

---

| | |
|:---|:---|
| 9 | Total return would have been higher or lower had certain expenses not been recouped or waived by the Adviser during the periods of recoupment or reimbursement, respectively. |

---

---

| | |
|:---|:---|
| 10 | Excluding short-term investments, the portfolio turnover rate represents the lesser of the Fund's purchases or sales of investments for the period divided by the average monthly fair value of the Fund's investments during the period. Results for periods of less than one year are not annualized. |

---

---

| | |
|:---|:---|
| 11 | Calculated by subtracting the Fund's total liabilities (excluding borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Financial Highlights (continued)

Class S

*Per share operating performance for a capital share outstanding throughout each period*

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended**<br>**March 31, <br> 2026** | **For the Year Ended**<br>**March 31, <br> 2025** | **For the Year Ended**<br>**March 31,<br> 2024** | **For the Year Ended**<br>**March 31, <br> 2023**\* |
| **Per Share Operating Performance:** | | | | |
| **Net Asset Value per share, beginning of period** | $43.18 | $36.41 | $30.08 | $25.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)¹ | (4.97) | (2.02) | (2.12) | (0.83) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments² | 23.15 | 9.04 | 8.45 | 5.91 |
| Total from investment operations | 18.18 | 7.02 | 6.33 | 5.08 |
| Less distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.07) | (0.25) |  |  |
| Total distributions | $(0.07) | $(0.25) | $— | $— |
| **Net Asset Value per share, end of period<sup>3</sup>** | $61.29 | $43.18 | $36.41 | $30.08 |
| **Net Assets, end of period (in thousands)<sup>3</sup>** | $2870965 | $711105 | $61841 | $30 |
| **Ratios to average net assets⁴** |  |  |  |  |
| Net investment income (loss)⁵ | (9.59)% | (5.04)% | (5.99)% | (2.49)% |
| Expenses before adviser expense recoupment (reimbursement) and management fees voluntarily waived⁶ | 10.03% | 6.38% | 8.01% | 7.80% |
| Expenses after adviser expense recoupment (reimbursement)⁶ ⁷ | 10.03% | 6.38% | 8.01% | 5.72% |
| Expenses after adviser expense recoupment (reimbursement) and management fees voluntarily waived⁶ ⁷ | 10.03% | 6.38% | 8.00% | 4.94% |
| Total return³ ⁸ ⁹ | 42.13% | 19.32% | 21.04% | 20.32% |
| Portfolio turnover rate¹⁰ | 0.06% | 0.42% | 0.19% | 0.05% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Senior Securities:** | **As of <br> March 31, <br> 2026** | **As of <br> March 31, <br> 2025** | **As of <br> March 31, <br> 2024** | **As of <br> March 31, <br> 2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowings (in thousands) | $— | $— | $— | $30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset coverage per $1,000 unit of senior indebtedness¹¹ | N/A | N/A | N/A | 7222 |

---

\* The Class commenced operations on November 1, 2022.

1 Per share data calculated using average shares method.

---

| | |
|:---|:---|
| 2 | Includes balancing amounts necessary to reconcile the change in net asset value per share for the period. |

---

---

| | |
|:---|:---|
| 3 | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

4 Ratios do not reflect the proportionate share of income and expenses originating from the Fund's underlying Investments.

---

| | |
|:---|:---|
| 5 | Net investment income (loss) ratios have been annualized for periods of less than twelve months, except for organizational costs and incentive fees. If incentive fees were excluded, the ratios would have increased by 7.32%, 3.60%, 4.11% and 3.14%, respectively, for the years ended March 31, 2026, 2025 and March 31, 2024 and the period ended March 31, 2023. Ratios exclude deferred tax provisions (Note 13). Taxes, if any, are disclosed separately in the Statement of Operations. |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Consolidated Financial Highlights (continued)

Class S

---

| | |
|:---|:---|
| 6 | Expense ratios have been annualized for periods of less than twelve months, except for organizational costs and incentive fees. If incentive fees had been excluded, the expense ratios would have decreased by 7.32%, 3.60%, 4.11% and 3.14%, respectively, for the years ended March 31, 2026, 2025 and 2024 and the period ended March 31, 2023. Expense ratios exclude deferred tax provisions (Note 13). Taxes, if any, are disclosed separately in the Statement of Operations. |

---

7 Recoupment (reimbursement) ratios have been annualized for periods of less than 12 months.

---

| | |
|:---|:---|
| 8 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends at net asset value during the period and repurchase on the last day of the period at net asset value. Total return calculated for a period of less than one year is not annualized. Total return shown excludes the effect of applicable sales charges. |

---

---

| | |
|:---|:---|
| 9 | Total return would have been higher or lower had certain expenses not been recouped or waived by the Adviser during the periods of recoupment or reimbursement, respectively. |

---

---

| | |
|:---|:---|
| 10 | Excluding short-term investments, the portfolio turnover rate represents the lesser of the Fund's purchases or sales of investments for the period divided by the average monthly fair value of the Fund's investments during the period. Results for periods of less than one year are not annualized. |

---

---

| | |
|:---|:---|
| 11 | Calculated by subtracting the Fund's total liabilities (excluding borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. |

---

*The accompanying notes are an integral part of these consolidated financial statements*

**StepStone Private Venture and Growth Fund**

Notes to Consolidated Financial Statements

March 31, 2026

1. Organization

StepStone Private Venture and Growth Fund ("Fund") was organized as a Delaware statutory trust under the Delaware Statutory Trust Act on March 4, 2022 ("Inception") and is registered under the Investment Company Act of 1940, as amended, ("1940 Act") as a diversified, closed-end management investment company. The Fund commenced operations on November 1, 2022 ("Commencement of Operations").

The Fund offers three separate classes of shares of beneficial interest designated as Class I Shares, Class D Shares and Class S Shares (collectively, "Shares") to eligible investors ("Shareholders"). The Shares are offered in a continuous registered public offering with subscriptions accepted as of the first business day of each calendar month at the then-current-monthly net asset value ("NAV") per share, adjusted for sales load, if applicable. The Fund may, from time to time, offer to repurchase Shares pursuant to written repurchase offers. Repurchases will be made at such times, in such amounts and on such terms as determined by the Fund's Board of Trustees ("Board") (see Note 10).

The Board provides broad oversight over the Fund's investment program, management and operations and has the right to delegate management responsibilities. StepStone Group Private Wealth LLC serves as the Fund's investment adviser ("Adviser") and is a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser is a wholly-owned subsidiary of StepStone Group LP. The Adviser oversees the management of the Fund's day-to-day activities including structuring, governance, distribution, reporting and oversight. StepStone Group LP serves as the Fund's investment sub-adviser ("Sub-Adviser") and is responsible for the day-to-day management of the Fund's assets.

The Fund's investment objective is to achieve long-term capital appreciation. The Fund seeks to achieve its investment objective by investing in venture capital and growth equity assets along with other private assets ("Private Market Assets"), focused on the "innovation economy," the most dynamic companies, technologies and sectors identified by StepStone as benefiting from attractive secular trends.

 

*Master-Feeder Structure*

The Fund and StepStone Private Venture and Growth Feeder Ltd. ("Feeder Fund") are part of a "master-feeder" structure. The Feeder Fund invests substantially all of its assets in the Class I Shares of the Fund. As of March 31, 2026, the Feeder Fund owns 0.71% of the Fund's net assets.

2. Summary of Significant Accounting Policies

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and are presented in U.S. dollars which is the functional currency of the Fund. The Fund is an investment company and therefore applies the accounting and reporting guidance issued by the Financial Accounting Standards Board ("FASB") in Accounting Standards Codification ("ASC") 946, Financial Services — Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the consolidated financial statements.

 

*Basis of Consolidation*

As provided under ASC Topic 946 and Regulation S-X, the Fund will generally not consolidate its investment in a company other than a wholly-owned or substantially wholly-owned investment company subsidiary whose design and purpose is to act as an extension of the Fund's investment operations and facilitate the execution of the Fund's investment strategy. Accordingly, the Fund has consolidated the results of the Fund's direct wholly-owned subsidiaries, SPRING Holdings LLC and SPRING I LLC (Series A and Series B), each formed as a Delaware limited liability company, and SPRING Cayman LLC and SPRING Cayman II LLC (together, "SPRING Cayman"), each formed as a Cayman Islands limited liability company, along with its indirect wholly-owned subsidiaries: SPRING Intermediate LLC and SPRING Subsidiary LLC, each formed as a Delaware limited liability company (collectively, "Wholly-Owned Subsidiaries"). The effects of all intercompany transactions between the Fund and its Wholly-Owned Subsidiaries have been eliminated in consolidation.

 

*Use of Estimates*

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Changes in

**StepStone Private Venture and Growth Fund**

Notes to Consolidated Financial Statements (continued)

March 31, 2026

the economic environment, financial markets and any other factors or parameters used in determining these estimates could cause actual results to differ materially.

*Net Asset Value Determination*

The NAV of the Fund is determined as of the close of business on the last day of each calendar month, each date the Shares are offered or repurchased, as of the date of any distribution and at such other times as the Board determines (each, a "Determination Date"). In determining NAV, the Fund's investments are valued as of the relevant Determination Date. The NAV of the Fund will equal, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses allocated to Shares based on the relative net assets of each class and class-specific expenses to the total net assets of the Fund, each determined as of the relevant Determination Date.

 

*Valuation of Investments*

The Fund's investments are valued as of each Determination Date at fair value consistent with the principles of ASC Topic 820, Fair Value Measurements ("ASC 820"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the valuation designee for the Fund to perform fair value determinations of the Fund's investments. The Board has approved the Adviser's valuation policy ("Valuation Policy"). The Adviser utilizes the resources and personnel of the Sub-Adviser and the Fund's sub-administrator (as defined herein) in carrying out its responsibilities. The Board has ultimate oversight responsibility for valuing all investments held by the Fund.

Purchases of investments are recorded as of the first day of legal ownership of an investment and redemptions from investments are recorded as of the last day of legal ownership. Investments held by the Fund in Private Market Assets may include (i) secondary purchases of existing investments from other investors directly or through a special purpose vehicle in individual operating companies, projects or properties ("Secondary Direct Investments"), (ii) (a) secondary purchases of existing investments from other investors in private investment funds sponsored by unaffiliated managers and/or strategic acquirers ("Investment Manager"), (b) investments in open-ended funds, which are often substantially invested, with evergreen or long duration structures which may not have an explicit termination date, (c) investments in continuation vehicles created to acquire private portfolio companies primarily from private investment funds managed by the same Investment Manager, (d) investments in private funds that are actively fundraising, but have already invested a portion of their capital commitments in Private Market Assets and (e) stapled primary investments contingent to a secondary investment purchase (together with the investments described in (a) - (e), "Secondary Investment Funds"), (iii) investments in investment funds that are actively fundraising that have not yet invested any portion of their capital commitments in Private Market Assets ("Primary Investments") and (iv) investments made directly or through a special purpose vehicle in individual operating companies ("Primary Direct Investments"). These types of debt or equity investments normally do not have readily available market prices and therefore will be valued according to the Valuation Policy at each Determination Date. The Valuation Policy requires evaluation of all relevant information reasonably available to the Adviser at the time the Fund's investments are valued.

Ordinarily, the fair value of the Fund's investment in a Secondary Investment Fund or a Primary Investment is based on the net asset value of the investment reported by its Investment Manager. In determining fair value, the Fund may incorporate other public information that is relevant to the investment funds under consideration to adjust fair values as of the relevant Determination Date. If the Adviser determines that the Investment Manager has not reported a net asset value to the Fund, the Adviser will establish a fair value in accordance with the Fund's Valuation Policy. In doing so, the Adviser will evaluate whether it is appropriate, considering all relevant circumstances, to use the last reported net asset value from the Investment Manager with adjustments made in accordance with the Fund's Valuation Policy. The net asset values or adjusted net asset values are net of management fees and performance-based fees payable pursuant to the respective organizational documents of each investment fund.

Due to the inherent uncertainty of valuations, however, estimated fair values may differ from the values that would have been used had a readily available market for the investments existed and the differences could be material.

In assessing the fair value of the Fund's Primary Direct Investments and Secondary Direct Investments in individual operating companies or assets in accordance with the Valuation Policy, on a case by case basis, the Adviser either applies the net asset value reported by the Investment Manager or a variety of methods such as earnings and market multiple analysis based on comparables, discounted cash flow analysis and market data from third party pricing services. The Adviser takes into account the following factors in determining the fair value of a Primary Direct Investment or Secondary Direct Investment in an individual operating company or assets: the latest round of financing, company operating performance, market-based multiples, discounted cash flows, potential merger and acquisition activity and any other material information that may impact investment fair value.

**StepStone Private Venture and Growth Fund**

Notes to Consolidated Financial Statements (continued)

March 31, 2026

In certain circumstances, the Adviser may determine that cost best approximates the fair value of a particular Private Market Asset. The Fund will generally value its investments that are traded or dealt in upon one or more securities exchanges and for which market quotations are readily available at the last quoted sales price on the primary exchange, or at the mean between the current bid and ask prices on the primary exchange, as of the Determination Date.

The Sub-Adviser and one or more of its affiliates acts as investment adviser to clients other than the Fund. However, the value attributed to a Private Market Asset held by the Fund and the value attributed to the same Private Market Asset held by another client of the Sub-Adviser or one of its affiliates might differ as a result of differences in accounting, regulatory, timing and other factors applicable to the Fund when compared to such other client.

Short-term investments are highly liquid instruments with low risk of loss and recorded at NAV per share, which approximates fair value.

 

*Debt Issuance Costs*

Debt issuance costs consist of fees and expenses paid in connection with the closing of and amendments to the Fund's revolving credit facility. The aforementioned costs are amortized over the instrument's term. Unamortized debt issuance costs are presented net against the outstanding revolving credit facility balance on the Consolidated Statement of Assets and Liabilities.

 

*Foreign Currency Translation*

The books and records of the Fund are maintained in U.S. dollars. The value of investments, assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon current foreign exchange rates on the Determination Date. Purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based on currency exchange rates prevailing on the date of the relevant transaction. Net realized gain (loss) on foreign currency transactions and net change in unrealized appreciation (depreciation) on foreign currency translations represents foreign exchange: (1) gains and losses from the holding and sales of foreign currencies; (2) gains and losses between trade date and settlement date on investment securities transactions; and (3) gains and losses from the difference between amounts of interest and dividends recorded as receivable and the amounts actually received. The Fund does not separately isolate the impact of changes in exchange rates from other changes in the fair value of investments within the net realized gain (loss) and the change in unrealized appreciation (depreciation) of investments as presented on the Consolidated Statement of Operations.

 

*Realized Gains on Investments, Interest Income and Dividend Income*

Distributions received from Secondary Investment Funds, Secondary Direct Investments, Primary Investments and Primary Direct Investments occur at irregular intervals and the exact timing of the distributions is not known. The classification and timing of distributions received in cash or in-kind, including return of capital, realized gains, interest income and dividend income, are based on information received from the Investment Manager of the Secondary Investment Fund, Secondary Direct Investment, Primary Investment or Primary Direct Investment. To the extent a distribution exceeds the remaining cost basis of an investment, based on information provided by the Investment Manager, the excess amount is recognized as a realized gain distribution from investments. Realized gains and losses from investment transactions are determined using the specific identification method. Dividend income and interest income are recorded on an ex-dividend date and accrual basis, respectively. Dividend income earned on short-term money market investments is accrued daily.

 

*Fund Expenses*

The Fund bears all expenses incurred in the course of its operations including, but not limited to, the following: all fees and expenses of the Private Market Assets in which the Fund invests, including the underlying fees of the Private Market Assets ("Acquired Fund Fees"), management fees, incentive fees, expenses associated with the credit facility, legal fees, administrator fees, audit and tax preparation fees, custodial fees, transfer agency fees, registration expenses, expenses of the Board and other administrative expenses. Certain of these operating expenses are subject to an expense limitation agreement ("Expense Limitation and Reimbursement Agreement" as further discussed in Note 5).

Expenses are recorded on an accrual basis and expenses other than class-specific expenses are allocated pro-rata to Shares based upon net assets as of the end of the prior month plus capital transactions effective as of the beginning of the current month at each Determination Date. Class-specific expenses are allocated only to their respective share class (see Note 7). Closing costs associated with the purchase of Secondary Investment Funds, Secondary Direct Investments, Primary Investments and Primary Direct Investments are included in the cost of the investment.

**StepStone Private Venture and Growth Fund**

Notes to Consolidated Financial Statements (continued)

March 31, 2026

*Federal Income Taxes*

For U.S. federal income tax purposes, the Fund has elected to be treated, and intends to qualify annually, as a Regulated Investment Company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended, by distributing substantially all of its taxable net investment income and net realized capital gains to Shareholders each year and by meeting certain diversification and income requirements with respect to investments. If the Fund were to fail to meet the requirements to qualify as a RIC, and if the Fund were ineligible to or otherwise unable to cure such failure, the Fund would be subject to tax on its taxable income at corporate rates, whether or not distributed to Shareholders, and all distributions of earnings and profits would be taxable to Shareholders as ordinary income.

Additionally, the Fund is subject to a 4% federal excise tax on any undistributed income, including net capital gains, if it does not distribute at least 98% of its taxable income and 98.2% of its capital gains each year. The Fund endeavors to meet these distribution requirements to avoid such excise tax, and any excise tax liability, if incurred, will be reflected in the consolidated financial statements.

The Fund's tax year is the 12-month period ending September 30. The Fund files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by federal, state, local and foreign jurisdictions, where applicable. As of March 31, 2026, the tax years from 2023 forward remain subject to examination by the major tax jurisdictions under the statute of limitations.

Distributions are determined in accordance with federal income tax regulations, which may differ from net investment income and net realized capital gains for financial statement purposes under U.S. GAAP. Differences may be permanent or temporary. Permanent differences, including book/tax differences relating to Shareholder distributions, are reclassified among capital accounts in the consolidated financial statements to reflect the applicable tax characterization. Temporary differences arise when certain items of income, expense, gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse in the future. The tax basis components of distributable earnings differ from the amounts reflected in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations due to temporary book/tax differences. These amounts will be finalized before filing the Fund's federal tax return.

In accounting for income taxes, the Fund follows the guidance in FASB ASC Codification 740, Income Taxes ("ASC 740"). ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the consolidated financial statements. Management evaluates the tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions will "more-likely-than-not" be sustained upon examination by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold that would result in a tax benefit or expense to the Fund would be recorded as a tax benefit or expense in the current year.

In preparing the consolidated financial statements, SPRING I LLC (Series A and Series B) and SPRING Cayman are required to recognize their estimate of income taxes for purposes of determining deferred tax assets or liabilities. SPRING I LLC (Series A and Series B) is subject to U.S. federal and state income taxes while SPRING Cayman is subject to U.S. federal withholding tax, state taxes, and branch profits tax on effectively connected income with a U.S. trade or business. The Fund recognizes deferred income taxes for temporary differences in the basis of assets and liabilities for financial and income tax purposes. Deferred tax assets are recognized for deductible temporary differences, tax credit carryforwards or net operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. To the extent the Wholly-Owned Subsidiaries have a deferred tax asset, consideration is given to whether a valuation allowance is required.

 

*Cash*

Cash includes monies on deposit in interest-bearing accounts with UMB Bank, N.A. who serves as the Fund's custodian ("Custodian"). Deposits, at times, may exceed the insurance limit guaranteed by the Federal Deposit Insurance Corporation. The Fund has not experienced any losses on deposits and does not believe it is exposed to significant credit risk on such deposits.

 

*Restricted Cash Held in Escrow*

Restricted cash held in escrow represents restricted monies received in advance of the effective date of a Shareholder's subscription. The monies are on deposit with the Custodian, under the authorization of UMB Fund Services, Inc. (the Fund's transfer agent, as described in Note 6) and are released from escrow upon the determination of NAV as of the effective date of the subscription. The liability for subscriptions received in advance is included in the Consolidated Statement of Assets and Liabilities.

**StepStone Private Venture and Growth Fund**

Notes to Consolidated Financial Statements (continued)

March 31, 2026

*Deferred Investment Costs Relating to Purchases of Secondary Investments*

Deferred costs associated with the acquisition of Secondary Investments are amortized daily over the deferral period until the payment due date. On the due date, the payment amount, included in payable for investments purchased, corresponds to the notional amount owed to the respective counterparty. Payable for investments purchased is reported in the Consolidated Statement of Assets and Liabilities with amortization of deferred investment costs reported in the Consolidated Statement of Operations.

 

*Segment Reporting*

An operating segment is defined in ASC Topic 280, Segment Reporting, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. A management committee of the Fund's Adviser acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole. The Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of a defined investment strategy which is executed by the Fund's portfolio managers as described in Note 1. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios, changes in net assets resulting from operations, and subscriptions and redemptions activity is used by the CODM to assess the Fund's performance versus comparative benchmarks and to make resource allocation decisions for the Fund's single segment, and is consistent with that presented within the Fund's consolidated financial statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

 

*New Accounting Pronouncements*

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements related to the rate reconciliation and income taxes paid disclosures. The Fund adopted this guidance for the annual reporting period ended March 31, 2026 on a prospective basis. The adoption of ASU 2023-09 had no material impact on the Fund's financial statement presentation or disclosures.

3. Fair Value Measurements

U.S. GAAP, ASC 820, defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the asset or liability. ASC 820 establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in valuing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observation of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below:

Level 1: Quoted prices are available in active markets for identical investments as of the reporting date. The types of investments which would generally be included in Level 1 include listed equities, registered money market funds and short-term investment vehicles.

Level 2: Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. The types of investments which would generally be included in Level 2 include corporate bonds and loans and less liquid and restricted equity securities.

Level 3: Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment and/or estimation. Those unobservable inputs, that are not corroborated by market data, generally reflect the reporting entity's own assumptions about the assumptions market participants would use in determining the fair value of the investment. The types of investments which would generally be included in Level 3 are equity and/or debt securities issued by private entities.

In accordance with ASC 820, certain portfolio investments are excluded from the fair value hierarchy as they are valued using NAV as a practical expedient. These investments are valued using NAV or by adjusting the most recently available NAV for cash flows and/or other relevant information. As such, investments in securities with a fair value of $4,670.1 million are excluded from the fair value hierarchy as of March 31, 2026.

**StepStone Private Venture and Growth Fund**

Notes to Consolidated Financial Statements (continued)

March 31, 2026

The following is a summary of the Fund's investments classified by fair value hierarchy as of March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** | **Investments**<br>**Valued at NAV** | <br>**Total** |
| Primary Direct Investments | $— | $— | $822623142 | $1241561271 | $2064184413 |
| Primary Investments |  |  |  | 229159935 | 229159935 |
| Secondary Direct Investments |  |  | 765546235 |  | 765546235 |
| Secondary Investment Funds |  |  |  | 3199344992 | 3199344992 |
| Public Securities | 144157 |  |  |  | 144157 |
| Short-Term Investments | 154685500 |  |  |  | 154685500 |
| Total Investments | $154829657 | $— | $1588169377 | $4670066198 | $6413065232 |

---

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:

---

| | | | |
|:---|:---|:---|:---|
|  | **Primary Direct<br> Investments** | **Secondary Direct<br> Investments** | **Total Investments** |
| Balance as of March 31, 2025 | $253241723 | $159072936 | $412314659 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases | 435998792 | 293639953 | 729638745 |
| &nbsp;&nbsp;&nbsp;Distributions from Investments | (418278) |  | (418278) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 43052 |  | 43052 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 133757853 | 312833346 | 446591199 |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |  |  |
| Balance as of March 31, 2026 | $822623142 | $765546235 | $1588169377 |
| Net Change in Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of the Reporting Period | $133757853 | $312833346 | $446591199 |

---

Changes in inputs or methodologies used for valuing investments may result in transfers in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be indicative of the risk associated with investing in those investments. Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur.

**StepStone Private Venture and Growth Fund**

Notes to Consolidated Financial Statements (continued)

March 31, 2026

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value as of <br> March 31,**<br> **2026** | **Valuation <br> Technique(s)** | **Unobservable <br> Input** | **Single Input or <br> Range of <br> Inputs** | **Weighted <br> Average of <br> Input<sup>(1)</sup>** | **Impact to <br> Valuation from <br> an Increase in <br> Input<sup>(2)</sup>** |
| Primary Direct Investments | $540679298 | Recent financing | Recent round of financing | N/A | N/A | Increase |
| Primary Direct Investments | $56958540 | Market comparable companies | Enterprise value to revenue multiple | 0.40x - 8.50x | 3.11x | Increase |
| Primary Direct Investments | $224985304 | Recent transaction | Recent transaction price | N/A | N/A | Increase |
| Secondary Direct Investments | $268019902 | Recent financing | Recent round of financing | N/A | N/A | Increase |
| Secondary Direct Investments | $14546145 | Market comparable companies | Enterprise value to revenue multiple | 2.49x - 18.22x | 11.36x | Increase |
| Secondary Direct Investments | $482980188 | Recent transaction | Recent transaction price | N/A | N/A | Increase |

---

<sup>(1)</sup> Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

<sup>(2)</sup> This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input.

A listing of the Private Market Asset types held by the Fund and the related attributes, as of March 31, 2026, are shown in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Investment Type** | **Investment Strategy** | **Fair Value** | **Unfunded<br> Commitments** |
| Primary Direct Investments | Investments in operating companies | $2064184413 | $30511739 |
| Primary Investments | Investments in private funds actively fundraising with no capital commitments invested | $229159935 | $160974914 |
| Secondary Direct Investments | Investments in operating companies, projects or properties purchased from other investors | $765546235 |  |
| Secondary Investment Funds | Investments in private funds purchased from other investors, open-ended funds, continuation vehicles, private funds actively fundraising with a portion of capital commitments invested and stapled primary investments | $3199344992 | $225215729 |

---

**StepStone Private Venture and Growth Fund**

Notes to Consolidated Financial Statements (continued)

March 31, 2026

4. Controlled/Affiliated Investments

Per Section 2(a)(9) of the 1940 Act, an investment is deemed a control affiliate if the Sub-Adviser owns 25% or more of the investment's outstanding voting securities. As of March 31, 2026, the Fund held investments in the following control affiliates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Controlled/Affiliated Investment** | **Balance as of <br> March 31, 2025** | **Purchases at <br> Cost** | **Proceeds<br> from<br> Distributions** | **Realized<br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Balance as of <br> March 31, <br> 2026** | **Affiliated <br> Income** |
| BSV Star Queen, LLC | $4450000 | $— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;— | $2871291 | $7321291 | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| CRV XVIII-Z, LP | 11558347 |  |  |  | (8895) | 11549452 |  |
| Defense Tech SVC BH SPV LLC |  | 1126801 |  |  | 370948 | 1497749 |  |
| Redpoint Omega IV-Y, L.P. | 26400004 |  |  |  | 33818533 | 60218537 |  |
| S Squared - HAD LP |  | 469168 |  |  | 288659 | 757827 |  |
| Terrain Opportunity I, LP | 2230470 |  |  |  | 4506516 | 6736986 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | $44638821 | $1595969 | $— | $— | $41847052 | $88081842 | $— |

---

5. Investment Adviser and Transactions with Affiliates

In consideration of its services to the Fund, the Adviser is entitled to a management fee ("Management Fee") equal to 1.50% on an annualized basis of the Fund's net assets. The Management Fee is computed monthly and payable monthly in arrears. The Adviser pays the Sub-Adviser 50% of the Management Fee. For the year ended March 31, 2026, the Adviser earned $56.8 million in Management Fees of which $8.2 million was payable as of March 31, 2026.

At the end of each calendar month, the Adviser is entitled to accrue an incentive fee ("Incentive Fee") in an amount equal to 15% of the excess, if any, of (i) the net profits of the Fund for the relevant month over (ii) the then balance, if any, of the loss recovery account. The Incentive Fee is incorporated in the Fund's monthly NAV and paid annually at the end of the calendar year to the Adviser to the extent it is earned. The Adviser pays 60% of the Incentive Fee to the Sub-Adviser each year. For the year ended March 31, 2026, the Adviser accrued $271.3 million in Incentive Fees and $105.1 million was payable as of March 31, 2026.

For the purposes of the Incentive Fee, net profits ("Net Profits") means the amount by which the NAV of the Fund on the last day of the relevant month exceeds the NAV of the Fund as of the beginning of the same month, including any net change in unrealized appreciation or depreciation of investments, realized income and gains or losses, expenses (including offering and organizational expenses) and excluding Shareholder subscriptions and repurchases. The Fund maintains a memorandum account ("Loss Recovery Account") which had an initial balance of zero and is increased upon the close of each calendar month by the amount of the net losses of the Fund for the month and decreased (but not below zero) upon the close of each calendar month by the amount of the Net Profits of the Fund for the month. The Loss Recovery Account takes into account the Fund's performance since inception and is also referred to as a life-to-date high-water mark. Shareholders will benefit from the Loss Recovery Account in proportion to their holdings in the Fund. As of March 31, 2026, there was no balance in the Loss Recovery Account.

The Adviser entered into an Expense Limitation and Reimbursement Agreement with the Fund for a one-year term beginning with the Commencement of Operations and ending on the one-year anniversary thereof ("Limitation Period"). The Adviser may extend the Limitation Period for a period of one year on an annual basis. On May 22, 2025, the Board approved the extension of the Limitation Period through September 30, 2026. The Expense Limitation and Reimbursement Agreement limits the amount of the Fund's aggregate monthly ordinary operating expenses, excluding certain specified expenses ("Specified Expenses"), borne by the Fund during the Limitation Period to an amount not to exceed 0.50% for Class I Shares and 1.00% for Class D and S Shares, on an annualized basis, of the Fund's month-end net assets ("Expense Cap"). Specified Expenses that are not covered by the Expense Limitation and Reimbursement Agreement include: (i) the Management Fee; (ii) all fees and expenses of Private Market Assets and other investments in which the Fund invests (including Acquired Fund Fees); (iii) the Incentive Fee; (iv) transactional costs, including legal costs and brokerage commissions, associated with the acquisition and disposition of Private Market Assets and other investments; (v) interest payments incurred on borrowings by the Fund; (vi) fees and expenses incurred in connection with a credit facility, if any, obtained by the Fund; (vii) distribution and/or shareholder servicing fees, as applicable; (viii) taxes; and (ix) extraordinary expenses resulting from events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding, indemnification expenses, and expenses in connection with holding and/or soliciting proxies for all annual and other meetings of Shareholders.

**StepStone Private Venture and Growth Fund**

Notes to Consolidated Financial Statements (continued)

March 31, 2026

If the Fund's aggregate monthly ordinary operating expenses, exclusive of the Specified Expenses, in respect of any class of Shares for any month, exceeds the Expense Cap applicable to that class of Shares, the Adviser may waive its Management Fee and/or Incentive Fee or reimburse the Fund for expenses to the extent necessary to eliminate such excess. The Adviser may also directly pay expenses on behalf of the Fund and waive reimbursement under the Expense Limitation and Reimbursement Agreement. To the extent that the Adviser waives its Management Fee and/or Incentive Fee, reimburses expenses to the Fund or pays expenses directly on behalf of the Fund, it is permitted to recoup from the Fund any such amounts for a period not to exceed three years from the month in which such fees and expenses were waived, reimbursed or paid, even if such recoupment occurs after the termination of the Limitation Period. However, the Adviser may only recoup the waived fees, reimbursed expenses or directly paid expenses in respect of the applicable class of Shares if (i) the ordinary operating expenses have fallen to a level below the Expense Cap and (ii) the recouped amount does not raise the level of ordinary operating expenses in respect of a class of Shares in the month of recoupment to a level that exceeds any Expense Cap applicable at that time.

During the year ended March 31, 2026, the Adviser recouped a net amount of $0.2 million under the Expense Limitation and Reimbursement Agreement, as recorded on the Statement of Operations. As of March 31, 2026, the Adviser has fully recouped all eligible expenses under this agreement, and there is no remaining balance available for future recoupment.

The Adviser serves as the Fund's administrator ("Administrator") pursuant to an administration agreement ("Administration Agreement") under which the Administrator provides administrative, accounting and other services to the Fund. Pursuant to the Administration Agreement, the Fund pays the Administrator an administration fee ("Administration Fee") in an amount up to 0.18% on an annualized basis of the Fund's net assets. The Administration Fee is calculated based on the Fund's month-end net asset value and is payable monthly in arrears. For the year ended March 31, 2026, the Administrator earned $3.1 million in Administration Fees of which $0.4 million was payable as of March 31, 2026.

6. Sub-Administrator, Custodian and Transfer Agent

From the proceeds of the Administration Fee, the Administrator pays UMB Fund Services, Inc. ("Sub-Administrator") a sub-administration fee to perform certain administrative and accounting services for the Fund on behalf of the Administrator. The sub-administration fee, pursuant to a sub-administration agreement and a fund accounting agreement, is paid monthly by the Administrator and is based on the value of the net assets of the Fund as of the close of business on each business day, subject to an annual minimum.

UMB Bank, N.A. serves as the Fund's Custodian pursuant to a custody agreement. As the Custodian, UMB Bank, N.A. holds the Fund's U.S. assets. Foreign assets, if any, including foreign currency holdings, are held by a designated sub-custodian appointed by the Custodian in accordance with the terms of the custody agreement. For the year ended March 31, 2026, the Custodian earned $0.2 million in custody fees, recorded in other expenses on the Consolidated Statement of Operations, of which $58,685 was payable as of March 31, 2026 and recorded in other accrued expenses on the Consolidated Statement of Assets and Liabilities.

The Sub-Administrator also serves as the Fund's transfer agent ("Transfer Agent") pursuant to a transfer agency agreement. The Transfer Agent, among other things, receives and processes purchase orders, effects issuance of Shares, prepares and transmits payments for distributions, receives and processes repurchase offers and maintains records of account. For the year ended March 31, 2026, the Transfer Agent earned $1.7 million in transfer agent fees of which $37,372 was payable as of March 31, 2026.

7. Distribution and Shareholder Servicing Plan

Distribution Services, LLC serves as the Fund's distributor ("Distributor") pursuant to a distribution agreement. The Distributor distributes the Shares of the Fund. The Distributor is authorized to enter into Sub-Distribution Agreements with brokers, dealers, certain registered investment advisers and other financial intermediaries to effect the distribution of Shares of the Fund. To operate in a manner consistent with Rule 12b-1 under the 1940 Act, the Fund pays a distribution and shareholder servicing fee out of the net assets of Class S Shares at the annual rate of 0.85% of the aggregate NAV of Class S Shares. To operate in a manner consistent with Rule 12b-1 under the 1940 Act, the Fund pays a shareholder servicing fee out of the net assets of Class D Shares at the annual rate of 0.25% of the aggregate NAV of Class D Shares. Distribution and shareholder servicing fees are calculated as of the last day of each calendar month (including net assets in respect of Shares that will be repurchased by the Fund on such date). Class I Shares are not subject to a distribution and shareholder servicing fee. For the year ended March 31, 2026, distribution and shareholder servicing fees incurred are disclosed on the Consolidated Statement of Operations.

**StepStone Private Venture and Growth Fund**

Notes to Consolidated Financial Statements (continued)

March 31, 2026

8. Revolving Credit Facility

Effective February 6, 2023, the Fund entered into a revolving credit agreement ("Credit Facility"), as amended from time to time, with Texas Capital Bank allowing the Fund to borrow up to $85.0 million ("Commitment") from a syndicate of lenders. The purpose of the Credit Facility is to provide short-term working capital, primarily to bridge the timing of the Fund's acquisition of Private Market Assets in advance of the receipt of investor subscriptions. Borrowings on the Credit Facility are collateralized by all assets of the Fund.

On August 29, 2025, the Fund amended the Credit Facility to increase the Commitment to $155.0 million. The stated maturity date of the Credit Facility is August 29, 2027, subject to extensions or termination events described in the credit agreement.

The Credit Facility has an interest rate of the secured overnight financing rate ("Term SOFR") plus an applicable margin ("Applicable Margin") of 3.00% per annum or the Base Rate plus 2.00% per annum. The Credit Facility has a commitment fee of 0.40% per annum and a minimum utilization fee equal to the Applicable Margin. The minimum utilization fee is calculated based on a minimum borrowing requirement equal to 20.00% of the Commitment. For the year ended March 31, 2026, expenses incurred by the Fund related to the Credit Facility were $2.0 million.

During the year ended March 31, 2026, the Credit Facility bore interest at a weighted average interest rate of 6.75% and the daily average amount of outstanding borrowings under the Credit Facility was $7.0 million.

9. Commitments and Contingencies

As of March 31, 2026, the Fund has contractual unfunded commitments to provide additional funding of $416.7 million to certain investments.

ASC 460-10, Guarantees - Overall, requires entities to provide disclosure and, in certain circumstances, recognition of guarantees and indemnifications. In the normal course of business, the Fund enters into contracts that contain a variety of indemnification arrangements. The Fund's exposure under these arrangements, if any, cannot be quantified. However, the Fund has not had claims or losses pursuant to these indemnification arrangements and expects the potential for a material loss to be remote.

The Fund may, from time to time, be party to various legal matters arising in the ordinary course of business, including claims and litigation proceedings. Although the ultimate outcome of the foregoing matters, if any, cannot be ascertained at this time, the Adviser believes, after consultation with counsel, that the resolution of such matters would not have a material adverse effect on the Fund's consolidated financial statements.

10. Capital Share Transactions

The Fund offers three separate classes of shares of beneficial interest designated as Class I Shares, Class D Shares and Class S Shares. Each class of Shares is subject to different fees and expenses.

The minimum initial investment in Class I Shares by an investor in the Fund is $1.0 million. The minimum initial investment in Class D Shares and Class S Shares by an investor is $50,000. The minimum initial investment in any share class may be reduced at the Adviser's discretion. Investors purchasing Class S Shares may be charged a sales load up to a maximum of 3.50% and investors purchasing Class D Shares may be charged a sales load up to a maximum of 1.50%. Investors purchasing Class I Shares are not charged a sales load. The Fund accepts initial and additional purchases of Shares as of the first business day of each calendar month at the Fund's then-current NAV per share.

Subject to certain conditions, Shareholders may exchange shares from one class to another for an equivalent NAV amount of that share class.

**StepStone Private Venture and Growth Fund**

Notes to Consolidated Financial Statements (continued)

March 31, 2026

The following table summarizes the capital share transactions for the year ended March 31, 2026 and the year ended March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended <br> March 31, 2026** | **For the Year Ended <br> March 31, 2026** | **For the Year Ended <br> March 31, 2025** | **For the Year Ended <br> March 31, 2025** |
|  | **Shares** | **Dollar Amounts** | **Shares** | **Dollar Amounts** |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | 31550850 | $1600767372 | 16377314 | $642775648 |
| Reinvestment of distributions | 43851 | 2468354 | 88795 | 3605993 |
| Repurchase of shares | (2001595) | (106021018) | (889317) | (37131800) |
| Exchange of shares | 93704 | 4669273 | 161577 | 6417909 |
| Net increase (decrease) | 29686810 | $1501883981 | 15738369 | $615667750 |
| **Class D** |  |  |  |  |
| Proceeds from shares issued | 156122 | $7253632 | 155537 | $5787012 |
| Reinvestment of distributions | 182 | 10189 | 536 | 21642 |
| Repurchase of shares | (10943) | (523097) | (3623) | (155593) |
| Exchange of shares | (20880) | (1090693) | (120551) | (4653375) |
| Net increase (decrease) | 124481 | $5650031 | 31899 | $999686 |
| **Class S** |  |  |  |  |
| Proceeds from shares issued | 30665142 | $1534409966 | 14756883 | $575802383 |
| Reinvestment of distributions | 40639 | 2237975 | 54456 | 2180430 |
| Repurchase of shares | (258600) | (14290761) | (16819) | (689638) |
| Exchange of shares | (74413) | (3578580) | (25608) | (1087941) |
| Net increase (decrease) | 30372768 | $1518778600 | 14768912 | $576205234 |
| **Class T¹** |  |  |  |  |
| Proceeds from shares issued |  | $— | 13724 | $520000 |
| Reinvestment of distributions |  |  | 31 | 1236 |
| Repurchase of shares |  |  |  |  |
| Exchange of shares |  |  | (16751) | (676593) |
| Net increase (decrease) |  | $— | (2996) | $(155357) |

---

<sup>1</sup> On January 17, 2025, the Fund converted Class T shares into Class S shares and ceased offering Class T Shares.

Subject to the Board's discretion, the Fund offers a quarterly share repurchase program where the total aggregate amount of Share repurchases will be up to 2.50% of the Fund's outstanding Shares each quarter. It is expected that the Adviser will recommend to the Board that the Fund offer to repurchase Shares from Shareholders quarterly, with such repurchases to typically occur on March 31, June 30, September 30 and December 31 of each year, although the Adviser may not recommend, and the Board may not authorize, a repurchase offer for any quarter in which the Adviser believes that it would be detrimental to the Fund for liquidity or other reasons. In the event that Shareholders, in the aggregate, submit for repurchase more than the number of Shares that the Fund will offer to repurchase, the Fund will repurchase the Shares on a pro rata basis, which may result in the Fund not honoring the full amount of a Share repurchase requested by a Shareholder. Any repurchase of Shares which have been held for less than one year by a Shareholder, as measured through the date of redemption, will be subject to an early repurchase fee equal to 2.00% of the NAV of the Shares repurchased by the Fund. The Fund has no obligation to repurchase Shares at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Board, in its sole discretion**.** For the year ended March 31, 2026 and the year ended March 31, 2025, 2,271,138 and 909,759 Shares were repurchased by the Fund, respectively.

**StepStone Private Venture and Growth Fund**

Notes to Consolidated Financial Statements (continued)

March 31, 2026

11. Dividend Reinvestment Plan

Pursuant to the dividend reinvestment plan ("DRIP") established by the Fund, each Shareholder whose Shares are registered in its own name will automatically be a participant under the DRIP and all income and/or capital gain dividend distributions will automatically be reinvested in additional Shares unless such Shareholder specifically elects to receive all income and/or capital gain dividends in cash. A Shareholder is free to change this election at any time. If, however, a Shareholder requests to change its election within 45 days prior to a distribution, the request will be effective only with respect to distributions after the 45-day period.

12. Investment Transactions

For the year ended March 31, 2026, total purchases of investments, excluding short-term investments, were $2,603.6 million. For the year ended March 31, 2026, total distributions received from investments, excluding short-term investments, were $20.6 million. For the year ended March 31, 2026, total proceeds from the Fund's sale or other disposition of investments, excluding short-term investments, amounted to $2.0 million.

13. Tax Information

The Fund has temporary differences primarily due to timing differences between book and tax treatment of partnership interests held by the Fund and investments held in SPRING Cayman and SPRING I LLC (Series A and Series B).

U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. For the tax year ended September 30, 2025, the Fund recognized a permanent book to tax difference of $50.6 million resulting primarily from net operating losses. This permanent book to tax difference has been reclassified to paid-in capital and has no effect on the net assets or net asset value per share of the Fund.

For the tax year ended September 30, 2025, the Fund's tax components of distributable earnings on a tax basis are as follows:

---

| | |
|:---|:---|
| Current year late-year loss deferral | $(93098270) |
| Undistributed long-term capital gains | 1009284 |
| Net tax appreciation (depreciation) | 820959300 |
| Other temporary differences | (52848) |
| Total distributable earnings (accumulated loss) | $728817466 |

---

The tax character of Subchapter M distributions declared for the fiscal years ended March 31, 2026 and March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** |
| 2026.0 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $6079197 |
| 2025.0 | $— | $8469345 |

---

The tax character of Subchapter M distributions for the tax year ended September 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** |
| 2025.0 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $8469345 |

---

The Fund is designating a portion of its distributions as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), for the tax year ending September 30, 2025.

As of the tax year ended September 30, 2025, the Fund's deferred, on a tax basis, qualified late year losses are as follows:

---

| | |
|:---|:---|
| Ordinary income | $93098270 |
| Net capital gains | $— |

---

**StepStone Private Venture and Growth Fund**

Notes to Consolidated Financial Statements (continued)

March 31, 2026

As of March 31, 2026, the federal tax cost of investments and unrealized appreciation (depreciation) are as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $2284973278 |
| Gross unrealized depreciation | (13199399) |
| Net unrealized appreciation (depreciation) on investments | $2271773879 |
| Tax cost of investments | $4141291353 |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on partnership investments.

SPRING I LLC was not required to recognize a provision for current income tax expense for the year ended March 31, 2026.

The deferred income tax is computed by applying the federal statutory income tax rate of 21.0% to net investment income, realized and unrealized gains (losses) on investments before taxes. As of March 31, 2026, SPRING I LLC has a deferred tax liability of $2.7 million.

As of March 31, 2026, the Fund had no uncertain tax positions for federal, state or local income tax purposes. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as a component of income tax expense in the Consolidated Statement of Operations. For the year ended March 31, 2026, the Fund did not incur any interest or penalties.

14. Risk Factors

An investment in the Fund involves material risks, including performance risk, liquidity risk, business and financial risk, risks associated with the use of leverage, valuation risk, tax risk and other risks that should be carefully considered prior to investing and investing should only be considered by persons financially able to maintain their investment and who can afford a loss of a substantial part or all of such investment. The Fund's aggregate exposure to operating companies held directly and indirectly may at times represent a significant portion of the Fund's NAV. The Fund may be more susceptible to adverse developments affecting those companies which could have a disproportionate impact on the Fund's performance and increase volatility.

15. Subsequent Events

Effective April 1, 2026 and May 1, 2026, there were additional subscriptions into the Fund in the amounts of $410.3 million and

$457.3 million, respectively.

On April 23, 2026, the Fund commenced a repurchase offer in an amount up to 2.50% of outstanding shares with a valuation date of June 30, 2026.

On May 27, 2026, the Fund, as the borrower, entered into a senior secured credit agreement ("Mizuho Credit Agreement") with Mizuho Bank, Ltd. ("Mizuho"), as the administrative agent, and the lenders party thereto, to provide the Fund with a revolving credit facility ("Mizuho Credit Facility"). Borrowings under the Mizuho Credit Facility are secured by certain assets held by the Fund. The Mizuho Credit Facility carries a commitment of $350.0 million, subject to satisfaction of certain conditions by and between the lenders. Borrowings under the Mizuho Credit Facility generally bear interest on each loan at a rate per annum equal to the three-month Term SOFR plus 3.25%.

The Mizuho Credit Facility has a commitment fee of 1.15%, determined by each lender's undrawn loan commitment. The stated maturity date of the Mizuho Credit Facility is May 26, 2028, subject to extensions or termination events described in the Mizuho Credit Agreement. The Mizuho Credit Facility includes a provision for extension of the Mizuho Credit Facility by an additional twelve months annually, beginning one year after the closing date, subject to mutual agreement by the lenders and borrower.

The Fund's existing Credit Facility with Texas Capital Bank was terminated effective May 27, 2026.

**StepStone Private Venture and Growth Fund**

Notes to Consolidated Financial Statements (continued)

March 31, 2026

The Fund has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet or may be of such a nature that disclosure will keep the financial statements from being misleading. The Adviser has evaluated the Fund's related events and transactions that occurred through the date of issuance of the Fund's financial statements. There were no other events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Fund's consolidated financial statements or the accompanying notes.

**StepStone Private Venture and Growth Fund**

Trustees and Officers (unaudited)

March 31, 2026

The identity of the Trustees and executive officers of the Fund and brief biographical information regarding each such person during the past five years is set forth below. The Fund's Statement of Additional Information includes additional information about the membership of the Board and is available, without charge, upon request, by calling the Fund toll-free at (704) 215-4300.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | | |
| **Name, Address and <br> Birth Year<sup>1</sup>** | **Position(s) <br> Held with <br> Registrant** | **Length of <br> Time Served<sup>2</sup>** | **Principal <br> Occupation(s) During <br> Past Five Years** | **Number of <br> Portfolios <br> Overseen <br> in Fund <br> Complex** | **Other Trusteeships/ <br> Directorships Held <br> Outside the Fund <br> Complex<sup>3</sup>** |
| Terry Prather <br> Birth Year: 1955 | Trustee | Indefinite Length - Since May 2024 | Chief Operating Officer, LIFT Orlando (community development organization) (2016-2023) | 5 |  |
| Tracy Schmidt <br> Birth Year: 1957 | Trustee | Indefinite Length - Since Inception | Founder, Morning Star Advisory, LLC (consulting and advisory services) (since 2018) | 5 |  |
| Ron Sturzenegger <br> Birth Year: 1960 | Trustee | Indefinite Length - Since Inception |  | 5 | Director of KBS Real Estate Investment Trust II, Inc. (since 2019), and KBS Real Estate Investment Trust III, Inc. (since 2019) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | | |
| **Name, Address and <br> Birth Year<sup>1</sup>** | **Position(s)<br> Held with<br> Registrant** | **Length of<br> Time Served<sup>2</sup>** | **Principal <br> Occupation(s) During<br> Past Five Years** | **Number of<br> Portfolios<br> Overseen<br> in Fund<br> Complex** | **Other Trusteeships/<br> Directorships Held <br> Outside the Fund<br> Complex<sup>3</sup>** |
| Tom Sittema <br> Birth Year: 1958 | Chairperson of the Board of Trustees | Indefinite Length - Since Inception | Executive Chairman, StepStone Group Private Wealth LLC (Since 2020) Managing Director, RiverBridge Capital (Since 2018) | 5 |  |
| Bob Long <br> Birth Year: 1962 | Trustee | Indefinite Length - Since Inception | CEO, StepStone Group Private Wealth LLC (Since 2019) | 5 |  |

---

**StepStone Private Venture and Growth Fund**

Trustees and Officers (unaudited) (continued)

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| | **Executive Officers** | **Executive Officers** | |
| **Name, Address and <br> Birth Year<sup>1</sup>** | **Position(s) <br> Held with <br> Registrant** | **Length of Time Served<sup>2</sup>** | **Principal Occupation(s) During Past Five <br> Years** |
| Bob Long<br> Birth Year: 1962 | President and Principal Executive Officer | Indefinite Length – Since Inception | See above |
| Kimberly Zeitvogel<br> Birth Year: 1971 | Treasurer and Principal Financial Officer | Indefinite Length – Since January 2023 | Partner, StepStone Group Private Wealth LLC (Since 2020) |
| Tim Smith <br> Birth Year: 1968 | Vice President | Indefinite Length – Since November 2023 | CFO and COO, StepStone Group Private Wealth LLC (Since 2019) |
| Dean Caruvana <br> Birth Year: 1988 | Secretary and Chief Compliance Officer | Indefinite Length – Since August 2023 | General Counsel, StepStone Group Private Wealth LLC (Since 2023); Principal, Blue Owl Capital (2022-2023); Vice President, BlackRock (2018-2022) |

---

<sup>1</sup> The address of each Trustee and Officer is c/o StepStone Group Private Wealth LLC, 128 S Tryon St., Suite 1600, Charlotte, NC 28202.

<sup>2</sup> Each Trustee or Officer serves an indefinite term, until his or her successor is elected.

<sup>3</sup> This includes any directorships at public companies and registered investment companies held by the Trustee over the past five years.

**StepStone Private Venture and Growth Fund**

Approval of Investment Advisory and Sub-Advisory Agreements (unaudited)

March 31, 2026

At an in-person meeting of the Board of Trustees (the "Board") of StepStone Private Venture and Growth Fund (the "Fund") held on February 11, 2026 (the "Meeting"), the Board, including a majority of the Trustees who are not considered to be "interested persons" of the Fund (the "Independent Trustees") under the Investment Company Act of 1940, as amended (the "1940 Act"), unanimously voted to approve the continuation of each of the following: (i) an investment advisory agreement by and between StepStone Group Private Wealth LLC (the "Adviser") and the Fund (the "Advisory Agreement"); and (ii) a separate sub-advisory agreement by and among StepStone Group LP (the "Sub-Adviser" and collectively with the Adviser, the "Advisers"), the Adviser and the Fund (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements").

In connection with their consideration of whether to approve the continuation of the Agreements, the Board received and reviewed information provided by the Advisers relating to the Fund, the Agreements and the Advisers, including comparative fee and expense information and other information regarding the respective nature, extent and quality of services to be provided by each Adviser under the Agreements. The materials provided to the Board generally included, among other items: (i) information on the Fund's management fees, incentive fees and other expenses, including information comparing the management fees and incentive fees to be paid by the Fund to those of a peer group of funds; (ii) information about each Adviser's profitability with respect to the Agreements; (iii) a memorandum prepared by each Adviser in response to a request submitted by legal counsel to the Funds (each, a "Response Memorandum"), including a description of each Adviser's business, a copy of each Adviser's Form ADV, and certain other information about each Adviser to be considered in connection with the review by the members of the Board; and (iv) a memorandum from legal counsel to the Funds on the responsibilities of the Board in considering for approval investment advisory and investment sub-advisory arrangements under the 1940 Act. The Board, including the Fund's Independent Trustees, also considered other matters such as: (i) the Fund's investment objective and strategies; (ii) the Fund's investment performance over relevant time periods; (iii) the Advisers' investment personnel and operations, including the personnel and other resources devoted to the Fund; (iv) the Advisers' financial results and financial condition; (v) the resources to be devoted to the Fund's investment policies and restrictions, policies on personal securities transactions and other compliance policies and procedures; (vi) the Advisers' policies with respect to allocation of investments and seeking best execution; and (vii) possible conflicts of interest. Throughout the process, the Board had the opportunity to ask questions of and request additional materials from the Advisers.

In determining whether to approve the continuation of the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. The Board, including the Independent Trustees, did not identify any single factor as determinative. Individual members of the Board may have evaluated the information presented differently from one another, giving different weights to various factors in considering whether to approve the continuation of the Agreements. The Board was also furnished with an analysis of its fiduciary obligations in connection with its evaluation of the Agreements and, throughout the evaluation process, the Board was assisted by counsel for the Fund. A more detailed summary of the important, but not necessarily all, factors the Board considered with respect to its approval of the continuation of the Agreements is provided below.

**Advisory Agreement**

Matters considered by the Board, including the Independent Trustees, in connection with its approval of the continuation of the Advisory Agreement included the factors listed below.

 

*The nature, extent and quality of the services to be provided to the Fund under the Advisory Agreement.* The Board considered the responsibilities of the Adviser under the Advisory Agreement, and the services provided by the Adviser to the Fund, including, without limitation, the management, oversight, operational, and governance services that the Adviser and its employees provide to the Fund, the Adviser's coordination of services for the Fund by its service providers, its compliance procedures and practices, and its efforts to promote the Fund. The Board also considered the background and experience of the Adviser's senior management personnel. The Board noted that certain of the Fund's officers are employees of the Adviser or its affiliates and serve the Fund without additional compensation from the Fund. The Board further considered information regarding the Adviser's program designed to ensure compliance with federal securities and other applicable laws and the Adviser's risk management processes. After reviewing the foregoing information and further information in the Adviser's Response Memorandum (which included, among other information, descriptions of the Adviser's business and the Adviser's Form ADV) and discussing the Adviser's proposed services to the Fund, the Board concluded that the quality, extent, and nature of the services provided by the Adviser are satisfactory and appropriate for the Fund.

 

*Investment management capabilities and experiences of the Adviser.* The Board considered the quality of the services provided and the quality of the Adviser's resources that are available to the Fund. The Board evaluated the Adviser's advisory, operational, governance, distribution, legal, compliance, and risk management services, among other services, and information the Board received regarding the experience and professional qualifications of the Adviser's key personnel and the size and functions of its staff. The Board noted that the Adviser is a wholly owned subsidiary of the Sub-Adviser and leverages the infrastructure of the Sub-Adviser to support its operations, which includes working closely with key personnel of the Sub-Adviser. After consideration of these factors, the Board determined that the Adviser is an appropriate investment adviser for the Fund.

**StepStone Private Venture and Growth Fund**

Approval of Investment Advisory and Sub-Advisory Agreements (unaudited)

March 31, 2026

*Performance.* The Board considered the investment performance of the Fund, which is provided to the Board on a regular basis, the investment performance of the Peer Group and other information and materials provided to the Board by the Advisers concerning Fund performance, including information as of December 31, 2025 regarding the performance of all venture capital and growth equity investments managed by the Advisers, restated to reflect the Fund's expected fees and expenses. Based on these considerations, the Board concluded that it had continued confidence in the Adviser's and the Sub-Adviser's overall capabilities to manage the Fund.

 

*Cost of the services to be provided and profits to be realized by the Adviser from the relationship with the Fund.* The Board examined and evaluated the fee arrangement between the Adviser and the Fund under the Advisory Agreement, including as compared with the fees and expenses of certain unaffiliated closed-end funds operated as tender offer funds considered by the Adviser to have similar investment objectives and strategies to the Fund (the "Peer Group"). The Board considered information about the Adviser's profitability with respect to the Fund, as well as the costs of services provided by the Adviser to the Fund. The Board received and reviewed information relating to the financial condition of the Adviser and its affiliates. The Board also considered potential benefits for the Adviser in managing the Fund, including promotion of the Adviser's name and enhancement of its reputation in the industry. Upon further consideration and discussion of the foregoing, the Board concluded that the fees paid to the Adviser by the Fund are appropriate and representative of arm's-length negotiations.

 

*Economies of Scale.* The Board considered the size and growth prospects of the Fund and how it relates to the structure of the Fund's management fee schedule, which does not include breakpoints. After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund's shareholders based on currently available information. The Board noted, however, that it would continue to monitor any future growth in the Fund's assets and the appropriateness of management fee breakpoints or other methods to share benefits from economies of scale as part of its future review of the Advisory Agreement.

 

*Comparison of fees to be paid to those under other investment advisory contracts.* In evaluating the management fees and expenses, the Board considered the Fund's management fees in absolute terms and as compared with the fees and expenses of the Peer Group. Based upon the comparative fee information provided, the Board noted that the Fund's management fees were below the Peer Group's average.

 

*Benefits derived or to be derived by the Adviser from its relationship with the Fund.* The Board considered "fall out" or ancillary benefits that would accrue to the Adviser as a result of its relationship with the Fund (other than the advisory fee), including non-quantifiable reputational benefits. The Board noted in this regard that the Adviser continues to evaluate and pursue opportunities to provide advisory services to additional funds or other vehicles with overlapping investment strategies, and that the track record of the Fund may enhance the Adviser's ability to market its services and win such mandates.

**Sub-Advisory Agreement**

Matters considered by the Board, including the Independent Trustees, in connection with its approval of the Sub-Advisory Agreement included the factors listed below.

 

*The nature, extent, and quality of the services to be provided to the Fund under the Sub-Advisory Agreement.* The Board considered the responsibilities of the Sub-Adviser under the Sub-Advisory Agreement and the services provided by the Sub-Adviser including, without limitation, the investment advisory services and the Sub-Adviser's compliance procedures and practices. The Board also considered the background, and experience of the Sub-Adviser's senior management personnel and the qualifications, background, and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management services for the Fund. After reviewing the foregoing information and further information in the materials, including the Sub-Adviser's Response Memorandum (which included, among other information, descriptions of the Sub-Adviser's business and the Sub-Adviser's Form ADV), the Board concluded that the quality, extent, and nature of the services provided by the Sub-Adviser are satisfactory and appropriate for the Fund.

 

*The investment management capabilities and experience of the Sub-Adviser.* The Board evaluated the investment management experience of the Sub-Adviser, noting that the Sub-Adviser currently manages accounts that use an investment strategy similar to that proposed for the Fund (although none of the accounts are registered investment companies). The Board also considered that the Fund will benefit from the scale and resources of the Sub-Adviser and its affiliates. It was noted that the Sub-Adviser was a global private markets specialist overseeing (together with its related advisers) approximately $771 billion of private capital allocations, including approximately $209 billion of assets under management as of September 30, 2025. The Board discussed with the Sub-Adviser the investment objective and strategies of the Fund and the Sub-Adviser's plans for implementing the Fund's strategies. After considering these factors, the Board determined that the Sub-Adviser is an appropriate Sub-Adviser to the Fund.

 

*Performance.* The Board considered the investment performance of the Fund, which is provided to the Board on a regular basis, the investment performance of the Peer Group and other information and materials provided to the Board by the Advisers concerning Fund performance, including information as of December 31, 2025 regarding the performance of all venture capital and growth

**StepStone Private Venture and Growth Fund**

Approval of Investment Advisory and Sub-Advisory Agreements (unaudited)

March 31, 2026

equity investments managed by the Advisers, restated to reflect the Fund's expected fees and expenses. Based on these considerations, the Board concluded that it had continued confidence in the Adviser's and the Sub-Adviser's overall capabilities to manage the Fund.

 

*The costs of the services to be provided and profits to be realized by the Sub-Adviser from its relationship with the Fund.* The Board reviewed the fees paid under the Sub-Advisory Agreement, which the Board noted are paid by the Adviser, not by the Fund. The Board considered information about the Sub-Adviser's profitability with respect to the Fund, as well as the costs of services provided by the Sub-Adviser to the Fund. The Board received and reviewed information relating to the financial condition of the Sub-Adviser and its affiliates. Upon further consideration and discussion of the foregoing, the Board concluded that the fees paid to the Sub-Adviser by the Adviser under the Sub-Advisory Agreement are appropriate and representative of arm's-length negotiations.

 

*Economies of Scale.* The Board considered the size and growth prospects of the Fund and how it relates to the structure of the Fund's management fee schedule. After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund's shareholders based on currently available information, noting that the Adviser is responsible for the payment of sub-advisory fees to the Sub-Adviser.

 

*Other benefits to be derived by the Sub-Adviser from its relationship with the Fund.* The Board considered "fall-out" or ancillary benefits that would accrue to the Sub-Adviser as a result of its relationship with the Fund (other than the sub-advisory fee), including non-quantifiable reputational benefits. The Board noted in this regard that the Sub-Adviser continues to evaluate and pursue opportunities to provide advisory services to additional funds or other vehicles with overlapping investment strategies, and that the track record of the Fund may enhance the Sub-Adviser's ability to market its services and win such mandates.

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision on the approval of the continuation of the Agreements. In reaching this conclusion, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. Based on the discussions and considerations at the Meeting, the Board, including the Independent Trustees, voted to approve the continuation of the Agreements.

**StepStone Private Venture and Growth Fund**

Other Information

March 31, 2026 (unaudited)

**Proxy Voting Policies and Procedures**

A description of the Fund's proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Fund at (704) 215-4300 or on the U.S. Securities and Exchange Commission's ("SEC") website at sec.gov.

**Proxy Voting Record**

Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling the Fund at (877) 772-7724 or by accessing the Fund's Form N-PX on the SEC's website at sec.gov.

**Availability of Quarterly Portfolio Schedules**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT is available on the SEC website at sec.gov, or without charge and upon request by calling the Fund at (704) 215-4300.

**StepStone Private Venture and Growth Fund**

Privacy Notice (unaudited)

March 31, 2026

**STEPSTONE GROUP PRIVATE WEALTH LLC PRIVACY POLICY**

Data privacy is a primary concern for each of StepStone Group LP ("SSG"), StepStone Group Private Wealth LLC ("SPW"), StepStone Group Real Assets LP ("SIRA"), StepStone Group Real Estate LP ("SRE"), StepStone Group Private Debt LLC ("SPD"), and StepStone Group Private Debt AG ("SPD AG") together with their affiliates and related entities (collectively, "StepStone"). This data privacy notice (the "Notice") details StepStone's practices for collecting, using, and disclosing the personal information of clients and others, to both affiliates of SSG, SPW, SIRA, SRE, SPD, and SPD AG as applicable, and nonaffiliated third parties. Recipients of this Notice include, among others, current clients and investors, prospective clients, visitors to our websites, former clients, employees of managers with whom StepStone has conducted business, customers, as defined by Regulation S-P, and employees of StepStone or any of StepStone's affiliates (each a "Notice Recipient"). For purposes of this Notice, an affiliate is an entity that (i) controls SSG, SPW, SIRA, SRE, SPD, or SPD AG, (ii) is controlled by SSG, SPW, SIRA, SRE, SPD, or SPD AG, or (iii) is under common control with SSG, SPW, SIRA, SRE, SPD, or SPD AG. Nonaffiliated third parties are parties who are not affiliates of any of SSG, SPW, SIRA, SRE, SPD, or SPD AG.

**Confidentiality of Personal Information**

StepStone maintains reasonable physical, electronic and procedural safeguards to guard a Notice Recipient's personal information. StepStone endeavors to procure that third parties that handle information agree to abide by confidentiality obligations, and use personal information only in accordance with the purpose for which it is shared. In addition, StepStone employees are trained to handle a Notice Recipient's information properly in order to maintain its security, and only employees who reasonably need to know personal information about a Notice Recipient to provide services to such Notice Recipient are designed to have access to such information.

**Categories of Personal information that StepStone Collects**

StepStone collects personal information about Notice Recipients from the following sources: (i) information it receives from Notice Recipients on applications or other forms, including contact forms and application forms; (ii) information about Notice Recipients' transactions with StepStone, its affiliates, or others; and (iii) information collected automatically from website visitors.

StepStone is a data controller within the meaning the General Data Protection Regulation ("GDPR"), the Swiss Federal Act on Data Protection ("FADP") and other applicable data protection legislation in force in the European Economic Area ("EEA"), and a business within the meaning of the California Consumer Privacy Act of 2018 ("CCPA") and undertakes to hold any personal information provided in accordance with EEA data protection legislation, the CCPA, the Australian Privacy Act 1988, or any other applicable privacy law.

<u>Use of Your Personal Information</u>

Personal information will be used by StepStone for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to respond to and communicate with you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide the services you request and manage our relationship with you;

&nbsp;&nbsp;&nbsp;&nbsp;• to manage and administer holdings in StepStone managed or advised funds, separately managed accounts,
advisory engagements and any related business relationships (and, in each case, the investments made pursuant thereto) on an ongoing basis
in accordance with the terms agreed between a Notice Recipient and SSG, SPW, SIRA, SRE, SPD, or SPD AG, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide user and technical support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to carry out statistical analysis and market research; and

&nbsp;&nbsp;&nbsp;&nbsp;• to comply with legal and regulatory obligations applicable to the Notice Recipient, StepStone or its managed
or advised funds, separately managed accounts, advisory engagements or any related business relationship with the Notice Recipient from
time to time, including applicable anti-money laundering and counter terrorist financing legislation, investor qualification legislation
and tax legislation.

To understand our practices regarding information that is collected automatically from visitors to our website, please review our Cookie Consent Policy.

We only use personal information in connection with StepStone's legitimate business interests and accordingly Notice Recipients' specific consent is not required.

<u>Job Applicants</u>

**StepStone Private Venture and Growth Fund**

Privacy Notice (unaudited) (continued)

March 31, 2026

If you apply for a job with us, we will collect additional information in connection with your application. This may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Name and contact information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Username and password;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Work authorization status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resume, CV, cover letter, work experience, and education information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Skills;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Professional and work-related licenses, permits, and certifications held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reference-related information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other information that is publicly available or that you elect to provide to us.

Such information may be collected from you directly, from your references, from your prior employers, or from your places of education. We will only use this information to evaluate your candidacy, including by processing your application, assessing your qualifications, corresponding with you, and complying with legal obligations.

**Disclosure of Personal information to Affiliates**

StepStone generally may share all of a Notice Recipient's personal information with StepStone's affiliates, provided that such affiliates will be obligated to keep such personal information confidential to the same extent as StepStone. StepStone shares information with its affiliates in order to serve its Notice Recipients better, including for business continuity purposes. If a Notice Recipient prefers that StepStone not disclose personal information about such Notice Recipient to its affiliates, such Notice Recipient may opt out of those general disclosures; that is, such Notice Recipient may direct StepStone not to make such disclosures (other than disclosures permitted or required by applicable law or otherwise permitted by StepStone's privacy policy). However, notwithstanding any such opt-out, StepStone will be permitted to disclose personal information to its affiliates to the extent necessary or appropriate for such affiliates to perform services for the benefit of the Notice Recipient.

**Disclosure of Personal information to Non-Affiliates**

StepStone does not sell, share, or market a Notice Recipient's personal information to nonaffiliated third parties. StepStone's intent is to respect the Notice Recipients' expectations that their personal information will be kept confidential. However, in order to serve the Notice Recipients better, StepStone will disclose personal information to nonaffiliated third parties (including service providers to StepStone) to the extent necessary or appropriate for such third parties to perform services for the benefit of the Notice Recipient. In addition, StepStone only shares personal information with unaffiliated third parties if StepStone believes that such personal information will be kept confidential by such third parties after such disclosure, and that the third parties will use the personal information only for the purposes identified by contract between StepStone and the nonaffiliated third party.

StepStone may also disclose information:

&nbsp;&nbsp;&nbsp;&nbsp;• In connection with any merger, sale of stock or assets, financing, acquisition, divestiture, or dissolution
of all or a portion of our business; and

&nbsp;&nbsp;&nbsp;&nbsp;• If we believe that disclosure is reasonably necessary to: (a) comply with any applicable law, regulation,
legal process or governmental request; (b) enforce or comply with our Terms of Use or other applicable agreements or policies, (c) protect
our rights or property, or the security or integrity of our services, or (d) protect us, users of our services or the public from harm
or potentially prohibited or illegal activities.

Except as required by applicable law and described in this privacy notice, StepStone will not share any other personal information about a Notice Recipient with its affiliates or nonaffiliated third parties.

**Personal information of Former Investors and Prospective Clients**

This Notice and StepStone's policy regarding treatment of personal information of Notice Recipients also apply to former clients, business prospects, potential clients and current and former employees.

**Disclosure of Personal information outside the EEA (excluding Switzerland)**

Personal information may be transferred to countries which may not have the same or equivalent data protection laws as that required under EEA data protection legislation. Any such transfer will be made in compliance with applicable data protection legislation, and appropriate measures are in place to facilitate this, such as entering into Model Contractual Clauses (as published by the European Commission). For more information on the means of transfer of data or a copy of the relevant safeguards, please contact us at privacy@stepstonegroup.com.

**StepStone Private Venture and Growth Fund**

Privacy Notice (unaudited) (continued)

March 31, 2026

Pursuant to EEA data protection legislation, investors have the right to object to processing of personal information and a number of other rights which may be exercised in certain circumstances, i.e.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the right of access to personal information held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the right to amend and rectify any inaccuracies in personal information held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the right to erase personal information held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the right to data portability of personal information held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the right to request restriction of the processing of personal information.

These rights will be exercisable, subject to limitations as provided for in EEA data protection legislation. Any Notice Recipient may make a request to StepStone to exercise these rights by contacting us at privacy@stepstonegroup.com.

**Rights for California Residents**

The California Consumer Privacy Act of 2018, California Civil Code Sections 1798.100 et seq. (CCPA) additionally affords data protection rights to persons who are California residents. California residents, please see our California Consumer Privacy Act Disclosures here.

**Rights for Swiss and Australian Residents**

Personal information may be transmitted to StepStone's affiliates and non-affiliates outside of Switzerland or Australia (as described in the sections on disclosure above). The countries in which personal information may be transmitted are the following: Australia; Brazil; Canada; Chile; China; Germany; Ireland; Italy; Japan; Kingdom of Saudi Arabia; Korea; Luxembourg; Malaysia; Mexico; Netherlands; Singapore; Spain; Switzerland; the United States; United Arab Emirates; and the United Kingdom. Any such transfers will be made in compliance with applicable data protection legislation, and appropriate measures are in place to facilitate this, such as entering into a data transfer agreement or Model Contractual Clauses (as published by the European Commission and for Switzerland with the Swiss Addendum).

Pursuant to Australian privacy legislation, a Notice Recipient has the right of access to personal information held and the right to amend and rectify any inaccuracies in personal information held.

These rights will be exercisable, subject to limitations as provided for in Australian privacy legislation. Any Notice Recipient may make a request to StepStone to exercise these rights by contacting us at privacy@stepstonegroup.com.

**Retention of Personal Information**

Please note that personal information may be retained by StepStone for the duration of a Notice Recipient's investment or engagement with StepStone, and afterwards in accordance with StepStone's legal and regulatory obligations and policies.

**Links to Other Sites**

Our websites may contain links to other sites. Please be aware that we are not responsible for the content or privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of any other linked sites that collect personal information.

**Contact Us**

For queries, requests, complaints or comments in respect of this Notice, or the way in which StepStone uses personal information, or if you need to access the policy in an alternative format due to a disability, please contact us at privacy@stepstonegroup.com, fill out our Contact Us form available on our website, or call +1-888-995-0350. StepStone will verify your identity using at least two data points and try to respond to you as soon as possible. You may also authorize an agent to submit a request on your behalf, so long as you provide the authorized agent written permission to request on your behalf, and your authorized agent is able to verify their identity with us.

Note that Notice Recipients have the right to lodge a complaint with the appropriate regulator.

**Changes to Privacy Policy**

StepStone may modify its privacy policy at any time. If we make any changes to this Privacy Policy, we will provide notice of such changes, as appropriate (e.g., on our website or by an email notification to the address you have provided).

**Investment Adviser and Administrator**

StepStone Group Private Wealth LLC

128 S Tryon St., Suite 1600

Charlotte, North Carolina 28202

www.stepstonepw.com

**Investment Sub-Adviser**

StepStone Group LP

4225 Executive Square, Suite 1600

La Jolla, California 92037

**Custodian**

UMB Bank, N.A.

928 Grand Boulevard, 5th Floor

Kansas City, Missouri 64106

**Sub-Administrator, Transfer Agent and Sub-Accountant**

UMB Fund Services, Inc.

235 W. Galena Street

Milwaukee, Wisconsin 53212-3949

Phone: (414) 299-2200

**Distributor**

Distribution Services, LLC

3 Canal Plaza, Suite 100

Portland, Maine 04101

**Independent Registered Public Accounting Firm**

Ernst & Young LLP

One Manhattan West

New York, New York 10001

(b) Not
 applicable.

ITEM 2. CODE OF ETHICS.

(a) StepStone
 Private Venture and Growth Fund (the "Fund" or the "Registrant"), as of the
 end of the period covered by this report, has adopted a code of ethics that applies to the Registrant's
 principal executive officer, principal financial officer, principal accounting officer or controller,
 or persons performing similar functions, regardless of whether these individuals are employed by the
 Registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have
 been no amendments, during the period covered by this report, to a provision of the code of ethics
 that applies to the Registrant's principal executive officer, principal financial officer, principal
 accounting officer or controller, or persons performing similar functions, regardless of whether these
 individuals are employed by the Registrant or a third party, and that relates to any element of the
 code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant
 has not granted any waivers, during the period covered by this report, including an implicit waiver,
 from a provision of the code of ethics that applies to the Registrant's principal executive officer,
 principal financial officer, principal accounting officer or controller, or persons performing similar
 functions, regardless of whether these individuals are employed by the Registrant or a third party,
 that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not
 applicable.

(f) The
 Registrant's code of ethics is attached as Exhibit (a)(1) to this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) The Registrant's board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial expert is Mr. Tracy Schmidt who is independent as defined in Form N-CSR Item 3 (a)(2).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Audit Fees

(a) The aggregate fees billed for the years ended March 31, 2026 and March 31, 2025 for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for each year are $0.65 million and $0.43 million, respectively.

Audit-Related Fees

(b) The aggregate fees billed for the years ended March 31, 2026 and March 31, 2025 for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item are $0.03 million and $0.01 million, respectively. Audit-related fees principally include fees associated with reviewing and providing comments on semi-annual reports and issuing consents.

Tax Fees

(c) The aggregate fees billed for the years ended March 31, 2026 and March 31, 2025 for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning are $0.15 million and $0.07 million, respectively. Tax-related fees principally include fees associated with the preparation of taxable income calculations and federal income tax forms.

All Other Fees

(d) The aggregate fees billed for the years ended March 31, 2026, and March 31, 2025, for products and services provided by the principal accountant other than the services reported in paragraphs (a) through (c) of this Item are $0 and $0, respectively.

(e)(1) During its regularly scheduled periodic meetings, the Registrant's audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the Registrant.

The audit committee may, from time to time, delegate to one or more of its members who are "independent trustees" (as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the "1940 Act")) pre-approval authority for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees that are pre-approved are presented to the audit committee at its next regularly scheduled meeting.

Under applicable laws, pre-approval of non-audit services may be waived provided that: (i) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the Registrant to its principal accountant during the fiscal year in which services are provided; (ii) such services were not recognized by the Registrant at the time of engagement as non-audit services; and (iii) such services are promptly brought to the attention of the audit committee of the Registrant, approved prior to the completion of the audit, and approved based upon a determination that the service is eligible for waiver.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not applicable

(f) Not applicable.

(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the years ended March 31, 2026 and March 31, 2025 were $0.35 million and $3.06 million, respectively.

(h) The Registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. No such services were rendered.

(i) Not applicable

(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Report to Shareholders filed under Item 1(a) of this Form.

(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The Registrant's statement regarding the basis for approval of the investment advisory contract is included as part of the Report to Shareholders filed under Item 1(a) of this Form.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The Fund's investment adviser, StepStone Group Private Wealth LLC (the "Adviser"), has delegated proxy voting responsibility to StepStone Group LP (the "Sub-Adviser"). The Sub-Adviser's exercise of this delegated proxy voting authority on behalf of the Fund is subject to the oversight of the Adviser.

The policies and procedures used by the Sub-Adviser to determine how to vote proxies relating to portfolio securities is set forth below:

**PROXY VOTING POLICY**

Pursuant to Rule 206(4)-6 and Rule 204-2 under the Investment Advisers Act of 1940 (the "Advisers Act"), it is a fraudulent, deceptive, or manipulative act, practice or course of business, within the meaning of Section 206(4) of the Advisers Act, for an investment adviser to exercise voting authority with respect to client securities, unless (A) the adviser has adopted and implemented written policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the best interests of its clients, (B) the adviser describes its proxy voting procedures to its clients and provides copies on request, and (C) the adviser discloses to clients how they may obtain information on how the adviser voted their proxies.

**Voting Proxies**

The Sub-Adviser is responsible for voting proxies on behalf of the Fund. The Sub-Adviser must vote proxies in a way that is consistent with the Sub-Adviser's fiduciary duty to the Fund, and any investment policy of the Fund and maintain records of proxies voted, together with a brief explanation why votes were cast in a particular way.

The Sub-Adviser, as a matter of policy and as a fiduciary to the Fund, has responsibility for voting proxies for portfolio securities consistent with the best economic interest of the Fund. The Sub-Adviser's policy and practice includes the responsibility to monitor corporate actions, receive and vote client proxies and disclose any potential conflicts of interest as well as make information available to clients about the voting of proxies for their portfolio securities and maintaining relevant and required records.

The Sub-Adviser has adopted the following procedures to implement the Sub-Adviser's policy in regard to the Fund.

**Voting Procedures**

All investment professionals will forward any proxy materials received on behalf of the Fund to the Sub-Adviser's Chief Compliance Officer, as applicable.

The Sub-Adviser's Chief Compliance Officer, as applicable, will verify the Fund holds the security to which the proxy relates.

Absent material conflicts, the investment professionals responsible for the investment to which the proxy materials relate, in consultation with the Sub-Adviser's Chief Compliance Officer will determine how the Sub-Adviser should vote the proxy in accordance with applicable voting guidelines, complete the proxy, and vote the proxy in a timely and appropriate manner.

**Voting Guidelines**

The Sub-Adviser will vote proxies in the best interests of the Fund. The Sub-Adviser's policy is to vote all proxies from a specific issuer the same way for each client absent qualifying restrictions from a client or as documented in a file by the Sub-Adviser's Chief Compliance Officer, as applicable. Clients of the Sub-Adviser, outside of the Fund, are permitted to place reasonable restrictions on the Sub-Adviser's voting authority in the same manner that they may place such restrictions on the actual selection of account securities.

The Sub-Adviser will generally vote in favor of routine corporate housekeeping proposals such as to change capitalization (e.g., increase the authorized number of common or preferred shares of stock (to the extent there are not disproportionate voting rights per preferred share)), the election of directors, setting the time and place of the annual meeting, change of fiscal year, change of name, and selection of auditors absent conflicts of interest raised by an auditor's non-audit services.

In the case of non-routine matters, voting decisions will generally be made in support of management, unless it is believed that such recommendation is not in the best interests of the Fund. On a case-by-case basis, the Sub-Adviser will decide non-routine matters, taking into account the opinion of management and the effect on management, and the effect on shareholder value and the issuer's business practices. These matters include, but are not limited to, change of domicile, change in preemptive rights or cumulative voting rights, compensation plans, investment restrictions for social policy goals, precatory proposals, classification of the board of directors, poison pill proposals or amendments, recapitalizations, and super-majority voting.

The Sub-Adviser will abstain from voting if it is determined to be in the best interests of the Fund. In making such a determination, various factors will be considered, including, but not limited to, the costs associated with exercising the proxy (e.g., travel or translation costs) and any legal restrictions on trading resulting from the exercise of the proxy. In consultation with the Sub-Adviser's Chief Compliance Officer, as applicable, the Sub-Adviser may also consider any special regulatory implications applicable to the client or the Sub-Adviser resulting from the exercise of the proxy.

**Conflicts of Interest**

The Sub-Adviser will identify any conflicts that exist between the interests of the Sub-Adviser and the client by reviewing the relationship of the Sub-Adviser with the issuer of each security to determine if the Sub-Adviser or any of its employees has any financial, business or personal relationship with the issuer.

If a material conflict of interest exists, the Sub-Adviser's Chief Compliance Officer, as applicable, will determine whether it is appropriate to disclose the conflict to the affected clients, to give the clients an opportunity to vote the proxies themselves, or to address the voting issue through other objective means such as voting in a manner consistent with a predetermined voting policy or receiving an independent third party voting recommendation.

The Sub-Adviser will maintain a record of the resolution of any conflict of interest.

**Recordkeeping**

The Sub-Adviser's Chief Compliance Officer, as applicable, shall retain the following proxy records in accordance with the SEC's five-year retention requirement.

● These policies and procedures and any amendments.

● Each proxy statement that the Sub-Adviser receives.

● A record of each vote that the Sub-Adviser casts.

● Any document the Sub-Adviser created that was material to making a decision how to vote proxies, or that memorializes that decision including periodic reports to the Sub-Adviser's Chief Compliance Officer or proxy committee, if applicable.

● A copy of each written request from the Board for information on how the Sub-Adviser voted the Fund's proxies, and a copy of any written response.

**Private Markets Investments**

Investments in private markets are often subject to contractual agreements among the investors in the fund or company. If the Sub-Adviser has the authority to vote with respect to the interests, it will exercise its rights in accord with its contractual obligations and, if its vote is not constrained by contract, the Sub-Adviser will determine how to vote based on the principles described above. Records relating to the vote will be kept for the five-year retention period.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)(1) Fund Management

The following provides biographical information about the individual who is primarily responsible for the day-to-day management of the Registrant's portfolio (the "Portfolio Manager") as of the date of this filing:

*Brian Borton*

Mr. Borton is a member of the Sub-Adviser's private equity team, focusing on venture capital and growth equity investments. Prior to joining the Sub-Adviser in 2012, Mr. Borton was an investment banking associate at Focus Strategies, where he advised middle market clients on mergers and acquisitions, recapitalizations, private placements, and corporate strategy. Previously, he was a member of the equity research associate program at Brandes Investment Partners, a leading investment advisory firm managing $30 billion of global equity portfolios for institutional and high net worth clients.

Mr. Borton graduated with a BBA in finance from the University of Texas at Austin and is a CFA charterholder.

(a)(2) Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest

**<u>Other Accounts Managed by the Portfolio Manager</u>**

(As of March 31, 2026)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Other Accounts Managed and** <br> **Total Value of Assets by Account** <br> **Type for Which There is No** <br> **Performance-Based Fee:**<br> **(in billions)** | **Number of Other Accounts Managed and** <br> **Total Value of Assets by Account** <br> **Type for Which There is No** <br> **Performance-Based Fee:**<br> **(in billions)** | **Number of Other Accounts Managed and** <br> **Total Value of Assets by Account** <br> **Type for Which There is No** <br> **Performance-Based Fee:**<br> **(in billions)** | <br> **Number of Other Accounts and Total Value of** <br> **Assets for Which Advisory Fee is** <br> **Performance Based:**<br> **(in billions)** | <br> **Number of Other Accounts and Total Value of** <br> **Assets for Which Advisory Fee is** <br> **Performance Based:**<br> **(in billions)** | <br> **Number of Other Accounts and Total Value of** <br> **Assets for Which Advisory Fee is** <br> **Performance Based:**<br> **(in billions)** |
| **Name** | **Registered<br> investment<br> companies** | **Other pooled<br> investment<br> vehicles** | **Other<br> accounts** | **Registered<br> investment<br> companies** | **Other pooled<br> investment<br> vehicles** | **Other<br> accounts** |
| Brian Borton | Zero accounts | Four accounts,<br> $0.7 | Zero accounts | Zero accounts | Three accounts,<br> $0.7 | Zero<br> accounts |

---

Conflicts of Interest

A potential conflict of interest may arise as a result of a Portfolio Manager's provision of advisory services to other investment companies, pooled investment vehicles, and/or other accounts (including institutional clients, pension plans and certain high net worth individuals) ("Other Accounts"). The Sub-Adviser may receive fees from Other Accounts that are higher than the fee it receives from the Fund, or it may receive a performance-based fee on certain accounts. In those instances, the portfolio manager may have an incentive to favor the higher and/or performance-based fee accounts over the Fund.

The Sub-Adviser has implemented procedures that are designed to ensure that investment opportunities are allocated in a manner that: (i) treats all of its clients fairly and equitably over time; (ii) prevents conflicts regarding allocation of investment opportunities among its clients; and (iii) complies with applicable regulatory requirements. For example, the Sub-Adviser uses an allocation methodology designed to allocate all investments ratably based on a defined allocation procedure. Notwithstanding the foregoing, an aggregated investment may be allocated on a different basis under certain circumstances depending on factors which include, but are not limited to, available cash, liquidity requirements, risk parameters and legal and/or regulatory requirements.

The Sub-Adviser and its investment personnel, including a Portfolio Manager, may hold investments in Other Accounts. This may create an incentive for the Sub-Adviser and its investment personnel to take investment actions based on those investment interests which might diverge, in some cases, from the interests of other clients or favor or disfavor certain funds over other funds. Any potential conflict that arises from these circumstances is mitigated by several factors, including: (i) the fact that the Sub-Adviser's investment process is designed to achieve long-term capital appreciation as opposed to short-term profits and (ii) the fact that the allocation process is controlled by finance and compliance personnel for the Sub-Adviser.

(a)(3) Compensation Structure of Portfolio Manager

The Sub-Adviser's philosophy on compensation is to provide senior professionals incentives that are tied to both short-term and long-term performance of the Sub-Adviser. All investment professionals are salaried. Further, all investment professionals are eligible for a short-term incentive bonus each year that is discretionary and based upon the professional's performance, as well as the performance of the business.

As of March 31, 2026, compensation for the Portfolio Manager includes, a salary, a discretionary bonus and certain retirement benefits from the Sub-Adviser. Additionally, the Portfolio Manager has an equity interest in the Sub-Adviser and indirectly benefits from the success of the Fund based on his ownership interest.

(a)(4) Disclosure of Securities Ownership

**<u>Portfolio Manager Ownership of Securities in the Fund</u>**

---

| | |
|:---|:---|
| **Name of Portfolio Manager** | **Dollar Range of Securities Beneficially Owned by<br> Portfolio Manager**<br> **(As of March 31, 2026)** |
| Brian Borton | $500001 - $1000000 |

---

The Fund is required to show the dollar amount range of Mr. Borton's "beneficial ownership" of shares of the Fund as of the end of the most recently completed fiscal year. Dollar amount ranges to be disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

(b) Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

No purchases were made during the reporting period by or on behalf of the Fund or any "affiliated purchaser," as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the Fund's equity securities that is registered by the Registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's board of trustees during the period covered by this report.

ITEM 16. CONTROLS AND PROCEDURES.

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF THE SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT COMPANIES.

(a) Not applicable.

(b) Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

[(a)(1) Code of ethics or any amendments thereto, that is subject to disclosure required by Item 2 is attached hereto.](ea0293641-01_ex99codeeth.htm)

(a)(2) Not applicable

[(a)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ea029364101_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ea029364101_ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | StepStone Private Venture and Growth Fund |
| By (Signature and Title)\* | /s/ Robert W. Long |
|  | Robert W. Long, President |
|  | (Principal Executive Officer) |
| Date | June 9, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Robert W. Long |
|  | Robert W. Long, President |
|  | (Principal Executive Officer) |
| Date | June 9, 2026 |
| By (Signature and Title)\* | /s/ Kimberly S. Zeitvogel |
|  | Kimberly S. Zeitvogel, Treasurer |
|  | (Principal Financial Officer) |
| Date | June 9, 2026 |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**Exhibit 99.CODE ETH**

**STEPSTONE PRIVATE VENTURE AND GROWTH FUND**

<br> **SOX CODE OF ETHICS**

**PRINCIPAL EXECUTIVES AND PRINCIPAL FINANCIAL OFFICERS**

**I.** **Covered Persons/Purpose of this Code** 

This code of ethics (this "<u>Code</u>") for purposes of the Sarbanes-Oxley Act of 2002, as amended (the "<u>Sarbanes-Oxley Act</u>"), for StepStone Private Venture and Growth Fund, a Delaware statutory trust (together with any successor thereto, the "<u>Fund</u>"), applies to the Fund's principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function (collectively, the "<u>Covered Persons</u>").

II. Conduct Guidelines

The Fund has adopted the following guidelines under which the Fund's Covered Persons must perform their official duties and conduct the business affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Ethical and Honest Conduct.</u> The Fund's Covered Persons must act with honesty and integrity and avoid violations of this
Code, including the avoidance of actual or apparent conflicts of interest with the Fund in personal and professional relationships. The
Covered Persons should at all times proactively promote ethical behavior among peers in their work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Conflicts of Interest.</u> Conflicts of interest may arise as a result of material transactions or business or personal relationships
to which the Covered Person may be a party. If an employee or agent is unsure whether a particular fact pattern gives rise to a conflict
of interest, or whether a particular transaction or relationship is "material," such employee or agent should bring the matter
to the attention of the Fund's chief compliance officer (the " <u>Chief Compliance Officer</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Quality of Information.</u> The Fund's Covered Persons must at all times seek to provide information to the Fund's
Service Providers (as defined herein) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Compliance with Laws.</u> The Fund's Covered Persons must comply with the federal securities laws and other laws and rules
applicable to the Fund, such as the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Standard of Care.</u> The Fund's Covered Persons must at all times act in good faith and with due care, competence and diligence,
without knowingly misrepresenting material facts or allowing such Covered Person's independent judgment to be subordinated. The
Fund's Covered Persons must conduct the affairs of the Fund in a responsible manner, consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Confidentiality of Information.</u> The Fund's Covered Persons must respect and protect the confidentiality of information
acquired in the course of their professional duties, except when authorized by the Fund to disclose it or where disclosure is otherwise legally mandated. Covered Persons may not use confidential information acquired in the course of their work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Sharing of Information and Educational Standards.</u> The Fund's Covered Persons should share information with relevant parties
to keep them informed of the business affairs of the Fund, as appropriate, and maintain skills important and relevant to the Fund's
needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Standards for Recordkeeping.</u> The Fund's Covered Persons must at all times endeavor to ensure that the Fund's financial
books and records are thoroughly and accurately maintained to the best of their knowledge in a manner consistent with applicable laws
and this Code.

Each Covered Person owes a duty to the Fund to adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Each Covered Person should encourage his or her colleagues who provide services to the Fund, whether directly or indirectly, to do the same.

III. Covered Persons Should Handle Ethically Actual and Apparent Conflicts of Interest

A conflict of interest occurs when a Covered Person's private interest interferes with the interests of, or his/her service to, the Fund. For example, a conflict of interest would arise if a Covered Person, or a member of his/her family, receives improper personal benefits as a result of his/her position in the Fund. Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"). For example, Covered Persons may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as affiliated persons of the Fund. The Fund's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. Each Covered Person is an employee of a service provider to the Fund (the "<u>Service Provider</u>"), including StepStone Group LP, the Fund's sub-adviser, and StepStone Group Private Wealth LLC, the Fund's investment adviser. Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the Service Providers of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Fund or for the Service Provider of which the Covered Person is an employee, or for both), be involved in establishing policies and implementing decisions which will have different effects on the Service Provider and the Fund. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Fund and the Service Provider and is consistent with the performance by the Covered Persons of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the board of trustees of the Fund (the "<u>Board of Trustees</u>") that the Covered Persons may also be or in the future may become officers or employees of one or more other investment companies covered by this Code or other similar codes.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the 1940 Act. The following list provides examples of conflicts of interest under this Code, but Covered Persons should keep in mind that these examples are not exhaustive. As a general matter, the personal interest of a Covered Person should not be placed improperly before the interest of the Fund.

Each Covered Person must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund
whereby the Covered Person would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than for the
benefit of the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally, or cause others
to trade personally, in contemplation of the market effect of such transactions.

There are certain potential conflict of interest situations that should be discussed with the Fund's Chief Compliance Officer. Examples of these situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of directors of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment or non-nominal gift by a Covered Person, or a member of his or her family, from any company with
which the Fund has current or prospective business dealings, unless such entertainment or gift is business related, reasonable in cost,
appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship with, any Service Provider, other than the Fund's investment
adviser, investment sub-adviser, principal underwriter, administrator or any affiliated person thereof and the Service Provider of which
such Covered Person is an employee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions
or for selling or repurchasing shares other than an interest arising from the Covered Person's employment, such as compensation
or equity ownership.

Covered Persons should be aware that conflicts are also likely to exist where a member of his or her family engages in an act or has a relationship that would present a conflict for such Covered Person.

IV. Disclosure & Compliance

Each Covered Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· should be familiar with the disclosure requirements generally applicable to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the
Fund, including to the Fund's trustrees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Fund and
the Fund's investment adviser or sub-adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure
in the reports and documents the Fund files with, or submits to, the Securities and Exchange Commission (the " <u>SEC</u> ")
and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has the responsibility to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V. Reporting and Accountability

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to the Board of Trustees
that he/she has received, read, and understands this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board of Trustees that he/she has complied with the requirements of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any of the Fund's or its Service Providers' employees or any other Covered Person or their affiliated
persons for reports of potential violations of this Code that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Chief Compliance Officer promptly if he/she knows or learns of any violation of this Code. Failure to do so is itself a
violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report promptly any change in his/her affiliations.

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The audit committee of the Board of Trustees (the "<u>Audit Committee</u>"), however, is responsible for granting waiver<sup>1</sup> and determining sanctions, as appropriate, provided that any approvals, interpretations or waivers sought by the Fund's principal executive officers or trustees will be considered by the Board of Trustees.

The Fund will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Chief Compliance Officer will take any action he/she considers appropriate to investigate any actual or potential violations reported
to him/her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer shall
meet with the person reporting the violation for the purposes of informing such person of the reason for not taking action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the Chief Compliance Officer concludes is a violation will be reported to the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the full Board of Trustees,
which will consider appropriate action, which may include review of, and appropriate modifications to: applicable policies and procedures;
notification to appropriate personnel or board of directors of the Service Provider of which such Covered Person is an employee; a recommendation
to the Service Provider to dismiss the Covered Person; or dismissal of the Covered Person as an officer of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Audit Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any changes to, or waivers of, this Code will, to the extent required, be disclosed as provided by SEC rules.

The Audit Committee, in determining whether waivers should be granted and whether violations have occurred, and the Chief Compliance Officer, in rendering decisions and interpretations and in conducting investigations of potential violations under this Code, may, at their discretion, consult with such other persons as they may determine to be appropriate, including a senior legal officer of the Fund or its investment adviser, counsel to the Fund or the Service Provider, independent auditors or other consultants, subject to any requirement to seek pre-approval from the Audit Committee for the retention of independent auditors to perform permissible non-audit services.

<sup>1</sup> Instruction 2 to Item 5.05 of Form 8-K defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.

VI. Investigations and Enforcements

The Fund will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Chief Compliance Officer of the Fund will take all appropriate action to investigate any violations and potential violations reported
to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· violations will be reported to the Board of Trustees after such investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Board of Trustees determines that a violation has occurred, it will consider appropriate action, which may, without limitation,
include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the
investment adviser, distributor or their respective boards; or recommendation of the dismissal of the Covered Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Board of Trustees will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VII. Waivers

A Covered Person may request a waiver of any of the provisions of this Code by submitting a written request for such waiver to the Audit Committee setting forth the basis for such request and explaining how the waiver would be consistent with the standards of conduct described herein. The Audit Committee shall review such request and make a determination thereon in writing, which shall be binding, and shall inform the Chief Compliance Officer of the granting of any waiver.

In determining whether to waive any provisions of this Code, the Audit Committee shall consider whether the proposed waiver is consistent with honest and ethical conduct.

The Chief Compliance Officer shall submit an annual report to the Board of Trustees regarding waivers granted.

VIII. Other Policies and Procedures

This Code shall be the sole "code of ethics" adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act. Insofar as other policies or procedures of the Fund, the Fund's investment adviser, investment sub-adviser, principal underwriter, or other Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics of the Fund and its investment adviser and other Service Providers under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Persons and others and are not part of this Code.

IX. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the Board of Trustees, including a majority of independent trustees.

X. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, regulation or this Code, such matters shall not be disclosed to anyone other than the Board of Trustees and its counsel, the investment adviser and its counsel, the other Service Provider of which such Covered Person is an employee or independent auditors or other consultants referred to in <u>Section III</u> above.

XI. Internal Use

This Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of any person, as to any fact, circumstance or legal conclusion.

Approved: June 8, 2022

Amended: May 25, 2023

## Ex-99.Cert

**Exhibit 99.CERT**

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT

I, Robert W. Long, certify that:

1. I have reviewed this report on Form N-CSR of StepStone Private Venture and Growth Fund (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>June 9, 2026</u> | /s/ Robert W. Long |
|  | Robert W. Long, President |
|  | (Principal Executive Officer) |

---

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF <br> THE SARBANES-OXLEY ACT

I, Kimberly S. Zeitvogel, certify that:

1. I have reviewed this report on Form N-CSR of StepStone Private Venture and Growth Fund ("Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>June 9, 2026</u> | /s/ Kimberly S. Zeitvogel |
|  | Kimberly S. Zeitvogel, Treasurer |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certifications Under Section 906**

**of the Sarbanes-Oxley Act of 2002**

I, Robert W. Long, President and Principal Executive Officer of the StepStone Private Venture and Growth Fund (the "Registrant"), and

I, Kimberly S. Zeitvogel, Treasurer and Principal Financial Officer of the Registrant, each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the year ended March 31, 2026 (the "Form
N-CSR") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities and Exchange Act of 1934, as amended;
and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| President, Principal Executive Officer | Treasurer, Principal Financial Officer |
| StepStone Private Venture and Growth Fund | StepStone Private Venture and Growth Fund |
| /s/ Robert W. Long | /s/ Kimberly S. Zeitvogel |
| Robert W. Long | Kimberly S. Zeitvogel |
| Date: June 9, 2026 | Date: June 9, 2026 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.