# EDGAR Filing Document

**Accession Number:** 0001957892
**File Stem:** 0001193125-26-081487
**Filing Date:** 2026-2
**Character Count:** 44423
**Document Hash:** 1cca86921faf709d3ae8eb5d33b38ee8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-081487.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-081487

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** StepStone Private Infrastructure Fund
- **CENTRAL INDEX KEY:** 0001957892

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23848
- **FILM NUMBER:** 26696375

**BUSINESS ADDRESS:**
- **STREET 1:** 128 S. TRYON ST., SUITE 1600
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** 704-215-4300

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

## Nport-Ex

**StepStone Private Infrastructure Fund**

Consolidated Schedule of Investments<br> December 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnote** |
| **Co-Investments - Non-Controlled/Non-Affiliated - 14.6% of NAV** |  |  |  |  | 1234 |
| &nbsp;&nbsp;&nbsp;**Europe - 3.7% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Active Core Infrastructure Co-Investment (G) SCSP | Infrastructure Assets | 03/24/2025 | $12987469 | $13896032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Devonshire Co-Invest L.P. | Infrastructure Assets | 03/26/2025 | 5125155 | 5701105 | &nbsp;&nbsp;\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Optics Co-Invest Blocker L.P. | Infrastructure Assets | 05/23/2024 | 3918411 | 5017490 | &nbsp;&nbsp;\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEIF 7 Earth Co-Invest SCSp | Infrastructure Assets | 08/25/2025 | 10048388 | 9858020 | &nbsp;&nbsp;\* |
| &nbsp;&nbsp;&nbsp;**Total Europe** |  |  | $32079423 | $34472647 |  |
| **North America - 10.9% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ara Energy I Power Blocked Co-Investment, LP | Infrastructure Assets | 12/12/2025 | $— | $— | &nbsp;&nbsp;\*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Co-Invest II, LP | Infrastructure Assets | 07/26/2024 | 4145769 | 4487068 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP V (California Co-Invest), LP | Infrastructure Assets | 05/26/2024 | 6087556 | 6032348 | &nbsp;&nbsp;\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Dino Co-Invest L.P. | Infrastructure Assets | 03/26/2025 | 15751245 | 16251798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northleaf WASH Co-Investment LP | Infrastructure Assets | 07/01/2025 | 10142959 | 10004956 | &nbsp;&nbsp;\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peggy Aggregator, LLC | Infrastructure Assets | 12/02/2025 | 55276188 | 55000000 | &nbsp;&nbsp;\*,5,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandbrook rPlus Co-Invest II LP | Infrastructure Assets | 05/21/2024 | 3110655 | 3785651 | &nbsp;&nbsp;\*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Ace (Co-Invest) Holdings (CYM) LP | Infrastructure Assets | 04/26/2024 | 3983652 | 4917970 | &nbsp;&nbsp;\*,⁺ |
| &nbsp;&nbsp;&nbsp;**Total North America** |  |  | $98498024 | $100479791 |  |
| **Total Non-Controlled/Non-Affiliated Co-Investments** |  |  | $130577447 | $134952438 |  |
| **Primary Investments - Non-Controlled/Non-Affiliated - —% of NAV** |  |  |  |  | &nbsp;&nbsp;1234 |
| &nbsp;&nbsp;&nbsp;**North America - —% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ara Energy Fund I-A, SCSp | Infrastructure Assets | 12/12/2025 | $— | $— | &nbsp;&nbsp;\*,⁺ |
| &nbsp;&nbsp;&nbsp;**Total North America** |  |  | $— | $— |  |
| **Total Non-Controlled/Non-Affiliated Primary Investments** |  |  | $— | $— |  |
| **Secondary Investments - Non-Controlled/Non-Affiliated - 70.4% of NAV** |  |  |  |  | &nbsp;&nbsp;1234 |
| &nbsp;&nbsp;&nbsp;**Europe - 30.6% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antin Infrastructure Partners II LP | Infrastructure Assets | 10/02/2023 | $522404 | $962 | &nbsp;&nbsp;\*,7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARDIAN Infrastructure Fund IV S.C.A., SICAR | Infrastructure Assets | 10/04/2024 | 4660517 | 4806436 | &nbsp;&nbsp;⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARDIAN Infrastructure Fund V S.C.A., SICAR | Infrastructure Assets | 10/04/2024 | 4353932 | 5152390 | &nbsp;&nbsp;⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass European Infrastructure SCSp | Infrastructure Assets | 11/03/2023 | 4646866 | 6081845 | &nbsp;&nbsp;⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daiwa ICP Infrastructure Investments 2 L.P. | Infrastructure Assets | 09/12/2024 | 9127272 | 10026445 | &nbsp;&nbsp;⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIF Core Infrastructure Fund II SCSp | Infrastructure Assets | 09/30/2024 | 4793146 | 5728334 | &nbsp;&nbsp;⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIF Infrastructure VI SCSp | Infrastructure Assets | 09/30/2024 | 4433359 | 5354731 | &nbsp;&nbsp;⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Infrastructure Fund II (No.1) SCSp | Infrastructure Assets | 11/08/2023 | 178716 | 9199 | &nbsp;&nbsp;\*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Infrastructure Fund III (No.1) SCSp | Infrastructure Assets | 11/08/2023 | 231507 | 325295 | &nbsp;&nbsp;\*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Infrastructure IV (No.1) EUR SCSp | Infrastructure Assets | 07/01/2025 | 16267251 | 16041576 | &nbsp;&nbsp;\*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Infrastructure IV (No.2) USD SCSp | Infrastructure Assets | 10/10/2023 | 7174892 | 9487502 | &nbsp;&nbsp;\*,⁺,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Infrastructure V (No.1) EUR SCSp | Infrastructure Assets | 07/05/2024 | 29404826 | 35759721 | &nbsp;&nbsp;\*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIP Pegasus Fund, L.P. | Infrastructure Assets | 08/20/2024 | 5279932 | 5605031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iCON Infrastructure Partners III, L.P. | Infrastructure Assets | 09/29/2023 | 3131406 | 2046883 | &nbsp;&nbsp;\*,⁺,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InfraVia European Fund III FPCI | Infrastructure Assets | 09/30/2024 | 2553220 | 1474412 | &nbsp;&nbsp;⁺ |

---

 

**StepStone Private Infrastructure Fund**

Consolidated Schedule of Investments (continued)<br> December 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnote** |
| **Secondary Investments - Non-Controlled/Non-Affiliated (continued)** |  |  | | |  |
| &nbsp;&nbsp;&nbsp;**Europe (continued)** |  |  | | |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InfraVia European Fund III SCSp | Infrastructure Assets | 09/30/2023 | $2474773 | $1876651 | ⁺,7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InfraVia European Fund IV FPCI | Infrastructure Assets | 10/02/2024 | 3834986 | 4856122 | ⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InfraVia European Fund V FPCI | Infrastructure Assets | 10/02/2024 | 6098911 | 7324730 | ⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InfraVia European Fund V SCSp | Infrastructure Assets | 12/31/2025 | 41882582 | 45188062 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie European Infrastructure Fund 6 SCSp | Infrastructure Assets | 10/01/2024 | 78230845 | 87025544 | ⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MML Keystone SCSp | Infrastructure Assets | 09/24/2024 | 10482551 | 14398140 | ⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIC Battery Acquisition LP | Infrastructure Assets | 10/16/2024 | 3338433 | 5773337 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan-European Infrastructure II, S.C.S. | Infrastructure Assets | 10/03/2024 | 2276702 | 3253287 | ⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan-European Infrastructure III, SCSp | Infrastructure Assets | 10/03/2024 | 4399548 | 5130489 | ⁺ |
| &nbsp;&nbsp;&nbsp;**Total Europe** |  |  | $249778577 | $282727124 |  |
| &nbsp;&nbsp;&nbsp;**North America - 38.3% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ArcLight Infrastructure Partners Feeder-B, L.P. | Infrastructure Assets | 10/16/2025 | $9582247 | $10537588 | ⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Road Capital PV II, L.P. | Infrastructure Assets | 08/26/2024 | 10002879 | 12820813 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Americas Infrastructure Fund, L.P. | Infrastructure Assets | 09/29/2023 | 97903 | 48222 | ⁺,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Infrastructure Fund III-A, L.P. | Infrastructure Assets | 09/29/2023 | 1443803 | 1688836 | ⁺,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Infrastructure Fund IV (ER) SCSP | Infrastructure Assets | 12/31/2023 | 4144591 | 4695346 | ⁺,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DC Front Range Holdings I, LP | Infrastructure Assets | 10/03/2025 | 12413695 | 14108029 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DC Trident Holdings I, LP | Infrastructure Assets | 10/03/2025 | 15585669 | 16984459 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Partners, LP | Infrastructure Assets | 10/03/2025 | 21084211 | 23240429 | \*,⁺,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Valhalla Partners I-B, L.P. | Infrastructure Assets | 10/03/2025 | 16780020 | 18717723 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EIV Capital Fund V-A, LP | Infrastructure Assets | 11/17/2025 | 10204955 | 11364695 | ⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Blade Continuation Fund Parallel LP | Infrastructure Assets | 08/11/2025 | 17656728 | 16885135 | ⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Energy & Power Infrastructure Fund II, L.P. | Infrastructure Assets | 10/05/2023 | 1146624 | 1197727 | ⁺,10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Infrastructure Partners III-C, L.P. | Infrastructure Assets | 09/29/2023 | 2403387 | 2930336 | ⁺,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Infrastructure Partners IV-C, L.P. | Infrastructure Assets | 06/30/2025 | 81008451 | 84137062 | ⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InstarAGF Essential Infrastructure Fund LP | Infrastructure Assets | 09/30/2024 | 2061545 | 2990418 | ⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InstarAGF Essential Infrastructure Fund II (LUX-USD), SCSp | Infrastructure Assets | 07/01/2025 | 23883661 | 35364485 | \*,⁺,10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Global Infrastructure Investors II (EEA) L.P. | Infrastructure Assets | 01/01/2024 | 214251 | 423682 | ⁺,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Global Infrastructure Investors III EEA (EUR) SCSp | Infrastructure Assets | 04/01/2024 | 7050425 | 7501935 | ⁺,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Global Infrastructure Investors III L.P. | Infrastructure Assets | 07/01/2025 | 9338883 | 9073965 | ⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Global Infrastructure Investors IV (EUR) SCSp | Infrastructure Assets | 10/01/2024 | 9447527 | 11435880 | ⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Global Infrastructure Investors IV (USD) SCSp | Infrastructure Assets | 07/01/2024 | 27019339 | 31902101 | ⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oak Hill Digital Opportunities Partners (TE 892), L.P. | Infrastructure Assets | 07/19/2024 | 6434423 | 8043139 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Investment Partners XK Opportunities Fund-A, L.P. | Infrastructure Assets | 10/23/2025 | 18829309 | 18607265 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Infrastructure Fund II LP | Infrastructure Assets | 10/02/2023 | 367573 | 187875 | ⁺,10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Infrastructure Fund LP | Infrastructure Assets | 10/02/2023 | 1228546 | 548588 | ⁺,10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Value Spurs A, L.P. | Infrastructure Assets | 12/13/2024 | 7343527 | 8144849 | \*,⁺ |
| &nbsp;&nbsp;&nbsp;**Total North America** |  |  | $316774172 | $353580582 |  |

---

 

**StepStone Private Infrastructure Fund**

Consolidated Schedule of Investments (continued)<br> December 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnote** |
| **Secondary Investments - Non-Controlled/Non-Affiliated (continued)** |  |  | | |  |
| &nbsp;&nbsp;&nbsp;**Rest of World - 1.5% of NAV** |  |  | | |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walker Aggregator LP. | Infrastructure Assets | 09/19/2025 | $13887564 | $13485183 |  |
| &nbsp;&nbsp;&nbsp;**Total Rest of World** |  |  | $13887564 | $13485183 |  |
| **Total Non-Controlled/Non-Affiliated Secondary Investments** |  |  | $580440313 | $649792889 |  |
| **Short-Term Investments - Non-Controlled/Non-Affiliated - 5.9% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio — Class I, 3.67% (54,635,634 shares) | Money Market | N/A | $54635634 | $54635634 | &nbsp;&nbsp;11, 12 |
| **Total Non-Controlled/Non-Affiliated Short-Term Investments** |  |  | $54635634 | $54635634 |  |
| **Total Non-Controlled/Non-Affiliated Investments - 90.9% of NAV** |  |  | $765653394 | $839380961 |  |
| **Other assets in excess of liabilities - 9.1% of NAV** |  |  |  | $84923072 |  |
| **Net Assets - 100.0% of NAV** |  |  |  | $924304033 |  |

---

\* 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, Primary Investment, or Co-Investment (together "Private Market Assets") has not been calculated, reviewed, verified or in any way approved by any general partner, manager or advisor of such Private Market Assets (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 STRUCTURE LLC Series A.

7 All or a portion of this security is held by STRUCTURE Cayman II LLC.

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

9 All or a portion of this security is held by STRUCTURE Cayman IV LLC.

10 All or a portion of this security is held by STRUCTURE Cayman LLC.

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** StepStone Private Infrastructure Fund

- **b. Investment Company Act file number:** 811-23848

- **c. CIK number of Registrant:** 0001957892

- **d. LEI of Registrant:** 5493000L3ZVBTL5H9619

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 128 S Tryon St., Suite 1600

  - **City:** Charlotte

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 28202

  - **Telephone number:** 7042154300

**Item A.2. Information about the Series.**

- **a. Name of Series:** StepStone Private Infrastructure Fund

- **c. LEI of Series:** 5493000L3ZVBTL5H9619

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $984082008.50

**Total Liabilities:** $62937153.19

**Net Assets:** $921144855.31

**Cash Not Reported:** $114781507.16

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.96%                | -0.07%               | 0.35%                |
| Class ID N/A | 1.95%                | -0.07%               | 0.35%                |
| Class ID N/A | 1.89%                | -0.07%               | 0.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $938569.45               | $14692995.11                               |
| Month 2  | $9161389.11              | $-10545802.70                              |
| Month 3  | $558463.70               | $-703211.56                                |

### Schedule of Portfolio Investments

| Name                                                             | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| EQT Infrastructure V (No.1) EUR SCSp                             | EQT Infrastructure V (No.1) EUR SCSp                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $21803523.25  | 2.37%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Buckeye Co-Invest II, LP                                         | Buckeye Co-Invest II, LP                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $4487067.55   | 0.49%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Oak Hill Digital Opportunities Partners (TE 892), L.P.           | Oak Hill Digital Opportunities Partners (TE 892), L.P.           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $8043139.01   | 0.87%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GIP Pegasus Fund, L.P.                                           | GIP Pegasus Fund, L.P.                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $5605031.10   | 0.61%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Blue Road Capital PV II, L.P.                                    | Blue Road Capital PV II, L.P.                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $12820813.00  | 1.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KKR Global Infrastructure Investors IV (USD) SCSp                | KKR Global Infrastructure Investors IV (USD) SCSp                | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $10708143.54  | 1.16%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Daiwa ICP Infrastructure Investments 2 L.P.                      | Daiwa ICP Infrastructure Investments 2 L.P.                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | GB        |         1 | OU      | $10026445.03  | 1.09%             |  |  |  | Yes           | N/A                | On Loan: No      |
| InstarAGF Essential Infrastructure Fund LP                       | InstarAGF Essential Infrastructure Fund LP                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | CA        |         1 | OU      | $2990418.15   | 0.32%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Brookfield Infrastructure Fund III-A, L.P.                       | Brookfield Infrastructure Fund III-A, L.P.                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | CA        |         1 | OU      | $1688836.06   | 0.18%             |  |  |  | Yes           | N/A                | On Loan: No      |
| EQT Infrastructure Fund III (No.1) SCSp                          | EQT Infrastructure Fund III (No.1) SCSp                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $325294.50    | 0.04%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Stonepeak Infrastructure Fund II LP                              | Stonepeak Infrastructure Fund II LP                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $187875.16    | 0.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| EQT Infrastructure Fund II (No.1) SCSp                           | EQT Infrastructure Fund II (No.1) SCSp                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $9198.99      | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Antin Infrastructure Partners II LP                              | Antin Infrastructure Partners II LP                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | GB        |         1 | OU      | $962.35       | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Brookfield Americas Infrastructure Fund, L.P.                    | Brookfield Americas Infrastructure Fund, L.P.                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | CA        |         1 | OU      | $48221.51     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| InfraVia European Fund III SCSp                                  | InfraVia European Fund III SCSp                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $1876650.70   | 0.20%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Global Infrastructure Partners III-C, L.P.                       | Global Infrastructure Partners III-C, L.P.                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |         1 | OU      | $2930335.81   | 0.32%             |  |  |  | Yes           | N/A                | On Loan: No      |
| iCON Infrastructure Partners III, L.P.                           | iCON Infrastructure Partners III, L.P.                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | GG        |         1 | OU      | $2046883.32   | 0.22%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Stonepeak Infrastructure Fund LP                                 | Stonepeak Infrastructure Fund LP                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $548588.01    | 0.06%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Global Energy & Power Infrastructure Fund II, L.P.               | Global Energy & Power Infrastructure Fund II, L.P.               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |         1 | OU      | $1197726.64   | 0.13%             |  |  |  | Yes           | N/A                | On Loan: No      |
| EQT Infrastructure IV (No.2) USD SCSp                            | EQT Infrastructure IV (No.2) USD SCSp                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $9487502.24   | 1.03%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Compass European Infrastructure SCSp                             | Compass European Infrastructure SCSp                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $6081844.81   | 0.66%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Brookfield Infrastructure Fund IV (ER) SCSP                      | Brookfield Infrastructure Fund IV (ER) SCSP                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $4695345.51   | 0.51%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KKR Global Infrastructure Investors III EEA (EUR) SCSp           | KKR Global Infrastructure Investors III EEA (EUR) SCSp           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $2242357.63   | 0.24%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KKR Global Infrastructure Investors II (EEA) L.P.                | KKR Global Infrastructure Investors II (EEA) L.P.                | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | GB        |         1 | OU      | $423682.21    | 0.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Stonepeak Ace (Co-Invest) Holdings (CYM) LP                      | Stonepeak Ace (Co-Invest) Holdings (CYM) LP                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |         1 | OU      | $4917970.00   | 0.53%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Macquarie European Infrastructure Fund 6 SCSp                    | Macquarie European Infrastructure Fund 6 SCSp                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $33555054.70  | 3.64%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MML Keystone SCSp                                                | MML Keystone SCSp                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $14398140.44  | 1.56%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DigitalBridge Partners, LP                                       | DigitalBridge Partners, LP                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $23240429.09  | 2.52%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DigitalBridge Valhalla Partners I-B, L.P.                        | DigitalBridge Valhalla Partners I-B, L.P.                        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $18717723.00  | 2.03%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DC Front Range Holdings I, LP                                    | DC Front Range Holdings I, LP                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $14108029.00  | 1.53%             |  |  |  | Yes           | N/A                | On Loan: No      |
| InfraVia European Fund III FPCI                                  | InfraVia European Fund III FPCI                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | FR        |         1 | OU      | $1474411.66   | 0.16%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ARDIAN Infrastructure Fund IV S.C.A., SICAR                      | ARDIAN Infrastructure Fund IV S.C.A., SICAR                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $4806435.84   | 0.52%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ARDIAN Infrastructure Fund V S.C.A., SICAR                       | ARDIAN Infrastructure Fund V S.C.A., SICAR                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $5152390.20   | 0.56%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DIF Core Infrastructure Fund II SCSp                             | DIF Core Infrastructure Fund II SCSp                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $5728334.08   | 0.62%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DIF Infrastructure VI SCSp                                       | DIF Infrastructure VI SCSp                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $5354730.70   | 0.58%             |  |  |  | Yes           | N/A                | On Loan: No      |
| InfraVia European Fund IV FPCI                                   | InfraVia European Fund IV FPCI                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | FR        |         1 | OU      | $4856122.17   | 0.53%             |  |  |  | Yes           | N/A                | On Loan: No      |
| InfraVia European Fund V FPCI                                    | InfraVia European Fund V FPCI                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | FR        |         1 | OU      | $7324730.00   | 0.80%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sandbrook rPlus Co-Invest II LP                                  | Sandbrook rPlus Co-Invest II LP                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $3785651.00   | 0.41%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KKR Optics Co-Invest Blocker L.P.                                | KKR Optics Co-Invest Blocker L.P.                                | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | CA        |         1 | OU      | $5017489.72   | 0.54%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ECP V (California Co-Invest), LP                                 | ECP V (California Co-Invest), LP                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | CA        |         1 | OU      | $6032348.00   | 0.65%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KKR Global Infrastructure Investors IV (USD) SCSp                | KKR Global Infrastructure Investors IV (USD) SCSp                | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $21193957.72  | 2.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Pan-European Infrastructure III, SCSp                            | Pan-European Infrastructure III, SCSp                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $5130489.29   | 0.56%             |  |  |  | Yes           | N/A                | On Loan: No      |
| NIC Battery Acquisition LP                                       | NIC Battery Acquisition LP                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |         1 | OU      | $5773336.73   | 0.63%             |  |  |  | Yes           | N/A                | On Loan: No      |
| EQT Infrastructure V (No.1) EUR SCSp                             | EQT Infrastructure V (No.1) EUR SCSp                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $11716434.24  | 1.27%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Strategic Value Spurs A, L.P.                                    | Strategic Value Spurs A, L.P.                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $8144849.21   | 0.88%             |  |  |  | Yes           | N/A                | On Loan: No      |
| EQT Active Core Infrastructure Co-Investment (G) SCSP            | EQT Active Core Infrastructure Co-Investment (G) SCSP            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $13896031.18  | 1.51%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KKR Devonshire Co-Invest L.P.                                    | KKR Devonshire Co-Invest L.P.                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | CA        |         1 | OU      | $5701105.27   | 0.62%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KKR Dino Co-Invest L.P.                                          | KKR Dino Co-Invest L.P.                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $16251798.10  | 1.76%             |  |  |  | Yes           | N/A                | On Loan: No      |
| InstarAGF Essential Infrastructure Fund II (LUX-USD), SCSp       | InstarAGF Essential Infrastructure Fund II (LUX-USD), SCSp       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $35364484.86  | 3.84%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KKR Global Infrastructure Investors III L.P.                     | KKR Global Infrastructure Investors III L.P.                     | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |         1 | OU      | $9073965.44   | 0.99%             |  |  |  | Yes           | N/A                | On Loan: No      |
| EQT Infrastructure IV (No.1) EUR SCSp                            | EQT Infrastructure IV (No.1) EUR SCSp                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $16041576.25  | 1.74%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Global Infrastructure Partners IV-C, L.P.                        | Global Infrastructure Partners IV-C, L.P.                        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |         1 | OU      | $12955537.38  | 1.41%             |  |  |  | Yes           | N/A                | On Loan: No      |
| EQT Infrastructure V (No.1) EUR SCSp                             | EQT Infrastructure V (No.1) EUR SCSp                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $2239763.27   | 0.24%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Global Infrastructure Partners IV-C, L.P.                        | Global Infrastructure Partners IV-C, L.P.                        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |         1 | OU      | $35889104.47  | 3.90%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ERA Blade Continuation Fund Parallel LP                          | ERA Blade Continuation Fund Parallel LP                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $16885134.86  | 1.83%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MEIF 7 Earth Co-Invest SCSp                                      | MEIF 7 Earth Co-Invest SCSp                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $9858019.74   | 1.07%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Walker Aggregator LP                                             | Walker Aggregator LP                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | BM        |         1 | OU      | $13485183.18  | 1.46%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Northleaf WASH Co-Investment LP                                  | Northleaf WASH Co-Investment LP                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | CA        |         1 | OU      | $10004956.00  | 1.09%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Global Infrastructure Partners IV-C, L.P.                        | Global Infrastructure Partners IV-C, L.P.                        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |         1 | OU      | $35292420.60  | 3.83%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Macquarie European Infrastructure Fund 6 SCSp                    | Macquarie European Infrastructure Fund 6 SCSp                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $44338806.51  | 4.81%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DC Trident Holdings I, LP                                        | DC Trident Holdings I, LP                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $16984459.00  | 1.84%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ArcLight Infrastructure Partners Feeder-B, L.P.                  | ArcLight Infrastructure Partners Feeder-B, L.P.                  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |         1 | OU      | $10537588.37  | 1.14%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sterling Investment Partners XK Opportunities Fund-A, L.P.       | Sterling Investment Partners XK Opportunities Fund-A, L.P.       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $18607265.00  | 2.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| EIV Capital Fund V-A, LP                                         | EIV Capital Fund V-A, LP                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $11364695.38  | 1.23%             |  |  |  | Yes           | N/A                | On Loan: No      |
| InfraVia European Fund V SCSp                                    | InfraVia European Fund V SCSp                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $45188062.07  | 4.91%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Fidelity Investments Money Market Government Portfolio - Class I | Fidelity Investments Money Market Government Portfolio - Class I | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  82948208 | PA      | $82948208.47  | 9.00%             |  |  |  | No            | 1                  | On Loan: No      |
| KKR Global Infrastructure Investors III EEA (EUR) SCSp           | KKR Global Infrastructure Investors III EEA (EUR) SCSp           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $5259577.70   | 0.57%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KKR Global Infrastructure Investors IV (EUR) SCSp                | KKR Global Infrastructure Investors IV (EUR) SCSp                | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $11435879.78  | 1.24%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Macquarie European Infrastructure Fund 6 SCSp                    | Macquarie European Infrastructure Fund 6 SCSp                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $9131683.08   | 0.99%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Pan-European Infrastructure II, S.C.S.                           | Pan-European Infrastructure II, S.C.S.                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $3253287.41   | 0.35%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ara Energy I Power Blocked Co-Investment, LP                     | Ara Energy I Power Blocked Co-Investment, LP                     | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |         1 | OU      | $0.00         | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ara Energy Fund I-A, SCSp                                        | Ara Energy Fund I-A, SCSp                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |         1 | OU      | $0.00         | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Peggy Aggregator, LLC                                            | Peggy Aggregator, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $55000000.00  | 5.97%             |  |  |  | Yes           | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2026-02-11

**Name of Applicant:** StepStone Private Infrastructure Fund

**Signature:** /s/ Kimberly Zeitvogel

**Name of Signer:** Kimberly Zeitvogel

**Title:** Treasurer and Principal Financial Officer