# EDGAR Filing Document

**Accession Number:** 0001789470
**File Stem:** 0001213900-25-117001
**Filing Date:** 2025-12
**Character Count:** 172532
**Document Hash:** cd6009772a191fb83912d1461236d166
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-117001.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001213900-25-117001

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**EFFECTIVENESS DATE**: 20251202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** StepStone Private Markets
- **CENTRAL INDEX KEY:** 0001789470

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23480
- **FILM NUMBER:** 251541878

**BUSINESS ADDRESS:**
- **STREET 1:** 128 S. TRYON STREET, SUITE 1600
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** 704.215.4300

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Conversus StepStone Private Markets
- **DATE OF NAME CHANGE:** 20190926

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 811-23480

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

StepStone Private Markets

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

(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: September 30, 2025

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) The Report to Shareholders is attached herewith.

**StepStone Private Markets**

**Consolidated Financial Statements**

For the Six Months Ended September 30, 2025

(unaudited)

**Semi-Annual Report**

**StepStone Private Markets**

**Table of Contents**

For the Six Months Ended September 30, 2025 (unaudited)

---

| | |
|:---|:---|
| [Consolidated Schedule of Investments](#KJ_001) | 2 - 15 |
| [Consolidated Statement of Assets and Liabilities](#KJ_002) | 16 |
| [Consolidated Statement of Operations](#KJ_003) | 17 |
| [Consolidated Statements of Changes in Net Assets](#KJ_004) | 18 - 19 |
| [Consolidated Statement of Cash Flows](#KJ_005) | 20 - 21 |
| [Consolidated Financial Highlights](#KJ_006) | 22 - 27 |
| [Notes to Consolidated Financial Statements](#KJ_007) | 28 - 39 |
| [Other Information](#KJ_008) | 40 |

---

**StepStone Private Markets**

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnotes** |
| **Co-Investments - Non-Controlled/Non-Affiliated - 16.4% of NAV** | **Co-Investments - Non-Controlled/Non-Affiliated - 16.4% of NAV** |  |  |  | 1234 |
| &nbsp;&nbsp;&nbsp;**Europe - 2.5% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC Partners Defender Co-Investment L.P. | Private Equity | 09/10/2021 | $3561113 | $6280268 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Infrastructure Hogan Co-Invest 2 (CYM) L.P. | Real Assets | 08/30/2023 | 11965842 | 14013726 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Infrastructure Miro Co-Invest (CYM) L.P. | Real Assets | 04/25/2022 | 9964635 | 14089778 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCP Hermes LP | Private Equity | 11/01/2024 | 21570222 | 21507396 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cinven Pegasus Limited Partnership | Private Equity | 10/02/2024 | 8787520 | 11033528 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enak Aggregator Limited Partnership | Private Equity | 01/18/2022 | 2875802 | 4285355 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Co-Investment LP | Private Equity | 03/19/2025 | 4858467 | 5414512 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kindred Capital Co-Invest I LP | Private Equity | 04/26/2022 | 15125016 | 11620182 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Cretaceous Co-Invest L.P. | Real Assets | 12/08/2022 | 14300000 | 19275778 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palace Co-Invest, SLP | Real Assets | 08/07/2021 | 9370425 | 17752614 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triton C Investment A L.P | Private Equity | 03/29/2022 | 4912115 | 6581546 | \* |
| &nbsp;&nbsp;&nbsp;**Total Europe** |  |  | $107291157 | $131854683 |  |
| &nbsp;&nbsp;&nbsp;**North America - 13.5% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMP-20 Sterling Limited Partnership | Private Equity | 08/02/2023 | $4511587 | $3152183 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares CARS Co-Invest, L.P. | Real Assets | 05/26/2022 | 21517786 | 25545321 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Insurance Partners, L.P. | Private Equity | 10/17/2024 | 17278087 | 18772998 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend SMG Co-Invest 1, L.P. | Private Equity | 09/25/2023 | 2562567 | 3662236 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birch Grove CLO Ltd. ($17,158,750 principal amount, 07/17/2037) | Private Debt | 10/15/2024 | 11708792 | 11065750 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birch Grove CLO 10 Ltd. ($18,500,000 principal amount, 1/22/2038) | Private Debt | 11/26/2024 | 18513341 | 16494368 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birch Grove CLO 12 Ltd. ($18,500,000 principal amount, 4/22/2038) | Private Debt | 01/02/2025 | 18523935 | 17922335 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP Speedstar Acquisition, LLC (1,900 common shares) | Private Equity | 01/20/2021 | 1367940 | 2054256 | \*,6,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Co-Invest II, LP | Real Assets | 07/26/2024 | 7462377 | 8078367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2025-2, Ltd. ($16,741,375 principal amount, 07/25/2038) | Private Debt | 06/11/2025 | 14846117 | 14759794 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castlelake Consumer Receivables Opportunity III, L.P. | Private Debt | 06/26/2024 | 14438660 | 17861617 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cendyn Group Holdings LLC (675 units) | Private Equity | 10/05/2023 | 33428490 | 33419060 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2024-V, Ltd. ($22,896,900 principal amount, 01/22/2038) | Private Debt | 12/20/2024 | 19866396 | 18827304 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cinven Discovery Limited Partnership | Private Equity | 09/22/2022 | 2571723 | 5292700 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Spectrum Partners VI-A, L.P. | Private Equity | 09/10/2024 | 45000000 | 45014854 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decisions, LLC (1,718,769 common units) | Private Equity | 12/28/2020 | 2700000 | 5811887 | \*,6,10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP V (California Co-Invest), LP | Real Assets | 08/19/2024 | 26153551 | 25886212 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elk 2 Coinvest I, L.P. | Private Equity | 07/29/2024 | 45133332 | 45000000 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT X Co-Investment (F) SCSp | Private Equity | 02/09/2024 | 4938839 | 4905214 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FH Sunrise Co-Investment I, LP | Private Equity | 05/01/2023 | 4365458 | 6373568 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTV – FA, L.P. | Private Equity | 07/16/2025 | 5273070 | 5252177 | 5 |

---

 

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

 

**StepStone Private Markets**

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnotes** |
| **Co-Investments - Non-Controlled/Non-Affiliated (continued)** | **Co-Investments - Non-Controlled/Non-Affiliated (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP Prestige Co-Invest Blocker Aggregator, LP | Private Equity | 07/18/2025 | $11144882 | $11144882 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HS Lotus LLC | Private Equity | 09/25/2025 | 53453101 | 52823101 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HS Ruby LLC | Private Equity | 07/25/2024 | 325713 | 101138 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ilumed Parent LLC (3,060 preferred units) | Private Equity | 08/19/2024 | 22006789 | 33660000 | \*,6,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPEX Co-Invest, L.P. | Private Equity | 02/28/2024 | 5000000 | 6950000 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JFL-Rand Co-Invest US Partners, L.P. | Private Equity | 03/10/2023 | 6225599 | 21618714 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JFL-Tiger Co-Invest Partners, L.P. | Private Equity | 10/12/2023 | 4171578 | 7085654 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Apple Co-Invest L.P. | Real Assets | 09/20/2021 | 5173770 | 7169658 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Gameday Co-Invest L.P. | Private Equity | 08/22/2024 | 25891890 | 31063918 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LJ Perimeter Co-Invest, L.P. | Private Equity | 10/28/2022 | 4834380 | 4878712 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LJ Shield Co-Invest, L.P. | Private Equity | 07/11/2024 | 17357826 | 23243286 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Fund II Co-Invest, LP | Real Assets | 03/23/2021 | 6258462 | 6852342 | \*,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosyle Corporation - Series B-2 (45,010 preferred shares) | Private Equity | 04/21/2022 | 1083980 | 1625973 | \*,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPP KKC Holdings, LLC (3,000,000 units) | Private Equity | 11/10/2021 | 3000000 | 5400000 | \*,6,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTS Belmont Holdings, L.P. | Private Equity | 06/03/2025 | 12411350 | 12411350 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novacap TMT VI Co-Investment (Cadenza), L.P. | Private Equity | 08/22/2023 | 3293566 | 3341573 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSP Co-Invest II, LP - MB series | Private Equity | 01/02/2024 | 10010000 | 16947315 | \*,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palms Co-Investment Partners, L.P. | Private Equity | 06/03/2022 | 4676598 | 5289075 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Topco, Inc. (20,833 common shares) | Private Equity | 08/23/2024 | 20833333 | 22916666 | \*,5,6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasus Coinvestors, L.P. | Real Assets | 10/05/2021 | 3686738 | 4565139 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;POWWR Five Elms, L.P. | Private Equity | 09/24/2025 | 22097229 | 22000000 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence VIII Tetris Co-Investment-A L.P. | Private Equity | 11/18/2022 | 3967086 | 5892549 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RB Tentpole Co-Invest UB, LP | Private Equity | 08/04/2025 | 5693181 | 5554323 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPIII FB Co-Invest LLC | Private Equity | 03/02/2023 | 5000000 | 5350000 | \*,10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starlight Co-Invest LP | Private Equity | 10/30/2024 | 20056257 | 20006503 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stripes VI Rainier Co-Invest, LP | Private Equity | 10/31/2024 | 25057693 | 24982430 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THL Fund IX Investors (BV), L.P. | Private Equity | 05/05/2021 | 2488783 | 4973276 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG VIII Merlin CI II, L.P. | Private Equity | 07/30/2021 | 241568 | 2183686 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP Irving Co-Invest, L.P. | Private Equity | 04/11/2022 | 1139587 | 4451695 |  |
| &nbsp;&nbsp;&nbsp;**Total North America** |  |  | $628742987 | $709635159 |  |
| &nbsp;&nbsp;&nbsp;**Rest of the World - 0.4% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGO Asia III Blossoms Co-Investment LP | Real Assets | 10/10/2023 | $10705991 | $12595090 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MC Accelerate Co-Invest Feeder LP | Private Equity | 09/26/2025 | 10000000 | 10000000 | \* |
| &nbsp;&nbsp;&nbsp;**Total Rest of the World** |  |  | $20705991 | $22595090 |  |
| **Total Non-Controlled/Non-Affiliated Co-Investments** |  |  | $756740135 | $864084932 |  |

---

 

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

 

**StepStone Private Markets**

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Asset Class** | **Acquisition Date** | **Cost** | **Fair Value** | **Footnotes** |
| **Primary Investment Funds - Non-Controlled/Non-Affiliated - 1.1% of NAV** | **Primary Investment Funds - Non-Controlled/Non-Affiliated - 1.1% of NAV** |  |  |  | 1234 |
| &nbsp;&nbsp;&nbsp;**North America - 1.1% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Santiago Aggregator, L.P. | Private Debt | 08/23/2024 | $35245604 | $35993559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennantPark Capital Liquidity Solutions, LP | Private Debt | 08/04/2023 | 17500000 | 20170931 | \*,5 |
| &nbsp;&nbsp;&nbsp;**Total North America** |  |  | $52745604 | $56164490 |  |
| **Total Non-Controlled/Non-Affiliated Primary Investment Funds** |  |  | $52745604 | $56164490 |  |
| **Secondary Investment Funds - Non-Controlled/Non-Affiliated - 70.1% of NAV** |  |  |  |  | 1234 |
| &nbsp;&nbsp;&nbsp;**Europe - 12.8% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24XBFS Limited Partnership | Private Equity | 04/16/2025 | $68403 | $68403 | \*,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE IX Limited Partnership | Private Equity | 09/30/2024 | 6016206 | 7042835 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE IX-A SCSp | Private Equity | 09/30/2024 | 1763489 | 2113292 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE IX-F Limited Partnership | Private Equity | 12/31/2024 | 2085514 | 2702061 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VII-E Limited Partnership | Private Equity | 12/31/2021 | 695079 | 199082 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VIII Limited Partnership | Private Equity | 09/30/2024 | 1013264 | 1019235 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VIII-B Limited Partnership | Private Equity | 12/31/2024 | 3044839 | 2802750 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VIII-H Limited Partnership | Private Equity | 12/31/2021 | 3067541 | 2216658 | \*,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE X-A SCSp | Private Equity | 09/30/2024 | 910525 | 1158402 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altor Fund IV (No. 1) AB | Private Equity | 12/30/2022 | 9138971 | 8943962 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altor Fund V (No. 1) AB | Private Equity | 12/30/2022 | 18026293 | 23020755 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altor Fund V (No. 2) AB | Private Equity | 06/30/2023 | 1997588 | 2507826 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambienta Water Pumps, SCSp | Private Equity | 12/06/2024 | 25067468 | 28670386 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax IX USD L.P. | Private Equity | 09/30/2024 | 2386355 | 2093229 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax X USD L.P. | Private Equity | 09/30/2024 | 3496016 | 3870360 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARDIAN Infrastructure Fund IV S.C.A., SICAR | Real Assets | 10/04/2024 | 11045155 | 11650907 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARDIAN Infrastructure Fund V S.C.A., SICAR | Real Assets | 10/04/2024 | 10044076 | 12424931 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg IQ-EQ Fund | Private Equity | 12/31/2021 | 517283 | 1431646 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg V Fund | Private Equity | 01/11/2021 |  | 5106 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BE VI 'B' LP | Private Equity | 09/30/2024 | 1445321 | 1476025 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BID Equity Continuation Fund I SCSp | Private Equity | 05/27/2025 | 9795241 | 11509980 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgepoint Europe V 'A3' LP | Private Equity | 09/30/2024 | 555881 | 786275 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Technology Partners III, L.P. | Private Equity | 09/30/2024 | 799753 | 767658 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cevine Capital Management VI (No.1) Feeder Limited Partnership Incorporated | Private Equity | 09/30/2024 | 492595 | 449644 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF24XB SCSp | Private Equity | 04/16/2025 | 307492 | 378751 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners VIII (A) L.P. | Private Equity | 09/30/2024 | 5458732 | 6745071 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DFI European Value-Add Fund II | Real Assets | 07/12/2021 | 1731071 | 1494039 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIF Core Infrastructure Fund II SCSp | Real Assets | 09/30/2024 | 11256872 | 13500271 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIF Infrastructure VI SCSp | Real Assets | 09/30/2024 | 10426504 | 12703816 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elysium Acquisition LP | Private Equity | 12/09/2024 | 11260060 | 15143415 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epiris Fund II (B) L.P. | Private Equity | 09/30/2025 | 9466810 | 12510310 | \*,5,9 |

---

 

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

 

**StepStone Private Markets**

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** | **Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Europe (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Infrastructure IV (No.2) EUR SCSp | Real Assets | 09/29/2023 | $7113640 | $9994654 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Infrastructure IV (No.2) USD SCSp | Real Assets | 10/10/2023 | 54311467 | 77941306 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Infrastructure V (No.1) EUR SCSp | Real Assets | 07/12/2024 | 34678688 | 40919047 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT IX (No.2) EUR SCSp | Private Equity | 07/06/2022 | 12697176 | 15105287 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT VIII (No.2) SCSp | Private Equity | 07/06/2022 | 5621080 | 4724602 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equistone Partners Europe Fund IV | Private Equity | 12/31/2020 | 233913 | 89331 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EuroStone SRIO II S.C.A. | Real Assets | 07/12/2021 | 65596 | 195162 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exponent Private Equity Partners III, LP | Private Equity | 09/30/2025 | 6432029 | 7321608 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F3 Presto HVD CV Fund AB | Private Equity | 04/12/2024 | 4722350 | 5742110 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Cinven Fund (No. 1) Limited Partnership | Private Equity | 10/30/2020 | 1073632 | 1374896 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIP Pegasus Fund, L.P. | Real Assets | 08/20/2024 | 19823028 | 21036532 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growth Capital Partners Fund V LP . | Private Equity | 04/14/2022 | 7401290 | 7633317 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gyrus 1 LP . | Private Equity | 12/09/2024 | 7153578 | 7771766 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harbert European Real Estate Fund III, L.P. | Real Assets | 07/12/2021 |  | 10793 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IK Small Cap II Fund No.1 SCSp | Private Equity | 12/31/2024 | 240310 | 392490 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflexion Buyout Fund V (No.1) Limited Partnership | Private Equity | 01/07/2025 | 1234933 | 983296 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflexion Continuation Fund I (No. 1) Limited Partnership | Private Equity | 05/20/2025 | 5936965 | 7068604 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InfraRed Infrastructure V (1) LP | Real Assets | 06/29/2022 | 5086346 | 6470678 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InfraVia European Fund IV FPCI | Real Assets | 10/02/2024 | 8980213 | 11267579 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InfraVia European Fund V FPCI | Real Assets | 10/02/2024 | 13106291 | 15982792 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kitty Hawk Capital Partners IV L.P. | Real Assets | 07/12/2021 | 377237 | 432407 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LQG JV Landmark Portfolio GmbH & Co. KG | Real Assets | 07/12/2021 | 932694 | 584438 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie European Infrastructure Fund 4 FPCI | Real Assets | 04/25/2023 |  | 1241051 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie European Infrastructure Fund 5 SCSp | Real Assets | 04/25/2023 | 17322053 | 21504189 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie European Infrastructure Fund 6 SCSp | Real Assets | 10/01/2024 | 19423935 | 21773049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCP Continuation Fund I Coöperatief U.A | Private Equity | 06/04/2025 | 9454270 | 10374265 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MI Continuation Fund A | Private Equity | 02/23/2024 | 10951074 | 9129864 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIC Battery Acquisition LP | Real Assets | 10/16/2024 | 16094456 | 25206355 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Private Equity II - European Middle Market Buyout K/S | Private Equity | 09/30/2024 | 34259 | 50478 | \*,5,13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakley Capital Guinness B2 SCSp | Private Equity | 06/08/2023 | 7427494 | 12015397 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Europe VII, L.P. | Private Equity | 09/30/2024 | 2079071 | 2531606 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan-European Infrastructure II, S.C.S. | Real Assets | 10/03/2024 | 5301131 | 7096738 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan-European Infrastructure III, SCSp | Real Assets | 10/03/2024 | 10014298 | 11537493 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira VI L.P.1 | Private Equity | 09/30/2024 | 4488246 | 4082664 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira VII L.P.1 | Private Equity | 09/30/2024 | 14427780 | 18143644 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSC Accelerator II (A), LP | Private Equity | 11/23/2023 | 4688463 | 7590287 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seventh Cinven Fund (No.1) Limited Partnership | Private Equity | 09/30/2024 | 3963115 | 4709520 | 511 |

---

 

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

 

**StepStone Private Markets**

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** | **Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Europe (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Cinven Fund (No. 3) Limited Partnership | Private Equity | 10/30/2020 | $2575791 | $3123026 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Opportunities Fund I GmbH & Co. KG. | Private Equity | 02/05/2024 | 14479506 | 21779029 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ufenau Continuation 3, SLP | Private Equity | 04/14/2022 | 21821903 | 31638756 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verdane Edda II (D) AB | Private Equity | 09/30/2024 | 918035 | 1272808 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verdane Idun I (D) AB | Private Equity | 09/30/2024 | 1006757 | 840207 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIP SIV I LP | Private Equity | 05/06/2022 | 10811464 | 20095513 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WPEF VII Feeder 2 ILP | Private Equity | 01/07/2025 | 2803120 | 3869012 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WREP#2 Luxco S.à r.l. | Real Assets | 07/12/2021 | 132673 | 475974 | \*,12 |
| &nbsp;&nbsp;&nbsp;**Total Europe** |  |  | $540821747 | $674530701 |  |
| &nbsp;&nbsp;&nbsp;**North America - 56.8% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABRY Partners IX, L.P. | Private Equity | 01/01/2025 | $2753881 | $3295255 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AE Industrial Partners Fund II, LP | Private Equity | 12/31/2024 | 1898761 | 3156638 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEA Investors Fund V LP | Private Equity | 12/31/2021 |  | 178107 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHP Fund I PV Feeder L.P. | Private Equity | 12/28/2020 | 2780898 | 2338993 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHP Fund II PV Feeder L.P. | Private Equity | 12/28/2020 | 9429068 | 10368609 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AKKR Isosceles CV LP | Private Equity | 06/26/2025 | 8669685 | 8669685 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AKKR Strategic Capital LP | Private Equity | 10/24/2024 | 12601348 | 16045662 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Album Ventures MSL-C, LP | Private Equity | 04/21/2022 | 3927756 | 5871348 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amaranth DC Holdings, LP | Private Equity | 02/23/2024 | 29030847 | 34109992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ampersand CF Limited Partnership | Private Equity | 11/13/2020 | 798017 | 1835804 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Investment Fund IX, L.P. | Private Equity | 10/01/2024 | 16258376 | 17053301 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Natural Resources Partners II, L.P. | Real Assets | 04/01/2021 | 380906 | 467591 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Overseas Partners (Delaware 892) VIII, L.P. | Private Equity | 04/01/2021 | 1456174 | 1041385 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Overseas Partners (Lux) IX, SCSp | Private Equity | 10/01/2024 | 1920358 | 1730765 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Overseas Partners IX, L.P. | Private Equity | 01/01/2022 | 2459420 | 3144091 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquiline Financial Services Continuation Fund L.P. | Private Equity | 05/30/2024 | 23268220 | 35195047 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquiline Financial Services Fund V L.P. | Private Equity | 05/22/2024 | 705801 | 791578 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Pathfinder Fund (Offshore), L.P. | Private Debt | 04/01/2023 | 36540343 | 38460458 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audax Private Equity Beacon CF, L.P. | Private Equity | 08/08/2025 | 1554388 | 1547054 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audax Private Equity Fund IV CF, L.P. | Private Equity | 12/24/2020 | 4988632 | 6685591 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audax Private Equity Fund V-B, L.P. | Private Equity | 06/28/2024 | 11796799 | 9050504 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audax Private Equity Fund VI-A, L.P. | Private Equity | 06/28/2024 | 35740222 | 34748199 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audax Private Equity Solutions Fund, L.P. | Private Equity | 06/28/2024 | 3103453 | 3047308 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azimuth Energy Partners III LP . | Private Equity | 09/30/2024 | 207399 | 209315 | \*,13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Beacon Holdings, L.P. | Private Equity | 03/24/2025 | 13328567 | 15925688 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bay Ridge Journey, LLC | Real Assets | 07/31/2025 | 17754917 | 18202061 | \*,5,10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund IX Coinvestment Fund, L.P. | Private Equity | 06/28/2024 | 14040275 | 20753510 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund IX, L.P. | Private Equity | 09/04/2021 | 2976637 | 3717146 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund VIII, L.P. | Private Equity | 09/04/2021 | 2227376 | 667170 | \*,5,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund X, L.P. | Private Equity | 09/04/2021 | 9762438 | 11272908 | 58 |

---

 

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

 

**StepStone Private Markets**

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** | **Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Capital Partners VI L.P. | Private Equity | 01/01/2021 | $460892 | $434875 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Point Capital Partners III, L.P. | Private Equity | 06/30/2022 | 1875012 | 1211338 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Point Capital Partners IV, L.P. | Private Equity | 06/30/2022 | 9304849 | 9976288 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Point Capital Partners V (A), L.P. | Private Equity | 06/30/2022 | 3639321 | 3635026 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Road Capital PV II, L.P. | Real Assets | 08/27/2024 | 19927616 | 26306655 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Capital Partners IV (ER) L.P. | Private Equity | 09/30/2024 | 744125 | 896103 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Infrastructure Fund IV (ER) SCSp | Real Assets | 01/30/2024 | 3509532 | 4020370 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BV RN Continuation Fund, L.P. | Private Equity | 10/10/2023 | 3645900 | 7291801 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catterton Partners VII, L.P. | Private Equity | 12/31/2021 | 5260059 | 2539566 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Value Building Partners I, L.P. | Private Equity | 12/17/2021 | 8182021 | 11056141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerbridge Falcon Acquisition Fund, L.P. | Private Equity | 08/21/2025 | 13984444 | 18656976 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charlesbank Equity Fund IX, Limited Partnership | Private Equity | 06/28/2024 | 33166375 | 35859870 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charlesbank Equity Fund X, Limited Partnership | Private Equity | 06/28/2024 | 22751846 | 25219702 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charlesbank Equity Overage Fund X, Limited Partnership | Private Equity | 06/28/2024 | 3393794 | 2800946 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Pacific Founders Fund II-A, L.P. | Private Equity | 06/28/2024 | 3065116 | 4317108 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Pacific Founders Fund, L.P. | Private Equity | 06/28/2024 | 3489727 | 3614625 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund X, L.P. | Private Equity | 12/31/2021 | 4326911 | 4027892 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners VI (Offshore), L.P. | Private Equity | 09/29/2022 | 14557501 | 16416157 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners VI, L.P. | Private Equity | 12/30/2022 | 7600446 | 8911291 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cortec Group Fund VII, L.P. | Private Equity | 12/31/2024 | 2492569 | 3037450 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cortland Growth and Income, L.P. | Real Assets | 04/01/2022 | 30385216 | 19775250 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Court Square Capital Partners (Offshore) III, L.P. | Private Equity | 03/07/2024 | 11598364 | 12143671 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Court Square Capital Partners III, L.P. | Private Equity | 03/07/2024 | 13676177 | 14335459 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Court Square Capital Partners V, L.P. | Private Equity | 03/07/2024 |  |  | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dunes Point Capital Fund III-A, L.P. | Private Equity | 10/12/2023 | 28876438 | 31259731 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encore Consumer Capital Fund (PV) IV, LP | Private Equity | 06/30/2022 | 2557760 | 2673651 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encore Consumer Capital Fund III, LP | Private Equity | 06/30/2022 | 16670937 | 25231659 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Blade Continuation Fund Parallel LP | Real Assets | 08/11/2025 | 19996049 | 19869429 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excellere Capital Fund II, L.P. | Private Equity | 04/01/2021 | 5991079 | 4566761 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excellere Capital Fund III, L.P. | Private Equity | 09/30/2025 | 10518263 | 11155093 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFL Parallel Fund IV, L.P. | Private Equity | 01/01/2021 | 556125 | 611577 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FineLine CV LP | Private Equity | 11/18/2024 | 13107112 | 15434602 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First-Party Time VI LLC | Private Equity | 07/02/2024 | 3530816 | 5333928 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Francisco Partners V, L.P. | Private Equity | 10/01/2024 | 10189905 | 12111757 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Francisco Partners VI, L.P. | Private Equity | 10/01/2024 | 4065308 | 4951042 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin BSP Capital Corporation (2,276,656 common shares) | Private Debt | 03/31/2022 | 31000000 | 31076356 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fulcrum Capital Partners V, LP | Private Equity | 12/31/2021 | 1696851 | 1565495 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GA Continuity Fund II, L.P. | Private Equity | 03/14/2025 | 7264189 | 11449265 | \*,5,9 |

---

 

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

 

**StepStone Private Markets**

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** | **Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners IX, L.P. | Private Equity | 09/30/2024 | $6354600 | $8736893 | \*,5,11,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners X, L.P. | Private Equity | 09/30/2024 | 3049371 | 3547785 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar IX Opportunities Fund I, L.P. | Private Equity | 09/30/2024 | 1159801 | 1587167 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar X Opportunities Fund I, L.P. | Private Equity | 09/30/2024 | 793700 | 1006690 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Infrastructure Partners II-C, L.P. | Real Assets | 06/30/2021 | 8041450 | 1316948 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Infrastructure Partners IV-C, L.P. | Real Assets | 06/30/2025 | 63266675 | 67624231 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gores Capital Partners III, L.P. | Private Equity | 01/01/2021 | 2701 | 80445 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GrandBanks Capital Venture Fund II LP | Private Equity | 09/30/2025 | 2222576 | 2682925 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors CF III-B, L.P. | Private Equity | 12/21/2023 | 862065 | 613080 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors CF IV-B, L.P. | Private Equity | 04/17/2025 | 244992 | 230296 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors CF IV-C, L.P. | Private Equity | 04/15/2025 | 1880622 | 2067701 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors IX, L.P. | Private Equity | 06/30/2022 | 4159591 | 5048744 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors Offshore Fund VII, L.P. | Private Equity | 09/30/2022 | 4688446 | 3081769 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors Offshore Fund VIII, L.P. | Private Equity | 09/30/2022 | 2941053 | 4479211 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors Side CF III-B, L.P. | Private Equity | 12/21/2023 | 4598073 | 3290857 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors Side VII, L.P. | Private Equity | 06/30/2023 | 33504966 | 27517594 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors VII, L.P. | Private Equity | 06/30/2022 | 9083551 | 5742419 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors VIII, L.P. | Private Equity | 06/30/2022 | 3355084 | 5205887 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gridiron Capital Fund II, L.P. | Private Equity | 04/01/2021 | 538422 | 473548 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners IV, L.P. | Private Equity | 12/31/2021 | 1292533 | 1364284 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTCR Fund XII LP | Private Equity | 12/31/2024 | 4344160 | 4157946 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.I.G. Realty Credit SRE Non-REIT Feeder Fund, L.P. | Real Assets | 10/01/2021 | 7450577 | 5600446 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halifax Capital Partners IV, L.P. | Private Equity | 06/30/2023 | 13236247 | 18616987 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halifax Capital Partners V, L.P. | Private Equity | 06/30/2023 | 384183 | 584736 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Partners IX (Parallel), L.P. | Private Equity | 11/01/2022 | 6232662 | 6462054 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Partners VI, L.P. | Private Equity | 03/31/2021 | 1667265 | 681484 | \*,5,10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Partners VII (Parallel), L.P. | Private Equity | 11/01/2022 | 9154028 | 9391057 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Partners VII, L.P. | Private Equity | 11/01/2022 | 17399433 | 17654362 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellman & Friedman Capital Partners IX, L.P. | Private Equity | 06/30/2022 | 19385056 | 26989908 | 51112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellman & Friedman Capital Partners VIII, L.P. | Private Equity | 09/30/2024 | 4275546 | 4325960 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellman & Friedman Capital Partners X, L.P. | Private Equity | 09/30/2024 | 5598195 | 6096087 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Healthcare Innovation Fund II, LP | Private Equity | 10/17/2024 | 12732433 | 14383024 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Healthcare Innovation Fund IV, LP | Private Equity | 10/17/2024 | 855851 | 776925 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPH II International FF, LP | Private Equity | 07/12/2021 | 4591520 | 6587754 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPH III Investments Parallel Fund, LP | Private Equity | 07/16/2024 | 15456253 | 19175876 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HS Mohawk Fund I LP | Private Equity | 03/28/2024 | 13286186 | 21110832 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imaginary I Opportunity, L.P. | Private Equity | 04/21/2022 | 3000000 | 1738417 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Partners Continuation Fund II, L.P. | Private Equity | 03/31/2023 | 38644042 | 56635093 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Partners Continuation Fund III, L.P. | Private Equity | 10/08/2024 | 17187057 | 21483422 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InstarAGF Essential Infrastructure Fund II (LUX-USD), SCSp | Real Assets | 07/01/2025 | 12278313 | 17835217 | \*,5,12 |

---

 

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

 

**StepStone Private Markets**

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** | **Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Growth Partners Fund II, L.P. | Private Equity | 07/31/2024 | $1416953 | $1736214 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jade Equity Investors II, L.P. | Private Equity | 07/10/2025 | 2042274 | 2275456 | \*,5,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jade Equity Investors Offshore Fund, L.P. | Private Equity | 09/30/2022 | 1454326 | 1713566 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JFL Equity Investors VI, L.P. | Private Equity | 07/31/2024 | 18772556 | 22234561 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JFL-NG Continuation Fund, L.P. | Private Equity | 10/27/2021 | 2406110 | 4788368 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KHIS Custodian LP | Private Equity | 09/30/2025 | 3306806 | 29964733 | \*,9,17,18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Breathe Investor (DE), L.P. | Private Equity | 02/11/2021 | 3456731 | 7499541 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Global Infrastructure Investors III EEA (EUR) SCSp | Real Assets | 04/01/2024 | 13997458 | 15170956 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Global Infrastructure Investors IV (EUR) SCSp | Real Assets | 10/01/2024 | 21271901 | 25782949 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Global Infrastructure Investors IV (USD) SCSp | Real Assets | 07/01/2024 | 41769417 | 50098068 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPS Special Situations Fund IV, LP | Private Equity | 09/30/2025 | 258916 | 866264 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPS Special Situations Fund V (A), LP | Private Equity | 09/30/2025 | 72950 | 221147 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPS Special Situations Fund V, LP | Private Equity | 09/30/2025 | 558029 | 1691292 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPS Special Situations Fund VI (A), LP | Private Equity | 09/30/2025 | 5291 | 15224 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPS Special Situations Fund VI, LP | Private Equity | 09/30/2025 | 48930 | 143141 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPS Special Situations Mid-Cap Fund II, LP | Private Equity | 09/30/2025 |  |  | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPS Special Situations Mid-Cap Fund, LP | Private Equity | 09/30/2025 | 327896 | 1281861 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L Catterton VIII Offshore, L.P. | Private Equity | 12/31/2021 | 1135769 | 1040183 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linden Capital Partners IV-A LP | Private Equity | 09/30/2025 | 2845043 | 3531806 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LLR Equity Partners III, L.P. | Private Equity | 04/02/2021 | 301587 | 5437 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Dearborn Capital Partners VIII-C, L.P. | Private Equity | 03/12/2021 | 766538 | 826891 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAF Investments IV LLC | Private Debt | 08/01/2024 | 11743163 | 11595353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marlin Equity Partners IV, L.P. | Private Equity | 12/29/2023 | 2979768 | 1731469 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maroon Investors, LP | Private Equity | 07/13/2023 | 4082269 | 5332540 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Investment Private Equity Partners II (Feeder), LP | Private Equity | 06/28/2024 | 67296714 | 87081859 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MLC Private Equity Partners Feeder, L.P. | Private Equity | 03/25/2024 | 203358886 | 285032360 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monogram Capital Partners I, L.P. | Private Equity | 09/30/2025 | 3704600 | 3081994 | \*,5,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monogram Capital Partners II, L.P. | Private Equity | 09/30/2025 | 2635587 | 2323216 | \*,5,8,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monogram Capital Partners III PV, L.P. | Private Equity | 09/30/2025 |  |  | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novacap Financial Services I, L.P. | Private Equity | 09/30/2024 | 226545 | 160751 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novacap II, Limited Partnership | Private Equity | 09/30/2024 | 75537 | 87926 | \*,5,13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novacap Industries III, L.P. | Private Equity | 09/30/2024 | 70953 | 156052 | \*,5,13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novacap Industries IV, L.P. | Private Equity | 09/30/2024 | 42837 | 23852 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novacap Industries V, L.P. | Private Equity | 09/30/2024 | 299045 | 402212 | \*,5,13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novacap Technologies III, L.P. | Private Equity | 09/30/2024 |  | 115 | \*,5,13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oak Hill Capital Partners V (Offshore 892), L.P. | Private Equity | 01/29/2021 | 2079903 | 2977012 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oak Hill Capital Partners V (Offshore), L.P. | Private Equity | 07/06/2023 | 25266480 | 33399665 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oak Hill Capital Partners VI (TE 892), L.P. | Private Equity | 07/06/2023 | 6972758 | 8126758 | \*,5 |

---

 

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

 

**StepStone Private Markets**

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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;&nbsp;Oak Hill Digital Opportunities Partners (TE 892), L.P. | Real Assets | 07/19/2024 | $31732971 | $35032545 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanSound Partners Fund, LP | Private Equity | 02/28/2022 | 8616663 | 14089748 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP North Fund Offshore LP | Private Equity | 09/30/2025 | 26250000 | 33862500 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Odyssey Investment Partners Fund IV, LP | Private Equity | 04/01/2021 | 1 | 267151 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHCP V GA COI, L.P. | Private Equity | 12/16/2020 | 2468970 | 4579254 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Growth Fund VII, L.P. | Private Equity | 07/31/2024 | 33323417 | 40063720 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paddington Partners, L.P. | Private Equity | 01/10/2024 | 98828911 | 132503690 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pamlico Capital IV, L.P. | Private Equity | 12/31/2024 | 4409939 | 4533724 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parallaxes Capital Opportunity Feeder Fund VI, L.P. | Private Equity | 03/27/2024 | 5173244 | 6192292 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parallaxes Capital Opportunity Feeder Fund VII, L.P. | Private Equity | 07/23/2025 | 1688477 | 1688477 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasus WSJLL Fund, L.P. | Private Equity | 12/14/2021 | 13239188 | 15243226 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pine Brook Capital Partners II, L.P. | Private Equity | 12/31/2020 | 974522 | 1550956 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platinum Equity Capital Partners IV, L.P. | Private Equity | 09/30/2024 | 14530706 | 14668583 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platinum Equity Capital Partners V, L.P. | Private Equity | 09/30/2024 | 22650147 | 19727300 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PlayCore CV, L.P. | Private Equity | 11/21/2024 | 7595532 | 8807155 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poplar DC Holdings, LP | Private Equity | 07/01/2024 | 23444551 | 22832581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Cameron (ATG) Co-Investment L.P. | Private Equity | 09/11/2024 | 19115229 | 30212184 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Cameron (MO) Co-Investment L.P. | Private Equity | 09/11/2024 | 15792308 | 21955124 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Cameron (W) Co-Investment L.P. | Private Equity | 09/11/2024 | 42974595 | 51068213 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners IX-A S.C.Sp. | Private Equity | 09/11/2024 | 22656787 | 25283279 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSG Sequel-A L.P. | Private Equity | 01/31/2025 | 45293901 | 54900881 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTEV, L.P. | Private Equity | 12/30/2021 | 1559649 | 1689979 | \*,5,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PWP Growth Equity Fund I (B) LP | Private Equity | 09/30/2025 | 2773775 | 3662371 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PWP Growth Equity Fund II B LP | Private Equity | 09/30/2025 | 4851844 | 6271752 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redpoint Omega III, L.P. | Private Equity | 12/31/2024 | 2685087 | 2770510 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rembrandt Venture Partners Fund Two, L.P. | Private Equity | 09/30/2025 | 2342393 | 2595233 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverside Capital Appreciation Fund VI, L.P. | Private Equity | 12/31/2021 | 1913043 | 1838127 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverside Micro-Cap Fund IV B A, L.P. | Private Equity | 12/31/2021 | 1347412 | 883399 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverside Micro-Cap Fund IV-A, L.P. | Private Equity | 12/31/2021 | 10547390 | 10097629 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roark Capital Partners CF LP | Private Equity | 08/26/2022 | 16848438 | 28072937 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Fuel III LLC | Private Equity | 07/02/2024 | 3531813 | 4410590 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saw Mill Capital Investors, L.P. | Private Equity | 04/09/2021 |  | 14600 | \*,5,10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBJ Fund, LP | Private Equity | 07/31/2023 | 1328784 | 1124226 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea Change IV LLC | Private Equity | 07/02/2024 | 479708 | 762409 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sentinel Capital Partners VI, L.P. | Private Equity | 01/07/2025 | 2510538 | 2505560 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sentinel MCA AV, L.P. | Private Equity | 10/13/2023 | 7627875 | 8785537 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Capital Partners V-A, L.P. | Private Equity | 01/01/2025 | 2123366 | 1814043 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyKnight TG Holdings, L.P. | Private Equity | 08/01/2025 | 8719237 | 8719237 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SL SPV-4 - A, L.P. | Private Equity | 03/19/2025 | 4500000 | 6919426 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPC Partners IV, L.P. | Private Equity | 03/31/2021 | 1227436 | 538809 | \*,5,12 |

---

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

 

**StepStone Private Markets**

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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;&nbsp;SPC Partners V, L.P. | Private Equity | 12/31/2020 | $166961 | $153393 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Investment Partners III, L.P. | Private Equity | 01/01/2021 | 666647 | 569454 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Infrastructure Fund III LP | Real Assets | 09/29/2023 | 6331263 | 6391032 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Value Spurs A, L.P. | Real Assets | 12/13/2024 | 28545828 | 31314265 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stripes Continuation Feeder Fund, LP | Private Equity | 10/29/2021 | 3172903 | 1643516 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Growth Equity Fund IX-B, L.P. | Private Equity | 09/30/2024 | 2056791 | 1917270 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Growth Equity Fund X-A, L.P. | Private Equity | 09/30/2025 | 9026359 | 10135453 | \*,5,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Growth Equity Fund X-B, L.P. | Private Equity | 09/30/2024 | 3395112 | 3951407 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Growth Equity Fund XI-A, L.P. | Private Equity | 09/30/2025 | 6318897 | 6604378 | \*,5,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Growth Equity Fund XI-B, L.P. | Private Equity | 09/30/2024 | 2230442 | 2356454 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA Atlantic and Pacific VII-B L.P. | Private Equity | 12/31/2020 | 271047 | 1651764 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tailwind Capital Partners II (Cayman) L.P. | Private Equity | 12/31/2020 | 745128 | 9568 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Resolute III Continuation Fund, L.P. | Private Equity | 09/27/2024 | 105929552 | 121579123 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THL HT Parallel SPV, L.P. | Private Equity | 11/30/2020 | 2379691 | 4890797 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thoma Bravo Discover Partners III, L.P. | Private Equity | 01/01/2025 | 3194383 | 4364684 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thoma Bravo Fund XI-A, L.P. | Private Equity | 01/01/2022 | 3703148 | 1567706 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thoma Bravo Fund XIII, L.P | Private Equity | 09/30/2024 | 5620089 | 5895433 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thoma Bravo Fund XIV, L.P. | Private Equity | 09/30/2024 | 14812309 | 15915690 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thoma Bravo Fund XV, L.P. | Private Equity | 09/30/2024 | 4271532 | 5461971 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thoma Bravo Special Opportunities Fund II-A, L.P. | Private Equity | 01/01/2022 | 1404367 | 1305679 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiger Global Private Investment Partners XV Feeder, L.P. | Private Equity | 03/23/2022 | 9833794 | 7727322 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TowerBrook Investors III Trust | Private Equity | 12/31/2020 | 107310 | 13120 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Growth II, L.P. | Private Equity | 04/09/2021 | 154383 | 114552 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VII, L.P. | Private Equity | 01/05/2023 | 13225082 | 10508849 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VIII, L.P. | Private Equity | 06/30/2022 | 58803972 | 79261858 | 5101112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident VIII, L.P. | Private Equity | 12/30/2022 | 5648996 | 8127811 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas Capital Management, LLC | Private Debt | 03/15/2024 | 33800000 | 31520513 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Hunt Partners CF, L.P. | Private Equity | 10/14/2022 | 24330132 | 28862111 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Hunt Partners V, L.P. | Private Equity | 09/30/2024 | 707531 | 526110 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trive Capital Fund I (Offshore) LP | Private Equity | 12/31/2021 | 693089 | 927076 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trive Capital Fund II (Offshore) LP | Private Equity | 12/31/2021 | 3533087 | 4927570 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trive Capital Fund III LP | Private Equity | 12/31/2021 | 6172958 | 4171009 | \*,5,10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trive Capital Fund III-A LP | Private Equity | 12/31/2021 | 4444377 | 8985935 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trive Capital Fund IV-A LP | Private Equity | 12/31/2021 | 667478 | 992898 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trive Structured Capital Fund I-A LP | Private Equity | 12/31/2021 | 3762763 | 4427890 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivest Discovery Fund II-A, L.P. | Private Equity | 10/01/2024 | 644895 | 568744 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivest Discovery Fund, L.P.. | Private Equity | 10/01/2024 | 264222 | 335189 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivest Fund V, L.P. | Private Equity | 10/01/2024 | 142711 | 123578 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivest Fund VI, L.P. | Private Equity | 10/01/2024 | 496891 | 668744 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivest Fund VII-A, L.P. | Private Equity | 10/01/2024 | 849026 | 880065 | \*,5 |

---

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

 

**StepStone Private Markets**

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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;&nbsp;Trivest Growth Investment Fund, L.P. | Private Equity | 10/01/2024 | $363437 | $364324 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivest Growth Investment Fund II, L.P. | Private Equity | 10/01/2024 | 821871 | 1048479 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivest Recognition Fund-A, L.P. | Private Equity | 10/01/2024 | 606627 | 657273 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TriWest Capital Partners III, L.P. | Private Equity | 09/30/2024 | 90043 | 222875 | \*,5,13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TriWest Capital Partners IV, L.P. | Private Equity | 09/30/2024 | 104880 | 89612 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TriWest Capital Partners V, L.P. | Private Equity | 09/30/2024 | 577481 | 666146 | \*,5,13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truelink Capital I-A, L.P. | Private Equity | 04/30/2024 | 26060346 | 35128405 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSCP CV II, L.P. | Private Equity | 09/08/2024 | 33159842 | 37294522 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vector Capital V, L.P. | Private Equity | 12/31/2021 | 4794923 | 5397618 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestar Capital Partners Rainforest, L.P. | Private Equity | 04/09/2024 | 15409765 | 18921010 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Endeavor Fund I-A, L.P. | Private Equity | 01/01/2022 | 776722 | 1326730 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Endeavor Fund III-A, L.P. | Private Equity | 04/23/2025 |  | 75926 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Fund VIII, L.P. | Private Equity | 04/23/2025 | 6765311 | 8530193 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Hubble, L.P. | Private Equity | 06/23/2025 | 17699644 | 26525029 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Meadowbrook, L.P. | Private Equity | 04/23/2025 | 490789 | 4735979 | \*,5,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Foundation Fund V-A, L.P | Private Equity | 04/23/2025 | 737943 | 729868 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Financial Sector, L.P. | Private Equity | 09/30/2025 | 1978283 | 2327645 | \*,5,9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Global Growth-E, L.P. | Private Equity | 09/30/2024 | 1674836 | 2512452 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Jovian GG, L.P. | Private Equity | 12/17/2024 | 154389 | 241645 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Private Equity XII-D, L.P. | Private Equity | 09/30/2024 | 1265264 | 1405605 | \*,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Street Healthcare Partners II, L.P. | Private Equity | 04/01/2021 | 553537 | 21965 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Equity Partners III-A, L.P. | Private Equity | 04/29/2021 | 4294092 | 4138210 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Equity Partners III-B, L.P. | Private Equity | 01/17/2024 | 572680 | 1141962 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEP Terra Fund, L.P. | Private Equity | 10/23/2024 | 5984316 | 8444125 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Street Real Estate Secondary Partners B, L.P. | Real Assets | 12/10/2021 | 5070499 | 3660832 | \*,5,8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestCap Strategic Operator Offshore Feeder, L.P. | Private Equity | 04/13/2022 | 6880270 | 5308884 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestCap Strategic Operator US Feeder Fund, L.P. | Private Equity | 04/13/2022 | 15625733 | 12683413 | \*,12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westview Capital Partners III, L.P. | Private Equity | 12/31/2021 | 2304287 | 1582315 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPV Water Extended Value Fund LP | Private Equity | 10/03/2022 | 9652422 | 12238177 | \*,5 |
| &nbsp;&nbsp;&nbsp;**Total North America** |  |  | $2510342637 | $2993052679 |  |
| &nbsp;&nbsp;&nbsp;**Rest of World - 0.5% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Asia Fund IV, L.P. | Private Equity | 12/31/2024 | $698438 | $858341 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle MENA Partners, L.P. and Parallel Vehicles | Private Equity | 01/01/2021 | 40494 | 300247 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle South America Buyout Fund, L.P. and Parallel Vehicles | Private Equity | 01/01/2021 | 229532 | 3002 | \*,5,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eve One Fund II L.P. | Private Equity | 03/11/2022 | 9500000 | 11721931 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NewQuest Asia Fund IV HH, L.P. | Private Equity | 04/25/2022 | 8136849 | 10625376 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Equity Partners Fund VI, L.P. | Private Equity | 12/31/2024 | 1551616 | 1941962 | \*,5 |

---

 

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

**StepStone Private Markets**

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** | **Secondary Investment Funds - Non-Controlled/Non-Affiliated (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Rest of World (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex IV CF L.P. | Private Equity | 01/04/2022 | $2261433 | $2290039 | \*,5 |
| &nbsp;&nbsp;&nbsp;**Total Rest of World** |  |  | $22418362 | $27740898 |  |
| **Total Non-Controlled/Non-Affiliated Secondary Investment Funds** | **Total Non-Controlled/Non-Affiliated Secondary Investment Funds** | **Total Non-Controlled/Non-Affiliated Secondary Investment Funds** | $3073582746 | $3695324278 |  |
| **Public Securities - Non-Controlled/Non-Affiliated - 0.4% of NAV** | **Public Securities - Non-Controlled/Non-Affiliated - 0.4% of NAV** | **Public Securities - Non-Controlled/Non-Affiliated - 0.4% of NAV** |  |  | 12 |
| &nbsp;&nbsp;&nbsp;**North America - 0.4% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karman Holdings Inc (292,428 common shares) | Public Securities | 07/28/2025 | $14752993 | $21113301 | \*,10,18 |
| &nbsp;&nbsp;&nbsp;**Total North America** |  |  | $14752993 | $21113301 |  |
| **Total Non-Controlled/Non-Affiliated Public Securities** | **Total Non-Controlled/Non-Affiliated Public Securities** | **Total Non-Controlled/Non-Affiliated Public Securities** | $14752993 | $21113301 |  |
| **Short-Term Investments - Non-Controlled/Non-Affiliated - 0.7% of NAV** | **Short-Term Investments - Non-Controlled/Non-Affiliated - 0.7% of NAV** | **Short-Term Investments - Non-Controlled/Non-Affiliated - 0.7% of NAV** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio — Class I, 4.04% (39,465,237 shares) | Money Market | N/A | $39465237 | $39465237 | 1516 |
| **Total Non-Controlled/Non-Affiliated Short-Term Investments** | **Total Non-Controlled/Non-Affiliated Short-Term Investments** | **Total Non-Controlled/Non-Affiliated Short-Term Investments** | $39465237 | $39465237 |  |
| **Total Non-Controlled/Non-Affiliated Investments - 88.7% of NAV** | **Total Non-Controlled/Non-Affiliated Investments - 88.7% of NAV** | **Total Non-Controlled/Non-Affiliated Investments - 88.7% of NAV** | $3937286715 | $4676152238 |  |
| **Secondary Investment Funds - Controlled/Affiliated - 3.9% of NAV** | **Secondary Investment Funds - Controlled/Affiliated - 3.9% of NAV** | **Secondary Investment Funds - Controlled/Affiliated - 3.9% of NAV** |  |  | 1234 |
| **North America - 3.9% of NAV** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion DC Holdings, LP | Private Equity | 12/08/2022 | $5237461 | $7468825 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gemspring Capital Goliath Fund, LP | Private Equity | 10/30/2024 | 37763085 | 37657782 | \*,5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon StepStone CLO Fund, LTD. (50,000 common shares) | Private Debt | 02/07/2023 | 50000000 | 67944191 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyKnight Capital II CV B, L.P. | Private Equity | 10/29/2024 | 77260129 | 94992257 | 5 |
| **Total North America** | **Total North America** |  | $170260675 | $208063055 |  |
| **Total Controlled/Affiliated Secondary Investment Funds** | **Total Controlled/Affiliated Secondary Investment Funds** |  | $170260675 | $208063055 |  |
| **Total Controlled/Affiliated Investments - 3.9% of NAV** | **Total Controlled/Affiliated Investments - 3.9% of NAV** | **Total Controlled/Affiliated Investments - 3.9% of NAV** | $170260675 | $208063055 |  |
| **Total Investments - 92.6% of NAV** | **Total Investments - 92.6% of NAV** | **Total Investments - 92.6% of NAV** | $4107547390 | $4884215293 |  |
| **Other assets in excess of liabilities - 7.4% of NAV** | **Other assets in excess of liabilities - 7.4% of NAV** | **Other assets in excess of liabilities - 7.4% of NAV** |  | $390043226 |  |
| **Net Assets - 100.0% of NAV** |  |  |  | $5274258519 |  |

---

 

\* Investment is non-income producing.

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, Primary Investment Fund, 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 Investment has been committed to but has not been fully funded.

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

---

| | |
|:---|:---|
| 7 | A Collateralized Loan Obligation ("CLO") is structured by pooling certain private loans, other lender assets, and their associated collateral. A sponsoring organization establishes a special purpose vehicle to hold the assets/collateral and issue securities; interests in these pools are sold as individual securities. Payments of principal and interest are passed through to investors and are typically supported by credit enhancements, such as a letter of credit, surety bond, limited guaranty or senior/subordination structures. These payments are divided into multiple tranches of debt securities, offering distinct maturity and credit risk profiles. Some tranches receive regular principal and interest installments, while others receive only interest, with principal due at maturity or upon specified call dates. Certain tranches are entitled to principal and accrued interest only at maturity or upon specified call dates. Each tranche carries a different interest rate, which may be fixed or floating. |

---

8 All or a portion of this security is held by SPRIM LLC - Series A.

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

**StepStone Private Markets**

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

9 All or a portion of this security is held by SPRIM Subsidiary LLC.

10 All or a portion of this security is held by SPRIM LLC - Series B.

11 All or a portion of this security is held by SPRIM Cayman II LLC.

12 All or a portion of this security is held by SPRIM Cayman LLC.

13 All or a portion of this security is held by SPRIM Blue Jay Investco ULC.

14 Investment offers quarterly redemptions with a one quarter notice period.

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

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

17 Partnership is invested solely in Karman Holdings Inc listed on the New York Stock Exchange effective February 13, 2025.

18 Investments are subject to contractual resale restrictions and may not be sold or transferred until the lock-up period expires on July 20, 2026, which may limit the Fund's liquidity until that time.

19 Investment offers annual redemptions.

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

**StepStone Private Markets**

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Summary of Investments by Strategy (as a percentage of total investments)** | |
| &nbsp;&nbsp;&nbsp;Co-Investments | 17.7% |
| &nbsp;&nbsp;&nbsp;Primary Investment Funds | 1.1% |
| &nbsp;&nbsp;&nbsp;Secondary Investment Funds | 79.9% |
| &nbsp;&nbsp;&nbsp;Public Securities | 0.5% |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 0.8% |
| **Total Investments** | 100.0% |

---

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

**StepStone Private Markets**

Consolidated Statement of Assets and Liabilities

September 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments, at fair value (cost $3,937,286,715) | $4676152238 |
| &nbsp;&nbsp;&nbsp;Controlled/affiliated investments, at fair value (cost $170,260,675) | 208063055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value (cost $4,107,547,390) | 4884215293 |
| &nbsp;&nbsp;&nbsp;Cash | 377788429 |
| &nbsp;&nbsp;&nbsp;Cash denominated in foreign currency (cost $25,661,118) | 25698667 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 59173057 |
| &nbsp;&nbsp;&nbsp;Investments paid in advance | 24264709 |
| &nbsp;&nbsp;&nbsp;Dividend and interest receivable | 5652528 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 710238 |
| **Total Assets** | 5377502921 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Revolving credit facility |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less deferred debt issuance costs | (2014750) |
| &nbsp;&nbsp;&nbsp;Revolving credit facility less deferred debt issuance costs | (2014750) |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 74552135 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability | 21721723 |
| &nbsp;&nbsp;&nbsp;Management fees payable | 6061055 |
| &nbsp;&nbsp;&nbsp;Professional fees payable | 966989 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees payable | 336871 |
| &nbsp;&nbsp;&nbsp;Administration fees payable | 281951 |
| &nbsp;&nbsp;&nbsp;Revolving credit facility interest and fees payable | 54124 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable | 53674 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 20053 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 1210577 |
| **Total Liabilities** | 103244402 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (see Note 9) |  |
| **Net Assets** | $5274258519 |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $4311743179 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated loss) | 962515340 |
| **Net Assets** | $5274258519 |
| **Class I** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $3980781694 |
| &nbsp;&nbsp;&nbsp;Outstanding shares (unlimited number of shares authorized) | 65613484 |
| **Net Asset Value Per Share** | $60.67 |
| **Class D** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $86190013 |
| &nbsp;&nbsp;&nbsp;Outstanding shares (unlimited number of shares authorized) | 1430933 |
| **Net Asset Value Per Share** | $60.23 |
| **Class S** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $1207286812 |
| &nbsp;&nbsp;&nbsp;Outstanding shares (unlimited number of shares authorized) | 20404401 |
| **Net Asset Value Per Share** | $59.17 |

---

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

 

**StepStone Private Markets**

Consolidated Statement of Operations

For the Six Months Ended September 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments dividend income (net of taxes withheld of $1,035,216) | $32307685 |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments interest income | 19532424 |
| **Total Investment Income** | 51840109 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Management fees | 34148400 |
| &nbsp;&nbsp;&nbsp;Revolving credit facility interest and fees | 3625699 |
| &nbsp;&nbsp;&nbsp;Professional fees | 1628988 |
| &nbsp;&nbsp;&nbsp;Administration fees | 1587602 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred investment costs | 1421462 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1230985 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 102780 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 47613 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees | 30082 |
| &nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees (Class S) | 4446745 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Class D) | 95011 |
| &nbsp;&nbsp;&nbsp;Other expenses | 1092617 |
| **Total Expenses** | 49457984 |
| **Net Investment Income (Loss)** | 2382125 |
| **Net Realized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Distributions from non-controlled/non-affiliated investments | 80121357 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (283527) |
| &nbsp;&nbsp;&nbsp;Deferred tax | (4515882) |
| **Total Net Realized Gain (Loss)** | 75321948 |
| **Net Change in Unrealized Appreciation (Depreciation)** |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 279896781 |
| &nbsp;&nbsp;&nbsp;Controlled/affiliated investments | 9964109 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (463044) |
| &nbsp;&nbsp;&nbsp;Deferred tax | (5387056) |
| **Total Net Change in Unrealized Appreciation (Depreciation)** | 284010790 |
| **Net Increase (Decrease) in Net Assets from Operations** | $361714863 |

---

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

**StepStone Private Markets**

Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the Six Months <br> Ended September 30, <br> 2025 (unaudited)** | **For the Year Ended <br> March 31, 2025** |
| **Change in Net Assets Resulting from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2382125 | $8920655 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 75321948 | 109804558 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 284010790 | 210936019 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | 361714863 | 329661232 |
| **Distributions from Distributable Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (12562730) | (34519535) |
| &nbsp;&nbsp;&nbsp;Class D | (244254) | (718718) |
| &nbsp;&nbsp;&nbsp;Class S | (3359028) | (7053405) |
| &nbsp;&nbsp;&nbsp;Class T¹ |  | (226929) |
| **Total Distributions from Distributable Earnings** | (16166012) | (42518587) |
| **Change in Net Assets Resulting from Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 739603380 | 1322288380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 7224121 | 20393881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of shares | (414725757) | (162697044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange of shares | 882137 | 21661710 |
| &nbsp;&nbsp;&nbsp;**Total Class I Transactions** | 332983881 | 1201646927 |
| &nbsp;&nbsp;&nbsp;**Class D** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 15657875 | 28814009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 217075 | 578505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of shares | (2773894) | (1798826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange of shares | 36337 | (9327478) |
| &nbsp;&nbsp;&nbsp;**Total Class D Transactions** | 13137393 | 18266210 |
| &nbsp;&nbsp;&nbsp;**Class S** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 242911250 | 531817713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 2842335 | 6220270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of shares | (16432734) | (11454322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange of shares | (918474) | 13445867 |
| &nbsp;&nbsp;&nbsp;**Total Class S Transactions** | 228402377 | 540029528 |
| &nbsp;&nbsp;&nbsp;**Class T¹** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued |  | 9003754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions |  | 159080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of shares |  | (768519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange of shares |  | (25780099) |
| &nbsp;&nbsp;&nbsp;**Total Class T¹ Transactions** |  | (17385784) |
| **Change in Net Assets Resulting from Capital Share Transactions** | 574523651 | 1742556881 |
| **Total Increase (Decrease) in Net Assets** | 920072502 | 2029699526 |

---

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

**StepStone Private Markets**

Consolidated Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | **For the Six Months <br> Ended September 30, <br> 2025 (unaudited)** | **For the Year Ended <br> March 31, 2025** |
| **Net Assets** | | |
| Beginning of period | 4354186017 | 2324486491 |
| End of period | $5274258519 | $4354186017 |

---

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

**StepStone Private Markets**

Consolidated Statement of Cash Flows

For the Six Months Ended September 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Cash Flows From Operating Activities** |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | $361714863 |
| &nbsp;&nbsp;&nbsp;*Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments, net of payable for investments purchased | (626035500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Purchases) sales of short-term investments, net | 99001470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions received from investments, net of distributions receivable from investments | 162310653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on distributions from investments | (80121357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (289860890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in deferred tax liability.. | 9902938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 593568 |
| &nbsp;&nbsp;&nbsp;*(Increase) Decrease in Assets* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments paid in advance. | (24264709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend and interest receivable | (3744378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | (310333) |
| &nbsp;&nbsp;&nbsp;*Increase (Decrease) in Liabilities* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 1082928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable | (83277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revolving credit facility interest and fees payable | (400656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees payable | 34262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees payable | 44902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees payable | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Adviser | (18425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 357215 |
| **Net Cash Provided by (Used in) Operating Activities** | (389796446) |
| **Cash Flows from Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of shares, net of receivable for fund shares sold | 1022932670 |
| &nbsp;&nbsp;&nbsp;Repurchase of shares | (433932385) |
| &nbsp;&nbsp;&nbsp;Distributions paid in cash | (5882481) |
| &nbsp;&nbsp;&nbsp;Proceeds from revolving credit facility | 2191959 |
| &nbsp;&nbsp;&nbsp;Repayments of revolving credit facility | (2191959) |
| &nbsp;&nbsp;&nbsp;Debt issuance costs paid | (2583318) |
| **Net Cash Provided by (Used in) Financing Activities** | 580534486 |
| **Net Increase (Decrease) in Cash and Cash Equivalents and Cash Denominated in Foreign Currency** | 190738040 |
| **Cash and Cash Equivalents and Cash Denominated in Foreign Currency** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 212749056 |
| &nbsp;&nbsp;&nbsp;End of period | $403487096 |
| **End of Period Balances** |  |
| &nbsp;&nbsp;&nbsp;Cash denominated in foreign currency | $25698667 |
| &nbsp;&nbsp;&nbsp;Cash | 377788429 |
| **End of Period Balance** | $403487096 |

---

 

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

**StepStone Private Markets**

Consolidated Statement of Cash Flows (continued)

For the Six Months Ended September 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Supplemental Disclosure of Cash Flow Information** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | $10283531.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for interest expense and commitment fees | $3432787.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for taxes | $22747.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;In-kind stock distributions received from investments | $14752993.0 |

---

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

**StepStone Private Markets**

Consolidated Financial Highlights

Class I

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** | |
|  | **For the Six <br> Months Ended<br> September 30, <br> 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **For the<br> Period Ended <br> March 31,**<br> **2021\*** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| **Net Asset Value per share, beginning of period** | $56.54 | $51.73 | $45.61 | $43.07 | $33.65 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.08 | 0.24 | 0.30 | (0.07) | (0.54) | (0.89) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments<sup>2</sup> | 4.25 | 5.29 | 5.98 | 3.57 | 10.44 | 9.54 |
| Total from investment operations | 4.33 | 5.53 | 6.28 | 3.50 | 9.90 | 8.65 |
| Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.01) | (0.18) |  | (0.40) | (0.23) |  |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.19) | (0.54) | (0.16) | (0.56) | (0.25) |  |
| Total distributions | (0.20) | (0.72) | (0.16) | (0.96) | (0.48) |  |
| **Net Asset Value per share, end of period**<sup>3</sup> | $60.67 | $56.54 | $51.73 | $45.61 | $43.07 | $33.65 |
| **Net Assets, end of period (in thousands)** | $3980782 | $3378914 | $1947596 | $963316 | $445249 | $81122 |
| **Ratios to average net assets<sup>4</sup>** |  |  |  |  |  |  |
| Net investment income (loss)<sup>5</sup> | 0.29% | 0.44% | 0.63% | (0.16)% | (1.36)% | (5.85)% |
| Expenses before adviser expense recoupment (reimbursement)<sup>6</sup> | 1.84% | 1.88% | 2.09% | 2.32% | 3.38% | 11.57% |
| Expenses after adviser expense recoupment (reimbursement)<sup>6</sup> | 1.84% | 1.88% | 2.09% | 2.45% | 3.56% | 6.05% |
| Total return<sup>3 7 8</sup> | 7.66% | 10.76% | 13.79% | 8.23% | 29.43% | 34.60% |
| Portfolio turnover rate<sup>9</sup> | —% | 0.28% | 0.01% | 4.35% | 25.31% | 5.95% |
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **September 30,** | **March 31,** | **March 31,** | **March 31,** | **March 31,** | **March 31,** |
|  | **2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Senior Securities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total borrowings (in thousands) | $— | $— | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 |
| &nbsp;&nbsp;&nbsp;Asset coverage per $1,000 unit of senior indebtedness<sup>10</sup> | N/A | N/A | N/A | N/A | N/A | 4.29 |

---

\* The Class commenced operations on October 1, 2020.

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. |

---

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

**StepStone Private Markets**

Consolidated Financial Highlights (continued)

Class I

---

| | |
|:---|:---|
| 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. |
| 6 | Expense ratios have been annualized for periods of less than twelve months, and exclude deferred tax provisions (See Note 13). Taxes, if any, are disclosed separately in the Statement of Operations. |
| 7 | Total return reflects the change in the net asset value per share based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested in accordance with the Fund's Dividend Reinvestment Plan ("DRIP") (See Note 11). The total return for periods less than 1 year have not been annualized. |
| 8 | Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the periods of reimbursement. |
| 9 | 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 1 year are not annualized. |
| 10 | 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 Markets**

Consolidated Financial Highlights (continued)

Class D

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** | |
|  | **For the Six <br> Months Ended<br> September 30, <br> 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **For the<br> Period Ended<br> March 31,**<br>**2021\*** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| **Net Asset Value per share, beginning of period** | $56.21 | $51.51 | $45.53 | $43.03 | $33.62 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.01 | 0.10 | 0.14 | (0.15) | (0.46) | (1.17) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments<sup>2</sup> | 4.21 | 5.29 | 6.00 | 3.57 | 10.31 | 9.79 |
| Total from investment operations | 4.22 | 5.39 | 6.14 | 3.42 | 9.85 | 8.62 |
| Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.01) | (0.15) |  | (0.36) | (0.19) |  |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.19) | (0.54) | (0.16) | (0.56) | (0.25) |  |
| Total distributions | (0.20) | (0.69) | (0.16) | (0.92) | (0.44) |  |
| **Net Asset Value per share, end of period<sup>3</sup>** | $60.23 | $56.21 | $51.51 | $45.53 | $43.03 | $33.62 |
| **Net Assets, end of period (in thousands)** | $86190 | $67717 | $44397 | $31668 | $14908 | $4623 |
| **Ratios to average net assets<sup>4</sup>** |  |  |  |  |  |  |
| Net investment income (loss)<sup>5</sup> | 0.03% | 0.19% | 0.29% | (0.34)% | (1.17)% | (7.47)% |
| Expenses before adviser expense recoupment (reimbursement)<sup>6</sup> | 2.09% | 2.13% | 2.37% | 2.49% | 3.44% | 11.54% |
| Expenses after adviser expense recoupment (reimbursement)<sup>6</sup> | 2.09% | 2.13% | 2.37% | 2.62% | 3.52% | 7.72% |
| Total return<sup>3 7 8</sup> | 7.51% | 10.52% | 13.51% | 8.04% | 29.32% | 34.48% |
| Portfolio turnover rate<sup>9</sup> | —% | 0.28% | 0.01% | 4.35% | 25.31% | 5.59% |
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **September 30,** | **March 31,** | **March 31,** | **March 31,** | **March 31,** | **March 31,** |
|  | **2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Senior Securities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total borrowings (in thousands) | $— |  | $— | $— | $— | $20000 |
| &nbsp;&nbsp;&nbsp;Asset coverage per $1,000 unit of senior indebtedness<sup>10</sup> | N/A |  | N/A | N/A | N/A | 4.29 |

---

\* The Class commenced operations on October 1, 2020.

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.

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

**StepStone Private Markets**

Consolidated Financial Highlights (continued)

Class D

---

| | |
|:---|:---|
| 5 | Net investment income (loss) ratios have been annualized for periods of less than twelve months. |
| 6 | Expense ratios have been annualized for periods of less than twelve months, and exclude deferred tax provisions (See Note 13). Taxes, if any, are disclosed separately in the Statement of Operations. |
| 7 | Total return reflects the change in the net asset value per share based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested in accordance with the Fund's DRIP (See Note 11). The total return for periods less than 1 year have not been annualized. |
| 8 | Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the periods of reimbursement. |
| 9 | 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 1 year are not annualized. |
| 10 | 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 Markets**

Consolidated Financial Highlights (continued)

Class S

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

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** | |
|  | **For the Six <br> Months Ended<br> September 30, <br> 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **For the<br> Period Ended<br> March 31,**<br>**2021\*** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| **Net Asset Value per share, beginning of period** | $55.35 | $50.97 | $45.38 | $43.07 | $33.65 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.17) | (0.22) | 0.07 | (0.30) | (0.31) | (0.79) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments<sup>2</sup> | 4.18 | 5.19 | 5.68 | 3.48 | 10.21 | 9.44 |
| Total from investment operations | 4.01 | 4.97 | 5.75 | 3.18 | 9.90 | 8.65 |
| Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.05) |  | (0.31) | (0.23) |  |
| &nbsp;&nbsp;&nbsp;From net realized gains. | (0.19) | (0.54) | (0.16) | (0.56) | (0.25) |  |
| Total distributions | (0.19) | (0.59) | (0.16) | (0.87) | (0.48) |  |
| **Net Asset Value per share, end of period<sup>3</sup>** | $59.17 | $55.35 | $50.97 | $45.38 | $43.07 | $33.65 |
| **Net Assets, end of period (in thousands)** | $**1207287** | $**907554** | $**316271** | $**51019** | $**87** | $**67** |
| **Ratios to average net assets<sup>4</sup>** |  |  |  |  |  |  |
| Net investment income (loss)<sup>5</sup> | (0.58)% | (0.41)% | 0.14% | (0.67)% | (0.81)% | (5.27)% |
| Expenses before adviser expense recoupment (reimbursement)<sup>6</sup> | 2.69% | 2.73% | 2.79% | 3.40% | 3.45% | 11.67% |
| **Expenses after adviser expense recoupment (reimbursement)<sup>6</sup>** | **2.69%** | **2.73%** | **2.79%** | **3.41%** | **3.43%** | **5.44%** |
| Total return<sup>3 7 8</sup> | 7.25% | 9.79% | 12.70% | 7.48% | 29.43% | 34.60% |
| Portfolio turnover rate<sup>9</sup> | —% | 0.28% | 0.01% | 4.35% | 25.31% | 5.95% |
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **September 30,** | **March 31,** | **March 31,** | **March 31,** | **March 31,** | **March 31,** |
|  | **2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Senior Securities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total borrowings (in thousands) | $— | $— | $— | $— | $— | $20000 |
| &nbsp;&nbsp;&nbsp;Asset coverage per $1,000 unit of senior indebtedness<sup>10</sup> | N/A | N/A | N/A | N/A | N/A | 4.29 |

---

 

\* The Class commenced operations on October 1, 2020.

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. |

---

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

**StepStone Private Markets**

Consolidated Financial Highlights (continued)

Class S

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.

---

| | |
|:---|:---|
| 6 | Expense ratios have been annualized for periods of less than twelve months, and exclude deferred tax provisions (See Note 13). Taxes, if any, are disclosed separately in the Statement of Operations. |

---

---

| | |
|:---|:---|
| 7 | Total return reflects the change in the net asset value per share based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested in accordance with the Fund's DRIP (See Note 11). The total return for periods less than 1 year have not been annualized. Total return shown excludes the effect of applicable sales charges. |

---

---

| | |
|:---|:---|
| 8 | Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the periods of reimbursement. |

---

---

| | |
|:---|:---|
| 9 | 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 1 year are not annualized. |

---

---

| | |
|:---|:---|
| 10 | 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 Markets**

Notes to Consolidated Financial Statements

September 30, 2025 (unaudited)

**1. Organization**

StepStone Private Markets ("Fund") was organized as a Delaware statutory trust under the Delaware Statutory Trust Act on September 6, 2019 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 October 1, 2020.

The Fund offers Class I Shares, Class D Shares and Class S Shares (collectively, "Shares") to eligible investors ("Shareholders"). On January 17, 2025, the Fund converted all outstanding Class T shares into Class S shares and ceased offering Class T shares. The Shares are offered in a continuous registered public offering with subscriptions accepted daily at the then-current-daily 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").

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, an investment adviser registered under the 1940 Act and a wholly-owned subsidiary of StepStone Group LP, serves as the Fund's investment adviser ("Adviser"). 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 objectives are to invest, directly and indirectly, in a broad cross section of private market assets ("Private Market Assets") across private equity, private debt and real assets that will enable it to, over time, achieve long-term capital appreciation and offer an investment alternative for investors seeking to allocate a portion of their longer-term portfolio to private markets through a single investment that provides substantial diversification and access to historically top-tier managers.

 

*Master-Feeder Structure*

The Fund and StepStone Private Markets 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 September 30, 2025, the Feeder Fund owns 10.37% 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 subsidiary, SPRIM Holdings LLC, a Delaware limited liability company, along with its indirect wholly-owned subsidiaries: SPRIM Intermediate LLC, SPRIM Subsidiary LLC and SPRIM LLC (Series A and Series B), each formed as a Delaware limited liability company; SPRIM Cayman LLC, SPRIM Cayman II LLC and SPRIM Cayman III LLC (together, "SPRIM Cayman"), each formed as a Cayman Islands limited liability company; and SPRIM Blue Jay Investco ULC, an unlimited liability corporation registered in Canada. Collectively, these entities are wholly-owned subsidiaries ("Wholly-Owned Subsidiaries") of the Fund. 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 the economic environment, financial markets and any other factors or parameters used in determining these estimates could cause actual results to differ materially.

**StepStone Private Markets**

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

*Net Asset Value Determination*

The NAV of the Fund is determined as of the close of the regular trading session on the New York Stock Exchange ("NYSE") (normally 4:00 p.m. Eastern Time) on each business day that the NYSE is open for trading, or as may be determined from time to time in accordance with policies approved by the Board (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 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) (a) secondary purchases of existing investments in individual operating companies, projects or properties and private investment funds from other investors 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 private investment funds that are actively fundraising, but have already invested a certain percentage of capital commitments (e.g. 25% at the time of closing) in Private Market Assets and (d) stapled primary investments contingent to a secondary investment purchase (together with the investments described in (a) - (d), "Secondary Investment Funds"), (ii) investments in private funds that are actively fundraising that have not yet invested a significant portion of their capital commitments in Private Market Assets (e.g., less than 25%) ("Primary Investment Funds") and (iii) equity and/or debt investments directly in operating companies, projects or properties, generally alongside Investment Managers that lead or participate in the transaction via equity or debt ("Co-Investments"). These types of debt or equity investments normally do not have readily available market prices and therefore will be fair 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. Valuations of Private Market Assets are inherently subjective and at any point in time may differ materially from the ultimate value, if any, realized on the investment.

Ordinarily, the fair value of the Fund's investment in a Secondary Investment Fund or a Primary Investment Fund is based on the net asset value of the investment reported by its Investment Manager. In determining fair value, the Fund may incorporate public benchmark returns that are relevant to the investment funds under consideration to adjust fair values as of the relevant Determination Date. The public benchmark returns are adjusted for long-term, historical correlations between public and private investment returns and other relevant factors. 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 adjustment 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.

Collateralized Loan Obligations ("CLO") are not traded on a national securities exchange and instead are valued utilizing a market approach. The market approach is a method of determining the valuation of a security based on the selling price of similar securities. The types of factors that may be taken into account in pricing CLOs include: the yield of similar CLOs where pricing is available in the market; the riskiness of the underlying pool of loans; and features of the CLO, including weighted average life test, liability pricing, management fees, covenant cushions, weighted average spread of underlying loans and net asset value. These factors are used to determine an effective yield that is reassessed generally once a quarter at the time of payment or upon a transaction such as an add-on purchase, refinancing or reset.

The fair value of a Collateralized Loan Obligation Warehouse ("CLO Warehouse"), included as a Co-Investment in the Consolidated Schedule of Investments, if any, reflects the Fund's pro rata interest in the residual economics of the structure. These investments are typically leveraged and are therefore sensitive to changes in the value and performance of the underlying assets. Valuation is influenced by factors including distributions, defaults, recoveries, prepayments, and the reinvestment environment. Interest is accrued daily based on an effective yield.

**StepStone Private Markets**

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

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 Co-Investments 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 Co-Investment: latest round of financing, company operating performance, market-based multiples, potential merger and acquisition activity and any other material information that may impact investment fair value.

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. The Fund presents net realized gain (loss) on foreign currency transactions, as well as changes in unrealized appreciation (depreciation) on foreign currency translations related to foreign cash and receivable balances, as separate line items on the Consolidated Statement of Operations.

 

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

Distributions received from Secondary Investment Funds, Primary Investment Funds and Co-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, is based on information received from the Investment Manager of the Secondary Investment Fund, Primary Investment Fund or Co-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. 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.

Income is accrued daily on CLO equity based on an estimated yield to maturity utilizing assumed cash flows in accordance with FASB ASC 325-40, Beneficial Interests in Securitized Financial Assets. Estimated yields for CLO positions are updated upon receipt of payments quarterly, as needed, or upon a transaction, such as an add-on purchase, refinancing or reset. When payments are received, any amount above or below the expected yield is treated as an adjustment to interest income or cost basis. The expected yield and investment cost may ultimately not be realized.

 

**StepStone Private Markets**

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

*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 ("Acquired Fund Fees"), management fees, expenses associated with a 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.

Expenses are recorded on an accrual basis and expenses other than class-specific expenses are allocated pro-rata to Shares based upon prior day net assets at each Determination Date. Class-specific expenses are allocated only to their respective share class (see Note 6). Closing costs associated with the purchase of Secondary Investment Funds, Primary Investment Funds and Co-Investments are included in the cost of the investment.

 

*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 September 30, 2025, the tax years from the year 2022 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, SPRIM Holdings LLC, SPRIM Intermediate LLC, SPRIM Subsidiary LLC, SPRIM LLC (Series A and Series B), SPRIM Cayman and SPRIM Blue Jay Investco ULC are required to recognize their estimate of income taxes for purposes of determining deferred tax assets or liabilities. SPRIM Holdings LLC, SPRIM Intermediate LLC, SPRIM Subsidiary LLC, SPRIM LLC (Series A and Series B) are subject to U.S. federal and state income taxes while SPRIM Cayman and SPRIM Blue Jay Investco ULC are 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.

**StepStone Private Markets**

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

*Cash*

Cash includes monies on deposit 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. There are no restrictions on cash held by the Custodian on the Fund's behalf.

 

*Deferred Costs Relating to Purchases of Secondary Investment Funds*

Deferred costs associated with the acquisition of Secondary Investment Funds are amortized daily over the deferral period until the payment due date. On the due date, the payment value corresponds to the notional amount owed to the respective counterparty.

 

*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 amends current guidance to provide expanded disclosure for the rate reconciliation with information about specific categories and reconciling items that meet a specific threshold, and to provide additional information about income taxes paid disaggregated by jurisdiction. The amendment is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Fund does not expect the adoption of this guidance to have a material effect on the consolidated financial statements.

**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. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the 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.

**StepStone Private Markets**

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

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 fair valued using NAV or by adjusting the most recently available NAV for cash flows and public benchmark returns. As such, investments in securities with a fair value of $4.6 billion are excluded from the fair value hierarchy as of September 30, 2025.

The following is a summary of the Fund's investments classified by fair value hierarchy as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Investments<br> Valued at NAV** | **Total** |
| Co-Investments | $— | $— | $183957393 | $680127539 | $864084932 |
| Primary Investment Funds |  |  |  | 56164490 | 56164490 |
| Secondary Investment Funds |  |  |  | 3903387333 | 3903387333 |
| Public Securities | 21113301 |  |  |  | 21113301 |
| Short-Term Investments | 39465237 |  |  |  | 39465237 |
| Total Investments | $60578538 | $— | $183957393 | $4639679362 | $4884215293 |

---

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

---

| | |
|:---|:---|
| | **Co-Investments** |
| Balance as of March 31, 2025 | $159033769 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Purchases | 17854618 |
| &nbsp;&nbsp;&nbsp;Distributions from Investments | (1025350) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 8094356 |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| Balance as of September 30, 2025 | $183957393 |
| Net Change in Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of the Reporting Period | $8078618 |

---

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 Markets**

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

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 September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value as of<br> September 30,<br> 2025** | **Valuation<br> Technique(s)** | **Unobservable<br> Input** | **Single Input or<br> Range of Inputs** | **Weighted<br> Average of<br> Input(1)** | **Impact to<br> Valuation from<br> an Increase in<br> Input(2)** |
| Co-Investments | $9080229 | Market comparable companies | Enterprise value to EBITDA multiple | 9.81x - 23.32x | 8.56x | Increase |
| Co-Investments | $33419060 | Exit price | Recent transaction price | N/A | N/A | Increase |
| Co-Investments | $79069551 | Discounted cash flow | Market yield spreads | 13.00% - 14.00% | 13.24% | Decrease |
| Co-Investments | $28728553 | Market comparable companies | Enterprise value to revenue multiple | 4.77x - 7.9x | 7.31x | Increase |
| Co-Investments | $33660000 | Market comparable companies | Enterprise value to EBITDA and revenue multiples | 0.7x - 11.9x | 7.02x | 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 September 30, 2025, are shown in the table below:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Investment Type** | <br>**Investment Strategy** |<br>**Fair Value** | **Unfunded**<br>**Commitments** |
| Co-Investments | Investments in the equity and/or debt of operating companies, projects or properties generally alongside an Investment Manager | $864084932 | $63648619 |
| Primary Investment Funds | Investments in private funds actively fundraising with less than 25% of capital commitments invested | $56164490 | $7500000 |
| Secondary Investment Funds | Investments in individual companies and private funds purchased from other investors, open-ended funds, private funds actively fundraising with 25% or more of capital commitments invested and stapled primary investments | $3903387333 | $866806901 |

---

**4. 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 1.40% on an annualized basis of the Fund's daily net assets, provided that the Management Fee shall in no instance be greater than a Management Fee computed based on the value of the net assets of the Fund as of the close of business on the last business day of the relevant month (including any assets in respect of Shares that would be repurchased by the Fund on such date). The Management Fee is accrued daily and payable monthly in arrears. The Adviser pays the Sub-Adviser 50% of the Management Fee. For the six months ended September 30, 2025, the Adviser earned $34.1 million in Management Fees of which $6.1 million was payable as of September 30, 2025.

**StepStone Private Markets**

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

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, which became effective April 27, 2023, the Fund pays the Administrator an administration fee ("Administration Fee") in an amount up to 0.12% on an annualized basis of the Fund's net assets. The Administration Fee is accrued daily based on the value of the prior day net assets of the Fund as of the close of business on each business day (including any assets in respect of Shares that will be repurchased by the Fund on such date), and is payable monthly in arrears. For the six months ended September 30, 2025, the Administrator earned $1.6 million in Administration Fees of which $0.3 million was payable as of September 30, 2025.

5. Controlled/Affiliated Investments

Under Section 2(a)(9) of the 1940 Act, an investment is deemed a control affiliate of the Fund if the Fund owns 25% or more of the investment's outstanding voting securities. As of September 30, 2025, the Fund held 25% or more of the voting securities of the following investments:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Controlled/Affiliated Investment** |<br>**Balance as of**<br>**March 31,**<br>**2025** |<br>**Purchases at**<br>**Cost** |<br>**Proceeds**<br>**from**<br>**Distributions** |<br>**Realized**<br>**Gain (Loss)** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Balance as of**<br>**September 30,**<br>**2025** |<br>**Affiliated**<br>**Income** |
| Accordion DC Holdings, LP | $7814278 | $56509 | $— | $— | $(401962) | $7468825 | $— |
| Gemspring Capital Goliath Fund, LP | 37678661 | 36800 |  |  | (57679) | 37657782 |  |
| Octagon StepStone CLO Fund, LTD. | 64870877 |  |  |  | 3073314 | 67944191 |  |
| SkyKnight Capital II CV B, L.P. | 89818760 | 646402 | 190015 |  | 4717110 | 94992257 |  |
|  | $200182576 | $739711 | $190015 | $— | $7330783 | $208063055 | $— |

---

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 six months ended September 30, 2025, the Custodian earned $0.2 million in custody fees, recorded in other expenses on the Consolidated Statement of Operations, of which $0.1 million was payable as of September 30, 2025 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 six months ended September 30, 2025, the Transfer Agent earned $1.2 million in transfer agent fees of which $0.3 million was payable as of September 30, 2025.

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 determined and accrued daily based on the net assets of the share class as of the close of business on each business day (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 six months ended September 30, 2025, distribution and shareholder servicing fees incurred are disclosed on the Consolidated Statement of Operations.

**StepStone Private Markets**

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

8. Revolving Credit Facility

Effective November 23, 2021, the Fund entered into a revolving credit agreement, as amended from time to time, with Cadence Bank, N.A. allowing the Fund to borrow up to $350.0 million. The credit agreement was terminated effective April 22, 2025.

Effective April 22, 2025, SPRIM Holdings LLC entered into a senior secured credit agreement with UBS AG, Stamford Bank ("UBS"), as the administrative agent and lender, and the other lenders, party thereto, to provide SPRIM Holdings LLC with a revolving credit facility ("Credit Facility"). SPRIM Holdings LLC is a direct, wholly-owned subsidiary of the Fund, organized as a Delaware limited liability company. Borrowings under the Credit Facility are secured by all of the assets of SPRIM Holdings LLC. The Credit Facility carries an initial commitment ("Commitment") of $500.0 million.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.

The Credit Facility has an interest rate of the secured overnight financing rate ("Term SOFR") rate plus an applicable margin ("Applicable Margin") of 2.80% per annum. The Credit Facility has a commitment fee of 0.55% and a minimum utilization fee equal to the Applicable Margin. The minimum utilization fee is calculated based on a minimum borrowing requirement equal to 25% of the Commitment.

The stated maturity date of the Credit Facility is April 22, 2027, subject to extensions or termination events described in the credit agreement. The Credit Facility includes a provision for automatic extension of the Credit Facility by an additional twelve months annually, beginning one year after the closing date.

In conjunction with the Credit Facility, the Fund incurred total debt issuance costs of $2.6 million which are being amortized in the Consolidated Statement of Operations over the term of the Credit Facility. For the six months ended September 30, 2025, expenses incurred by the Fund related to the Credit Facility were $3.6 million. During the six months ended September 30, 2025, the Credit Facility bore interest at a weighted average interest rate of 7.07% and the daily average amount of outstanding borrowings under the Credit Facility was $0.1 million.

9. Commitments and Contingencies

As of September 30, 2025, the Fund has contractual unfunded commitments to provide additional funding of $938.0 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. Effective January 17, 2025, the Fund converted all outstanding Class T shares into Class S shares and ceased offering Class T Shares.

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 $5,000. 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%. Investors purchasing Class I Shares and Class D Shares are not charged a sales load. The Fund accepts initial and additional purchases of Shares daily 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 Markets**

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

The following table summarizes the capital share transactions for the six months ended September 30, 2025 and the year ended March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** | | |
|  | **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** | **For the Year Ended March 31, 2025** | **For the Year Ended March 31, 2025** |
|  | **Shares** | **Dollar Amounts** | **Shares** | **Dollar Amounts** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | 12663511 | $739603380 | 24320638 | $1322288380 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 122902 | 7224121 | 377421 | 20393881 |
| &nbsp;&nbsp;&nbsp;Repurchase of shares | (6952946) | (414725757) | (2981121) | (162697044) |
| &nbsp;&nbsp;&nbsp;Exchange of shares | 14836 | 882137 | 396609 | 21661710 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 5848303 | $332983881 | 22113547 | $1201646927 |
| **Class D** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | 268798 | $15657875 | 535218 | $28814009 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 3718 | 217075 | 10752 | 578505 |
| &nbsp;&nbsp;&nbsp;Repurchase of shares | (47061) | (2773894) | (32822) | (1798826) |
| &nbsp;&nbsp;&nbsp;Exchange of shares | 836 | 36337 | (170378) | (9327478) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 226291 | $13137393 | 342770 | $18266210 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | 4258948 | $242911250 | 10040921 | $531817713 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 49475 | 2842335 | 116410 | 6220270 |
| &nbsp;&nbsp;&nbsp;Repurchase of shares | (283846) | (16432734) | (213803) | (11454322) |
| &nbsp;&nbsp;&nbsp;Exchange of shares | (16039) | (918474) | 247061 | 13445867 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 4008538 | $228402377 | 10190589 | $540029528 |
| **Class T<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued |  | $— | 171870 | $9003754 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  | 2991 | 159080 |
| &nbsp;&nbsp;&nbsp;Repurchase of shares |  |  | (14657) | (768519) |
| &nbsp;&nbsp;&nbsp;Exchange of shares |  |  | (478756) | (25780099) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) |  | $— | (318552) | $(17385784) |

---

<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 5.00% 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 15, June 15, September 15 and December 15 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. 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 of Trustees, in its sole discretion**.** For the September 15, 2025 repurchase, the Board elected to offer to repurchase 10.00% of the Fund's outstanding Shares. For the six months ended September 30, 2025 and the year ended March 31, 2025, 7,283,853 and 3,242,403 Shares were repurchased by the Fund, respectively.

**StepStone Private Markets**

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

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 six months ended September 30, 2025, purchases of investments, excluding short-term investments, were $669.1 million. For the six months ended September 30, 2025, total distributions received from investments, excluding short-term investments, were $160.3 million. During the six months ended September 30, 2025, there were no sale, redemption or other disposition of investments, excluding short-term investments.

13. Tax Information

The Fund has temporary differences primarily due to timing differences between book and tax treatment of partnership interests and passive foreign investment company investments held by the Fund, qualified late-year loss deferrals, as well as activity related to the Fund's Wholly-Owned Subsidiaries.

U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. As of September 30, 2025, the Fund had $31,296 of permanent book to tax differences due to distributions in excess. The 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 | $(11680988) |
| Net tax appreciation (depreciation) | 974944408 |
| Other temporary differences | (748080) |
| Total distributable earnings (accumulated loss) | $962515340 |

---

The tax character of Subchapter M distributions declared for the tax years ended September 30, 2025 and September 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Long-Term <br> Capital Gains** |
| 2025.0 | $13354952 | $31152714 |
| 2024.0 | $7076114 | $12692743 |

---

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 loss | $10239513 |
| Net capital | $1441475 |

---

**StepStone Private Markets**

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

**13. Tax Information** **(continued)**

As of September 30, 2025, the federal tax cost of investments and unrealized appreciation (depreciation) are as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $1085384077 |
| Gross unrealized depreciation | (94575649) |
| Net unrealized appreciation (depreciation) on investments | $990808428 |
| Tax cost of investments | $3893406865 |

---

SPRIM LLC recorded a provision for income tax expense of $47,613 for the six months ended September 30, 2025.

The deferred income tax is computed by applying the federal statutory income tax rate of 21.0% and estimated applicable state income tax statutory rate of 2.25% to net investment income, realized and unrealized gains (losses) on investments before taxes. As of September 30, 2025, SPRIM LLC has a deferred tax liability of $21.7 million.

As of September 30, 2025, 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 component of income tax expense in the Consolidated Statement of Operations. For the tax year ended September 30, 2025, 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.

15. Subsequent Events

On November 10, 2025, the Fund commenced a repurchase offer with a valuation date of December 15, 2025.

On October 20, 2025, the Fund began offering Class R shares.

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 Markets**

Other Information

September 30, 2025 (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 <u>sec.gov</u>.

**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 <u>sec.gov</u>.

**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 <u>sec.gov</u>, or without charge and upon request by calling the Fund at (704) 215-4300.

**Investment Adviser and Administrator** 

StepStone Group Private Wealth LLC

128 S Tryon St., Suite 1600

Charlotte, North Carolina 28202

<u>www.stepstonepw.com</u>

**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.

Not applicable for semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) Schedule of Investments in securities of non-controlled/non-affiliated and controlled/affiliated 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.

Not applicable.

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

Not applicable for semi-annual report.

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

(a) Not applicable for semi-annual report.

(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 Securities Exchange Act of 1934, as amended (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, as amended (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) Not applicable for semi-annual report.

(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.](ea026712301_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.](ea026712301_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 Markets |
| By (Signature and Title)\* | /s/ Robert W. Long |
|  | Robert W. Long, President |
|  | (Principal Executive Officer) |
| Date | December 2, 2025 |

---

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 | December 2, 2025 |
| By (Signature and Title)\* | /s/ Kimberly S. Zeitvogel |
|  | Kimberly S. Zeitvogel, Treasurer |
|  | (Principal Financial Officer) |
| Date | December 2, 2025 |

---

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

## 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 Markets (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>December 2, 2025</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

THE SARBANES-OXLEY ACT

I, Kimberly S. Zeitvogel, certify that:

1. I have reviewed this report on Form N-CSR of StepStone Private Markets ("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>December 2, 2025</u> | /s/ Kimberly S. Zeitvogel |
|  | Kimberly S. Zeitvogel, Treasurer |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**Certifications Under Section 906**

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

I, Robert W. Long, President and Principal Executive Officer of the StepStone Private Markets (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 period ended September 30, 2025 (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 Markets | StepStone Private Markets |
| /s/ Robert W. Long | /s/ Kimberly S. Zeitvogel |
| Robert W. Long | Kimberly S. Zeitvogel |
| Date: December 2, 2025 | Date: December 2, 2025 |

---

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.