StepStone Group Inc. announced it received approval to launch a Private Debt-based European Long-Term Investment Fund (ELTIF), marking a significant step in its expansion into the European private wealth market. The firm plans to initially market these ELTIFs in Italy, Spain, Germany, France, and the Nordic and Benelux regions.
Neil Menard, Partner and President of Distribution for StepStone Private Wealth, stated that this milestone allows the firm to deliver institutional-grade investments tailored to the dynamics of European wealth platforms. The offering is designed to provide unique advantages and diversification in a fragmented market.
Additionally, StepStone received approval to convert its current RAIF funds, including SPRIM Lux, SPRING Lux, and STRUCTURE Lux, into UCI Part II vehicles. This conversion will grant professional and semi-professional investors greater access to private markets across private equity, infrastructure, and real estate, further enhancing the firm's European product suite.
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