Stepstone Launches Private Credit Interval Fund

StepStone’s private wealth division has launched the StepStone Private Credit Income Fund (CRDEX), an evergreen interval fund for U.S. high-net-worth and institutional investors.

The fund provides exposure to private credit assets through a “multi-lender” approach that incorporates both direct lending and specialist credit strategies such as direct loans and secondaries.

CRDEX will raise capital daily while providing liquidity through quarterly redemptions of 5% of the fund’s NAV. The minimum investment is $25,000.

“CRDEX seeks to provide a stable, attractive yield and inflation protection that will temper the volatility in traditional portfolios by investing primarily in floating rate, senior secured loans,” said Bob Long, CEO of StepStone Private Wealth.

The fund will be managed by StepStone Private Debt, a team of more than 65 professionals responsible for $50 billion of capital as of March 31.

SPW also manages other funds including the StepStone Private Markets fund or SPRIM (XPMIX) and StepStone Private Infrastructure fund or STRUCTURE (STRUX), along with the StepStone Private Venture and Growth Fund or SPRING.

StepStone is a global private markets investment firm focused on providing customized investment solutions and advisory and data services. As of March 31, 2024, the firm was responsible for approximately $678 billion of total capital, including $157 billion of assets under management.