StepStone Private Credit Fund Secures $250M Goldman Facility

StepStone Private Credit Fund has added a $250 million revolving credit facility arranged by Goldman Sachs Bank USA, expanding the financing available to support its private credit investment portfolio as the business development company continues to grow.

The facility was established through StepStone SPV Facility VII, a wholly owned special-purpose subsidiary, according to a Form 8-K filed with the Securities and Exchange Commission. Goldman serves as administrative, syndication and calculation agent, while UMB Bank acts as collateral agent, custodian and administrator.

Borrowings will generally carry an annual interest rate equal to term Secured Overnight Financing Rate, subject to a 0% floor, plus 1.9 percentage points. The subsidiary must also pay a non-use fee on undrawn capacity, subject to a minimum-utilization provision.

Actual borrowing availability may be less than the $250 million commitment. The facility uses a borrowing base that assigns different advance rates to eligible portfolio assets and imposes concentration, eligibility and other collateral requirements. All assets held by SPV Facility VII secure the borrowings, and its parent holding company pledged its equity interest in the borrower.

The reinvestment period runs through Sept. 14, 2029, after which no additional borrowing is permitted. The facility matures Sept. 14, 2031. Early commitment reductions or acceleration before Sept. 14, 2028, may trigger make-whole premiums ranging from 1% to 2%.

The fund reported approximately $4.01 billion of investments at fair value and $1.49 billion of principal debt outstanding as of July 31, according to a separate SEC filing. Its net asset value totaled about $3.02 billion.