N-CSRS 1 ea0267124-01_ncsrs.htm N-CSRS

 

 

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 811-23786

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StepStone Private Venture and Growth Fund

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(Exact name of registrant as specified in charter)

 

128 S Tryon St., Suite 1600

Charlotte, NC 28202

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(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

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(Name and address of agent for service)

 

Registrant's telephone number, including area code: (704) 215-4300

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Date of fiscal year end: March 31

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Date of reporting period: September 30, 2025

 

 

 

 

 

 

ITEM 1. REPORTS TO STOCKHOLDERS.

 

(a) The Report to Shareholders is attached herewith.

 

 

 

 

 

 

 

 

StepStone Private Venture and Growth Fund

 

 

 

 

 

 

 

 

 

 

 

Consolidated Financial Statements

 

For the Six Months Ended September 30, 2025

 

(unaudited)

 

 

 

Semi-Annual Report

 

 

 

 

 

 

StepStone Private Venture and Growth Fund

 

Table of Contents

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

 

 

Consolidated Schedule of Investments 2 - 11
Consolidated Statement of Assets and Liabilities 12 - 13
Consolidated Statement of Operations 14
Consolidated Statements of Changes in Net Assets 15 - 16
Consolidated Statement of Cash Flows 17 - 18
Consolidated Financial Highlights 19 - 24
Notes to Consolidated Financial Statements 25 - 36
Other Information 37

 

1

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Primary Direct Investments - Non-Controlled/Non-Affiliated - 32.9% of NAV            1,2,3,4
Europe - 1.0% of NAV                   
Altimeter Pilot Fund I, L.P.  Venture Capital  05/08/2025  $11,083,009   $10,996,696   *
Fund J-1, a series of Riot Ventures Opportunity Fund, L.P.  Venture Capital  08/25/2025   1,103,798    1,082,155   *
Monzo Bank Holding Group Limited (1,119,049 preferred shares)  Venture Capital  03/05/2024   19,474,096    22,720,567   *,5,7
Total Europe        $31,660,903   $34,799,418    
North America - 30.4% of NAV                   
8VC AI Fund III, LLC  Venture Capital  08/13/2025  $11,520,000   $11,520,000   *
8VC ANSF SPV I, LLC  Venture Capital  07/16/2024   3,613,856    6,185,217   *
8VC CHSB SPV, LLC  Venture Capital  08/02/2024   6,400,000    28,611,336   *
8VC ERSA SPV, LLC  Venture Capital  07/18/2025   6,525,000    6,474,757   *
8VC LBSD SPV, LLC  Venture Capital  03/27/2025   15,750,000    15,750,000   *
AcuityMD, Inc. (229,474 preferred shares)  Venture Capital  04/12/2024   1,268,142    1,268,143   *,5
Altimeter Atlas Fund I, L.P.  Venture Capital  05/08/2025   4,798,359    4,791,639   *
Altimeter Growth Co-Invest IV, L.P.  Venture Capital  09/05/2024   29,433,949    41,816,582   *,6
Altimeter Growth Co-Invest V, L.P.  Venture Capital  09/30/2024   22,579,800    52,696,983   *
Altimeter Growth Olympic Fund II, L.P.  Venture Capital  04/04/2025   13,517,609    20,237,298   *
Altimeter Growth Olympic Fund III, L.P.  Venture Capital  07/01/2025   12,826,880    19,190,365    
Anduril Industries, Inc. (65,393 preferred shares)  Venture Capital  03/20/2025   2,673,449    2,673,449   *,5
Apex Technology, Inc. (924,758 preferred shares)  Venture Capital  04/16/2025   9,754,609    10,589,126   *,5
ASA4 LLC  Venture Capital  06/12/2024   8,900,000    11,940,252   *
Atticus Labs, Inc. (307,490 preferred shares)  Venture Capital  04/09/2025   5,080,679    5,080,565   *,5
Boldstart Cardinal, LLC  Venture Capital  06/04/2025   1,392,000    1,383,369   *
BSV Holdings I LP  Venture Capital  03/10/2025   1,828,174    1,813,268   *
Caffeinated Capital Saronic SPV II, LLC  Venture Capital  01/28/2025   28,500,000    28,492,587   *
Caffeinated Capital Varda SPV II, LLC  Venture Capital  09/05/2024   3,900,000    3,891,231   *
Canto of Arcadia, LP  Venture Capital  09/02/2025   879,724    803,150   *
Canto of Jupiter II, LP  Venture Capital  09/25/2025   1,170,989    1,104,707   *
Chaos Industries, Inc. (137,923 preferred shares)  Venture Capital  04/25/2025   9,999,983    19,342,266   *,5
CIV TNC SPV I, LLC  Venture Capital  04/16/2025   4,766,158    4,758,885   *
Cosmic 20252, L.P.  Venture Capital  05/02/2025   8,000,000    8,000,000   *
Creatio Inc. (7,609 preferred shares)  Venture Capital  06/10/2024   778,806    778,806   *,5
CRV Select II-V, LP  Venture Capital  05/06/2024   9,630,590    24,737,962   *
Cube Planning Inc. (277,368 preferred shares)  Venture Capital  12/15/2023   1,431,302    1,431,302   *,5
Cyware Labs, Inc. (16,739 preferred shares)  Venture Capital  11/08/2023   188,612    188,612   *,5
Duplocloud, Inc. (153,459 preferred shares)  Venture Capital  11/01/2023   1,361,273    1,730,250   *,5
Elephant Partners 2023 SPV-A, L.P.  Venture Capital  05/19/2023   34,665,443    37,567,672   *
Ensemble Continuation Fund LLC - Series Saronic  Venture Capital  07/10/2024   4,571,429    12,783,672   *
FE IV Co-Invest FA, L.P.  Growth Equity  07/31/2024   4,360,115    7,935,505   *
FE IV Co-Invest SO, L.P.  Growth Equity  10/24/2024   36,146,670    37,981,735   *

 

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

 

2

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Primary Direct Investments - Non-Controlled/Non-Affiliated (continued)             
North America (continued)                   
Federato Technologies, Inc. (1,108,931 preferred shares)  Venture Capital  11/15/2024  $7,065,321   $16,485,701   *,5
FLB Partners B, LP   Venture Capital  05/14/2025   18,200,000    18,330,749   *
Georgian Fund VI C Invest LP  Venture Capital  11/14/2024   17,682,873    21,227,254   *,6
Hello Cake, Inc. (3,248,958 preferred shares)  Venture Capital  09/11/2024   8,282,602    13,391,880   *,5
HotWheels Co-Invest LP   Venture Capital  07/09/2025   13,793,280    13,793,280   *,6
ICONIQ Strategic Partners VI Co-Invest, L.P. - Series N-B3  Venture Capital  07/14/2025   8,700,000    9,662,051   *
Ilumed Parent LLC (1,320 preferred units)  Growth Equity  08/19/2024   9,493,125    14,541,120   *,5,8
Infinite Uptime, Inc. (231,940 preferred shares)  Venture Capital  01/06/2025   1,813,377    1,813,377   *,5
Interlagos I, LLC, an Interlagos Capital Fund  Venture Capital  08/25/2025   6,781,223    6,771,754   *
Interlagos II, LLC, an Interlagos Capital Fund  Venture Capital  08/29/2025   1,818,640    1,814,570   *
Interlagos III, LLC, an Interlagos Capital Fund  Venture Capital  08/29/2025   624,787    620,277   *
KA Venture Investments Holdings, LLC  Venture Capital  10/15/2024   989,115    989,115   *
Kindred GMF1, L.P.  Venture Capital  05/23/2025   3,480,006    3,479,387   *
KoBold Metals Company (298,754 preferred shares)  Venture Capital  12/05/2024   25,379,959    25,379,959   *,5
Lavrock-Castelion-P, LLC  Venture Capital  08/06/2025   5,211,757    5,200,835   *
LGF SUNNY MOMENTUM, L.P.  Venture Capital  04/30/2025   4,572,750    4,567,972   *
MC Tech IV (Co-Invest), LP  Venture Capital  04/04/2025   6,808,052    18,169,600   *
MTS Belmont Holdings, L.P.  Growth Equity  06/03/2025   28,203,560    28,203,560   *
NEA CH SPV, L.P.  Venture Capital  05/09/2024   1,952,874    2,348,517   *
NEA SH 2025 SPV, L.P.  Venture Capital  06/24/2025   8,700,000    8,699,681   *
Overhaul Group, Inc. (830,940 preferred shares)  Venture Capital  02/01/2023   10,416,248    16,652,785   *,5
Peak Topco Inc. (2,667 common shares)  Growth Equity  08/23/2024   2,666,667    2,933,334   *,5,6
PMRP, LLC  Venture Capital  09/08/2025   8,516,900    8,512,001   *
Poolside, Inc. (160,443 preferred shares)  Venture Capital  07/11/2024   12,226,575    12,226,575   *,5
PushPress, Inc. (760,282 preferred shares)  Venture Capital  10/17/2024   5,350,333    5,350,333   *,5
Rasa Technologies Inc. (361,126 preferred shares)  Venture Capital  12/06/2023   1,651,249    1,651,249   *,5
Redpoint Omega IV-C, L.P.  Venture Capital  06/28/2024   6,565,911    10,168,839   *
RPIII FB Co-Invest LLC  Growth Equity  03/02/2023   4,000,000    4,287,000   *,8
S Squared - HAD LP  Venture Capital  06/18/2025   469,168    438,475   *
Saronic Technologies, Inc. (413,421 preferred shares)  Venture Capital  07/11/2024   2,825,076    6,405,586   *,5
Shrug Opportunities & Natural Capital LP  Venture Capital  10/11/2024   22,695,000    22,549,930   *
Sift Stack, Inc. (797,607 preferred shares)  Venture Capital  07/18/2025   5,687,815    5,687,815   *,5
SiMa Technologies, Inc. ($4,265,865 principal amount, 7.50%, 12/31/2027)  Venture Capital  07/18/2025   4,265,865    4,265,865   5
StepStone VC PVP Follow-On, LLC  Venture Capital  09/11/2024   53,193    50,342   *
Teamshares Inc. (5,714 preferred shares)  Venture Capital  06/20/2024   436,131    436,131   *,5
Telstar4Ever by XYZ, LLC  Venture Capital  09/29/2025   4,536,000    4,536,000   *
Temporal Technologies Inc. (73,765 preferred shares)  Venture Capital  02/03/2025   4,371,343    6,096,677   *,5
ThreatLocker, Inc. (827,118 preferred shares)  Venture Capital  04/08/2024   42,211,570    48,154,314   *,5
Thrive Capital Partners IX Growth-C, LLC  Venture Capital  12/16/2024   7,617,428    12,317,146   *

 

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

 

3

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Primary Direct Investments - Non-Controlled/Non-Affiliated (continued)             
North America (continued)                   
Thrive Capital Partners IX Growth-F, LLC  Venture Capital  04/02/2025  $27,135,315   $68,073,947   *
Transcend Inc. (265,808 preferred shares)  Venture Capital  12/29/2023   2,785,645    2,785,641   *,5
TurbineOne, Inc. (54,690 preferred shares)  Venture Capital  05/07/2025   1,493,494    1,493,496   *,5
unitQ inc. (614,975 preferred shares)  Venture Capital  04/19/2024   2,536,280    2,536,280   *,5
Valor Summit 1.0 L.P.  Venture Capital  10/30/2024   21,622,029    57,662,473   *,6
Vercel Inc. (54,767 preferred shares)  Venture Capital  09/26/2025   10,999,952    10,999,952   *,5
VY Cerebrum, L.P.  Venture Capital  05/27/2025   9,190,999    9,165,439   *,6
WndrCo Holdings M C SPV LP  Venture Capital  05/02/2025   10,137,918    10,046,918   *
X.AI Holdings Corp. (793,651 preferred shares)  Venture Capital  05/10/2024   9,500,002    29,015,881   *,5
Total North America        $729,731,007   $1,013,541,754    
Rest of World - 1.5% of NAV                   
KA CT, LLC  Venture Capital  01/02/2024  $2,190,000   $2,899,245   *,9
Lyka Wellness Pty Ltd (26,069 preferred shares)  Venture Capital  04/25/2023   2,272,587    2,582,160   *,5,7
Lyka Wellness Pty Ltd  Venture Capital  02/13/2025   111,933    118,459   *,5,7,10
Rei do Pitaco Limited  Venture Capital  06/28/2024   3,325,000    3,325,000   *,5,10
Zencity Technologies Ltd. (575,444 preferred shares)  Venture Capital  05/15/2024   5,852,957    5,852,957   *,5
Zepto Private Limited (102,340,840 preferred shares)  Venture Capital  08/24/2023   13,325,236    34,666,460   *,5
Total Rest of World        $27,077,713   $49,444,281    
Total Non-Controlled/Non-Affiliated Primary Direct Investments  $788,469,623   $1,097,785,453    
Primary Investment Funds - Non-Controlled/Non-Affiliated - 2.1% of NAV            1,2,3,4
North America - 2.1% of NAV                   
8VC DSS A, L.P.  Venture Capital  02/28/2025  $37,350,000   $41,994,534   *,6
Altimeter Venture Partners Fund VII, L.P.  Venture Capital  11/08/2024   17,167,793    18,889,430   *,6
Cantos Ventures IV, L.P.  Venture Capital  09/25/2025   —    —   *,6
Cosmic - Aleph 4, L.P.  Venture Capital  09/10/2025   151,875    151,677   *,6
Cosmic - Bet 4 Durable, L.P.  Venture Capital  09/10/2025   —    —   *,6
Cosmic - Bet 4, L.P.  Venture Capital  09/10/2025   604,125    603,039   *,6
HX One L.P.  Venture Capital  04/08/2025   8,053,500    7,797,545   *,6
Interlagos Fund I, LP  Venture Capital  09/24/2025   —    —   *,6
Marathon Management Partners Fund I, LP  Venture Capital  04/25/2025   1,144,876    1,457,482   *,6
Total North America        $64,472,169   $70,893,707    
Total Non-Controlled/Non-Affiliated Primary Investment Funds  $64,472,169   $70,893,707    
Secondary Direct Investments - Non-Controlled/Non-Affiliated - 8.6% of NAV        1,2,3,4
Europe - 1.1% of NAV                   
Monzo Bank Holding Group Limited (1,772,343 preferred shares)  Venture Capital  05/03/2024  $33,024,390   $35,984,695   *,5,7
Total Europe        $33,024,390   $35,984,695    
North America - 7.4% of NAV                   
Anduril Industries, Inc. (91,127 common shares)  Venture Capital  05/14/2024  $2,514,476   $3,725,526   *,5
Anduril Industries, Inc. (248,416 preferred shares)  Venture Capital  08/05/2024   7,419,286    10,155,941   *,5
Atticus Labs, Inc. (25,624 preferred shares)  Venture Capital  05/23/2025   432,565    423,378   *,5

 

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

 

4

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Direct Investments - Non-Controlled/Non-Affiliated (continued)             
North America (continued)                   
BuildOps, Inc. (222,285 preferred shares)  Venture Capital  09/27/2023  $229,865   $499,297   *,5
Carry Technologies Inc. (32,519 common shares)  Venture Capital  04/28/2025   1,753,385    1,753,385   *,5
Chaos Industries, Inc. (34,481 preferred shares)  Venture Capital  07/30/2025   2,500,014    4,835,602   *,5
Contentful Global, Inc. (74,057 preferred shares)  Venture Capital  06/13/2023   970,147    970,147   *,5
Creatio Inc. (13,704 common shares)  Venture Capital  06/10/2024   1,315,058    1,402,650   *,5
Creatio Inc. (32,501 preferred shares)  Venture Capital  06/10/2024   3,326,585    3,326,585   *,5
Cube Planning Inc. (15,142 preferred shares)  Venture Capital  01/29/2024   57,947    78,137   *,5
Cyware Labs, Inc. (78,769 common shares)  Venture Capital  11/08/2023   754,418    609,373   *,5
Duplocloud, Inc. (22,133 preferred shares)  Venture Capital  11/01/2023   157,067    249,550   *,5
Federato Technologies, Inc. (122,707 preferred shares)  Venture Capital  11/15/2024   1,417,734    1,824,199   *,5
GlossGenius, Inc. (11,136 common shares)  Venture Capital  11/16/2023   282,909    282,909   *,5
HyperNative Inc. (171,481 preferred shares)  Venture Capital  05/07/2025   4,549,991    4,549,991   *,5
KoBold Metals Company (25,971 preferred shares)  Venture Capital  02/05/2025   2,206,307    2,206,307   *,5
KoBold Metals Company (4,594 common shares)  Venture Capital  07/07/2025   390,273    390,273   *,5
Kong Inc. (1,211,663 preferred shares)  Venture Capital  10/10/2024   12,123,382    12,412,033   *,5
Maven Clinic Co. (254,542 preferred shares)  Venture Capital  08/16/2024   4,522,931    4,522,931   *,5
Outreach Corporation (225,367 common shares)  Venture Capital  06/14/2023   1,802,939    901,468   *,5
Postman, Inc. (354,691 preferred shares)  Venture Capital  09/26/2025   4,078,947    4,665,357   *,5
PushPress, Inc. (400,842 preferred shares)  Venture Capital  10/17/2024   2,820,845    2,820,845   *,5
Saronic Technologies, Inc. (430,576 common shares)  Venture Capital  07/23/2024   3,627,978    6,671,388   *,5
Solutions By Text Holdco Inc. (268,109 common shares)  Growth Equity  05/16/2024   1,730,435    2,377,644   *,5
Space Exploration Technologies Corp. (123,345 common shares)  Venture Capital  04/26/2024   12,948,495    26,149,140   *,5
Space Exploration Technologies Corp. (44,154 preferred shares)  Venture Capital  09/16/2025   93,606,480    93,606,480   *,5
Teamshares Inc. (17,142 preferred shares)  Venture Capital  09/27/2023   1,308,392    1,308,392   *,5
ThreatLocker, Inc. (544,041 preferred shares)  Venture Capital  04/08/2024   22,848,548    31,673,741   *,5
TurbineOne, Inc. (39,062 preferred shares)  Venture Capital  05/07/2025   1,066,719    1,066,721   *,5
Vacation Inc. (1,061,681 preferred shares)  Venture Capital  02/12/2024   3,198,070    8,977,575   *,5
Vannevar Labs, Inc. (58,103 common shares)  Venture Capital  03/06/2025   3,704,261    3,698,192   *,5
Vannevar Labs, Inc. (82,416 preferred shares)  Venture Capital  02/18/2025   5,254,296    5,245,688   *,5
Vetro, Inc. (273,397 preferred shares)  Growth Equity  08/08/2025   4,272,645    4,496,834   *,5
Total North America        $209,193,390   $247,877,679    
Rest of World - 0.1% of NAV                   
Lyka Wellness Pty Ltd (7,809 preferred shares)  Venture Capital  05/02/2024  $671,181   $773,489   *,5,7
Zepto Private Limited (2,156,326 common shares)  Venture Capital  01/08/2024   210,266    810,853   *,5
Zepto Private Limited (1,792,786 preferred shares)  Venture Capital  06/05/2024   214,630    578,702   *,5
Total Rest of World        $1,096,077   $2,163,044    
Total Non-Controlled/Non-Affiliated Secondary Direct Investments  $243,313,857   $286,025,418    

 

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

 

5

 

 

StepStone Private Venture and Growth Fund

 

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 - 49.2% of NAV            1,2,3,4
Europe - 5.3% of NAV                   
Glade Brook Private Investors XLIII LP  Venture Capital  08/01/2025  $106,250,000   $121,205,890   *
MVII Parloa SPV-B, L.P.  Venture Capital  06/25/2025   11,943,022    12,811,483   *
SilverTree Equity VIII LP  Growth Equity  04/10/2025   44,697,546    44,322,138   *,6
Total Europe        $162,890,568   $178,339,511    
North America - 41.9% of NAV                   
137 Holdings AI II, LLC  Venture Capital  02/21/2024  $12,495,038   $28,350,538   *
137 Holdings SXXI, LLC  Venture Capital  03/18/2024   12,699,000    25,759,631   *
AH Parallel Fund IV-Q, L.P.  Venture Capital  07/01/2023   168,640    161,805   *,9
Altimeter Atlas Fund II, L.P.  Venture Capital  06/12/2025   896,173    892,803   *,6
Amaranth DC Holdings, LP  Growth Equity  02/23/2024   13,938,639    16,445,887    
Amplify Partners II, L.P.  Venture Capital  04/14/2025   280,497    215,193   *
Amplify Partners III, L.P.  Venture Capital  04/14/2025   3,375,724    4,316,273   *
Amplify Partners Select Fund IV, L.P.  Venture Capital  04/14/2025   344,537    432,654   *,6
Andreessen Horowitz Fund IV-Q, L.P.  Venture Capital  07/01/2023   358,942    303,996   *,9
Ardent GB Holdings, LP  Venture Capital  03/21/2024   2,723,400    2,712,214   *
ARP4 LLC  Venture Capital  03/20/2025   20,768,665    41,537,330   *
ARP4 II LLC  Venture Capital  07/28/2025   34,800,000    47,675,653   *
ASY5 LLC  Venture Capital  08/08/2025   30,450,000    34,272,787   *
Backend Capital, a series of Backend Capital, LP  Venture Capital  08/29/2023   689,809    1,619,329   *
Betaworks Ventures 1.0, LP  Venture Capital  01/24/2023   5,221,432    23,944,501   *,6
Betaworks Ventures 2.0, LP  Venture Capital  01/24/2023   1,976,935    2,034,843   *,6
Betaworks Ventures 3.0, LP  Venture Capital  01/24/2023   1,072,500    1,011,625   *,6,9
Boldstart Opportunities I L.P.  Venture Capital  04/17/2024   249,020    298,006   *
Boldstart Ventures II L.P.  Venture Capital  06/30/2024   3,714,606    4,901,658   *,6
Boldstart Ventures III L.P.  Venture Capital  04/17/2024   3,111,579    5,251,506   *
Caffeinated Capital Venture Fund IV, LP  Venture Capital  06/17/2025   5,763,254    7,716,346   *,6
Caffeinated Capital Venture Fund V, LP  Venture Capital  07/01/2025   785,561    784,672   *,6
Charles River Partnership XIV, LP  Venture Capital  06/30/2023   83,101    57,071   *,7
Charles River Partnership XV, LP  Venture Capital  06/30/2023   747,596    1,549,426   *,6,7
Charles River Partnership XVI, LP  Venture Capital  06/30/2023   4,465,512    8,159,233   *,6,7
CNK Fund IV, L.P.  Venture Capital  12/31/2023   3,070,692    14,869,811   *,6,9
CNK Seed Fund I, L.P.  Venture Capital  12/31/2023   1,505,222    4,454,959   *,6,9
Columbia Capital Equity Partners VI (QP), L.P.  Venture Capital  06/30/2023   231,054    258,238   9
Columbia Capital Equity Partners VII (QP), L.P.  Growth Equity  08/04/2023   220,225    311,372   *,6,9
Columbia Spectrum Partners VI-A, L.P.  Venture Capital  09/10/2024   44,500,000    61,857,982   *
Conversion Capital Fund II, LP  Venture Capital  09/30/2023   46,298    39,963   *,6
Craft Ventures Affiliates II, L.P.  Venture Capital  06/30/2023   174,577    365,714   *
Craft Ventures Growth I, L.P.  Venture Capital  06/30/2023   76,732    228,408   *,6
Craft Ventures III, L.P.  Venture Capital  06/30/2023   87,895    189,214   *,6
CRV SPV2-Z, LLC  Venture Capital  12/06/2024   5,285,066    7,018,343   *

 

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

 

6

 

 

StepStone Private Venture and Growth Fund

 

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)             
North America (continued)                   
DST Global IX, L.P.  Venture Capital  10/01/2023  $14,712,899   $23,294,953   *,6
DST Global VI, L.P.  Venture Capital  10/01/2023   2,206,878    4,104,141   *
DST Global VII, L.P.  Venture Capital  10/01/2023   7,449,723    20,875,680   *,6
DST Global VIII, L.P.  Venture Capital  10/01/2023   5,724,672    11,396,956   *,6
DST Investments XXI, L.P.  Venture Capital  10/01/2023   281,117    360,959   *
DSTG VII Investments-1, L.P.   Venture Capital  10/01/2023   253,192    364,594   *
DSTG VII Investments-4, L.P.   Venture Capital  10/01/2023   58,052    109,391   *
Elephant Partners I, L.P.  Growth Equity  04/12/2024   513,786    672,516   *,6
Elephant Partners II, L.P.  Growth Equity  04/12/2024   563,549    782,829   *,6
Elephant Partners III, L.P.  Growth Equity  04/12/2024   387,439    768,137   *,6
Elephant Partners IV, L.P.  Growth Equity  04/12/2024   318,895    413,984   *,6
Emergence Capital Partners II, L.P.  Venture Capital  10/22/2024   1,771,885    2,316,920   *,6
Felicis Ventures VI, L.P.  Venture Capital  11/04/2022   17,384,509    21,082,438   *,9
Felicis Ventures VII, L.P.  Venture Capital  11/04/2022   14,105,574    21,167,460   *,6
Fika Ventures - A, L.P.  Venture Capital  01/09/2024   116,969    164,299   *
Fika Ventures, L.P.  Venture Capital  06/27/2023   933,803    1,745,375   *
Fingercheck Buyer SPV, LLC  Venture Capital  10/16/2024   30,149,998    33,131,240   *
First-Party Time VI LLC  Growth Equity  07/02/2024   13,326,624    18,980,299   *
Five Elms III Apptegy CV, L.P.  Growth Equity  12/20/2023   18,691,081    28,036,622   *,6
FTV - FA, L.P.  Growth Equity  07/11/2025   11,455,821    11,431,160   6
Georgian Alignment Fund AS, LP  Venture Capital  10/31/2024   48,808,018    55,132,925   *,6
Glade Brook Private Investors XXXVII LP  Venture Capital  05/14/2025   14,025,375    17,225,561   *
Glade Brook Strategic Growth IV LP  Venture Capital  04/15/2025   894,156    1,101,576   *,6
Greenoaks Capital MS LP - Jenner II Series   Venture Capital  06/06/2024   23,164,166    26,602,495   *,6
Group 11 Fund VI, L.P.  Venture Capital  12/22/2023   1,785,153    2,777,167   *,6
Hildred Capital Co-Invest-REBA, LP  Venture Capital  10/08/2024   21,627,000    27,786,237   *,6
Hildred Equity Partners III-A, LP  Venture Capital  10/08/2024   —    —   *,6
Hildred Perennial Partners I, LP  Venture Capital  12/22/2023   3,442,494    5,006,942   *,6
Imaginary Venture Capital TR-1, L.P.  Venture Capital  07/30/2024   13,350,000    13,257,192   *
Initialized III L.P.  Venture Capital  11/27/2024   2,016,065    2,845,078   *,6
Insight Partners Continuation Fund II, L.P.  Growth Equity  03/31/2023   17,175,130    23,825,083   *,6
Inspired Capital Shop, L.P.  Venture Capital  08/08/2025   4,371,750    4,350,000   *
Integrity Growth Partners Fund II, L.P.  Growth Equity  07/31/2024   5,291,107    6,309,530   *,6
JMI Fuego Aggregator, L.P.  Growth Equity  06/26/2025   7,794,136    7,657,876   *,6
K1X Co-Invest, LLC   Venture Capital  09/05/2024   3,215,998    3,927,735   *
KA HINT, LLC  Venture Capital  03/13/2025   8,200,000    23,104,947   *
Lightspeed Venture Partners Select II, L.P.  Venture Capital  12/30/2022   658,914    948,643   *,6,7
Lightspeed Venture Partners Select IV, L.P.  Venture Capital  12/30/2022   1,090,071    1,897,582   *,6,7
Lightspeed Venture Partners X, L.P.  Venture Capital  12/30/2022   2,452,835    3,272,889   *,6,7
Lightspeed Venture Partners XI, L.P.   Venture Capital  12/30/2022   1,781,103    1,685,569   *,6,7

 

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

 

7

 

 

StepStone Private Venture and Growth Fund

 

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)             
North America (continued)                   
Lightspeed Venture Partners XII, L.P.   Venture Capital  12/30/2022  $1,515,798   $2,675,772   *,6,7
Lightspeed Venture Partners XIII, L.P.   Venture Capital  12/30/2022   1,452,630    2,538,381   *,6,7
Lightspeed W-I, LLC   Venture Capital  03/26/2024   13,407,405    31,178,322   *
Lux Ventures IV, L.P.   Venture Capital  06/30/2023   511,875    856,238   *
Maple 3 VC, L.P.  Venture Capital  08/20/2024   598,480    870,806   *,6
Maple SPV-C2, LLC  Venture Capital  08/14/2024   1,559,030    6,877,338   *
March Capital Opportunity Fund II, L.P.   Venture Capital  09/30/2023   42,628    66,126   *
March Capital Partners Fund II, L.P.   Venture Capital  09/30/2023   34,781    57,323   *
Maroon Investors, L.P.  Growth Equity  07/14/2023   9,676,184    12,639,699   *,6
NEA Secondary Opportunity Fund, L.P.  Venture Capital  07/03/2024   7,946,329    13,735,737   *,6
Nexus Ventures VI, L.P.  Venture Capital  08/28/2023   130,815    344,968   *,6
Orkila Growth Fund III, LP  Growth Equity  09/29/2023   2,123,360    4,177,487   *,6,7
Orkila Growth Fund IV, LP  Growth Equity  09/29/2023   58,651    62,867   *,6,7
Otherwise Fund V, L.P.  Venture Capital  03/24/2025   445,500    445,500   *,6
Otherwise RP SPV, L.P.  Venture Capital  03/17/2025   13,330,236    15,688,460   *
Poplar DC Holdings, LP  Growth Equity  07/01/2024   39,126,334    38,105,025   *
Primary Select Fund II, L.P.   Venture Capital  04/28/2023   551,523    786,576   *
PSG Sequel-A L.P.  Growth Equity  01/30/2025   57,139,998    66,405,357   6
PVP SGSS I, LLC  Venture Capital  12/18/2023   4,210,222    4,263,437   *,6
PVP SGSS I-A, LLC  Venture Capital  12/18/2023   4,657,344    4,830,253   *,6
Resolve Growth Partners Fund II, L.P.   Growth Equity  09/30/2025   —    106,705   *,6,9
Rocket Fuel III LLC  Growth Equity  07/02/2024   13,336,155    15,694,692   *
Sands Capital Global Innovation Fund III-RP, L.P.  Venture Capital  09/10/2025   9,045,126    8,993,421   *
Sea Change IV LLC  Growth Equity  07/02/2024   1,813,312    2,713,201   *
SG VC Fund II, L.P.  Venture Capital  12/05/2023   5,310,217    11,420,641   *
Shasta Ventures V, L.P.   Venture Capital  06/30/2024   5,331,379    5,778,238   *,6
Signal Peak Ventures III CIV-A, L.P.  Venture Capital  09/30/2024   4,604,235    9,448,128   *
Signal Peak Ventures III, L.P.  Venture Capital  09/30/2024   5,036,890    8,952,515   *
Signal Peak Ventures IV, L.P.   Venture Capital  11/01/2024   2,961,632    4,056,686   *,6
Silas Capital Partners II, L.P.  Venture Capital  03/15/2024   5,390,035    7,947,384   *,6
Silas-MBM LLC   Venture Capital  02/12/2024   830,000    1,339,004   *
SSG Fika VC, LLC  Venture Capital  01/03/2025   4,661,885    6,835,453   *,6
Standard Crypto Venture Fund I LP  Venture Capital  10/23/2024   1,433,084    3,972,246   *,6,9
StepStone BSV VC 2024 LLC  Venture Capital  08/14/2024   7,574,711    13,662,665   *
Stripes VI Crimson Co-Invest, LP  Venture Capital  01/17/2025   3,339,833    4,385,144   *
Stripes VI Rainier Co-Invest, LP  Growth Equity  10/24/2024   8,820,307    8,793,815   *
Stripes VI(A), LP   Growth Equity  07/17/2025   56,338,468    77,564,465   *,6
Stripes VII(A), LP   Venture Capital  07/25/2025   —    —   *,6
TCV Juniper Co, L.P.   Growth Equity  04/07/2025   9,185,368    8,933,193   *
Telescope FU Investor, LLC.  Venture Capital  04/22/2025   11,678,940    14,248,216   *,6

 

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

 

8

 

 

StepStone Private Venture and Growth Fund

 

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)                    
North America (continued)                            
Thrive Capital Partners IX Growth-E, LLC   Venture Capital   01/14/2025   $ 2,884,226     $ 4,667,905     *
Thrive Capital Partners VIII Growth-B, LLC   Venture Capital   03/17/2023     10,888,611       22,372,245     *
Troy Capital Partners Exploration Fund 2024, LP   Venture Capital   09/16/2024     19,171,070       34,137,395     *
TTCP Co-Invest CAN, LP   Growth Equity   03/19/2025     9,208,460       15,473,536     *,8
TTCP Fund III, L.P.   Growth Equity   03/20/2025     6,279,539       6,832,538     *,6,9
Turn/River Capital V (Co-Investment S), L.P.   Growth Equity   04/01/2025     4,770,495       4,767,554     *,6
Turn/River Capital VI (Co-Investment S), L.P.   Growth Equity   04/01/2025     6,914,505       6,910,735     *,6
Valor M33 III L.P.   Venture Capital   08/29/2024     4,750,660       9,337,004     *
Vy Space II LP   Venture Capital   10/29/2024     15,154,466       27,081,360     *,6
VYC25 Limited   Venture Capital   03/10/2025     55,173,399       54,866,897     *
Who is John Galt, LP   Venture Capital   08/22/2025     9,360,076       9,121,165     *
Total North America           $ 997,694,065     $ 1,396,933,782      
Rest of World - 2.0% of NAV                            
Coatue US 50 LLC - Series 1   Venture Capital   12/19/2024   $ 36,395,265     $ 42,380,446     *
Glade Brook Strategic Growth III LP   Venture Capital   04/21/2025     3,344,299       3,898,698     *
MGR-CloudWalk LLC   Venture Capital   09/12/2024     3,033,478       4,038,075     *
SSMGR-C, LLC - Series 1   Venture Capital   10/21/2024     13,023,480       15,528,009     *
Total Rest of World           $ 55,796,522     $ 65,845,228      
Total Non-Controlled/Non-Affiliated Secondary Investment Funds   $ 1,216,381,155     $ 1,641,118,521      
Public Securities - Non-Controlled/Non-Affiliated - 0.0% of NAV             1,2
North America - 0.0% of NAV                            
Samsara Inc. (1,318 common shares)   Public Securities   09/08/2025   $ 54,736     $ 49,096     *,9,11
Total North America           $ 54,736     $ 49,096      
Total Non-Controlled/Non-Affiliated Public Securities   $ 54,736     $ 49,096      
Short-Term Investments - Non-Controlled/Non-Affiliated - 1.3% of NAV                    
Fidelity Investments Money Market Government Portfolio — Class I, 4.04% (44,124,629 shares)   Money Market   N/A   $ 44,124,629     $ 44,124,629     11,12
Total Non-Controlled/Non-Affiliated Short-Term Investments   $ 44,124,629     $ 44,124,629      
Total Non-Controlled/Non-Affiliated Investments - 94.1% of NAV   $ 2,356,816,169     $ 3,139,996,824      
Primary Direct Investments - Controlled/Affiliated - 0.3% of NAV                   1,2,3,4
North America - 0.3% of NAV                            
BSV Star Queen, LLC   Venture Capital   10/15/2024   $ 4,450,000     $ 4,410,840     *
Terrain Opportunity I, LP   Venture Capital   02/26/2025     2,278,987       6,738,406     *
Total North America           $ 6,728,987     $ 11,149,246      
Total Controlled/Affiliated Primary Direct Investments       $ 6,728,987     $ 11,149,246      
Secondary Investment Funds - Controlled/Affiliated - 2.2% of NAV                   1,2,3,4
North America - 2.2% of NAV                            
CRV XVIII-Z, LP   Venture Capital   10/10/2024   $ 11,009,502     $ 11,558,347     *
Fundomo ET001, LP   Venture Capital   06/23/2025     8,220,293       8,213,831     *
Fundomo Fund II, LP   Venture Capital   06/16/2025     —       —     *,6

 

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

 

9

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Investments  Asset Class  Acquisition Date  Cost   Fair Value   Footnotes
Secondary Investment Funds - Controlled/Affiliated (continued)             
North America (continued)                   
Fundomo Sequel I, LP  Venture Capital  06/06/2025  $1,121,876   $1,121,876   *
Redpoint Omega IV-Y, L.P.  Venture Capital  11/18/2024   26,620,000    47,965,042   *
Total North America        $46,971,671   $68,859,096    
Total Controlled/Affiliated Secondary Investment Funds  $46,971,671   $68,859,096    
Total Controlled/Affiliated Investments - 2.5% of NAV  $53,700,658   $80,008,342    
Total Investments - 96.6% of NAV        $2,410,516,827   $3,220,005,166    
Other assets in excess of liabilities - 3.4% of NAV          $117,313,876    
Net Assets - 100.0% of NAV             $3,337,319,042    

 

*Investment is non-income producing.
1Geographic region generally reflects the location of the investment manager or company.
2Investments do not issue shares or hold outstanding principal, except where noted. The terms "shares" and "units" are used interchangeably.
3Private 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.
4The fair value of any Secondary Investment Fund, Secondary Direct Investment, Primary Investment Fund, or Primary Direct 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).
5The fair value of the investment was determined using significant unobservable inputs.
6Investment has been committed to but has not been fully funded.
7All or a portion of this security is held by SPRING Cayman II LLC.
8All or a portion of this security is held by SPRING I LLC - Series A.
9All or a portion of this security is held by SPRING Cayman LLC.
10Investment is a simple agreement for future equity (SAFE) security.
11The audited financial statements of the investment can be found at sec.gov.
12The rate reported is the 7-day effective yield at the period end.

 

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

 

10

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Schedule of Investments (continued)

September 30, 2025 (unaudited)

 

 

Summary of Investments by Strategy (as a percentage of total investments)

 

Primary Direct Investments   34.4%
Primary Investment Funds   2.2%
Secondary Direct Investments   8.9%
Secondary Investment Funds    53.1%
Public Securities   0.0%
Short-Term Investments   1.4%
Total Investments   100.0%

 

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

 

11

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Statement of Assets and Liabilities

September 30, 2025 (unaudited)

 

 

Assets    
Non-controlled/non-affiliated investments, at fair value (cost $2,356,816,169)  $3,139,996,824 
Controlled/affiliated investments, at fair value (cost $53,700,658)   80,008,342 
Total investments, at fair value (cost $2,410,516,827)   3,220,005,166 
Cash   247,637,307 
Restricted cash held in escrow   224,222,207 
Dividend and interest receivable   1,486,286 
Prepaid  expenses   695,203 
Total Assets   3,694,046,169 
      
Liabilities     

Revolving credit facility

   — 
Less deferred debt issuance costs   (982,527)
Revolving credit facility less deferred debt issuance costs   (982,527)
Subscriptions received in advance   224,222,207 
Incentive fees payable   79,603,218 
Payable for share repurchases   25,926,850 
Payable for investments purchased   19,354,570 
Management fees payable   4,036,155 
Deferred tax liability   2,697,017 
Professional fees payable   301,180 
Administration fees payable   231,730 
Revolving credit facility interest and fees payable   132,717 
Transfer agent fees payable   106,803 
Trustees' fees payable   41,867 
Due to Adviser   35,055 
Other accrued expenses   1,020,285 
Total Liabilities   356,727,127 
Commitments and contingencies (see Note 9)     
Net Assets  $3,337,319,042 
      

Composition of Net Assets:

     
Paid-in capital  $2,608,501,576 
Total distributable earnings (accumulated loss)   728,817,466 
Net Assets  $3,337,319,042 

 

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

 

12

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Statement of Assets and Liabilities (continued)

September 30, 2025 (unaudited)

 

 

Class I    
Net Assets  $1,962,394,751 
Outstanding shares (unlimited number of shares authorized)   39,680,872 
Net Asset Value Per Share  $49.45 
Class D     

Net Assets

  $10,694,834 
Outstanding shares (unlimited number of shares authorized)   217,853 
Net Asset Value Per Share  $49.09 
Class S     

Net Assets

  $1,364,229,457 
Outstanding shares (unlimited number of shares authorized)   28,136,599 
Net Asset Value Per Share  $48.49 

 

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

 

13

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Statement of Operations

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

 

 

Investment Income    
Non-controlled/non-affiliated investments dividend income (net of taxes withheld of $0)  $2,512,653 
Non-controlled/non-affiliated investments interest income   4,687,886 
Total Investment Income   7,200,539 
      

Expenses

     
Incentive fees   60,676,816 
Management fees   19,366,463 
Administration fees    1,142,014 
Amortization of deferred investment costs    793,266 
Transfer agent fees   660,358 
Professional fees   592,399 
Revolving credit facility interest and fees    587,091 
Trustees' fees   80,219 
Chief compliance officer fees    30,082 
Distribution and shareholder servicing fees (Class S)   4,197,018 
Shareholder servicing fees (Class D)   9,514 
Other expenses   851,616 
Total Expenses   88,986,856 
Adviser expense recoupment (reimbursement)    180,078 
Net Expenses   89,166,934 
Net Investment Income (Loss)   (81,966,395)
      

Net Realized Gain (Loss)

     
Distributions from non-controlled/non-affiliated investments    1,364,580 
Total Net Realized Gain (Loss)   1,364,580 
Net Change in Unrealized Appreciation (Depreciation)     
Non-controlled/non-affiliated investments    400,180,107 
Controlled/affiliated investments    25,807,356 
Deferred tax   (1,550,360)
Total Net Change in Unrealized Appreciation (Depreciation)   424,437,103 
      
Net Increase (Decrease) in Net Assets from Operations  $343,835,288 

 

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

 

14

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Statements of Changes in Net Assets

 

 

 

   For the Six Months
Ended September 30,
2025 (unaudited)		   For the Year Ended
March 31, 2025		 
Change in Net Assets Resulting from Operations:          
Net investment income (loss)   $(81,966,395)  $(49,132,146)
Net realized gain (loss)    1,364,580    8,574,513 
Net change in unrealized appreciation (depreciation)    424,437,103    283,521,826 
Net Increase (Decrease) in Net Assets Resulting from Operations    343,835,288    242,964,193 
           
Distributions from Distributable Earnings:          
Class I   —    (5,713,496)
Class D    —    (28,205)
Class S    —    (2,724,014)
Class T¹   —    (3,630)
Total Distributions from Distributable Earnings    —    (8,469,345)
           
Change in Net Assets Resulting from Capital Share Transactions:          
Class I          
Proceeds from shares issued   580,186,456    642,775,648 
Reinvestment of distributions   —    3,605,993 
Repurchase of shares    (43,241,270)   (37,131,800)
Exchange of shares   2,168,437    6,417,909 
Total Class I Transactions   539,113,623    615,667,750 
Class D          
Proceeds from shares issued   5,072,092    5,787,012 
Reinvestment of distributions   —    21,642 
Repurchase of shares    (378,976)   (155,593)
Exchange of shares   (324,720)   (4,653,375)
Total Class D Transactions    4,368,396    999,686 
Class S          
Proceeds from shares issued   522,776,322    575,802,383 
Reinvestment of distributions   —    2,180,430 
Repurchase of shares    (2,541,762)   (689,638)
Exchange of shares   (1,843,717)   (1,087,941)
Total Class S Transactions   518,390,843    576,205,234 
Class T¹          
Proceeds from shares issued   —    520,000 
Reinvestment of distributions   —    1,236 
Repurchase of shares    —    — 
Exchange of shares   —    (676,593)
Total Class T¹ Transactions   —    (155,357)
Change in Net Assets Resulting from Capital Share Transactions   1,061,872,862    1,192,717,313 
           
Total Increase (Decrease) in Net Assets    1,405,708,150    1,427,212,161 

 

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

 

15

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Statements of Changes in Net Assets (continued)

 

 

 

   For the Six Months
Ended September 30,		   For the Year Ended 
   2025 (unaudited)   March 31, 2025 
Net Assets          
Beginning of period   1,931,610,892    504,398,731 
End of period  $3,337,319,042   $1,931,610,892 

 

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

 

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

 

16

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Statement of Cash Flows

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

 

 

Cash Flows From Operating Activities    
Net increase (decrease) in net assets from operations  $343,835,288 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:     
Purchases of investments, net of payable for investments purchased   (938,534,238)
(Purchases) sales of short-term investments, net   (923,664)
Proceeds from sales of in-kind stock distributions   1,367,506 
Distributions received from investments, net of distributions receivable from investments   8,283,398 
Net realized (gain) loss on distributions from investments   (1,364,580)
Net change in unrealized (appreciation) depreciation on investments   (425,987,463)
Amortization of debt issuance costs   243,874 
Net change in deferred tax liability   1,550,360 
(Increase) Decrease in Assets     
Dividend and interest receivable   (592,186)
Prepaid expenses   (565,448)
Increase (Decrease) in Liabilities     
Incentive fees payable   60,676,817 
Management fees payable   1,570,960 
Professional fees payable   46,396 
Revolving credit facility interest and fees payable   95,300 
Administration fees payable   40,410 
Transfer agent fees payable   43,649 
Trustees' fees payable   219 
Due to Adviser   (247,490)
Other accrued expenses   491,522 
Net Cash Provided by (Used in) Operating Activities   (949,969,370)
      
Cash Flows from Financing Activities     
Proceeds from issuance of shares, net of change in subscriptions received in advance   1,196,277,960 
Repurchase of shares   (40,226,829)
Debt issuance costs   (817,502)
Net Cash Provided by (Used in) Financing Activities   1,155,233,629 
      
Net Increase (Decrease) in Cash and Restricted Cash Held in Escrow   205,264,259 
      
Cash and Restricted Cash Held in Escrow     
Beginning of period   266,595,255 
End of period  $471,859,514 

 

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

 

17

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Statement of Cash Flows (continued)

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

 

 

End of Period Balances     
Cash  $247,637,307 
Restricted cash held in escrow   224,222,207 
End of Period Balance  $471,859,514 
      
Supplemental Disclosure of Cash Flow Information     
Cash paid during the period for interest expense and commitment fees  $247,917 
In-kind stock distributions received from investments  $370,346 

 

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

 

18

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Financial Highlights

Class I

 

 

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

 

   For the Six Months
Ended 		           For the Period 
   September 30, 2025   For the Year Ended March 31,   Ended March 31, 
   (unaudited)   2025   2024   2023* 
Per Share Operating Performance:                
Net Asset Value per share, beginning of period  $43.87   $36.71   $30.13   $25.00 
Activity from investment operations:                    
Net investment income (loss)¹   (1.38)   (1.64)   (1.34)   (0.70)
Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments²   6.96    9.05    7.92    5.83 
Total from investment operations   5.58    7.41    6.58    5.13 
Less distributions:                    
From net investment income   —    —    —    — 
From net realized gains   —    (0.25)   —    — 
Total distributions  $—   $(0.25)  $—   $— 
Net Asset Value per share, end of period³  $49.45   $43.87   $36.71   $30.13 
                     
Net Assets, end of period (in thousands)  $1,962,395   $1,215,283   $439,238   $185,844 
                     
Ratios to average net assets⁴                    
Net investment income (loss)⁵   (3.69)%   (4.10)%   (4.02)%   (1.74)%
Expenses before adviser expense recoupment (reimbursement) and management fees voluntarily waived⁶   4.24%   5.29%   6.26%   6.18%
Expenses after adviser expense recoupment (reimbursement)⁶ ⁷   4.25%   5.41%   6.12%   5.06%
Expenses after adviser expense recoupment (reimbursement) and management fees voluntarily waived⁶ ⁷   4.25%   5.41%   5.92%   4.27%
Total return³ ⁸ ⁹   12.72%   20.23%   21.84%   20.52%
Portfolio turnover rate¹⁰   0.06%   0.42%   0.19%   0.05%

 

   As of September 30,   As of March 31,   As of March 31,   As of March 31, 
   2025   2025   2024   2023 
Senior Securities:                    
Total borrowings (in thousands)  $—   $—   $—   $30,000 
Asset coverage per $1,000 unit of senior indebtedness¹¹   N/A    N/A    N/A    7,222 

 

*The Class commenced operations on November 1, 2022
1Per share data calculated using average shares method.
2Includes balancing amounts necessary to reconcile the change in net asset value per share for the period.
3The 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.
4Ratios do not reflect the proportionate share of income and expenses originating from the Fund's underlying Investments.
5Net investment income (loss) ratios have been annualized for periods of less than twelve months, except for organizational costs and incentive fees. If incentive fees were excluded, the ratios would have increased (decreased) by 2.35%, 3.31%, 3.63% and 2.90%, respectively, for the six months ended September 30, 2025, years ended March 31, 2025 and 2024 and the period ended March 31, 2023.

 

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

 

19

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Financial Highlights (continued)

Class I

 

 

6Expense ratios have been annualized for periods of less than twelve months, except for organizational costs and incentive fees. If incentive fees had been excluded, the expense ratios would have (increased) decreased by 2.35%, 3.31%, 3.63% and 2.90%, respectively, for the six months ended September 30, 2025, years ended March 31, 2025 and 2024 and the period ended March 31, 2023. Expense ratios exclude deferred tax provisions (Note 13). Taxes, if any, are disclosed separately in the Statement of Operations.
7Recoupment (reimbursement) ratios have been annualized for periods of less than 12 months, with the exception of the six months ending September 30, 2025 as the Adviser has fully recouped all eligible expenses under the Expense Limitation and Reimbursement Agreement (Note 4).
8Total 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.
9Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the periods of reimbursement.
10Excluding 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.
11Calculated 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

 

20

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Financial Highlights (continued)

Class D

 

 

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

 

   For the Six Months
Ended
September 30, 2025		   For the Year Ended March 31,   For the Period
Ended March 31,		 
   (unaudited)   2025   2024   2023* 
Per Share Operating Performance:                
Net Asset Value per share, beginning of period  $43.59   $36.51   $30.08   $25.00 
Activity from investment operations:                    
Net investment income (loss)¹   (1.44)   (1.51)   (1.52)   (0.19)
Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments²   6.94    8.84    7.95    5.27 
Total from investment operations   5.50    7.33    6.43    5.08 
Less distributions:                    
From net investment income   —    —    —    — 
From net realized gains   —    (0.25)   —    — 
Total distributions  $—   $(0.25)  $—   $— 
Net Asset Value per share, end of period³  $49.09   $43.59   $36.51   $30.08 
                     
Net Assets, end of period (in thousands)  $10,695   $5,223   $3,210   $754 
                     
Ratios to average net assets⁴                    
Net investment income (loss)⁵   (3.94)%   (3.85)%   (4.51)%   (0.33)%
Expenses before adviser expense recoupment (reimbursement) and management fees voluntarily waived⁶   4.49%   5.18%   6.53%   4.92%
Expenses after adviser expense recoupment (reimbursement)⁶ ⁷   4.49%   5.18%   6.57%   4.16%
Expenses after adviser expense recoupment (reimbursement) and management fees voluntarily waived⁶ ⁷   4.49%   5.18%   6.40%   3.28%
Total return³ ⁸ ⁹   12.62%   20.12%   21.38%   20.32%
Portfolio turnover rate¹⁰   0.06%   0.42%   0.19%   0.05%

 

   As of September 30,   As of March 31,   As of March 31,   As of March 31, 
   2025   2025   2024    2023 
Senior Securities:                    
Total borrowings (in thousands)  $       —   $—   $—   $30,000 
Asset coverage per $1,000 unit of senior indebtedness¹¹   N/A     N/A     N/A    7,222 

 

*The Class commenced operations on November 1, 2022.
1Per share data calculated using average shares method.
2Includes balancing amounts necessary to reconcile the change in net asset value per share for the period.
3The 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.
4Ratios do not reflect the proportionate share of income and expenses originating from the Fund's underlying Investments.
5Net investment income (loss) ratios have been annualized for periods of less than twelve months, except for organizational costs and incentive fees. If incentive fees were excluded, the ratios would have increased (decreased) by 2.37%, 2.99%, 3.66% and 0.86%, respectively, for the six months ended September 30, 2025, years ended March 31, 2025 and 2024 and the period ended March 31, 2023.

 

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

 

21

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Financial Highlights (continued)

Class D

 

 

6Expense ratios have been annualized for periods of less than twelve months, except for organizational costs and incentive fees. If incentive fees had been excluded, the expense ratios would have (increased) decreased by 2.37%, 2.99%, 3.66% and 0.86%, respectively, for the six months ended September 30, 2025, years ended March 31, 2025 and 2024 and the period ended March 31, 2023. Expense ratios exclude deferred tax provisions (Note 13). Taxes, if any, are disclosed separately in the Statement of Operations.
7Recoupment (reimbursement) ratios have been annualized for periods of less than 12 months, with the exception of the six months ending September 30, 2025 as the Adviser has fully recouped all eligible expenses under the Expense Limitation and Reimbursement Agreement (Note 4).
8Total 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. Total return shown excludes the effect of applicable sales charges.
9Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the periods of reimbursement.
10Excluding 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.
11Calculated 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

 

22

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Financial Highlights (continued)

Class S

 

 

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

 

   For the Six Months
Ended
September 30,
2025		   For the Year Ended March 31,   For the Period Ended
March 31,		 
   (unaudited)   2025   2024   2023* 
Per Share Operating Performance:                    
Net Asset Value per share, beginning of period  $43.18   $36.41   $30.08   $25.00 
Activity from investment operations:                    
Net investment income (loss)¹   (1.57)   (2.02)   (2.12)   (0.83)
Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments²   6.88    9.04    8.45    5.91 
Total from investment operations   5.31    7.02    6.33    5.08 
Less distributions:                    
From net investment income   —    —    —    — 
From net realized gains   —    (0.25)   —    — 
Total distributions  $—   $(0.25)  $—   $— 
Net Asset Value per share, end of period³  $48.49   $43.18   $36.41   $30.08 
                     
Net Assets, end of period (in thousands)  $1,364,229   $711,105   $61,841   $30 
                     
Ratios to average net assets⁴                    
Net investment income (loss)⁵   (4.56)%   (5.04)%   (5.99)%   (2.49)%
Expenses before adviser expense recoupment (reimbursement) and management fees voluntarily waived⁶   5.11%   6.38%   8.01%   7.80%
Expenses after adviser expense recoupment (reimbursement)⁶ ⁷   5.11%   6.38%   8.01%   5.72%
Expenses after adviser expense recoupment (reimbursement) and management fees voluntarily waived⁶ ⁷   5.11%   6.38%   8.00%   4.94%
Total return³ ⁸ ⁹   12.30%   19.32%   21.04%   20.32%
Portfolio turnover rate¹⁰   0.06%   0.42%   0.19%   0.05%

 

   As of  September 30,   As of March 31,   As of March 31,   As of March 31, 
   2025   2025   2024    2023 
Senior Securities:                    
Total borrowings (in thousands)  $—   $—   $—   $30,000 
Asset coverage per $1,000 unit of senior indebtedness¹¹    N/A     N/A     N/A    7,222 

 

*The Class commenced operations on November 1, 2022.
1Per share data calculated using average shares method.
2Includes balancing amounts necessary to reconcile the change in net asset value per share for the period.
3The 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.
4Ratios do not reflect the proportionate share of income and expenses originating from the Fund's underlying Investments.
5Net investment income (loss) ratios have been annualized for periods of less than twelve months, except for organizational costs and incentive fees. If incentive fees were excluded, the ratios would have increased (decreased) by 2.41%, 3.60%, 4.11% and 3.14%, respectively, for the six months ended September 30, 2025, years ended March 31, 2025 and March 31, 2024 and the period ended March 31, 2023.

 

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

 

23

 

 

StepStone Private Venture and Growth Fund

 

Consolidated Financial Highlights (continued)

Class S

 

 

6Expense ratios have been annualized for periods of less than twelve months, except for organizational costs and incentive fees. If incentive fees had been excluded, the expense ratios would have (increased) decreased by 2.41%, 3.60%, 4.11% and 3.14%, respectively, for the six months ended September 30, 2025, years ended March 31, 2025 and 2024 and the period ended March 31, 2023. Expense ratios exclude deferred tax provisions (Note 13). Taxes, if any, are disclosed separately in the Statement of Operations.
7Recoupment (reimbursement) ratios have been annualized for periods of less than 12 months, with the exception of the six months ending September 30, 2025 as the Adviser has fully recouped all eligible expenses under the Expense Limitation and Reimbursement Agreement (Note 4).
8Total 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. Total return shown excludes the effect of applicable sales charges.
9Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the periods of reimbursement.
10Excluding 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.
11Calculated 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

 

24

 

 

StepStone Private Venture and Growth Fund

 

Notes to Consolidated Financial Statements

September 30, 2025 (unaudited)

 

 

1. Organization

 

StepStone Private Venture and Growth Fund (“Fund”) was organized as a Delaware statutory trust under the Delaware Statutory Trust Act on March 4, 2022 ("Inception") and is registered under the Investment Company Act of 1940, as amended, ("1940 Act") as a non-diversified, closed-end management investment company. The Fund is offered to investors who are qualified clients within the meaning of Rule 205-3 under the Investment Advisers Act of 1940 and are accredited investors within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended. The Fund commenced operations on November 1, 2022 ("Commencement of Operations").

 

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 as of the first business day of each calendar month at the then-current-monthly 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 objective is to achieve long-term capital appreciation. The Fund seeks to achieve its investment objective by investing in venture capital and growth equity assets ("Venture and Growth Assets") along with other private assets (together with Venture and Growth Assets, “Private Market Assets”), focused on the "innovation economy," the most dynamic companies, technologies and sectors identified by StepStone as benefiting from attractive secular trends.

 

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 subsidiaries including: SPRING I LLC (Series A and Series B), a Delaware limited liability company, as well as SPRING Cayman LLC and SPRING Cayman II LLC (together, “SPRING Cayman”), which are limited liability companies registered in the Cayman Islands (collectively, Wholly-Owned Subsidiaries). 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.

 

Net Asset Value Determination

 

The NAV of the Fund is determined as of the close of business on the last day of each calendar month, each date the Shares are offered or repurchased, as of the date of any distribution and at such other times as the Board determines (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.

 

25

 

 

StepStone Private Venture and Growth Fund

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

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) secondary purchases of existing investments from other investors in individual operating companies, projects or properties (“Secondary Direct Investments”), (ii) (a) secondary purchases of existing investments from other investors in private investment funds 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 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”), (iii) investments in investment 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 (iv) investments in individual operating companies (“Primary Direct 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. 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.

 

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 Primary Direct Investments and Secondary Direct Investments in individual operating companies or assets 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 a Primary Direct Investment or Secondary Direct Investment in an individual operating company or assets: 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.

 

26

 

 

StepStone Private Venture and Growth Fund

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

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.

 

Realized Gains on Investments, Interest Income and Dividend Income

 

Distributions received from Secondary Investment Funds, Secondary Direct Investments, Primary Investment Funds and Primary Direct 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 Funds, Secondary Direct Investments, Primary Investment Funds or Primary Direct Investments. 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.

 

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, incentive 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. Certain of these operating expenses are subject to an expense limitation agreement (“Expense Limitation and Reimbursement Agreement” as further discussed in Note 4).

 

Expenses are recorded on an accrual basis and expenses other than class-specific expenses are allocated pro-rata to Shares based upon net assets as of the end of the prior month plus capital transactions effective as of the beginning of the current month at each Determination Date. Class-specific expenses are allocated only to their respective share class (see Note 7). Closing costs associated with the purchase of Secondary Investment Funds, Secondary Direct Investments, Primary Investment Funds and Primary Direct 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 2022 forward remain subject to examination by the major tax jurisdictions under the statute of limitations.

 

27

 

 

StepStone Private Venture and Growth Fund

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

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, SPRING I LLC (Series A and Series B) and SPRING Cayman are required to recognize their estimate of income taxes for purposes of determining deferred tax assets or liabilities. SPRING I LLC (Series A and Series B) is subject to U.S. federal and state income taxes while SPRING Cayman is 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.

 

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.

 

Restricted Cash Held in Escrow

 

Restricted cash held in escrow represents restricted monies received in advance of the effective date of a Shareholder’s subscription. The monies are on deposit with the Custodian, under the authorization of UMB Fund Services, Inc. (the Fund’s transfer agent, as described in Note 6) and are released from escrow upon the determination of NAV as of the effective date of the subscription. The liability for subscriptions received in advance is included in the Consolidated Statement of Assets and Liabilities.

 

Deferred Costs Relating to Purchases of Secondary Investments

 

Deferred costs associated with the acquisition of Secondary Investments 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.

 

28

 

 

StepStone Private Venture and Growth Fund

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

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. 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. As such, investments in securities with a fair value of $2.5 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
Valued at NAV		   Total 
Primary Direct Investments  $—   $     —   $340,652,073   $768,282,626   $1,108,934,699 
Primary Investment Funds   —    —    —    70,893,707    70,893,707 
Secondary Direct Investments   —    —    286,025,418    —    286,025,418 
Secondary Investment Funds   —    —    —    1,709,977,617    1,709,977,617 
Public Securities   49,096    —    —    —    49,096 
Short-Term Investments   44,124,629    —    —    —    44,124,629 
Total Investments  $44,173,725   $—   $626,677,491   $2,549,153,950   $3,220,005,166 

 

29

 

 

StepStone Private Venture and Growth Fund

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

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

 

   Primary Direct
Investments		   Secondary Direct
Investments		   Total Investments 
Balance as of March 31, 2025  $253,241,723   $159,072,936   $412,314,659 
Transfers into Level 3   —    —    — 
Purchases   50,053,590    116,617,246    166,670,836 
Distributions from Investments   —    —    — 
Net Realized Gain (Loss)   —    —    — 
Net Change in Unrealized Appreciation (Depreciation)   37,356,760    10,335,236    47,691,996 
Transfers out of Level 3   —    —    — 
Balance as of September 30, 2025  $340,652,073   $286,025,418   $626,677,491 
                
Net Change in Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of the Reporting Period

  $37,356,760   $10,335,236   $47,691,996 

 

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.

 

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
September 30,
2025		   Valuation
Technique(s)		  Unobservable
Input		  Single Input or
Range of
Inputs		  Weighted
Average of
Input(1)		  Impact to
Valuation from
an Increase in
Input(2)
Primary Direct Investments  $251,952,614   Recent financing  Recent transaction price  N/A  N/A  Increase
Primary Direct Investments  $30,866,334   Market comparable companies  Enterprise value to EBITDA and revenue multiples  3.12x - 7.96x  5.42x  Increase
Primary Direct Investments  $57,833,125   Recent transaction  Recent transaction price  N/A  N/A  Increase
Secondary Direct Investments  $100,803,365   Recent financing  Recent transaction price  N/A  N/A  Increase
Secondary Direct Investments  $16,922,044   Market comparable companies  Enterprise value to revenue multiple  2.37x - 20.16x  9.34x  Increase
Secondary Direct Investments  $168,300,009   Recent transaction  Recent transaction price  N/A  N/A  Increase

 

(1)Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

 

(2)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.

 

30

 

 

StepStone Private Venture and Growth Fund

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

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:

 

Investment Type  Investment Strategy  Fair Value   Unfunded
Commitments		 
Primary Direct Investments  Investments in operating companies  $1,108,934,699   $12,382,024 
Primary Investment Funds  Investments in private funds actively fundraising with less than 25% of capital commitments invested  $70,893,707   $66,336,185 
Secondary Direct Investments  Investments in operating companies, projects or properties purchased from other investors  $286,025,418   $— 
Secondary Investment Funds  Investments in 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  $1,709,977,617   $153,892,933 

 

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 1.50% on an annualized basis of the Fund’s net assets. The Management Fee is computed monthly 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 $19.4 million in Management Fees of which $4.0 million was payable as of September 30, 2025.

 

At the end of each calendar month, the Adviser is entitled to accrue an incentive fee (“Incentive Fee”) in an amount equal to 15% of the excess, if any, of (i) the net profits of the Fund for the relevant month over (ii) the then balance, if any, of the loss recovery account. The Incentive Fee is incorporated in the Fund’s monthly NAV and paid annually at the end of the calendar year to the Adviser to the extent it is earned. The Adviser pays 60% of the Incentive Fee to the Sub-Adviser each year. For the six months ended September 30, 2025, the Adviser accrued $60.7 million in Incentive Fees and $79.6 million was payable as of September 30, 2025.

 

For the purposes of the Incentive Fee, net profits (“Net Profits”) means the amount by which the NAV of the Fund on the last day of the relevant month exceeds the NAV of the Fund as of the beginning of the same month, including any net change in unrealized appreciation or depreciation of investments, realized income and gains or losses, expenses (including offering and organizational expenses) and excluding Shareholder subscriptions and repurchases. The Fund maintains a memorandum account (“Loss Recovery Account”) which had an initial balance of zero and is increased upon the close of each calendar month by the amount of the net losses of the Fund for the month and decreased (but not below zero) upon the close of each calendar month by the amount of the Net Profits of the Fund for the month. The Loss Recovery Account takes into account the Fund’s performance since inception and is also referred to as a life-to-date high-water mark. Shareholders will benefit from the Loss Recovery Account in proportion to their holdings in the Fund. As of September 30, 2025, there was no balance in the Loss Recovery Account.

 

The Adviser entered into an Expense Limitation and Reimbursement Agreement with the Fund for a one-year term beginning with the Commencement of Operations and ending on the one-year anniversary thereof (“Limitation Period”). The Adviser may extend the Limitation Period for a period of one year on an annual basis. On May 22, 2025, the Board approved the extension of the Limitation Period through September 30, 2026. The Expense Limitation and Reimbursement Agreement limits the amount of the Fund’s aggregate monthly ordinary operating expenses, excluding certain specified expenses (“Specified Expenses”), borne by the Fund during the Limitation Period to an amount not to exceed 0.50% for Class I Shares and 1.00% for Class D and S Shares, on an annualized basis, of the Fund’s month-end net assets (“Expense Cap”). Specified Expenses that are not covered by the Expense Limitation and Reimbursement Agreement include: (i) the Management Fee; (ii) all fees and expenses of Private Market Assets and other investments in which the Fund invests (including Acquired Fund Fees); (iii) the Incentive Fee; (iv) transactional costs, including legal costs and brokerage commissions, associated with the acquisition and disposition of Private Market Assets and other investments; (v) interest payments incurred on borrowing by the Fund; (vi) fees and expenses incurred in connection with a credit facility, if any, obtained by the Fund; (vii) distribution and/or shareholder servicing fees, as applicable; (viii) taxes; and (ix) extraordinary expenses resulting from events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding, indemnification expenses, and expenses in connection with holding and/or soliciting proxies for all annual and other meetings of Shareholders.

 

31

 

 

StepStone Private Venture and Growth Fund

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

If the Fund’s aggregate monthly ordinary operating expenses, exclusive of the Specified Expenses, in respect of any class of Shares for any month, exceeds the Expense Cap applicable to that class of Shares, the Adviser may waive its Management Fee and/or Incentive Fee or reimburse the Fund for expenses to the extent necessary to eliminate such excess. The Adviser may also directly pay expenses on behalf of the Fund and waive reimbursement under the Expense Limitation and Reimbursement Agreement. To the extent that the Adviser waives its Management Fee and/or Incentive Fee, reimburses expenses to the Fund or pays expenses directly on behalf of the Fund, it is permitted to recoup from the Fund any such amounts for a period not to exceed three years from the month in which such fees and expenses were waived, reimbursed or paid, even if such recoupment occurs after the termination of the Limitation Period. However, the Adviser may only recoup the waived fees, reimbursed expenses or directly paid expenses in respect of the applicable class of Shares if (i) the ordinary operating expenses have fallen to a level below the Expense Cap and (ii) the recouped amount does not raise the level of ordinary operating expenses in respect of a class of Shares in the month of recoupment to a level that exceeds any Expense Cap applicable at that time.

 

During the six months ended September 30, 2025, the Adviser recouped a net amount of $0.2 million under the Expense Limitation and Reimbursement Agreement, as recorded on the Statement of Operations. As of September 30, 2025, the Adviser has fully recouped all eligible expenses under this agreement, and there is no remaining balance available for future recoupment.

 

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, the Fund pays the Administrator an administration fee ("Administration Fee") in an amount up to 0.18% on an annualized basis of the Fund's net assets. The Administration Fee is calculated based on the Fund’s month-end net asset value and is payable monthly in arrears. For the six months ended September 30, 2025, the Administrator earned $1.1 million in Administration Fees of which $0.2 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:

 

Controlled/Affiliated Investment  Balance as of
March 31, 2025		   Purchases at
Cost		   Proceeds
from
Distributions		   Realized
Gain (Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		   Balance as of
September 30,
2025		   Affiliated
Income		 
BSV Star Queen, LLC  $4,450,000   $—   $—   $—   $(39,160)  $4,410,840   $— 
CRV XVIII-Z, LP   11,558,347    —    —    —    —    11,558,347    — 
Fundomo ET001, LP   —    8,220,293    —    —    (6,462)   8,213,831    — 
Fundomo Fund II, LP   —    —    —    —    —    —    — 
Fundomo Sequel I, LP   —    1,121,876    —    —    —    1,121,876    — 
Redpoint Omega IV-Y, L.P.   26,400,004    —    —    —    21,565,038    47,965,042    — 
Terrain Opportunity I, LP   2,193,677    —    —    —    4,544,729    6,738,406    — 
   $44,602,028   $9,342,169   $—   $—   $26,064,145   $80,008,342   $— 

 

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 $0.1 million in custody fees, recorded in other expenses on the Consolidated Statement of Operations, of which $2,178 was payable as of September 30, 2025 and recorded in other accrued expenses on the Consolidated Statement of Assets and Liabilities.

 

32

 

 

StepStone Private Venture and Growth Fund

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

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 $0.7 million in transfer agent fees of which $0.1 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 calculated as of the last day of each calendar month (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.

 

8. Revolving Credit Facility

 

Effective February 6, 2023, the Fund entered into a revolving credit agreement ("Credit Facility"), as amended from time to time, with Texas Capital Bank allowing the Fund to borrow up to $85.0 million ("Commitment") from a syndicate of lenders. 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. Borrowings on the Credit Facility are collateralized by all assets of the Fund. An amendment to the Credit Facility, effective August 29, 2025, extended the term to August 29, 2027 and increased the aggregate Commitment to $155.0 million.

 

When borrowing on the Credit Facility, the Fund can select a “Base Rate Borrowing” or “Term SOFR Borrowing” (each a “Loan Type”). The interest rate associated with each Loan Type will be determined at the time of such borrowing and is comprised of a reference rate plus an applicable margin of 2.00% for Base Rate Borrowings or 3.00% for Term SOFR Borrowings. The Credit Facility has an unused fee in an amount equal to the sum of (i) to the extent the daily average unused amount is greater than or equal to 80% of the Commitment, the daily average unused amount of such portion (i.e. 20%) of the Commitment multiplied by a rate per annum of 3.00% plus (ii) 0.40% per annum on the daily average unused amount of the portion of the Commitment not described in (i). In conjunction with the Credit Facility, the Fund incurred an upfront fee of 0.30% which is being amortized in the Consolidated Statement of Operations over the two-year term of the Credit Facility. For the six months ended September 30, 2025, expenses incurred by the Fund related to the Credit Facility were $0.6 million. During the six months ended September 30, 2025, there were no borrowings under the Credit Facility.

 

9. Commitments and Contingencies

 

As of September 30, 2025, the Fund has contractual unfunded commitments to provide additional funding of $232.6 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.

 

33

 

 

StepStone Private Venture and Growth Fund

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

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 $50,000. The minimum initial investment in any share class may be reduced at the Adviser's discretion but not below $25,000 for any individual investor. Investors purchasing Class S Shares may be charged a sales load up to a maximum of 3.50% and investors purchasing Class D Shares may be charged a sales load up to a maximum of 1.50%. Investors purchasing Class I Shares are not charged a sales load. The Fund accepts initial and additional purchases of Shares as of the first business day of each calendar month 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.

 

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
September 30, 2025 (unaudited)		   For the Year Ended March 31, 2025 
   Shares   Dollar Amounts   Shares   Dollar Amounts 
Class I                    
Proceeds from shares issued   12,858,931   $580,186,456    16,377,314   $642,775,648 
Reinvestment of distributions   —    —    88,795    3,605,993 
Repurchase of shares   (928,196)   (43,241,270)   (889,317)   (37,131,800)
Exchange of shares   48,156    2,168,437    161,577    6,417,909 
Net increase (decrease)   11,978,891   $539,113,623    15,738,369   $615,667,750 
Class D                    
Proceeds from shares issued   113,777   $5,072,092    155,537   $5,787,012 
Reinvestment of distributions   —    —    536    21,642 
Repurchase of shares   (8,480)   (378,976)   (3,623)   (155,593)
Exchange of shares   (7,266)   (324,720)   (120,551)   (4,653,375)
Net increase (decrease)   98,031   $4,368,396    31,899   $999,686 
Class S                    
Proceeds from shares issued   11,766,119   $522,776,322    14,756,883   $575,802,383 
Reinvestment of distributions   —    —    54,456    2,180,430 
Repurchase of shares   (55,299)   (2,541,762)   (16,819)   (689,638)
Exchange of shares   (41,674)   (1,843,717)   (25,608)   (1,087,941)
Net increase (decrease)   11,669,146   $518,390,843    14,768,912   $576,205,234 
Class T¹                    
Proceeds from shares issued   —   $—    13,724   $520,000 
Reinvestment of distributions   —    —    31    1,236 
Repurchase of shares   —    —    —    — 
Exchange of shares   —    —    (16,751)   (676,593)
Net increase (decrease)   —   $—    (2,996)  $(155,357)

 

¹On 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 2.50% 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 31, June 30, September 30 and December 31 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. Any repurchase of Shares which have been held for less than one year by a Shareholder, as measured through the date of redemption, will be subject to an early repurchase fee equal to 2.00% of the NAV of the Shares repurchased by the Fund. 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 six months ended September 30, 2025 and the year ended March 31, 2025, 991,975 and 909,759 Shares were repurchased by the Fund, respectively.

 

34

 

 

StepStone Private Venture and Growth Fund

 

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 $957.9 million. For the six months ended September 30, 2025, total distributions received from investments, excluding short-term investments, were $11.3 million. During the six months ended September 30, 2025, total proceeds from the Fund's sale, redemption or other disposition of investments, excluding short-term investments, amounted to $1.4 million.

 

13. Tax Information

 

The Fund has temporary differences primarily due to timing difference between book and tax treatment of partnership interests held by the Fund and the Fund's investment in SPRING Cayman and SPRING I LLC (Series A and Series B).

 

U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. For the tax year ended September 30, 2025, the Fund recognized a permanent book to tax difference of $50.6 million resulting primarily from net operating losses. This 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  $(93,098,270)
Undistributed long-term capital gains   1,009,284 
Net tax appreciation (depreciation)    820,959,300 
Other temporary differences   (52,848)
Total distributable earnings (accumulated loss)  $728,817,466 

 

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
Capital Gains		  
2025   $ —     $ 8,469,345  
2024   $ —     $ —  

 

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  $93,098,270 
Net capital  $— 

 

35

 

 

StepStone Private Venture and Growth Fund

 

Notes to Consolidated Financial Statements (continued)

September 30, 2025 (unaudited)

 

 

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

 

Gross unrealized appreciation  $828,599,229 
Gross unrealized depreciation   (4,954,522)
Net unrealized appreciation (depreciation) on investments  $823,644,707 
      
Tax cost of investments  $2,396,360,459 

 

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on partnership investments.

 

SPRING I LLC was not required to recognize a provision for income tax expense 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, SPRING I LLC has a deferred tax liability of $2.7 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 a 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

 

Effective October 1, 2025 and November 3, 2025, there were additional subscriptions into the Fund in the amounts of $256.7 million and $304.3 million, respectively.

 

On October 23, 2025, the Fund commenced a repurchase offer with a valuation date of December 31, 2025.

 

Effective November 1, 2025, the Fund reclassified its investment status from non-diversified to diversified in accordance with the requirements of the 1940 Act.

 

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.

 

36

 

 

StepStone Private Venture and Growth Fund

 

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 sec.gov.

 

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 sec.gov.

 

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

 

37

 

 

 

 

Investment Adviser and Administrator
StepStone Group Private Wealth LLC
128 S Tryon St., Suite 1600

Charlotte, North Carolina 28202
www.stepstonepw.com

 

 

 

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

 

 

 

38

 

 

(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 and 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 (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.

 

(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.

 

 

 

 

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 Venture and Growth Fund
  
By (Signature and Title)*/s/ Robert W. Long
 Robert W. Long, President
 (Principal Executive Officer)
  
DateDecember 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)
  
DateDecember 2, 2025
  
  
By (Signature and Title)*/s/ Kimberly S. Zeitvogel
 Kimberly S. Zeitvogel, Treasurer
 (Principal Financial Officer)
  
DateDecember 2, 2025

 

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