Investment adviser · CRD 281695

STEPSTONE GROUP REAL ASSETS LP

Investment adviser filing (IA)

LA JOLLA, CA, United States · Form ADV filed Jul 30, 2026

Regulatory AUM: $41.5B
Client accounts: 64
Employees: 94
Advisory professionals: 85

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client type	Clients	Regulatory assets	Share of AUM
Pooled investment vehicles	59	$34,928,952,169	84.2%
Retirement plans	7	$4,273,803,944	10.3%
Government entities	Fewer than 5	$2,279,795,776	5.5%
Investment companies	1	Not reported	Not reported
Insurance companies	Fewer than 5	Not reported	Not reported

Filing source

Form ADV 2122465 · Jul 30, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

50+ Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

Browse the first 49 funds across 7 pages.

NFU MUTUAL GLOBAL INFRASTRUCTURE, L.P.Private Equity Fund · Last reported Jul 30, 2026$413MGross asset value

Fund administrator GEN II FUND SERVICES, LLC NEW YORK, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor GRANT THORNTON NEWPORT BEACH, California, United States

Custodian BANK OF AMERICA NEW YORK, New York, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

GRANT THORNTON
PCAOB 248

Fund details & source

Fund ID: 805-1399208518
Reported beneficial owners: 2
Minimum commitment: $401M

Form ADV 2122465 · Jul 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

STEPSTONE B INFRASTRUCTURE OPPORTUNITIES FUND, L.P.Private Equity Fund · Last reported Jul 30, 2026$399MGross asset value

Fund administrator SEI GLOBAL SERVICES, INC. OAKS, Pennsylvania, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG LLP NEW YORK, New York, United States

Custodian BANK OF AMERICA LONDON, United Kingdom Related to adviser: No

Custodian FIRST CITIZENS BANK AND TRUST CO. RALEIGH, North Carolina, United States Related to adviser: No

Custodian JP MORGAN LONDON, United Kingdom Related to adviser: No

Custodian MUFG GRAND CAYMAN, Cayman Islands Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

FIRST CITIZENS BANK AND TRUST CO.
LEI L9VVX1KT5TFTKS0MLF66

Fund details & source

Fund ID: 805-2027823873
Reported beneficial owners: 8
Minimum commitment: $37.7M

Form ADV 2122465 · Jul 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

STEPSTONE TMAM INFRASTRUCTURE OPPORTUNITIES LIMITEDPrivate Equity Fund · Last reported Jul 30, 2026$382MGross asset value

Fund administrator ALTER DOMUS CHICAGO, Illinois, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG LLP NEW YORK, New York, United States

Custodian BANK OF AMERICA NEW YORK, New York, United States Related to adviser: No

Custodian FIRST CITIZENS BANK AND TRUST CO. RALEIGH, North Carolina, United States Related to adviser: No

Custodian JP MORGAN NEW YORK, New York, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

FIRST CITIZENS BANK AND TRUST CO.
LEI L9VVX1KT5TFTKS0MLF66

Fund details & source

Fund ID: 805-6010658610
Reported beneficial owners: 2
Minimum commitment: $381M

Form ADV 2122465 · Jul 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

STEPSTONE NPS INFRASTRUCTURE FUND II, LPPrivate Equity Fund · Last reported Jul 30, 2026$321MGross asset value

Fund administrator SEI GLOBAL SERVICES, INC. OAKS, Pennsylvania, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG LLP NEW YORK, New York, United States

Custodian FIRST CITIZENS BANK AND TRUST CO. RALEIGH, North Carolina, United States Related to adviser: No

Custodian WELLS FARGO BANK, NA SAN FRANCISCO, California, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

FIRST CITIZENS BANK AND TRUST CO.
LEI L9VVX1KT5TFTKS0MLF66

Fund details & source

Fund ID: 805-5153551438
Reported beneficial owners: 3
Minimum commitment: $300M

Form ADV 2122465 · Jul 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

STEPSTONE PHOENIX INFRASTRUCTURE EQUITY OPPORTUNITIES FUND, L.P.Private Equity Fund · Last reported Jul 30, 2026$317MGross asset value

Fund administrator APEX GROUP NEW YORK, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG LLP NEW YORK, New York, United States

Custodian BANK OF AMERICA NEW YORK, New York, United States Related to adviser: No

Custodian FIRST CITIZENS BANK AND TRUST CO. RALEIGH, North Carolina, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

FIRST CITIZENS BANK AND TRUST CO.
LEI L9VVX1KT5TFTKS0MLF66

Fund details & source

Fund ID: 805-8394172625
Reported beneficial owners: 5
Minimum commitment: $300M

Form ADV 2122465 · Jul 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

STEPSTONE IP INFRASTRUCTURE OPPORTUNITIES FUND, LPPrivate Equity Fund · Last reported Jul 30, 2026$316MGross asset value

Fund administrator STANDISH MANAGEMENT SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG LLP NEW YORK, New York, United States

Custodian BANK OF AMERICA NEW YORK, New York, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

Fund details & source

Fund ID: 805-6766255174
Reported beneficial owners: 3
Minimum commitment: $150M

Form ADV 2122465 · Jul 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

SUNSIRA INFRASTRUCTURE FUND, LLCHedge Fund · Last reported Jul 30, 2026$304MGross asset value

Fund administrator APEX GROUP NEW YORK, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG LLP NEW YORK, New York, United States

Custodian BANK OF AMERICA NEW YORK, New York, United States Related to adviser: No

Custodian FIRST CITIZENS BANK AND TRUST CO. RALEIGH, North Carolina, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

FIRST CITIZENS BANK AND TRUST CO.
LEI L9VVX1KT5TFTKS0MLF66

Fund details & source

Fund ID: 805-4361760924
Reported beneficial owners: 2
Minimum commitment: $300M

Form ADV 2122465 · Jul 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Services & filing details

Most recent filing: Jul 30, 2026. View historical filings

Reported services

Investment company portfolio management · Pooled investment vehicle management · Business portfolio management · Pension consulting · Selection of other advisers

Compensation

Percentage of assets · Fixed · Performance-based

Principal office

4225 EXECUTIVE SQUARE, SUITE 1600
LA JOLLA, CA, 92037, United States

CRD 281695

Filing source

Form ADV 2122465 · Jul 30, 2026 · Items 1 & 5

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.