Conversus StepStone Private Markets: insider trades · United States · SEC (Form 4)

About Conversus StepStone Private Markets

Conversus StepStone Private Markets (ticker: XPMIX) is a U.S.-based listed investment vehicle traded on the American NYSE/NASDAQ ecosystem, organized as a Delaware statutory trust and registered with the SEC as a diversified closed-end management investment company under the Investment Company Act of 1940. The fund was originally known as Conversus StepStone Private Markets before being renamed StepStone Private Markets, and it is part of StepStone’s broader private-markets platform in the United States. The company’s core objective is long-term capital appreciation through exposure to private market assets across three major sleeves: private equity, real assets, and private debt. Its portfolio construction is intentionally multi-pronged. The fund invests in primaries, i.e., commitments to newly raised private funds; secondaries, meaning purchases of existing fund interests or direct positions from other holders; and co-investments alongside selected managers in operating companies, projects, or properties. This blend is designed to broaden diversification, improve access to high-quality sponsors, and reduce some of the timing effects associated with the private equity J-curve. From a competitive standpoint, XPMIX is positioned as an access vehicle for investors who want institutional-style private markets exposure without building that program themselves. Its value proposition lies in StepStone’s specialist capabilities and in the portfolio-management flexibility of StepStone Private Wealth, the adviser entity responsible for structuring, governance, distribution, reporting, and oversight. The fund benefits from StepStone’s global private-markets franchise, which is known for its work across fund investments, secondaries, and co-investments. That scale matters in private markets, where sourcing, manager selection, and portfolio construction are critical differentiators. The fund’s product structure is straightforward but strategically important: it offers multiple share classes for eligible investors and targets at least 80% of assets in private market assets. In practical terms, that means investors receive a single-ticket solution with exposure to illiquid assets that are typically hard to access directly due to minimum ticket sizes, operational complexity, and long holding periods. For French-, Belgian-, and Swiss-based investors studying U.S. alternatives, the key takeaway is that XPMIX is not an operating company but a listed private-markets fund platform. Recent public disclosures indicate ongoing portfolio management, including updated SEC filings in 2025 and 2026 and a tender-offer process that highlights active capital management and shareholder liquidity mechanics. At the sponsor level, StepStone has continued expanding its private-wealth and secondaries capabilities, including major product launches and platform growth initiatives in 2025 and 2026, which reinforces the strategic backdrop for XPMIX. Overall, the name remains a U.S. listed gateway to private markets, with its competitive edge rooted in specialist sourcing, diversification across private asset classes, and StepStone’s institutional-grade platform.