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StepStone Group’s personal wealth division has launched a non-public credit score fund that’s open to particular person traders within the US.
StepStone Non-public Credit score Earnings Fund is an evergreen interval fund that gives publicity to a diversified portfolio of personal credit score belongings.
The fund – which might be listed underneath the ticker CRDEX on the Nasdaq – will make use of each direct lending and specialty credit score methods.
Learn extra: Non-public credit score faces growing competitors from BSL market
“CRDEX seeks to offer a steady, engaging yield and inflation safety that can mood the volatility in conventional portfolios by investing primarily in floating fee, senior secured loans,” stated Bob Lengthy, chief govt of StepStone Non-public Wealth.
“Benefitting from StepStone’s business main expertise, analysis, and information capabilities, CRDEX aspires to assemble a portfolio that’s effectively diversified by supervisor, underlying borrower and sub-strategy, much like our different personal wealth funds.”
Learn extra: Principal launches middle-market direct lending fund
The fund will elevate capital every day whereas offering liquidity via quarterly redemptions of 5 per cent of the fund’s web asset worth. There’s a minimal funding of $25,000 (£19,568).
After the primary closing, CRDEX might be out there via choose mutual fund platforms or bought by subscription agreements for platforms that choose them.
Nasdaq-listed StepStone Group is a world personal markets funding agency with $157bn of belongings underneath administration.
Learn extra: BlackRock sees alternative for personal credit score in asset-based financing
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