Stepstone Group Inc. · NASDAQ:STEP
Stepstone — StepStone Private Credit Income Fund (CRDEX) — Investor Presentation (2026)
39 slides from Stepstone's investor presentation, 2026
Slide 1: StepStone Private Credit Income Fund (CRDEX)
StepStone Private Credit Income Fund (CRDEX) The descriptions herein reflect Advisers’ current views and expectations and are subject to change and are qualified in their entirety by the Prospectus for the Fund. There can be no assurance that such funds will be raised or that, if raised, they achiev
Slide 2: Important Notes
IMPORTANT NOTES Before investing you should carefully consider the Fund’s investment objectives, high yield securities or “junk” securities) and may include investments in unrated fixed risks, charges and expenses. This and other information is in the prospectus, a income securities, all of which ma
Slide 3: StepStone
StepStone Worldwide, world-wise; your private markets partner
Slide 4: Scale that delivers
Scale that delivers Assets under $245 Opportunity management1 The capital and relationships that unlock growth BILLION Assets under Total capital Reach advisement $668 responsibility1 True global presence, deep local knowledge $913 BILLION Annual private ~ $75 Flexibility markets allocations2 BILLIO
Slide 5: Opportunity
Opportunity A strategic partner to our clients and fund managers, we listen deeply, share generously, and search diligently for new ways to address each challenge. CLIENTS Corporations A self-reinforcing STEPSTONE growth cycle of Endowments and foundations clients, capital, Family offices Asset mana
Slide 6: Reach
Reach Our presence powers possibility. Local teams with valuable regional insights collaborate across 31 cities, 19 countries and 5 continents. London Dublin Amsterdam ASIA PACIFIC Luxembourg Frankfurt $123 Zurich Chicago Milan Toronto Rome Cleveland New York Madrid Beijing San Francisco Baltimore P
Slide 7: One platform, total insight (SPI)
One platform, total insight SPI BY STEPSTONE Our view is both panoramic and precise, framed by a powerful combination of proprietary data and technology that empowers clients to act with uncommon clarity and conviction. SPI Research SPI Reporting A consolidated due diligence library Portfolio tracki
Slide 8: StepStone Private Wealth Solutions
StepStone Private Wealth Solutions Our depth. Your advantage. Distinctive deal sourcing on a global scale puts our pick of the private markets at your fingertips. Critical intelligence informs our diversified investments. A streamlined structure brings highly sophisticated opportunities. All to buil
Slide 9: Evergreen fund structure
Evergreen fund structure
Slide 10: Challenges accessing the private markets
Challenges accessing the private markets High investment K-1 complexity Illiquidity Private market and tax and unpredictable minimums and access challenges suitability reporting delays1 cash flows requirements Historically, it has been difficult for Lack of transparency, Market saturated manager acc
Slide 11: StepStone's evergreen fund value proposition
StepStone’s evergreen fund value proposition Evergreen funds seek to deliver an illiquidity premium and potential diversification benefits of private assets in a convenient, efficient and transparent product that offers repurchase opportunities at 100% of NAV.1 Challenges of J-curve effect2 Meeting
Slide 12: Evergreen fund advantages fueling adoption
Evergreen fund advantages fueling adoption Evergreen fund growth over time (Total number of funds) 800 $419 700 BILLION 600 OF NAV 500 +500 400 300 200 +120 100 0 Source: Preqin, as of June 2025. Represents the cumulative number of evergreen fund structures (excluding ELTIF and LTAF). 1. Evergreen f
Slide 13: Market opportunity
Market opportunity
Slide 14: Private wealth assets expected to grow 2x public reaching $65T
MARKET OPPORTUNITY Private wealth assets are expected to grow by 2x public reaching $65T BY 2032 Projections are based on estimates and subject to change. Bain & Company. (2024, August 21). Private market assets to grow at more than twice the rate STEPSTONE GROUP 14 of public assets, reaching up to
Slide 15: The motivation behind private credit
The motivation behind private credit Private credit is a form of debt financing offered by non-bank lenders that is not issued or traded within the traditional public markets Potential borrower Private credit benefits of private credit loans have the Private Credit potential to be defensively Flex
Slide 16: Significant expansion of private debt market
Significant expansion of private debt market Private lenders growth1 Share of global leveraged loan market2 $ in billions 2000 100% 1800 CAGR: 16.17% 90% 1600 CRDEX will participate 80% 1400 within the private debt 70% 1200 sector which has reached 60% 1000 $1.7T in market size 50% 800 40% 600 30% 4
Slide 17: Growing demand for private financing
Growing demand for private financing The ratio of private equity to private credit dry powder1 signals strong future demand dynamics Dry powder1 $ in billions Private Equity $3,500 $ 2710 $3,000 $2,500 $2,000 $1,500 $1,000 Private Credit $ 482 $500 $0 Dec 2000 Jan 2003 Feb 2005 Mar 2007 Apr 2009 May
Slide 18: The role of asset-backed finance on main street
The role of asset-backed finance on main street Industrial Equipment leases, vendor financing Home raft leases Financed by mortgages Personal transport Auto-loan packages For illustrative purposes only ‘STEPSTONE GROUP 8 Fleet leasing
Slide 19: Returns & volatility across asset classes
Returns & volatility across asset classes Equity-like returns... …with smaller drawdowns 0% 10.6% 0% 9.5% -5% 6.6% -10% 4.2% 5.0% -15% -20% -20% 3.3% -24% 6.6% -30% 10.1% 9.2% -40% 15.8% -50% S&P 500 High yield Investment Leveraged Direct S&P 500 High yield Investment Leveraged Direct Lending grade
Slide 20: StepStone's sourcing network - deal activity
StepStone’s sourcing network - deal activity Top 20 private credit managers by deal count – last twelve months Global market segment allocation – StepStone co-investments 700 600 StepStone is a Number of transactions 13% 500 leading private 22% credit manager 400 by deal count Large Cap 300 Upper 26
Slide 21: StepStone Private Credit Income Fund CRDEX
StepStone Private Credit Income Fund “CRDEX”
Slide 22: CRDEX
StepStone Private Credit Income Fund, (“CRDEX”) is a private CRDEX credit, direct lending solution that seeks to provide the opportunity for current income and long-term capital appreciation. Highly diversified Favorable fund structure Opportunity private credit exposure Daily subscriptions, quarter
Slide 23: Private Debt
Private Debt StepStone’s Private Debt program leverages the Firm’s global platform to target privately negotiated debt transactions across corporate, real estate, and infrastructure debt $88 $14 100 21 BILLION BILLION investment partners total capital average annual professionals responsibility appr
Slide 24: Flexibility: simplifying the investor experience
Flexibility: simplifying the investor experience Leveraging the investment capabilities, reach and platform of StepStone, CRDEX offers a comprehensive solution to access what is expected to be a highly diversified portfolio of senior secured first lien loans in a beneficial structure with regular li
Slide 25: Portfolio designed for durable performance
Portfolio designed for durable performance COMMON PRIVATE CREDIT CHARACTERISTICS: CRDEX’s INVESTMENT FOCUS Defensive risk adjusted returns The asset class seeks to provide a strong absolute return profile 70-100% senior Senior secured debt secured loans with across various market conditions. floatin
Slide 26: Multi-lender approach
Multi-lender approach CRDEX is a specialized private credit solution focusing on direct lending and specialty credit investments. CRDEX provides investors with access to a highly diversified portfolio implemented through StepStone’s sophisticated multi-lender approach across direct co-investments an
Slide 27: CRDEX – Immediate global private credit exposure
CRDEX – Immediate global private credit exposure Diversified access Built-in liquidity opportunities Investor-friendly Broadly diversified private credit portfolio Targeted risk-adjusted return profile 1.15% management fee2 Focused on senior secured loans with floating Daily entry Daily valuation an
Slide 28: CRDEX – Immediate global private credit exposure
CRDEX – Immediate global private credit exposure STRATEGY COMPOSITION 1,2 INDUSTRY COMPOSITION1, 3 July 31, 2026 95% 14% Health Care Providers & Services Professional Services 9% Software 43% Commercial Services & Supplies 8% Construction & Engineering IT Services 8% Diversified Consumer Services In
Slide 29: Why consider CRDEX?
Why consider CRDEX? Through the advantages of Co-investments, CRDEX is able to offer a complimentary solution to other Private Debt products Diversification: Broad exposure across Direct Lending and Specialty Credit strategies, sectors, borrowers and GPs, seeks to optimize Deal access: Ability to ac
Slide 30: A globally powerful ally
A globally powerful ally Put proven expertise on your side Superior deal flow Our Get our exclusive edge depth. Streamlined experience The private markets made simple Your advantage. STEPSTONE GROUP 30 20251201-5019612-15855301
Slide 31: Appendix
Appendix
Slide 32: Key Terms – CRDEX
KEY TERMS – CRDEX Investment objective CRDEX’s investment objectives are to seek to generate current income and, to a lesser extent, long-term capital appreciation Structure Closed-end, evergreen, interval fund structure that is registered under the Investment Company Act of 1940 and Securities Act
Slide 33: Private credit strengths
Private credit strengths Private credit filling the gap Private Credit fills the gap left by banks’ retrenchment. Alternative Lenders are not just taking share from banks but also from Supply / demand of credit the public markets (syndicated loans) Private Credit firms lend to middle market business
Slide 34: Increasing volume of private debt secondaries
Increasing volume of private debt secondaries PD AUM1 $30B (E) PD Secondary Market AUM2 $10B (E) $2.8T (E*) $1.6T (E) $139B (A) 2006 2023 2030 The Private Debt (“PD”) asset class has grown from $139 billion in 2006 to $1.6 trillion as of the end of 2024 and is expected to grow to over $2.8 trillion
Slide 35: Global private debt market expansion as bank lending declines
Global private debt market expansion as bank lending declines USA Europe Asia $806B $288B $124B High yield bonds2 High yield bonds2 High yield bonds3 $1,314B $290B $240B Syndicated loans2 Syndicated loans2 Syndicated loans4 $1,080B+ $459B+ $75B+ Private debt1 Private debt1 Private debt5 Bank (~15%)
Slide 36: Private debt opportunity set: specialty credit
Private debt opportunity set: specialty credit Asset-Based Lending Potential benefits: Lower correlation to Infrastructure Debt other credit strategies Specialty credit includes Leasing Potential for higher income asset-backed finance, which Life Settlements Enhanced diversification is a $20T+
Slide 37: Important Notes
IMPORTANT NOTES An investment in the Fund involves several principal risks. Investing in the Shares may be considered Reliance on Managers. The investment will be highly dependent on the capabilities of the managers. speculative and involves a high degree of risk, including the risk of the loss of y
Slide 38: Glossary
GLOSSARY S&P 500 Total Return Index. The S&P 500 Total Return Index is a variant of the well-known S&P 500 Index. It includes both the capital appreciation of the underlying stocks in the S&P 500 Index as well as any dividends paid by those stocks. It measures the total return of investing in the st
Slide 39: stepstonepw.com stepstonegroup.com
stepstonepw.com stepstonegroup.com
StepStone Private Credit Income Fund (CRDEX) — Investor Presentation (2026) on 6ix