StepStone Private Wealth has reported the performance of its StepStone Private Markets (SPRIM), a fund offering accredited investors diversified global exposure to the major private asset classes, as of May 2023.
In May, SPRIM posted a net return of -0.52 percent, bringing the annualized return since-inception to 27.54 percent. SPRIM’s 0.52 percent NAV decrease was driven by modest markdowns on certain portfolio assets coupled with unfavorable foreign exchange movement. Realized gains and income distributions offset the majority of these negative movements across the portfolio.
SPRIM closed one new investment during the month, investing $3.6 million in a direct private equity co-investment alongside a high-quality healthcare sponsor in the merger of two leading
manufacturers of respiratory and anesthesia consumables. The combination of two market-leaders created one of North America's largest manufacturers of resin-based medical supplies, with complementary pr