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CPRIM offers accredited investors diversified, global exposure to the major private market asset classes - private equity, real assets, including infrastructure and real estate, and private debt - in a single investment. An open architecture solution, CPRIM's portfolio seeks to be well-diversified across underlying managers and by sector, strategy, geography and vintage year. StepStone invests CPRIM's capital alongside its institutional clients and has assembled a portfolio of over 300 companies to-date, emphasizing sectors Conversus believes to be more durable and resilient, such as Information Technology, Healthcare and Financial Services. CPRIM has initially focused on purchases of investments in funds on the secondary market and direct co-investments and will eventually add some primary fund investments.

Designed specifically for individual investors and small institutions, CPRIM's investor-centric structure emphasizes convenience, efficiency and transparency. An evergreen fund, CPRIM raises capital in monthly closings while providing liquidity through quarterly tender offers. There are no ongoing capital calls. Investors will receive regular distributions, and tax reporting is provided via a 1099. CPRIM is available to U.S. accredited investors with a minimum investment of $50,000 through a range of share classes created for various wealth management platforms, as well as to non-U.S. qualified investors at the same minimum investment level.

"CPRIM's 36% gain since October was driven by strong portfolio company performance, including numerous liquidity events. We also benefitted from pricing dislocations during the pandemic by purchasing funds we consider to be managed by top tier managers at meaningful discounts to current NAV," said Bob Long, CEO of Conversus. "Financial advisors and their clients are actively seeking ways to diversify their portfolios with private assets, and CPRIM's ability to meet this need in a simple, cost-effective format has resonated among investors, as demonstrated by exceeding the $100 million milestone in just seven months."

"Efficient liquidity management is essential to the success of a continuously offered evergreen fund, and StepStone leveraged its scale, relationships, and data and analytics capabilities to deploy CPRIM's capital as promptly as it was raised, helping to drive the attractive early returns," said Jason Ment, President and Co-Chief Operating Officer of StepStone. "We maintain a robust and growing pipeline of secondary and direct co-investment opportunities that we believe will continue to benefit CPRIM going forward."

Conversus markets CPRIM through its team of experienced distribution professionals covering the U.S. and Europe. Conversus is StepStone's platform for delivering the firm's institutional asset management capabilities and experience to the high net worth and mass affluent market and is led by its founders Tom Sittema, Executive Chairman, Neil Menard, President of Distribution and Tim Smith, Chief Operating Officer, in addition to Mr. Long.