This is a standard quarterly liquidity tender for a non-traded closed-end fund — no directional signal on NAV or portfolio performance. Monitor the final tender results (expected early January 2027) for the actual percentage tendered, which may indicate shareholder sentiment toward the fund.
Executive Summary
StepStone Private Venture & Growth Fund commenced a quarterly issuer tender offer to repurchase up to 2.5% of its outstanding shares at net asset value (NAV) as of the Valuation Date (December 31, 2026), less any applicable early repurchase fee. The offer provides liquidity to shareholders in a closed-end fund with no secondary trading market, funded from cash on hand, portfolio sales, or capital withdrawals. This is a routine quarterly liquidity event, not a signal of undervaluation or activist pressure.
Key Financial Metrics
Key Facts
- Fund offers to buy up to 2.5% of outstanding shares (138,602,937 shares outstanding as of Sept 30, 2026 NAV date).
- Purchase price = NAV per share as of Valuation Date (Dec 31, 2026), less 2% early repurchase fee for shares held <1 year.
- Aggregate NAV of Fund as of Sept 30, 2026: $9,526,965,423.
- Tender notice deadline: Nov 25, 2026; withdrawal deadline: Dec 7, 2026; Valuation Date: Dec 31, 2026.
- Funding sources: cash on hand, sale of portfolio securities, capital withdrawals, or possibly borrowings (no borrowings currently planned).
- No recommendation is made by the Fund, Adviser, or Board of Trustees to tender or refrain.
- Shares are not traded on any exchange; transfers are strictly limited.
- Board intends to continue quarterly repurchase offers (March, June, Sept, Dec).
Financial Impact
Maximum repurchase of 2.5% of outstanding shares, equating to approximately $238 million based on Sept 30 NAV of $9.527 billion (filing fee calculation confirms $238,174,135.58 transaction valuation).
Risk Factors
- If oversubscribed, tenders may be accepted on a pro-rata basis, limiting individual liquidity.
- Early repurchase fee (2%) applies to shares held less than one year.
- Fund may cancel or postpone the offer under certain conditions (market disruption, inability to liquidate portfolio).
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC TO-I Filing (Primary) | 0001193125-26-428800 |
| Document: na-ex99_a1ii.htm | 0001193125-26-428800 |
| Document: na-ex99_a1iii.htm | 0001193125-26-428800 |
| Document: na-ex99_a1iv.htm | 0001193125-26-428800 |
| Document: na-exfiling_fees.htm | 0001193125-26-428800 |
| Document: na-ex99_a1i.htm | 0001193125-26-428800 |
| Document: 0001193125-26-428800-index-headers.html | 0001193125-26-428800 |
| Document: 0001193125-26-428800-index.html | 0001193125-26-428800 |
| Document: 0001193125-26-428800.txt | 0001193125-26-428800 |
US Market Status
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