The investment objective of Alpine SPRIM™ Private Markets Fund (“Alpine SPRIM”) is to provide exposure to the returns of the StepStone SPRIM Funds. The StepStone SPRIM Funds are designed to be core private markets holdings targeting long-term capital appreciation and substantial diversification through a single investment.
Minimum Initial Investment:
Lump Sum
Initial:
Class A/F: $25,000 USD or $25,000 CAD
Class XF: $2,500,000 USD or $2,500,000 CAD
Subsequent:
$5,000 USD or $5,000 CAD
Investor eligibility: Canadian resident accredited investors only.
Redemption Gate: Up to 5% of aggregate NAV per quarter (Delaware Master Fund and Luxembourg Fund repurchase programs).
Redemption Fee: 5% early redemption charge if redeemed within one year of subscription.
Minimum Remaining Balance: None.
Valuation Process and Timing: Fund NAV is posted approximately 30 calendar days after month end.
Subscription Frequency: Monthly.
Subscription Process: 4:00 pm EST on the 15th day of each month.
Redemption Frequency: Quarterly.
Redemption Process: The redemption cut-off date is the last business day in February, May, August, November.
| Inception Date | Oct 30, 2022 |
|---|---|
| Fundserv Asset Class | Alternative investment |
| Fundserv Codes | Purchase: |
| Alpine SPRIM Fee (Canada) | 0.50% or 0.60% per annum on NAV combined for both the Manager and the Investor Servicing Agent, depending on unit class. |
| NAV Currency | CAD-Hedged and USD units available |
| Valuation Frequency | Monthly |
| Permitted Account Type | Registered and Non-registered Accounts. If Alpine SPRING continues to qualify as a “mutual fund trust” under the Income Tax Act (Canada), the Units will be “qualified investments” for RRSP, TFSA, FHSA, RRIF, RESP, DPSP, and RDSP. |
| Custodian | RBC |
| Fiscal Year End | December 31st |
StepStone Group LP is a global private markets firm providing customized investment, portfolio monitoring and advice to investors. StepStone covers primary fund investments, secondary fund investments and co-investments across private equity, real estate, infrastructure and real assets, and private debt.
Michael Elio
Partner
Mr. Elio is a member of the private equity team, leading the middle- and large-market buyouts and secondary funds sector teams. He is also involved in portfolio construction for many of the firm’s largest advisory clients, SMA clients, and high-net-worth distribution platforms.
Prior to joining StepStone in 2014, Mr. Elio was a managing director at ILPA, where he led programs around research, standards, and industry strategic priorities. Before that he was a partner and managing director at LP Capital Advisors, where he led the firm’s Boston office and served as the lead consultant to North American and European institutional investors. Mr. Elio was the primary consultant for many of the firm’s largest clients including public and private pension plans committing more than US$5 billion annually. He held several progressive positions in private equity, including vice president at State Street Corporation and vice president at Credit Suisse First Boston Private Equity, where he oversaw the funds management group.
Tom Keck
Partner & Head of Research & Portfolio Management
Mr. Keck is StepStone’s head of research and portfolio management. He is also involved in the Firm’s responsible investing and risk management initiatives and is a member of the board of directors.
Prior to co-founding StepStone, Mr. Keck was a managing director at Pacific Corporate Group, a private equity investment firm that oversaw over US$15 billion of private equity commitments for institutional investors. Before that, he was a principal with Blue Capital, a middle-market buyout firm.
Mr. Keck graduated cum laude with a BA from George Washington University and received his MBA with high honors from the University of Chicago Booth School of Business. He served in the US Navy as a Naval Flight Officer, receiving numerous decorations flying EA-6Bs off the USS Nimitz (CVN-68).
These materials may not be reproduced, disseminated, quoted from or referred to in whole or in part at any time, in any manner or for any purpose, without obtaining the prior written consent of CIBC Asset Management Inc. (CIBC AM) and Spartan Fund Management Inc. (the Manager) in each specific instance.
The information contained in this material is not intended to constitute a “report, statement or opinion of an expert” for purposes of the securities legislation of any province or territory of Canada or otherwise. This document is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase the investment product described herein. A private offering of interests in Alpine SPRIM will be made pursuant to an offering memorandum (the “Offering Memorandum”), which is furnished only to qualified prospective investors on a confidential basis. The information herein is qualified in its entirety by reference to the Offering Memorandum, which contains more detailed information about Alpine SPRIM’s investment objective, risks, charges and expenses and risk disclosures that are important to any investment decision regarding Alpine SPRIM.
Any information or discussion about the current characteristics of Alpine SPRIM or how the Manager is managing the fund is not a discussion about material investment objectives and strategies, but solely a discussion of the current characteristics or manner of fulfilling the investment objectives and strategies, and is subject to change without notice.
Certain information contained herein was (i) obtained from public sources and/or (ii) calculated by CIBC AM and/or the Manager using data publicly available. This information and any statistical data contained herein have been obtained from sources which CIBC AM and the Manager believe to be reliable, but neither CIBC AM nor the Manager has independently verified the accuracy or completeness of any such information or assumes any responsibility for the completeness or accuracy of such information.
Any historical investment results or trends described herein are not indicative of future investment results or trends. There can be no assurance that any market will perform as well as, or in manner similar to, past performance.
This material is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. An investment in the securities described herein presents risks. Prior to making any investment decision, investors should conduct such investigations as they deem necessary to determine if an investment in such securities is appropriate and suitable and should consult their financial, legal, accounting and tax advisors in order to determine the consequences of an investment in such financial products and the suitability of the investment product for their purposes and in their particular circumstances.
CIBC AM, the Manager and their respective affiliates expressly disclaim any liability or responsibility to you or to any other person for any general, direct, indirect, incidental, special or consequential losses or damages (including, but not limited to, loss of profits or revenue or failure to realize expected profits or savings or the avoidance of any losses) arising out of or related to this material or its use. CIBC AM does not provide investment or portfolio management services to the investment vehicle described herein or in respect of these materials.
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