The investment objective of Alpine SPRING Private Venture & Growth Fund (“Alpine SPRING”) is to provide exposure to the returns of the StepStoneSPRING Fund. The StepStoneSPRING Fund is designed as a broadly diversified venture and growth equity strategy leveraging an open architecture approach, emphasizing well-established managers via secondary purchases, direct investments and primary funds.
Minimum Initial Investment:
Lump Sum
Initial:
Class A/F: $25,000 USD or $25,000 CAD
Class I: $5,000,000 USD or $5,000,000 CAD
Class XF: $2,500,000 USD or $2,500,000 CAD
Subsequent:
Class A/F: $5,000 USD or $5,000 CAD
Class I/XF: $25,000 USD or $25,000 CAD
Investor eligibility: Canadian resident accredited investors only.
Redemption Gate: Up to 2.5% of aggregate NAV per quarter.
Redemption Fee: 5% early redemption charge if redeemed within one year of subscription.
Minimum Remaining Balance: If balance drops below $10,000 CAD (or USD equivalent), clients need to redeem all remaining units at the next redemption.
Valuation Process and Timing: Fund NAV is posted approximately 25 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 September, December, March, June.
| Inception Date | May 31, 2022 |
|---|---|
| Fundserv Asset Class | Alternative investment |
| Fundserv Codes | Purchase: |
| Alpine SPRING Fee (Canada) | 0.25%, 0.50%, or 0.60% per annum on NAV (combined for both the Manager and 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 | CIBC Mellon |
| 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.
Tom Fitzherbert-Brockholes
Managing Director
Mr. Fitzherbert-Brockholes is a Managing Director on StepStone’s private equity team, focusing on venture capital and growth equity investments. Mr. Fitzherbert-Brockholes joined StepStone from Greenspring Associates, a venture capital and growth equity investment firm that merged with StepStone in 2021, where, as a Director, he led their investment activities in Europe.
Prior to joining Greenspring Associates, Mr. Fitzherbert-Brockholes was a Partner and the Head of Alternatives at VCP Advisors (now VCP Apex), an alternative investment focused financial services firm, where he led their capital raising activities across the private markets and advised the shareholders on investments in alternative investment funds, including in venture capital.
Mr. Fitzherbert-Brockholes graduated from the University of Bristol with a BSc in Geography and holds a Masters in Leadership for Sustainable Development from the University of Middlesex.
Brian Borton
Partner
Mr. Borton is a member of the private equity team, focusing on venture capital and growth equity investments.
Prior to joining StepStone in 2012, Mr. Borton was an investment banking associate at Focus Strategies, where he advised middle market clients on mergers and acquisitions, recapitalizations, private placements, and corporate strategy. Before that he was a member of the equity research associate program at Brandes Investment Partners, a leading investment advisory firm managing US$30 billion of global equity portfolios for institutional and high net worth clients.
Mr. Borton graduated with a BBA in finance from The University of Texas at Austin and is a CFA charterholder.
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 SPRING 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 SRING’s investment objective, risks, charges and expenses and risk disclosures that are important to any investment decision regarding Alpine SPRING.
Any information or discussion about the current characteristics of Alpine SPRING 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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