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Stepstone Atlantic Fund, L.P StepStone Atlantic Fund, L.P. Private Equity and Infrastructure Investment Plan Proposed: November 2020 Report Prepared For: Important Information This document is meant only to provide a broad overview for discussion purposes. All information provided here is subject to change. This document is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or as an offer to provide advisory or other services by StepStone Group LP, StepStone Group Real Assets LP, StepStone Group Real Estate LP, StepStone Conversus LLC, Swiss Capital Invest Holding (Dublin) Ltd, Swiss Capital Alternative Investments AG or their subsidiaries or affiliates (collectively, “StepStone”) in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this document should not be construed as financial or investment advice on any subject matter. StepStone expressly disclaims all liability in respect to actions taken based on any or all of the information in this document. This document is confidential and solely for the use of StepStone and the existing and potential clients of StepStone to whom it has been delivered, where permitted. By accepting delivery of this presentation, each recipient undertakes not to reproduce or distribute this presentation in whole or in part, nor to disclose any of its contents (except to its professional advisors), without the prior written consent of StepStone. While some information used in the presentation has been obtained from various published and unpublished sources considered to be reliable, StepStone does not guarantee its accuracy or completeness and accepts no liability for any direct or consequential losses arising from its use. Thus, all such information is subject to independent verification by prospective investors. The presentation is being made based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing in. private market products. All expressions of opinion are intended solely as general market commentary and do not constitute investment advice or a guarantee of returns. All expressions of opinion are as of the date of this document, are subject to change without notice and may differ from views held by other businesses of StepStone. All valuations are based on current values calculated in accordance with StepStone’s Valuation Policies and may include both realized and unrealized investments. Due to the inherent uncertainty of valuation, the stated value may differ significantly from the value that would have been used had a ready market existed for all of the portfolio investments, and the difference could be material. The long-term value of these investments may be lesser or greater than the valuations provided. StepStone Group LP, its affiliates and employees are not in the business of providing tax, legal or accounting advice. Any tax-related statements contained in these materials are provided for illustration purposes only and cannot be relied upon for the purpose of avoiding tax penalties. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments. Each prospective investor is urged to discuss any prospective investment with its legal, tax and regulatory advisors in order to make an independent determination of the suitability and consequences of such an investment. An investment involves a number of risks and there are conflicts of interest Each of StepStone Group LP, StepStone Group Real Assets LP, StepStone Group Real Estate LP and StepStone Conversus LLC is an investment adviser registered with the Securities and Exchange Commission (“SEC”). StepStone Group Europe LLP is authorized and regulated by the Financial Conduct Authority, firm reference number 551580. Swiss Capital Invest Holding (Dublin) Ltd (“SCHIDL”) is an SEC Registered Investment Advisor and Swiss Capital Alternative Investments AG (“SCAI” and together with SCHIDL, “Swiss Cap”) is an SEC Exempt Reporting Adviser. Such registrations do not imply a certain level of skill or training and no inference to the contrary should be made. All data is as of June 30, 2020 unless otherwise noted. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ACTUAL PERFORMANCE MAY VARY. EXECUTIVE SUMMARY This Investment Plan (“Plan”) provides an overview of the investment approach and philosophy that StepStone Group LP (“StepStone”) will utilize in building a Private Markets Portfolio (Private Equity and Infrastructure Portfolio) for San Diego City Employees’ Retirement System (“SDCERS”) (the “Portfolio”). This version of the investment plan, formulated in October 2020, is forward looking and will be updated as necessary. There are three primary components to this Plan: • Investment Strategy • Portfolio Pacing • Risk Management Investment Strategy: StepStone anticipates that the primary driver of portfolio outperformance will be selecting the highest quality private market managers for the portfolio. In addition, StepStone will utilize its extensive proprietary research to target funds that operate in areas of the private markets that are positioned to outperform. The following is an overview of the areas of the private equity market that will be targeted: - Strategies: A broad range of private markets sectors will be targeted including Buyouts, Growth Equity, Venture Capital, Secondaries and Infrastructure. Infrastructure sub-sectors includes Energy and Power, Renewables, Transportation, Real Assets, Telecommunication, and Credit/Special Situations. StepStone will overweight the opportunistic approach with Secondaries, Co-Investments, and Seasoned Primaries. - J-Curve Mitigating Strategies: StepStone continues to target strategies which can lower the risk profile of the Fund and offer earlier distributions. This includes secondaries and other special situation strategies. - Fund Size: The Fund will continue to favor Small and Middle Market funds, which StepStone expects to outperform the larger end of the market. The Fund will also focus on emerging growth General Partners with an emphasis on growth equity investments. - Geographies: The Portfolio will invest globally, primarily targeting opportunities in the US, Western Europe and Developed Asia. Developed markets are generally more mature private markets that involve lower risk than Emerging Markets. In addition, StepStone expects to selectively invest a small allocation in Emerging Markets, including Chine, Southeast Asia, Latin America, and Eastern Europe. Portfolio Pacing: • Commitment Plan: StepStone will target aggregate annual commitments ranging from $60 million to $180 million. The Portfolio will have the flexibility to invest greater or lesser amounts in any given year. Actual amount invested will be determined by changing market conditions, changes in valuation of SDCERS’ overall portfolio and the quality of funds in the market in any given year. An updated Portfolio Pacing Analysis will be provided to the SDCERS Board at least once per year in the Annual Review memorandum. • Cash Flow Projections: In the early years of the investment program, StepStone overweighted investments that generated relatively early cash flow (such as Secondaries and Seasoned Primaries). This served to reduce the typical J-curve that is experienced by young private equity portfolios. • Allocation by Fund and Year: StepStone will seek to make larger commitments to blind pool primaries with a limited pool of fund managers in which we have the highest conviction. Primaries will range from $10 million to $30 million. However, StepStone will emphasize an Opportunistic Portfolio, which selectively invests in Secondaries, Co- Private Markets Investment Plan 9 investments, and Seasoned Primaries. The Opportunistic investments typically are smaller in size, due to available allocation and risk management considerations. Secondaries will range from $1 million to $30 million per investment. Co-investments will range between $1 million and $15 million. Seasoned Primaries will range between $5 million and $30 million. Risk Management: StepStone will manage risk in the private markets program through a combination of (i) in-depth due diligence and (ii) portfolio construction techniques and active portfolio monitoring. - Due Diligence: StepStone will utilize a number of proprietary due diligence techniques designed to identify investments that involve inappropriate levels of investment risk or insufficient institutional controls. An emphasis will be placed on investments that offer superior transparency and limited (or appropriately managed) conflicts of interest. - Diversification: Portfolio risk will be reduced through appropriate diversification by sector, strategy and geography. StepStone will seek to balance the need to target the best individual investment opportunities with the need to maintain an appropriate level of portfolio diversification. Investments will be paced in a systematic way over multiple years to avoid inappropriate concentration of investments
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