StepStone Real Estate has been providing investment advisory services since 2014. As of March 31, 2023, StepStone Real Estate had regulatory assets under management of $11,182,324,201, $9,907,369,704 of which were managed on a discretionary basis and $1,274,954,497 of which were managed on a non-discretionary basis. On September 16, 2020, StepStone Group Inc. (“SSG Inc.”), a newly formed public company, listed and began trading on the Nasdaq Global Select Market under the trading symbol “STEP”. The IPO closed on September 18, 2020. SSG Inc. is the sole managing member of StepStone Group Holdings LLC, which in turn is the general partner of StepStone Group LP, a direct owner of StepStone Real Estate. All additional equity owners of StepStone Real Estate in excess of 5% are identified on Schedule A of Form ADV. As a result of, and subsequent to, the IPO, SSG Inc. owns economic interests in StepStone Real Estate. StepStone Real Estate provides investment management and supervisory services primarily with respect to private markets to institutional investors worldwide and sponsors (“Advisory Clients”) and advises private markets funds with a variety of investment focuses as described below (each private market fund, including Direct Investment Funds, Secondary Funds, Bespoke Funds, Feeder Funds and Fund of Private Market Funds, as each is defined below, collectively (“Fund Clients”). The Advisory Clients, Fund Clients Sub-Advisory Clients will collectively be referred to herein as “Clients”). StepStone Real Estate’s full range of private markets services also includes private markets monitoring and reporting services. StepStone Real Estate specializes in managing private markets investments in the areas of primary fund investments, secondaries, and co-investments, across all major geographies (North America, Western Europe, Eastern Europe, Asia, Australia, Latin America, Middle East and Africa). StepStone Real Estate will sponsor and advise private markets funds that typically acquire non-publicly traded interests that may be held for extended periods of time. These securities often are acquired through co- investments in various types of transactions, including, equity investments, restructurings, or through investment in debt and preferred equity instruments (“Direct Investments”). These securities may take the form of common equity, preferred equity, debt or other similar instruments. The capital provided by the investments may be used in the early, intermediate or late stages of an investment. These private markets vehicles are referred to as “Direct Investment Funds”. StepStone Real Estate will also sponsor and advise private markets funds that typically focus on recapitalizing or acquiring interests in investment vehicles. These securities may take the form of common equity, preferred equity, debt or other similar instruments, and these private markets funds are referred to as “Secondary Funds”. Advisory Clients who wish to retain StepStone Real Estate as investment manager to invest in private markets funds, Direct Investment Funds or Secondary Funds may acquire a membership or limited partnership interest in a limited liability company or limited partnership vehicle (a “Bespoke Fund”). An affiliate of StepStone Real Estate serves as the managing member or general partner of the Bespoke Fund. The investment funds (via secondary acquisitions or primary commitments) or

direct investment opportunities, in which the Bespoke Funds invest, will be selected by StepStone Real Estate in light of the Advisory Clients’ objectives and restrictions. StepStone Real Estate will also sponsor and advise private markets funds in which substantially all of the assets of the fund are invested in a designated investment fund (“Feeder Funds”). Following the initial investment decision to invest in the underlying investment fund, StepStone Real Estate’s role with respect to such Feeder Funds will essentially be administrative and mechanical, rather than investment advisory in nature, as StepStone Real Estate will be responsible primarily for effecting the Feeder Fund’s investment in the designated investment fund as directed by the Feeder Fund’s Governing Documents (as defined below). StepStone Real Estate will also sponsor and advise private markets funds that will in turn invest in various underlying private markets funds that it selects across all major geographies (“Fund of Private Markets Funds”). StepStone Real Estate will also provide discretionary or non-discretionary advisory services and discretionary or non-discretionary sub-advisory services, as well as non-discretionary private markets monitoring and reporting services, to Clients. Monitoring and reporting services include, but are not limited to, portfolio tracking and monitoring, database development and maintenance for document retention and performance data, portfolio analysis, review and reporting, review of amendments to governing documents, general research and education. StepStone Real Estate and its affiliates (including those financial industry affiliates discussed in Item 10) maintains a comprehensive and proprietary database called StepStone Private Markets Intelligence ("SPI™"). SPI™ filters opportunities coming to market and tracks ongoing performance. SPI™ has over 16,400 general partners across 43,900 funds and 86,800 portfolio companies. With its advanced search and query tools, SPI™ can sort by geography, sector, sub-sector, industry, fund size (local currency and USD), GICS, and countless permutations of various classification criteria. The database includes funds as far back as vintage year 1969 and monitors 5,200 active general partner investors. The data is accumulated from several sources, including information gathered during due diligence by StepStone Real Estate’s research professionals for approximately 500 funds a year. The information in SPI™ is available for purchase and is currently utilized by third parties, clients and investors. StepStone Real Estate may waive fees for SPI™ access at its discretion. StepStone Real Estate tailors its advisory services to the specific investment objectives and restrictions of each of the Clients pursuant to the investment guidelines and restrictions set forth in their respective confidential private placement memorandum, limited partnership or limited liability company agreement, investment advisory contract and other governing documents (“Governing Documents”) as well as information learned through ongoing discussions with each Client. Investors and prospective investors of each Fund Client should refer to all Governing Documents of the applicable Fund Client or contractual relationship for complete information regarding investment objectives and restrictions. There is no assurance that these investment objectives will be achieved.