StepStone Group Private Wealth LLC

Item 5 – Fees and Compensation

Management Fees
With respect to each Fund, each Prospectus sets forth the applicable fees and expenses. The Feeder
does not pay StepStone Private Wealth a management fee, but investors in the Feeder bear their pro
rata share of the Management Fee paid by one of the Funds through the Feeder’s investment in the
Fund.

The Feeder invests in one of the Fund’s “I shares,” which are not subject to a sales load. Investors in
the Feeder can also choose among multiple share classes, each of which could be denominated in a
different currency (currently US Dollars, Pound Sterling or Swiss Francs) and could either reinvest or
distribute dividends.

The Fund Vehicles pay StepStone Private Wealth and StepStone an annual Management Fee as
outlined in the relevant Prospectus that sets forth the applicable fees and expenses.

Other Fees and Expenses
In addition to the Management Fees described above, the Funds bear certain other expenses, a pro
rata share of which are also borne by the Feeder by virtue of the Feeder’s investment in the Fund.
These other expenses include:

    •   all expenses related to the Fund’s investment program, including, but not limited to, expenses
        borne indirectly through the Fund’s investments in the underlying Private Market Assets,
        including any fees and expenses charged by the fund managers of underlying private fund
        investments (including management fees, distribution fees, performance or incentive fees and
        redemption or withdrawal fees, however titled or structured), all costs and expenses directly
        related to due diligence of portfolio transactions for the Fund such as direct and indirect
        expenses associated with the Fund’s investments in Private Market Assets or other assets
        (whether or not consummated), and enforcing the Fund’s rights in respect of such investments,
        transfer taxes and premiums, taxes withheld on non-U.S. dividends, fees for data and software
        providers, research expenses, professional fees (including, without limitation, the fees and
        expenses of consultants, attorneys and experts) and, if applicable, brokerage commissions,
        interest and commitment fees on loans and debit balances, borrowing charges on securities
        sold short, dividends on securities sold but not yet purchased and margin fees;

    •   attorneys’ fees and disbursements associated with preparing and updating the Fund’s
        registration statement and other regulatory filings, and with reviewing potential investments
        to be made in Private Market Assets;

    •   attorneys’ fees and disbursements associated with preparing and filing exemptive applications
        with the SEC in respect of certain co-investment transactions and the ability of offer multiple
        classes of shares;

    •   fees and disbursements of any accountants or auditors engaged by the Fund, expenses related
        to the annual audit of the Fund, expenses related to the unaudited financial statements of the
        Fund and expenses related to the preparation, review, approval and filing of the Fund’s tax
        information;

    •   fees paid and out-of-pocket expenses reimbursed to the Fund’s administrator;

    •   recordkeeping, custody and transfer agency fees and expenses;

    •   the costs of errors and omissions/trustees’ and officers’ liability insurance and a fidelity bond;

    •   fees paid to third-party consultants or service providers relating to the Fund’s establishment
        or operations and fees paid to third-party providers for due diligence and valuation services;

    •   the costs of preparing and mailing reports and other communications, including proxy, tender
        offer correspondence, annual reports or similar materials, to Fund shareholders;

    •   fees of Trustees who are not “interested persons” and travel and administrative expenses of
        Trustees who are not “interested persons” relating to meetings of the Board of Trustees and
        committees thereof;

    •   costs and charges related to electronic platforms through which investors may access,
        complete and submit subscription and other fund documents or otherwise facilitate activity
        with respect to their investment in the Fund, including Nasdaq Private Markets;

    •   all costs and charges for equipment or services used in communicating information regarding
        the Fund’s transactions among the Manager and any custodian or other agent engaged by the
        Fund; and

    •   any extraordinary expenses (as defined below), including indemnification expenses as
        provided for in the Fund’s organizational documents.

In addition, all reasonable costs and expenses incurred in connection with the formation and
organization of, and offering and sale of shares in the Fund, as determined by StepStone or StepStone
Private Wealth, including all out-of-pocket legal, accounting, registration and filing fees and expenses
will be borne by the Fund. The Fund will also bear certain administrative costs.

In addition to the fees and expenses of the Fund, a pro rata share of which are indirectly borne by the
Feeder, the Feeder may also bear certain additional direct expenses, including fees charged by the
Feeder’s administrator, auditors fees, legal fees and the fees of other service providers.

With respect to the Funds, StepStone Private Wealth has entered into expense limitation and
reimbursement agreements through specified time periods (the “Limitation Period”), pursuant to
which StepStone Private Wealth has agreed to cap certain operating expenses payable by the Fund and
to reimburse the Fund to the extent such expenses exceed the cap. The cap applies to all expenses
incurred in the business of the Fund, subject to the following exclusions: (i) the Management Fee; (ii)
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Item 7 – Types of Clients

StepStone Private Wealth’s Fund and Fund Vehicle clients include a global mix of institutional investors
including sophisticated corporate entities, insurance companies, family offices, endowments,
sophisticated high net worth individuals and small institutions both inside and outside the United
States. Sub-Advisory Clients include sophisticated high net worth individuals and small institutions,
both inside and outside of the United States. StepStone Private Wealth’s Fund Clients have underlying
investors that include sophisticated high net worth individuals and small institutions both inside and
outside the United States.