StepStone Group Real Assets LP

Item 5 – Fees and Compensation

StepStone Real Assets’ fees are based upon the scope of the engagement and services required by the Client
and disclosed in each investment advisory agreement, or, if applicable, the Governing Documents.

With respect to each registered investment company, each Prospectus sets forth the applicable fees and
expenses. The registered investment company does not pay StepStone Real Assets a management fee, but
investors in the registered investment company bear their pro rata share of the Management Fee paid through
the registered investment company’s investment in the Client.

Bespoke Funds
StepStone Real Assets has no basic fee schedule for Bespoke Funds. All fees are negotiated on a Client-by Client
basis and are generally payable quarterly in advance or as otherwise negotiated.

StepStone Real Assets will generally charge Bespoke Funds a management fee quarterly, at a negotiated annual
rate based on the capital commitments of the Client to the account during the investment period and
thereafter on invested capital. In certain instances, the management fee will be based on funded capital rather
than committed capital during the investment period and the management fee after the investment period
will be charged on the fair market value of the investments, aggregate exposure, or based on committed
capital, albeit at a lower percentage than that charged during the investment period when the management fee
is based on committed capital after the investment period. Management fees are generally payable quarterly
in advance and are debited by StepStone Real Assets. Any partial period will generally be prorated for the
number of days of service provided. 1 In addition, in certain instances, Clients will pay a StepStone Real Assets
affiliate performance-based compensation (i.e., a carried interest or performance fee) based on the
performance of the vehicle or program after exceeding a specified rate of return as outlined in Item 6 of this
Brochure. The amounts of the fees will be stated in each investment advisory agreement or, if applicable, the
Governing Documents. Bespoke Funds are also generally responsible for paying organizational expenses,
auditing expenses, third party administrator expenses, legal expenses and other expenses of the Bespoke Fund.
To the extent a Bespoke Fund is invested in underlying private markets funds (whether as a primary fund
commitment or through a secondary investment), such underlying funds will impose their own fees, and an
investor in such Bespoke Fund will pay two levels of management fees and expenses.

Termination Policy

The procedures and conditions under which StepStone Real Assets or a Bespoke Fund can terminate an
investment management agreement are described in such agreement. Generally, a Client will be able to
terminate its investment management agreement with StepStone Real Assets for cause and, in certain limited
instances, without cause, upon written notice given within certain specified time periods. In such a case, the
fees will be adjusted pro rata based on the number of days of service provided, unless otherwise agreed by the
Client in writing. In certain instances, a termination fee will be payable. Interests in Bespoke Funds generally
will not be transferable without obtaining the prior consent of the general partner or managing member of the
vehicle. The investment time horizon for a Bespoke Fund is generally 10 to 12 years, although certain vehicles
can have a longer or shorter time horizon. In most cases, StepStone Real Assets does not control the ability to
liquidate assets of the underlying investments.

Discretionary and Non-Discretionary Advisory Services
StepStone Real Assets will generally charge Advisory Clients an all-inclusive flat fee. Some agreements provide
for additional payments to StepStone Real Assets to the extent that agreed-upon targets for certain work

        For the avoidance of doubt, any reference to “number of days” in this Item or others will be consistent with the
        language of the Governing Documents for the relevant Client(s).

product are exceeded and for special projects. In certain instances, the advisory fee will be based on capital
committed or funded by the Advisory Client to investments, the fair market value of the investments or
aggregate exposure. All fees are negotiated on a Client-by-Client basis and are generally payable quarterly in
advance. Any partial period fees will generally be prorated for the number of days of service provided. Clients
are invoiced for fees.

Termination Policy

Advisory Clients will generally be able to terminate the contractual relationship upon written notice given within
certain specified time periods. In such a case, the fees will generally be adjusted pro rata for the number of
days of service provided, unless otherwise agreed by the Advisory Client in writing. In certain instances, a
termination fee will be payable.

Private Markets Monitoring and Reporting Services; SPITM Services
StepStone Real Assets may include SPI™ Research and SPI™ Reporting services under the all-inclusive flat fee
for Advisory Clients. StepStone Real Assets will generally charge, but may in certain cases waive, Clients a flat
fee for research services via SPI™. StepStone Real Assets will generally charge a per fund fee for monitoring
and reporting services via SPI™ Reporting. All fees are negotiated on a Client-by-Client basis and are generally
payable quarterly in advance. Some agreements provide for additional payments to the extent that agreed-
upon targets for certain work product are exceeded and for special projects. Any partial period will be prorated
for the number of days of service provided. Clients are invoiced for fees.

Termination Policy

Monitoring and reporting Clients will generally be able to terminate the contractual relationship upon written
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Item 7 – Types of Clients

StepStone Real Assets’ Advisory Clients include a global mix of institutional investors including sophisticated
corporate entities, pension funds, family offices, endowments and foundations, sovereign wealth funds and
our RIC Advisory Clients. RIC Advisory Clients include sophisticated high net worth individuals and small
institutions, both inside and outside of the United States. StepStone Real Assets’ Fund Clients have underlying
investors that include sophisticated high net worth individuals and a range of institutional investors.