Conversus StepStone Private Markets Class S
XPMSX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- Robert W. Long
- Sector
- Financial Services
- Industry
- Investment - Banking & Investment Services
- Address
- NC United States of America
- IPO Date
- Jul 24, 2023
- Website
- conversus.com
- Similar Companies
- Business
- Conversus StepStone Private Markets Class S (XPMSX) is a non-diversified closed-end management investment company that provides high net worth and mass affluent investors with access to private markets through diversified evergreen fund strategies. The fund offers exposure to a portfolio of private market assets, including private equity, private debt, real estate, and infrastructure via fund investments, secondaries, and co-investments; it is managed by StepStone Private Wealth Solutions, a wholly owned platform of StepStone Group Inc., leveraging the parent's global expertise and scale across these asset classes. XPMSX operates primarily in the United States with quarterly repurchase offers to provide liquidity, targeting accredited investors and financial advisors seeking institutional-grade private markets diversification without traditional lock-up periods. Launched in 2020 under the Conversus brand, which StepStone Group established in 2019 as a dedicated private wealth solutions platform headquartered in New York, the fund was part of StepStone Private Wealth's rapid expansion, rebranded from Conversus in November 2022 after surpassing $1 billion in assets under management. StepStone Private Wealth, overseeing the XPMSX share class alongside Classes I (XPMIX), D, and R, has since doubled its platform AUM to over $10 billion by August 2025, driven by inflows into core products like SPRIM (the flagship private markets evergreen fund generating over 76% net asset growth per share since 2020 inception) and new launches such as the StepStone Private Venture and Growth Fund (SPRING, first close over $100 million in 2022). Recent developments include lowering investment minimums and eliminating accredited investor requirements for several U.S. evergreen funds to enhance retail access; launching European-domiciled structures like UCI Part II funds and SCRED ELTIF in 2025 via partnerships such as with Goji for streamlined distribution; and introducing the StepStone Private Equity Strategies evergreen fund in November 2025 with over $750 million at inception. These initiatives reflect strategic expansions into global markets including Europe, Australia, Hong Kong, Singapore, and the UK, alongside enhancements like StepStone Academy for financial professional education. StepStone Group, founded in 2006 and based in New York with 19 offices across 13 countries, oversees approximately $602 billion in private markets allocations, including $135 billion in AUM as of late 2022, supporting XPMSX's differentiated access to top-tier managers and proprietary co-investments.