StepStone VC Global Partners XII (Lux) General Partner

StepStone VC Global Partners XII (Lux) SCSp, SICAV-RAIF

The Luxembourg SICAV-RAIF structure with a 12-GP naming convention signals a broad LP coalition fund, likely co-managed across multiple regional or thematic leads rather than a single-GP vehicle; this structure is common when StepStone or co-GPs need to accommodate LPs with different governance requirements or when profit splits are distributed across named principals.

StepStone VC Global Partners XII (Lux Feeder) SCSp, SICAV-RAIF

This feeder structure pools capital into a master fund, a setup that typically indicates StepStone is consolidating LP commitments across geographies or LP types—Luxembourg domiciliation and RAIF status signal tax efficiency for non-US LPs, while the feeder arrangement allows the GP to manage a single investment vehicle across multiple LP classes without duplicating portfolio management or deal execution.