StepStone venture fund filing carries Etched preferred at $15.39 a share at June 30
- Place in VP50
- #13
- Sources
- 2
- Claims verified
- 4 of 5
What happened
StepStone Private Venture and Growth Fund filed a Form N-PORT with the SEC on August 31, 2026 for the period ending June 30, 2026. Its schedule of investments lists two positions in preferred shares of Etched, Inc. The primary direct investment is 67,513 shares acquired on December 30, 2025, at a cost and fair value of $1,039,078. The secondary investment is 162,032 shares acquired on April 29, 2026, at a cost and fair value of $2,493,800.
The mark recorded for this filing is $15.39 per share for Etched preferred as of June 30, 2026. The schedule does not state a per-share figure itself. It gives share counts, cost and fair value, and in both Etched lines the fair value equals the cost. A footnote says fair value was determined using significant unobservable inputs, but the filing describes no valuation technique. The filing is a regulatory disclosure by the fund, not a statement by Etched, and it reports no new financing round, valuation of the whole company or price from a third-party transaction.
Key points
- StepStone Private Venture and Growth Fund filed its N-PORT on Aug 31, 2026 for the period ending Jun 30, 2026.1
- Primary position: 67,513 Etched preferred shares acquired Dec 30, 2025, cost and fair value $1,039,078.2
- Secondary position: 162,032 Etched preferred shares acquired Apr 29, 2026, cost and fair value $2,493,800.2
- The recorded mark is $15.39 per share; the schedule lists totals and share counts only.2
Why it matters
For both Etched lines the fund's fair value equals what it paid. Held at cost, the mark shows the fund's entry price rather than a fresh reading of the company's value.
The positions are small and the sources give no valuation of Etched as a whole. A fund mark is one data point for price discovery, and it is not a trade.
The filing labels the April 2026 lot a secondary investment and the December 2025 lot a primary direct investment. It gives no seller or terms for the secondary purchase.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Funding round | Jan 13, 2026 | $5.0B | $500M | Stripes |
| Series C | Jul 23, 2026 | $10B | $300M | Sequoia Capital |
| Series D | Aug 18, 2026 | $21B | $700M | Jane Street |
Updated
Fact-check
- The fund filed its N-PORT on August 31, 2026 for the period ending June 30, 2026.Confirmed by [1] SEC EDGAR: the filing detail lists Form NPORT-P for period June 30, 2026, filed August 31, 2026, by StepStone Private Venture & Growth Fund.Verified
- The fund holds 67,513 Etched preferred shares acquired December 30, 2025, at cost and fair value of $1,039,078.Confirmed by [2] SEC EDGAR: the schedule of investments lists this primary direct investment with those figures.Verified
- The fund holds 162,032 Etched preferred shares acquired April 29, 2026, at cost and fair value of $2,493,800.Confirmed by [2] SEC EDGAR: the schedule lists this secondary investment with those figures.Verified
- Fair value was determined using significant unobservable inputs.Confirmed by [2] SEC EDGAR: footnote 5 on both Etched lines states this.Verified
- Etched preferred is marked at $15.39 per share as of June 30, 2026.[2] SEC EDGAR gives share counts, cost and fair value but not a per-share figure; the $15.39 comes from the event data for this filing.Partly verified
Sources
- [1]SEC EDGAR (opens in a new tab)Form NPORT-P filing detail (period 2026-06-30)
- [2]SEC EDGAR (opens in a new tab)StepStone Private Venture and Growth Fund Consolidated Schedule of Investments, June 30, 2026determined using significant unobservable inputs
