StepStone Group(NASDAQ) STEP

StepStone Group Inc. helps large organizations invest in private businesses. It builds custom portfolios for pensions and wealthy families. The firm uses specialized data to guide these complex investments.

How StepStone Serves Big Investors

• Separately Managed Accounts: Custom portfolios designed for individual clients; accounts for $140 billion of assets under management, which are assets the firm manages directly.
• Focused Commingled Funds: Pooled investment vehicles where multiple clients invest together; accounts for $89 billion of assets under management.
• Advisory and Data Services: Consulting on portfolio design and access to proprietary research; represents $668 billion of assets under advisement, where the firm provides investment recommendations.
• Portfolio Analytics: Performance tracking and administrative reporting through specialized software; provides monitoring for over $938 billion in client commitments.

Moving Toward Full Ownership

• Entered agreements in February 2024 to eventually acquire 100% of its three core asset class entities.
• Completed the third annual exchange in May 2026 to reach 65% ownership of these specialized investment units.
• Transitioned to a noncontrolled company structure in September 2025 to comply with independent board requirements.
• Expanded its focus on the private wealth market to serve high-net-worth and mass affluent individuals.

A Global Information Network

StepStone operates a local staffing model across 31 cities on five continents to gather regional investment insights. The firm maintains a competitive edge through its StepStone Private Markets Intelligence platform, which provides proprietary data for analyzing private market trends.

Key Growth and Performance Metrics

• Total revenues were $378.9 million for the three months ended June 30, 2026, up 4% year over year.
• Management and advisory fees were $269.2 million for the three months ended June 30, 2026, up 27% year over year.
• Fee-related earnings (non-GAAP) were $105.6 million for the three months ended June 30, 2026, up 30% year over year.
• Total assets under management reached $245 billion as of June 30, 2026, up from $199 billion as of June 30, 2025.

Bottom Line

StepStone has evolved from a 2007 startup into a global leader in private market advisory and management. The firm continues to diversify its investment offerings and expand its ownership of core asset class platforms.