StepStone Group Inc
NASDAQ:STEP
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StepStone Group Inc
NASDAQ:STEP
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StepStone Group Inc
StepStone Group is an investment firm focused on private markets, not public stocks and bonds. It helps large investors such as pension funds, endowments, foundations, insurers, and wealthy families build portfolios in private equity, private credit, real estate, and infrastructure. The company also advises on buying and selling stakes in private funds and companies, which is a core part of how private market capital gets allocated. It earns money mainly by charging fees for managing client capital and advising on investment portfolios and transactions. In some cases, it also earns performance-based fees when investments do well. Its business sits in the middle of the private investing chain: it does not run factories or own consumer brands, but instead helps clients access deals, managers, and fund structures that are hard for most investors to reach directly. What makes StepStone different is that it is built around access and selection rather than owning a single asset class. Clients use it to source private-market opportunities, compare fund managers, build diversified private portfolios, and handle the complexity of committing capital over many years. That makes the company more like a specialist guide and portfolio builder for institutional private investing than a traditional asset manager focused on public markets.
StepStone Group is an investment firm focused on private markets, not public stocks and bonds. It helps large investors such as pension funds, endowments, foundations, insurers, and wealthy families build portfolios in private equity, private credit, real estate, and infrastructure. The company also advises on buying and selling stakes in private funds and companies, which is a core part of how private market capital gets allocated.
It earns money mainly by charging fees for managing client capital and advising on investment portfolios and transactions. In some cases, it also earns performance-based fees when investments do well. Its business sits in the middle of the private investing chain: it does not run factories or own consumer brands, but instead helps clients access deals, managers, and fund structures that are hard for most investors to reach directly.
What makes StepStone different is that it is built around access and selection rather than owning a single asset class. Clients use it to source private-market opportunities, compare fund managers, build diversified private portfolios, and handle the complexity of committing capital over many years. That makes the company more like a specialist guide and portfolio builder for institutional private investing than a traditional asset manager focused on public markets.
Results: StepStone said it had an outstanding start to fiscal 2027, with fee revenue up 27% and fee-related earnings up 30% year over year, while adjusted net income rose to $60 million.
Fundraising: The company generated over $10 billion of gross inflows in the quarter and nearly $40 billion over the last 12 months, its best 12-month fundraising period ever.
Private Wealth: Private Wealth was a standout again, with $2.8 billion of subscriptions, assets above $21 billion, and very low redemptions under 2%.
Capital Return: Management raised the quarterly dividend 18% to $0.33 per share and said it had repurchased $21 million of shares since fiscal 2026 ended.
Buy-in Plan: StepStone reiterated that the Private Wealth profits-interest buy-in should be materially accretive and said it expects to fund the cash portion with a mix of cash flow, debt, and capital market access while keeping leverage conservative.
SPRING: The venture and growth equity fund SPRING delivered very strong performance and subscriptions, but management said public-position volatility, especially around SpaceX, could create near-term noise.