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StepStone Group Inc
NASDAQ:STEP

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StepStone Group Inc
NASDAQ:STEP
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Price: 46.835 USD -0.56% Market Closed
Market Cap: $5.7B

StepStone Group Inc
Investor Relations

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.

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Last Earnings Call
Fiscal Period
Q1 2027
Call Date
Aug 6, 2026
AI Summary
Q1 2027

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.

Key Financials
GAAP net loss attributable to StepStone Group
$116 million
Loss per share
$1.41
Fee-related earnings
$106 million
FRE margin
39%
Core fee-related earnings
$105 million
Adjusted net income
$60 million
Adjusted earnings per share
$0.48
Fee revenue
$271 million
Adjusted cash-based compensation
$117 million
General and administrative expenses
$42 million
Gross realized performance fees
$30 million
Net realized performance fees
$16 million
Net accrued carry
$935 million
Private Wealth assets
over $21 billion
Private Wealth subscriptions
$2.8 billion
SPRING subscriptions
$1.7 billion
Gross inflows
over $10 billion
Gross AUM additions over last 12 months
nearly $40 billion
Fee-earning assets plus UFEC
approximately $193 billion
UFEC
over $39 billion
Blended management fee rate
65 basis points
Quarterly dividend
$0.33 per share
Share repurchases since fiscal 2026 end
$21 million
Total repurchases under authorization
$30 million
Repurchase authorization
$100 million
Shares repurchased
over 710,000 shares
Average repurchase price
$41.87
SCRED assets
$2.8 billion
Managed account expiration next quarter
roughly $1.5 billion
Earnings Call Recording
Other Earnings Calls

Management

Mr. Monte M. Brem J.D.
Co-Founder & Executive Chairman
No Bio Available
Mr. Scott Hart
CEO, Head of Private Equity, Director & Partner
No Bio Available
Mr. Jason Paul Ment J.D.
Partner, President & Co-COO
No Bio Available
Mr. David Y Park
Partner & CFO
No Bio Available
Mr. Jose A. Fernandez J.D.
CO-COO, Director & Partner
No Bio Available
Mr. Thomas Keck
Partner, Head of Research and Portfolio Management & Director
No Bio Available
Mr. Michael I. McCabe
Partner, Head of Strategy & Director
No Bio Available
Mr. Anthony Keathley
MD & Chief Accounting Officer
No Bio Available
Mr. Seth Weiss
Managing Director of Corporate Investor Relations - New York
No Bio Available
Ms. Jennifer Yayoi Ishiguro
Partner, Chief Legal Officer & Secretary
No Bio Available

Contacts

Address
NEW YORK
New York City
277 Park Avenue, 45th Floor
Contacts