StepStone Group Inc. is a global private markets investment firm providing customized investment solutions, advisory, and data services to a diverse client base across private equity, infrastructure, private debt, and real estate.

# Company Summary

## Overview
- **Name:** StepStone Group Inc.
- **Type:** Global private markets investment firm
- **Founded:** 2007
- **Headquarters:** New York, NY
- **Stock Symbol:** STEP (Nasdaq)
- **Jurisdiction:** Delaware, USA

## Business Focus
- Provides **customized investment solutions, advisory, and data services** to a diverse client base.
- Specializes in **private markets asset classes**: Private Equity, Infrastructure, Private Debt, and Real Estate.
- Partners with clients to develop portfolios utilizing:
  - **Primaries:** Invest in newly established private funds.
  - **Secondaries:** Acquire existing interests in funds/assets.
  - **Co-investments:** Direct investments alongside fund managers in companies or projects.
- Acts as **investment adviser** and **general partner** for focused commingled funds and separately managed accounts (SMAs).

## Client Base
- Clients include **public and private pension funds**, **sovereign wealth funds**, **insurance companies**, **endowments**, **foundations**, **family offices**, and **private wealth individuals**.
- Significant client presence in global markets with **over half** of management and advisory fees from **clients outside the U.S.**.

## Financials (as of March 31, 2025)
- **Total Capital Responsible:** approximately **$709 billion**
  - **Assets Under Management (AUM):** **$189 billion**
  - **Assets Under Advisement (AUA):** **$520 billion**
- **Employees:** approximately **1,130** globally
  - **Investment Professionals:** over **375**
  - **Operating and Implementation Teams:** approximately **750**
- **Revenue:**
  - Managed Fees (2025): **$767 million** (from management and advisory fees)
  - Managed & Advisory Program Count: **460**
- **Investment Performance:**
  - Total committed capital across strategies: **$409.9 billion**
  - Total net multiple of invested capital: **~1.4x**
  - Total gross IRR: **~12.1%**

## Revenue Streams
- **Management & Advisory Fees:** from focused commingled funds, SMAs, and advisory/data services.
- **Performance Fees:** earned from carried interest on fund investments.
- **Portfolio Analytics & Reporting:** offering tailored monitoring and performance analytics, serving nearly **$780 billion** of client commitments.

## Strategic Strengths
- Global footprint with **28 offices in 16 countries**.
- Proprietary data platforms (SPI suite) providing significant market intelligence.
- A deep, experienced team with **average over 20 years** of industry experience.
- Focus on **full-service, customized solutions** to meet diverse client needs.

## Key Investment Strategies
- **Primaries:** Invest during fund fundraising in new funds.
- **Secondaries:** Purchase interests in existing funds/assets.
- **Co-investments:** Direct stakes in companies/projects alongside fund managers.

## Additional Details
- Manages approximately **$70 billion** annually in private markets for the last three years.
- Has **top-quartile** investment performance relative to benchmarks.
- Focus on building and expanding client relationships, with about **60+ mandates** and a **20%** client contribution to management fees from top clients.

A global private markets investment firm specializing in customized investment solutions and advisory services, managing $678 billion in capital as of March 31, 2024.

# Company Overview

## Business Focus
- **Type**: Global private markets investment firm
- **Services**: Provides customized investment solutions and advisory/data services

## Clientele
- **Types of Clients**:
  - Largest public and private defined benefit and contribution pension funds
  - Sovereign wealth funds
  - Insurance companies
  - Endowments and foundations
  - Family offices and private wealth clients (high-net-worth and mass affluent individuals)

- **Number of Clients**: Serves prominent institutional investors, but exact client count not provided.

## Investment Strategies
- **Asset Classes**: 
  - Private Equity
  - Infrastructure
  - Private Debt
  - Real Estate

- **Investment Types**:
  - **Primaries**: Investments in newly established private markets funds
  - **Secondaries**: Acquisitions of existing interests in private markets funds or companies
  - **Co-investments**: Direct investments alongside fund managers

## Financial Metrics (as of March 31, 2024)
- **Total Capital Responsibility**: $678 billion
  - **Assets Under Management (AUM)**: $157 billion
  - **Assets Under Advisement (AUA)**: $521 billion
- **Number of Employees**: 990
  - **Investment Professionals**: 335 
  - **Operating Team/Implementation Teams**: 655
- **Revenue Growth**:
  - **Management and Advisory Fees**: Grew from $191 million (FY 2019) to $585 million (FY 2024), reflecting a 25% CAGR.

## Investment Activity
- **Investment Opportunities Reviewed**: Over 3,900
- **Meetings with Fund Managers**: Approximately 5,300 annually
- **Annual Capital Allocation**: Approximately $70 billion over the last three years (FY 2021-FY 2023)

## Competitive Advantages
- **Global Presence**: Offices in 27 cities across 16 countries on five continents
- **Proprietary Data and Technology**: Utilizes platforms like SPI Research and SPI Reporting for performance monitoring and investment analysis
- **Experienced Team**: The firm is led by 100 partners with an average of over 20 years of industry experience

## Commercial Structures
- **Separately Managed Accounts (SMAs)**: $94 billion AUM
- **Focused Commingled Funds**: $49 billion AUM
- **Advisory and Data Services**: $14 billion AUM, comprising $521 billion AUA

## Long-term Goals
Focus on expanding relationships with existing clients, attracting new clients globally, and enhancing investment performance while managing risks effectively.

StepStone Group Inc.

10-K / May 23, 2025

10-K / May 24, 2024

10-K / May 23, 2025

Company Summary

Overview

Business Focus

Client Base

Financials (as of March 31, 2025)

Revenue Streams

Strategic Strengths

Key Investment Strategies

Additional Details