STEPNasdaqInvestment AdviceUS GAAP · USD

StepStone Group Inc.

StepStone Group Inc. is a U.S.-based global private markets investment firm that provides customized investment solutions, advisory services, and data/analytics tools. The firm works across private equity, infrastructure, private debt, and real estate through primaries, secondaries, co-investments, and separately managed accounts.

Revenue1,994m USD
+69.7 %y/y
Net income-536m USD
−198.4 %y/y
Free cash flow63.9m USD
+6.7 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-50005001,0001,5002,000m USD2021: 788 m USD20212022: 1,366 m USD20222023: -68 m USD20232024: 712 m USD20242025: 1,175 m USD20252026: 1,994 m USD20261,994
RevenueOperating profit (EBIT)

Business

Share of revenue
Investment management solutions55 %

Customized private markets portfolios and fund strategies across multiple asset classes.

Advisory services20 %

Portfolio design, due diligence, asset allocation, and investment recommendations.

Portfolio analytics and reporting10 %

Client reporting, benchmarks, compliance support, and tax/admin capabilities.

Data and technology services10 %

Licensed access to proprietary research, intelligence, and reporting platforms.

Performance fees and carried interest5 %

Incentive-based fees tied to fund and mandate performance.

Products

Reported · share of revenue
27.5%27.1%14.7%10.5%8.5%11.7%FY2026100 %
  • Management and Advisory Fees Net Focused Commingled Funds27.5 %
  • Carried Interest Allocation Unrealized27.1 %
  • Management and Advisory Fees Net Separately Managed Accounts14.7 %
  • Incentive Fees Focused Commingled Funds10.5 %
  • Carried Interest Allocation Realized8.5 %
  • Other11.7 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

StepStone serves institutional investors that need access to private markets and customized portfolio construction, including pension funds, sovereign wealth funds, insurers, endowments, foundations, and family offices. It also serves private wealth clients, including high-net-worth and mass affluent individuals, through products designed to broaden access to private markets.

Institutional investors

Pension funds, sovereign wealth funds, insurers, endowments, and foundations buying customized private markets portfolios and advisory support.

Private wealth clients

High-net-worth and mass affluent investors buying access products and reporting solutions for private markets exposure.

Separately managed account clients

Large investors seeking bespoke mandates with tailored strategy, governance, and reporting.

Fund investors and limited partners

Clients investing through StepStone funds in primaries, secondaries, and co-investments.

Strategy

StepStone’s strategy is to deploy committed capital, win new clients globally, and deepen its position in private markets through customized solutions. It also aims to expand private wealth distribution and use scale, research, and proprietary data tools to strengthen client retention and operating leverage.

Deploy committed capitalShort term

Uninvested capital must be placed into suitable opportunities to support fee generation and client outcomes.

Grow global institutional client baseMedium term

A broader client base diversifies fundraising and reduces dependence on any single market or mandate type.

Expand private wealth accessMedium term

Private wealth products open a large investor pool that historically had limited access to private markets.

Scale data and reporting capabilitiesMedium term

Proprietary analytics and reporting tools help retain clients and support differentiated advisory services.

Geography

2026

StepStone operates globally and sources investments and clients across North America, Europe, the Middle East, Latin America, Australia, Japan, South Korea, Southeast Asia, and China. Its business depends on local presence combined with global investment capabilities, since private markets are cross-border and client demand is geographically diverse.

United States54 %
Other countries (US filing)46 %

Share of the revenue the company reports by geography.

Risks

StepStone’s results depend on sourcing attractive private market opportunities and on third-party fund managers and portfolio companies making sound decisions. The business is also exposed to market cycles, regulation, and competition from large financial institutions and specialized private markets firms.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Investment opportunity availability1Third-party manager and portfolio company risk2Market and regulatory sensitivity3Competitive pressure4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Investment opportunity availabilityImpact: HighLikelihood: High

    The business depends on finding suitable private market opportunities for clients and funds.

    ExposurePrimariesSecondariesCo-investmentsSMAs
  2. Third-party manager and portfolio company riskImpact: HighLikelihood: Medium

    Many investments are made in funds and companies not controlled by StepStone.

    ExposurePrivate equityInfrastructurePrivate debtReal estate
  3. Market and regulatory sensitivityImpact: MediumLikelihood: High

    Financial market conditions and regulation affect valuations, fundraising, compliance costs, and deployment pace.

    Exposure: Global private markets and cross-border clients

  4. Competitive pressureImpact: MediumLikelihood: Medium

    The firm competes with asset managers, banks, insurers, and consulting firms on access, performance, and service.

    ExposureAdvisory servicesSMAsFocused commingled funds

Accounting

Judgemental items
Revenue recognition for fees

Management, advisory, and performance fees are recognized based on contractual performance obligations and variable consideration.

Impact: Can shift revenue timing between periods

Consolidation of funds

Certain client investment funds are consolidated when controlled or when StepStone is primary beneficiary.

Impact: Increases reported assets, liabilities, expenses, and cash flows

Non-controlling interests

Third-party interests in consolidated funds and subsidiaries are presented separately from StepStone shareholders.

Impact: Affects net income attributable to StepStone

Tax receivable agreements

Payments tied to tax basis step-ups create future obligations and affect equity economics.

Impact: Influences cash taxes and equity value attribution

Deferred tax assets and uncertain tax positions

Realizability depends on future taxable income and tax authority outcomes.

Impact: Can materially affect tax expense and balance sheet estimates

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026