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.
Fiscal year 2026 · change from previous year
Development 2021–2026
Business
Share of revenueCustomized private markets portfolios and fund strategies across multiple asset classes.
Portfolio design, due diligence, asset allocation, and investment recommendations.
Client reporting, benchmarks, compliance support, and tax/admin capabilities.
Licensed access to proprietary research, intelligence, and reporting platforms.
Incentive-based fees tied to fund and mandate performance.
Products
Reported · share of revenue- 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.
Pension funds, sovereign wealth funds, insurers, endowments, and foundations buying customized private markets portfolios and advisory support.
High-net-worth and mass affluent investors buying access products and reporting solutions for private markets exposure.
Large investors seeking bespoke mandates with tailored strategy, governance, and reporting.
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.
Uninvested capital must be placed into suitable opportunities to support fee generation and client outcomes.
A broader client base diversifies fundraising and reduces dependence on any single market or mandate type.
Private wealth products open a large investor pool that historically had limited access to private markets.
Proprietary analytics and reporting tools help retain clients and support differentiated advisory services.
Geography
2026StepStone 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.
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.
- Investment opportunity availabilityImpact: HighLikelihood: High
The business depends on finding suitable private market opportunities for clients and funds.
Exposure - Third-party manager and portfolio company riskImpact: HighLikelihood: Medium
Many investments are made in funds and companies not controlled by StepStone.
Exposure - 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
- Competitive pressureImpact: MediumLikelihood: Medium
The firm competes with asset managers, banks, insurers, and consulting firms on access, performance, and service.
Exposure
Accounting
Judgemental itemsManagement, advisory, and performance fees are recognized based on contractual performance obligations and variable consideration.
Impact: Can shift revenue timing between periods
Certain client investment funds are consolidated when controlled or when StepStone is primary beneficiary.
Impact: Increases reported assets, liabilities, expenses, and cash flows
Third-party interests in consolidated funds and subsidiaries are presented separately from StepStone shareholders.
Impact: Affects net income attributable to StepStone
Payments tied to tax basis step-ups create future obligations and affect equity economics.
Impact: Influences cash taxes and equity value attribution
Realizability depends on future taxable income and tax authority outcomes.
Impact: Can materially affect tax expense and balance sheet estimates
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Last updated: 24/09/2026