StepStone Group Inc.
stepstonegroup.comWhat Do They Do?
Builds customized private-markets portfolios and provides investment management, advisory and data services to institutional investors, endowments, family offices and private-wealth clients.
10-K for FY2026, filed May 27, 2026We are a global private markets investment firm focused on providing customized investment solutions and advisory and data services to our…View ↗
We have a flexible business model whereby many of our clients engage us for solutions across multiple asset classes and investment…View ↗
Portfolio analytics and reporting. We provide clients with tailored reporting packages, including customized performance benchmarks as well…View ↗
We believe the value proposition we offer across our asset management, advisory, data, portfolio monitoring and reporting services has…View ↗
How Do They Make Money?
Clients pay quarterly management fees based on committed or invested capital and generally fixed quarterly advisory fees. StepStone also earns incentive and carried-interest fees tied to investment results.
10-K for FY2026, filed May 27, 2026The Company earns management fees for services provided to its SMAs and focused commingled funds. The Company earns advisory fees for…View ↗
When asset management services and the arrangement of administrative services are the performance obligations promised in a contract, the…View ↗
We generate revenues from management and advisory fees and performance fees earned pursuant to contractual arrangements with the StepStone…View ↗
The Company earns two types of performance fee revenues: incentive fees and carried interest allocations, as described below.View ↗
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10-K for FY2026, filed May 27, 2026
FY2026 revenue by product or service ↗
$2B
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10-K for FY2026, filed May 27, 2026
$2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Management and advisory fees, net
Recurring
10-K for FY2026, filed May 27, 2026 |
46%
FY2023: −736%
|
Management and advisory fees, net, FY2026
$926.5M Sources
|
Recurring |
|
Total incentive fees
|
11%
FY2023: −14%
|
Total incentive fees, FY2026
$220.1M Sources
|
|
|
Realized
|
8.5%
FY2023: −194%
|
Realized, FY2026
$168.6M Sources
|
|
|
Unrealized
|
27%
FY2023: 375%
|
Unrealized, FY2026
$539.7M Sources
|
|
|
Legacy Greenspring Carried Interest Allocations
|
7.0%
FY2023: 669%
|
Legacy Greenspring Carried Interest Allocations, FY2026
$138.7M Sources
|
Who Are Their Customers?
Its clients include pension funds, sovereign wealth funds and insurers, along with endowments, foundations, family offices and private-wealth investors. Local business-development teams maintain dialogue with clients and speak with potential clients.
10-K for FY2026, filed May 27, 2026We believe the value proposition we offer across our asset management, advisory, data, portfolio monitoring and reporting services has…View ↗
Our dedicated in-house business development, marketing and client relations teams, comprising over 230 professionals in offices across 16…View ↗
Over the past decade, we have invested in and grown both our in-house and third-party distribution networks. Our local business development…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $535.8M in FY2026, but brought in more cash than it spent: $63.9M of free cash flow.
How Are They Changing?
- Net income
-
Sources
10-Q for Q1 FY2027, filed Aug 7, 2026
−$115.8MView ↗
- ▲ +201% (Loss)
- vs −$38.4M in Q1 FY2026
10-Q for Q1 FY2027, filed Aug 7, 2026
Open tableView ↗
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Jun 1, 2026
Completed an exchange for additional stakes in three businesses
The exchange brought Partnership ownership to 65% in each of StepStone Group Real Estate, Real Assets and Private Debt.
Sources
8-K, filed Jun 1, 2026
The portion of the equity interests acquired in the 2026 Exchange was approximately 5% of each Asset Class Entity. As a result of the 2026…View ↗
Growing. Revenue grew 46% in 4 years, from $1.4B in FY2022 to $2B in FY2026, about 10% a year.
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