📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

StepStone Group Inc. is a private equity and venture capital firm specializing in primary, direct, fund of funds, secondary direct, and secondary indirect investments.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding STEP

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	187.1K	$8.9M	0.01%	Mar 2026
Jim Simons Renaissance Technologies LLC	91.5K	$4.4M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q1 2026

Confident Specific

Management opened with 'strong financial results and continued fundraising momentum' and repeatedly cited specific figures: $8.7B gross AUM additions, $27B fee-earning AUM growth over 12 months, 20% organic growth rate. Clearly detailed fund inflows by strategy and geography.

Q2 2026

Confident Specific

Management repeatedly used phrases like 'strong on all fronts', 'nothing short of spectacular', and 'ecstatic with the traction' to describe record private wealth subscriptions and new product launches. They gave specific numbers to back claims and explicitly stated that results exceeded expectations.

Q3 2026

Confident Specific

Management repeatedly used superlatives like 'best quarter ever in core fee-related earnings', 'record fundraising over the last 12 months', and 'strongest 12-month period ever for gross inflows'. They provided specific percentages (e.g., 39% Spring return, 11% software exposure) and gave direct, detailed answers to analyst questions about AI risk and performance attribution.

Q4 2026 latest

Confident Specific

Management repeatedly used superlatives like 'best quarter ever', 'record quarter', 'remarkable result' and directly addressed concerns on secondary markups with detailed technical explanations, showing no defensiveness.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Management delivered record fee-related earnings and fundraising, directly countered concerns about secondary markups with clear accounting explanations, and demonstrated that returns are driven by asset appreciation. New growth avenues in data monetization and defined contribution are in early stages but add optionality. The Q&A confirmed that private wealth flows remain robust and that the firm is not reliant on a single high-profile exit. Key items to watch next quarter: conversion of undeployed fee-earning capital ($40B) into fee-earning AUM, sustainability of private wealth subscription momentum, and any acceleration in realization activity as M&A/IPOs recover.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Record $105M FRE, $38B annual fundraising, 40% FRE margin

Revenue & Profitability

Fee revenues were $260 million, up 21% year-over-year (29% excluding retroactive fees). Fee-related earnings (FRE) reached $105 million, up 12% YoY (core FRE up 28%). GAAP net loss was $7.8 million ($0.10 per share), primarily due to fair value changes in profits interests. Adjusted net income was $69 million ($0.57 per share), down from $81 million ($0.68 per share) in the prior year quarter.

Outlook

Management expressed cautious optimism about exits and realization activity, noting that while absolute distributions have picked up, yields remain below historic levels due to 2021-2022 NAV growth. Private credit is seen as well-positioned despite expected increases in default rates, and demand for private wealth and institutional private debt remains strong. Geopolitical shocks, AI disruption, and interest rate volatility were mentioned as near-term headwinds.

Growth Drivers

Key growth drivers include record private wealth subscriptions of $2.3 billion (net of redemptions under 2% of NAV), driven by funds like SPRING ($1.2 billion in the quarter). Institutional private debt fundraising totaled approximately $3 billion. The company also highlighted potential from the defined contribution (401k) channel following the DOL's safe harbor proposal, and new data monetization efforts through partnerships with PitchBook and others.

Balance Sheet & CapEx

Not discussed in detail; management noted investments in data and technology to drive the PitchBook partnership and capital-light expansion. The company is also investing in its defined contribution solutions team with a new hire. There is no specific CapEx guidance or major infrastructure spending mentioned in the call.

Margins

FRE margin was 40% for both reported and core measures in the quarter. Full-year core FRE margin was 38%, up over 600 basis points from two years ago. The cash compensation ratio was 43%, expected to be a fair level for the next fiscal year with quarter-to-quarter variability. Management expects continued margin expansion over the long term, though the path may not be linear.

Key Risks

Risks flagged include: interest rate volatility and geopolitical events adding uncertainty to exit timing; expected increase in default rates in private credit; concentration of returns in top venture assets; and potential disruption from AI and media scrutiny on private credit. Redemptions in private wealth are currently low (<2% of NAV) but remain a monitored risk. The company does not control the timing of exits, which affects performance fee realization.

Generated by AI · Q4 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q1 2027 Q1 2027 2026-08-06

Q1 FY2027 saw record fee-related earnings and robust fundraising, with private wealth assets more than doubling year-over-year and strong performance from the SPRING fund. Dividend was raised 18%, and share repurchases continued, while strategic initiatives and M&A remain a focus.

Q4 2026 Q4 2026 2026-05-20

Record fee-related earnings and fundraising drove strong AUM growth, with robust inflows in private wealth and credit. Despite a GAAP net loss, core profitability and margins improved, and capital allocation included higher dividends and share repurchases.

Q3 2026 Q3 2026 2026-02-05

GAAP net loss was $123M due to fair value changes, but core fee-related earnings and fundraising hit record highs, with $34B in gross AUM additions and strong performance from the Spring Evergreen Fund. Private wealth and international inflows drove growth, while AI disruption is managed through diversification.

Q2 2026 Q2 2026 2025-11-06

Record Private Wealth subscriptions and robust institutional fundraising drove strong fee-related earnings and AUM growth. Despite a GAAP net loss from fair value changes, adjusted net income and margins improved year-over-year. New products and global expansion support a positive outlook.

Q1 2026 Q1 2026 2025-08-07

Fiscal Q1 delivered strong fee-related earnings and robust AUM growth, with private wealth and managed accounts driving inflows. A new FTSE Russell partnership aims to enhance private market benchmarking, while a 17% dividend increase reflects confidence in sustainable growth.

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