Stepstone Group Inc (STEP) Quarterly and Annual Segment Results by Country and Region - CSIMarket
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Stepstone Group Inc   (NASDAQ: STEP)
    Sector  Financial    Industry Investment Services
   Industry Investment Services
   Sector  Financial

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Description of Stepstone Group Inc's Business Segments


StepStone Group Inc. is a prominent global private markets firm specializing in a diverse array of investment solutions and services designed specifically for institutional investors. With a comprehensive approach to private equity, real estate, infrastructure, and debt, StepStone stands out for its ability to provide tailored offerings to its clients.

Segments

1. Private Equity
StepStone facilitates institutions access to various aspects of private equity investing. This includes:
- Direct Investments: StepStone enables investors to directly engage with private companies, which can yield substantial returns.
- Co-investments: The firm provides opportunities for investors to co-invest alongside established private equity funds, allowing them to enhance their investment exposure without additional fees associated with fund investments.
- Secondary Investments: StepStone assists in the acquisition of existing private equity fund interests, providing liquidity options and capitalizing on market inefficiencies.
- Fund of Funds: The company offers a diversified approach through its private equity fund of funds, allowing investors to gain exposure to a broad range of private equity strategies managed by top-tier firms.

2. Real Estate
StepStones real estate segment provides access to various investment avenues, catering to the growing interest in real assets:
- Direct Real Estate Investments: Investors can directly invest in physical properties, generating potential rental income and appreciating asset values.
- Co-investments: Similar to private equity, StepStone provides co-investment opportunities in real estate deals with established partners.
- Secondary Investments: Investors have options to acquire existing real estate fund interests.
- Real Estate Fund of Funds: This offering helps clients diversify their real estate allocations across multiple managers and strategies.

3. Infrastructure
Infrastructure investments have become increasingly important for institutional portfolios due to their potential for stable income:
- Direct Infrastructure Investments: StepStone enables clients to invest directly in infrastructure projects, including energy, transportation, and utilities.
- Co-investments: Investors can participate in select infrastructure projects alongside established funds, enhancing their investment profile.
- Secondary Investments: The provision of secondary market options helps liquidate existing infrastructure investments.
- Infrastructure Fund of Funds: This diversified solution offers exposure across different infrastructure sectors and geographies, managed by various expert firms.

4. Debt
In an evolving financial landscape, StepStone provides a robust range of debt investment solutions:
- Direct Debt Investments: Institutions can invest directly in various debt instruments, including corporate loans and private debt offerings, aiming for attractive yield opportunities.
- Co-investments: Investors can co-invest with debt fund managers, securing an advantageous positioning in select deals.
- Secondary Investments: The firm facilitates acquisitions of existing debt fund interests, offering liquidity and strategic entry points.
- Debt Fund of Funds: This creates a diversified portfolio of debt instruments, managed by top-tier debt fund managers.

Products

1. Customized Investment Solutions
StepStone develops tailored investment strategies for institutional clients, addressing specific needs and objectives across the private markets. These bespoke solutions incorporate unique risk profiles, liquidity requirements, and targeted outcomes.

2. Risk Management and Analytics
StepStone offers advanced tools and frameworks for risk management and performance analytics, empowering investors to make evidence-based decisions and optimize their investment portfolios. The analytics help in identifying, evaluating, and mitigating risks associated with different private market investments.

3. Portfolio Management
A key product offering is a comprehensive portfolio management solution that provides clients with a unified, streamlined view of all private market investments. This holistic approach facilitates better decision-making across multiple asset classes, regions, and currencies.

Services

1. Investment Due Diligence
StepStone conducts rigorous and thorough investment due diligence, ensuring that all potential investments meet the highest standards of quality. This service helps institutional investors understand the risks and merits of particular investments before committing capital.

2. Investment Monitoring
Ongoing monitoring of investments is crucial for optimal portfolio performance. StepStone provides this service to reassure investors that their commitments are performing as expected, allowing for timely adjustments if necessary.

3. Investment Valuation and Reporting
Accurate and timely investment valuation and detailed reporting services are essential for institutional investors. StepStone delivers comprehensive valuation reports, providing insight into investment performance and facilitating strategic planning.

4. Regulatory Compliance and Reporting
Ensuring compliance with regulatory requirements is critical for institutional investors. StepStone offers dedicated services to assist clients in navigating complex regulatory environments, helping them fulfill their reporting obligations and maintain compliance.

Conclusion
StepStone Group Inc. offers an extensive range of private investment services tailored for institutional investors across various asset classes. Through its diverse segments—including private equity, real estate, infrastructure, and debt—the firm addresses the evolving needs of clients by providing customized solutions, analytical support, and comprehensive monitoring and reporting services. This diversified approach positions StepStone as a key player in the global private markets landscape, helping institutional investors achieve their investment goals.


Composition of Stepstone Group Inc Revenues by Segments

 
Management and advisory fees, net    61.18 % of total Revenue
Carried Interest Allocation, Realized    7.54 % of total Revenue
Carried Interest Allocation, Unrealized    11.61 % of total Revenue
Carried Interest Allocation    19.13 % of total Revenue
Legacy Carried Interest Allocation    9.8 % of total Revenue
Performance Fees    28.96 % of total Revenue
Management and Advisory Fees, Net, Focused Commingled Funds    45.09 % of total Revenue
Management and Advisory Fees, Net, Separately Managed Accounts    19.87 % of total Revenue
Management and Advisory Fees, Net, Advisory and Other Services    5.13 % of total Revenue
Management and Advisory Fees, Net, Fund Reimbursement Revenues    0.95 % of total Revenue
Income Based Incentive Fees    1.85 % of total Revenue
United States    74.06 % of total Revenue
Non-US    25.94 % of total Revenue
Carried Interest Allocation, Separately Managed Accounts    -5.45 % of total Revenue
Carried interest allocation, focused commingled funds    24.6 % of total Revenue
Legacy Carried Interest Allocation, Separately Managed Accounts    0.01 % of total Revenue
Legacy Gross Carried Interest Allocation, Focused Commingled Funds    0.16 % of total Revenue

Q1 three months ended (Jun 30 2026)
Revenues by Business Segments Revenues
(in millions $)
%
(of total Revenues)
Management and advisory fees, net 231.80 61.18 %
Carried Interest Allocation, Realized 28.57 7.54 %
Carried Interest Allocation, Unrealized 43.98 11.61 %
Carried Interest Allocation 72.50 19.13 %
Legacy Carried Interest Allocation 37.14 9.8 %
Performance Fees 109.72 28.96 %
Management and Advisory Fees, Net, Focused Commingled Funds 170.84 45.09 %
Management and Advisory Fees, Net, Separately Managed Accounts 75.28 19.87 %
Management and Advisory Fees, Net, Advisory and Other Services 19.45 5.13 %
Management and Advisory Fees, Net, Fund Reimbursement Revenues 3.60 0.95 %
Income Based Incentive Fees 7.00 1.85 %
United States 280.59 74.06 %
Non-US 98.30 25.94 %
Total 378.89 100 %
Carried Interest Allocation, Separately Managed Accounts -20.66 -5.45 %
Carried interest allocation, focused commingled funds 93.21 24.6 %
Legacy Carried Interest Allocation, Separately Managed Accounts 0.04 0.01 %
Legacy Gross Carried Interest Allocation, Focused Commingled Funds 0.60 0.16 %




Q1 three months ended (Jun 30 2026)
Revenue Growth rates by Segment Y/Y Revenue
%
Q/Q Revenue
%
Management and advisory fees, net - -
Carried Interest Allocation, Realized - -
Carried Interest Allocation, Unrealized - -
Carried Interest Allocation - -
Legacy Carried Interest Allocation - -
Performance Fees - -
Management and Advisory Fees, Net, Focused Commingled Funds - -
Management and Advisory Fees, Net, Separately Managed Accounts - -
Management and Advisory Fees, Net, Advisory and Other Services - -
Management and Advisory Fees, Net, Fund Reimbursement Revenues - -
Income Based Incentive Fees - -
United States 106.3 % -
Non-US - -
Total 4.01 % -80.99 %
Carried Interest Allocation, Separately Managed Accounts - -
Carried interest allocation, focused commingled funds - -
Legacy Carried Interest Allocation, Separately Managed Accounts - -
Legacy Gross Carried Interest Allocation, Focused Commingled Funds - -




Q1 three months ended (Jun 30 2026)
Income by Business Segments Income
(in millions $)
%
(Profit Margin)
Total -170.37 -




Q1 three months ended (Jun 30 2026)
Income Growth rates by Segment Y/Y Income
%
Q/Q Income
%
Total - -




Annual Report on Stepstone Group Inc Divisions, Sales by Country

 
Income Based Incentive Fees   Income Based Incentive Fees Segment contribution to total sales 1.14 % of total Revenue
United States   United States Segment contribution to total sales 53.76 % of total Revenue
Management and advisory fees net   Management and advisory fees net Segment contribution to total sales 46.47 % of total Revenue
Focused commingled funds   Focused commingled funds Segment contribution to total sales 10.53 % of total Revenue
SMAs   SMAs Segment contribution to total sales 0.52 % of total Revenue
Advisory and other services   Advisory and other services Segment contribution to total sales 3.74 % of total Revenue
Fund reimbursement revenues   Fund reimbursement revenues Segment contribution to total sales 0.53 % of total Revenue
Total incentive fees   Total incentive fees Segment contribution to total sales 11.04 % of total Revenue
Carried interest allocations SMAs   Carried interest allocations SMAs Segment contribution to total sales 17.63 % of total Revenue
Carried interest allocation focused commingled funds   Carried interest allocation focused commingled funds Segment contribution to total sales 17.9 % of total Revenue
Legacy carried interest allocation SMAs   Legacy carried interest allocation SMAs Segment contribution to total sales 0.05 % of total Revenue
Legacy carried interest allocation focused comingled funds   Legacy carried interest allocation focused comingled funds Segment contribution to total sales 6.91 % of total Revenue
Legacy gross carried interest allocation focused comingled funds   Legacy gross carried interest allocation focused comingled funds Segment contribution to total sales 0.99 % of total Revenue
Non-U S countries   Non-U S countries Segment contribution to total sales 46.24 % of total Revenue
Carried Interest Allocations   Carried Interest Allocations Segment contribution to total sales 35.53 % of total Revenue
Legacy Greenspring Carried Interest Allocations   Legacy Greenspring Carried Interest Allocations Segment contribution to total sales 6.96 % of total Revenue


Twelve months ended 2026
STEP s Annual Revenue by Geography and Business Segments Sales
(in millions $)
%
(of total Sales)
Income Based Incentive Fees 22.80 1.14 %
United States 1,071.75 53.76 %
Total 1,993.60 100 %
Management and advisory fees net 926.47 46.47 %
Focused commingled funds 209.86 10.53 %
SMAs 10.27 0.52 %
Advisory and other services 74.49 3.74 %
Fund reimbursement revenues 10.58 0.53 %
Total incentive fees 220.13 11.04 %
Carried interest allocations SMAs 351.51 17.63 %
Carried interest allocation focused commingled funds 356.79 17.9 %
Legacy carried interest allocation SMAs 0.99 0.05 %
Legacy carried interest allocation focused comingled funds 137.72 6.91 %
Legacy gross carried interest allocation focused comingled funds 19.70 0.99 %
Non-U S countries 921.86 46.24 %
Carried Interest Allocations 708.29 35.53 %
Legacy Greenspring Carried Interest Allocations 138.71 6.96 %


Twelve months ended 2026
STEP s Annual Income by Country and Business Segments Income
(in millions $)
%
(Profit Margin)
Total -743.28 -

Twelve months ended 2026
Annual Revenue and Income Growth by Country and Business Segments % Y/Y Sales Growth % Y/Y Income Growth
Income Based Incentive Fees 185 % -
United States 105.62 % -
Total 69.69 % -
Management and advisory fees net 20.79 % -
Focused commingled funds 796.97 % -
SMAs 15.67 % -
Advisory and other services 11.08 % -
Fund reimbursement revenues 48.76 % -
Total incentive fees 582.05 % -
Carried interest allocations SMAs 104.6 % -
Carried interest allocation focused commingled funds 175.73 % -
Legacy carried interest allocation SMAs 2572.97 % -
Legacy carried interest allocation focused comingled funds 85.35 % -
Legacy gross carried interest allocation focused comingled funds -68.78 % -
Non-U S countries 41.04 % -
Carried Interest Allocations 135.16 % -
Legacy Greenspring Carried Interest Allocations 86.59 % -



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