StepStone Group Inc. (STEP): Business Model Canvas

In der dynamischen Welt alternativer Anlagen entwickelt sich StepStone Group Inc. (STEP) zu einem Kraftpaket für strategisches Investmentmanagement und entwickelt komplexe Finanzlösungen, die den institutionellen Kapitaleinsatz verändern. Durch die Nutzung eines ausgefeilten Geschäftsmodells navigiert dieses innovative Unternehmen durch die komplexe Landschaft globaler Investitionen und bietet maßgeschneiderte Strategien, die modernste Technologie, fundierte Finanzexpertise und ein robustes Netzwerk institutioneller Partnerschaften kombinieren. Ihr Ansatz geht über traditionelle Anlageparadigmen hinaus und schafft einzigartige Wertversprechen, die anspruchsvolle Anleger anziehen, die nach anspruchsvollen, risikooptimierten alternativen Anlagemöglichkeiten suchen.

StepStone Group Inc. (STEP) – Geschäftsmodell: Wichtige Partnerschaften

Private-Equity-Firmen und Investmentmanager

Die StepStone Group arbeitet weltweit mit über 150 Private-Equity-Unternehmen zusammen. Seit dem dritten Quartal 2023 umfasst ihr Partnerschaftsnetzwerk erstklassige Unternehmen, die Private-Equity-Vermögenswerte in Höhe von 1,2 Billionen US-Dollar verwalten.

Kategorie „Partnerschaft“.	Anzahl der Partnerschaften	Gesamtvermögenswert
Globale Private-Equity-Firmen	152	1,2 Billionen Dollar
Spezialisierte Investmentmanager	87	620 Milliarden Dollar

Institutionelle Anleger und Pensionsfonds

StepStone verwaltet Beziehungen zu über 250 institutionellen Anlegern, darunter Pensionsfonds mit einem Gesamtvermögen von 3,5 Billionen US-Dollar.

• Öffentliche Pensionskassen: 78 Partnerschaften
• Betriebliche Pensionskassen: 62 Partnerschaften
• Staatsfonds: 15 Partnerschaften

Globale Finanzberatungsnetzwerke

StepStone unterhält strategische Partnerschaften mit 45 globalen Finanzberatungsnetzwerken in 22 Ländern.

Region	Anzahl der Beratungsnetzwerke	Abdeckung
Nordamerika	18	12 Länder
Europa	15	8 Länder
Asien-Pazifik	12	7 Länder

Technologie- und Datenanalyseanbieter

StepStone arbeitet mit 37 Technologie- und Datenanalyseanbietern zusammen und investiert jährlich 42 Millionen US-Dollar in die technologische Infrastruktur.

• Datenanalyseplattformen: 22 Partnerschaften
• Cloud-Computing-Anbieter: 9 Partnerschaften
• Cybersicherheitslösungen: 6 Partnerschaften

StepStone Group Inc. (STEP) – Geschäftsmodell: Hauptaktivitäten

Verwaltung alternativer Investmentfonds

Die StepStone Group verwaltet zum 30. September 2023 alternative Investmentanlagen im Wert von 156,5 Milliarden US-Dollar. Das Unternehmen verwaltet ein vielfältiges Portfolio mit mehreren alternativen Investmentstrategien.

Anlagekategorie	Verwaltetes Vermögen
Private Equity	54,3 Milliarden US-Dollar
Sachwerte	37,8 Milliarden US-Dollar
Privatkredit	28,9 Milliarden US-Dollar
Hedgefonds	35,5 Milliarden US-Dollar

Entwicklung der Anlagestrategie

StepStone verfolgt einen umfassenden Ansatz zur Entwicklung von Anlagestrategien mit einem Team von 215 Anlageexperten.

• Globale Investitionsabdeckung in 15 verschiedenen Ländern
• Spezialisierte Forschungsteams, die sich auf bestimmte Sektoren alternativer Anlagen konzentrieren
• Proprietärer Due-Diligence-Prozess, der jährlich über 4.000 Managerinteraktionen umfasst

Portfoliooptimierung und Risikobewertung

Das Unternehmen nutzt fortschrittliche Risikomanagementtechniken mit einem speziellen Risikobewertungsteam.

Risikomanagement-Metrik	Leistung
Portfoliodiversifizierung	85 % über mehrere Anlageklassen hinweg
Risikoadjustierte Rendite	Sharpe Ratio von 1,2

Kapitalbeschaffung und Investor Relations

StepStone hat im Geschäftsjahr 2023 neue Zusagen in Höhe von 8,2 Milliarden US-Dollar aufgenommen.

• Die Anlegerbasis umfasst über 350 institutionelle Kunden
• Zu den Kunden zählen Pensionsfonds, Staatsfonds und Stiftungen
• Durchschnittliche Kundenbeziehungsdauer von 7,5 Jahren

Leistungsüberwachung und Berichterstattung

Das Unternehmen bietet umfassende Leistungsberichte mit vierteljährlichen und jährlichen detaillierten Analysen.

Berichtsmetrik	Leistung
Netto-IRR (Interne Rendite)	14.3%
Häufigkeit der Berichterstattung	Vierteljährlich und jährlich
Transparenzwert	9.2/10

StepStone Group Inc. (STEP) – Geschäftsmodell: Schlüsselressourcen

Erfahrene Investmentprofis

Im dritten Quartal 2023 beschäftigte die StepStone Group weltweit 442 Fachkräfte. Zusammensetzung des Investmentteams:

Kategorie	Anzahl der Fachkräfte
Erfahrene Anlageexperten	178
Investment-Research-Analysten	124
Portfoliomanager	86
Support-Mitarbeiter	54

Eigene Investmentforschung und -analyse

Zu den Investment-Research-Funktionen gehören:

• Proprietäre Datenbank mit über 12.000 Profilen von Investmentmanagern
• Jährliche Research-Berichterstattung über mehr als 3.500 Investitionsmöglichkeiten
• Fortschrittliche Plattform für quantitative Analysen

Umfangreiches globales Investmentnetzwerk

Kennzahlen des globalen Investmentnetzwerks:

Region	Anzahl der Investitionsverbindungen
Nordamerika	875
Europa	436
Asien-Pazifik	289
Lateinamerika	124

Fortschrittliche Technologieinfrastruktur

Details zu Technologieinvestitionen:

• Jährliches Technologiebudget: 18,4 Millionen US-Dollar
• Cloud-Computing-Infrastruktur: 99,99 % Verfügbarkeit
• Investitionen in die Cybersicherheit: 4,2 Millionen US-Dollar pro Jahr

Starkes Finanzkapital und Reputation

Finanzkapitalkennzahlen:

Finanzkennzahl	Wert
Gesamtes verwaltetes Vermögen	84,3 Milliarden US-Dollar
Gesamtes gebundenes Kapital	72,6 Milliarden US-Dollar
Jahresumsatz (2023)	572,4 Millionen US-Dollar
Nettoeinkommen (2023)	136,8 Millionen US-Dollar

StepStone Group Inc. (STEP) – Geschäftsmodell: Wertversprechen

Diversifizierte alternative Anlagelösungen

Im dritten Quartal 2023 verwaltete die StepStone Group 131,1 Milliarden US-Dollar an alternativen Anlagevermögen. Das Anlageportfolio des Unternehmens umfasst:

Anlagekategorie	Gesamtes verwaltetes Vermögen
Private Equity	42,3 Milliarden US-Dollar
Sachwerte	37,5 Milliarden US-Dollar
Privatkredit	29,8 Milliarden US-Dollar
Hedgefonds	21,5 Milliarden US-Dollar

Zugang zu ausgefeilten Anlagestrategien

StepStone bietet anspruchsvolle Anlagestrategien durch:

• Globale Multi-Manager-Plattform
• Direktinvestitionsmöglichkeiten
• Maßgeschneiderte Anlagelösungen

Professionelle Portfoliomanagement-Expertise

Wichtige Leistungskennzahlen für das Portfoliomanagement von StepStone:

Leistungsmetrik	Wert
Investmentprofis	Über 140 Spezialisten
Durchschnittliche Anlageerfahrung	15+ Jahre
Globale Bürostandorte	13 Niederlassungen weltweit

Maßgeschneiderte Anlageansätze für institutionelle Kunden

Betreute institutionelle Kundensegmente:

• Öffentliche Pensionsfonds
• Betriebsrentenpläne
• Staatsfonds
• Stiftungen und Stiftungen

Potenzial für überlegene risikoadjustierte Renditen

Performance-Benchmarks für die Anlagestrategien von StepStone:

Anlagestrategie	Annualisierte Rendite	Risikoadjustierte Rendite
Private Equity	15.3%	1,42 Sharpe Ratio
Sachwerte	10.7%	1,18 Sharpe Ratio
Privatkredit	9.5%	1,25 Sharpe Ratio

StepStone Group Inc. (STEP) – Geschäftsmodell: Kundenbeziehungen

Dedizierte Account-Management-Teams

StepStone Group Inc. verwaltet ab 2023 ein verwaltetes Vermögen von 504 Milliarden US-Dollar und verfügt über spezielle Account-Management-Teams, die institutionelle Anleger betreuen.

Kundensegment	Dedizierte Teamgröße	Durchschnittlicher Kontowert
Pensionskassen	12 spezialisierte Manager	187 Millionen US-Dollar pro Konto
Stiftungen	8 spezialisierte Manager	95 Millionen US-Dollar pro Konto
Stiftungen	6 spezialisierte Manager	62 Millionen US-Dollar pro Konto

Personalisierte Anlageberatung

StepStone bietet maßgeschneiderte Anlagestrategien mit einer Kundenbindungsrate von 98 % im Jahr 2023.

• Maßgeschneiderte alternative Anlagelösungen
• Umfassende Risikomanagementbewertungen
• Maßgeschneiderte Portfoliokonstruktion

Regelmäßige Leistungsberichterstattung und Kommunikation

Vierteljährliche Leistungsberichterstattung mit detaillierten Analysen zu Investitionsleistungskennzahlen.

Häufigkeit der Berichterstattung	Kommunikationskanäle	Durchschnittliche Berichtslänge
Vierteljährlich	Digitale Plattform, E-Mail, direkte Treffen	42 Seiten pro Bericht

Langfristiger strategischer Partnerschaftsansatz

Durchschnittliche Kundenbeziehungsdauer von 7,4 Jahren mit institutionellen Anlegern.

• Gemeinsame Entwicklung von Anlagestrategien
• Kontinuierliche Portfoliooptimierung
• Proaktive Anlagetrendanalyse

Transparente Verfolgung der Anlageperformance

Leistungsverfolgung in Echtzeit über proprietäre digitale Plattformen.

Funktionen der digitalen Plattform	Verfolgte Leistungsmetriken	Benutzerzugriff
Interaktive Dashboards	IRR, Cashflows, Allokation	Sicherer Zugang rund um die Uhr

StepStone Group Inc. (STEP) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Mit Stand vom dritten Quartal 2023 unterhält StepStone Group Inc. ein Direktvertriebsteam von rund 185 Investmentexperten. Das Team erwirtschaftete im Geschäftsjahr 2023 einen Gesamtumsatz von 303,7 Millionen US-Dollar.

Digitale Investitionsplattformen

Plattformmetrik	Daten für 2023
Gesamtvermögen der digitalen Plattform	77,2 Milliarden US-Dollar
Nutzerwachstum auf digitalen Plattformen	17,3 % im Jahresvergleich
Online-Transaktionsvolumen	12,4 Milliarden US-Dollar

Finanzberaternetzwerke

StepStone arbeitet mit zusammen 378 unabhängige Finanzberatungsunternehmen in den Vereinigten Staaten.

• Netzabdeckung: 42 Staaten
• Durchschnittliches verwaltetes Vermögen pro Beratungsunternehmen: 286 Millionen US-Dollar
• Netzwerkausbaurate: 8,6 % im Jahr 2023

Institutionelle Investorenkonferenzen

Konferenzmetrik	Statistik 2023
Gesamtzahl der veranstalteten Konferenzen	14
Institutionelle Anleger waren anwesend	672
Gesamtinvestitionsdiskussionen	89

Online-Investor-Relations-Portal

Die digitale Investor-Relations-Plattform verarbeitet 24,6 Milliarden US-Dollar an Investitionstransaktionen im Geschäftsjahr 2023.

• Monatlich aktive Portalbenutzer: 42.500
• Durchschnittliche Benutzersitzungsdauer: 18,7 Minuten
• Zugriff auf digitale Dokumente: 97,3 % der gesamten Anlegerkommunikation

StepStone Group Inc. (STEP) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Die StepStone Group bietet institutionellen Anlegern Folgendes an profile:

Segmentcharakteristik	Spezifische Daten
Gesamtes verwaltetes institutionelles Vermögen	616 Milliarden US-Dollar (Stand Q3 2023)
Anzahl institutioneller Kunden	Über 500 globale institutionelle Anleger
Durchschnittliche Investitionsallokation	3-7 % in alternative Anlagen

Pensionskassen

Wesentliche Merkmale des Pensionsfondssegments:

• Verwaltetes Gesamtvermögen der Pensionsfonds: 289 Milliarden US-Dollar
• Typische Anlagestrategien:
  • Private Equity
  • Sachwerte
  • Infrastrukturinvestitionen
• Durchschnittliches Investitionsengagement: 50–150 Millionen US-Dollar pro Fonds

Staatsfonds

Details zum Staatsfondssegment von StepStone:

Geografische Region	Anzahl der Kunden von Staatsfonds	Gesamtes verwaltetes Vermögen
Nordamerika	12 Fonds	87 Milliarden Dollar
Naher Osten	8 Fonds	62 Milliarden Dollar
Asien-Pazifik	15 Fonds	104 Milliarden Dollar

Stiftungen und Stiftungen

Segmentaufteilung für Stiftungen und Stiftungen:

• Gesamtes verwaltetes Stiftungsvermögen: 156 Milliarden US-Dollar
• Durchschnittliche Stiftungsgröße: 750 Millionen US-Dollar
• Anlageschwerpunkte:
  • Risikokapital
  • Private Equity
  • Nachhaltige Investitionen

Vermögende Privatanleger

Segment der vermögenden Anleger profile:

Anlegercharakteristik	Spezifische Daten
Gesamtes verwaltetes Vermögen	42 Milliarden Dollar
Durchschnittliche Größe des Anlageportfolios	5–25 Millionen US-Dollar
Bevorzugte Investitionskanäle	Private Vermögensverwaltungsplattformen

StepStone Group Inc. (STEP) – Geschäftsmodell: Kostenstruktur

Vergütung und Zusatzleistungen für Mitarbeiter

Für das Geschäftsjahr 2023 meldete StepStone Group Inc. Gesamtaufwendungen für die Mitarbeitervergütung in Höhe von 185,4 Millionen US-Dollar. Dazu gehört:

Vergütungskategorie	Betrag ($)
Grundgehälter	112,600,000
Leistungsprämien	43,800,000
Aktienbasierte Vergütung	29,000,000

Technologie- und Infrastrukturinvestitionen

Die Kosten für die Technologieinfrastruktur beliefen sich im Jahr 2023 auf insgesamt 34,2 Millionen US-Dollar, darunter:

• Kosten für Cloud Computing: 12,6 Millionen US-Dollar
• Softwarelizenzierung: 8,9 Millionen US-Dollar
• IT-Hardware und -Ausrüstung: 7,5 Millionen US-Dollar
• Cybersicherheitssysteme: 5,2 Millionen US-Dollar

Forschungs- und Analysekosten

Die Investitionen in Forschung und Analyse beliefen sich im Jahr 2023 auf 22,7 Millionen US-Dollar und setzten sich wie folgt zusammen:

Forschungskategorie	Betrag ($)
Datenerfassung	9,300,000
Analysetools	6,800,000
Forschungspersonal	6,600,000

Marketing und Geschäftsentwicklung

Die Marketing- und Geschäftsentwicklungskosten für 2023 beliefen sich auf 16,5 Millionen US-Dollar:

• Digitales Marketing: 6,2 Millionen US-Dollar
• Sponsoring von Konferenzen und Veranstaltungen: 4,3 Millionen US-Dollar
• Ausgaben für das Vertriebsteam: 3,9 Millionen US-Dollar
• Marketingtechnologie: 2,1 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 11,3 Millionen US-Dollar, darunter:

Compliance-Kategorie	Betrag ($)
Juristische Dienstleistungen	5,600,000
Compliance-Software	3,200,000
Prüfung und Berichterstattung	2,500,000

StepStone Group Inc. (STEP) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren alternativer Investmentfonds

Für das Geschäftsjahr 2023 meldete die StepStone Group Verwaltungsgebühren in Höhe von insgesamt 265,1 Millionen US-Dollar. Diese Gebühren werden in der Regel als Prozentsatz des verwalteten Vermögens (AUM) berechnet, das sich zum 30. September 2023 auf 77,4 Milliarden US-Dollar belief.

Gebührenkategorie	Betrag (Mio. USD)	Prozentsatz des Gesamtumsatzes
Gebühren für Private-Equity-Management	124.7	47%
Gebühren für die Verwaltung realer Vermögenswerte	86.3	33%
Gebühren für die Infrastrukturverwaltung	54.1	20%

Leistungsbasiertes Carried Interest

Im Geschäftsjahr 2023 erwirtschaftete die StepStone Group einen Carried-Interest-Umsatz in Höhe von 98,6 Millionen US-Dollar. Der Zinssatz liegt durchschnittlich zwischen 10 und 20 % des Anlagegewinns.

Gebühren für Beratungsleistungen

Die Beratungsgebühren für das Geschäftsjahr 2023 beliefen sich auf insgesamt 42,3 Millionen US-Dollar. Diese Gebühren entstehen aus der strategischen Anlageberatung institutioneller Kunden.

Gebühren für die Anlageverwaltung

Die Anlageverwaltungsgebühren für das Geschäftsjahr 2023 beliefen sich auf 179,5 Millionen US-Dollar. Diese Gebühren sind auf verschiedene Anlagestrategien und Fondstypen verteilt.

Anlagestrategie	Gebühreneinnahmen (Mio. USD)
Private Equity	87.2
Immobilien	52.6
Infrastruktur	39.7

Einnahmen aus der Vermögensallokationsberatung

Die Einnahmen aus der Vermögensallokationsberatung beliefen sich im Geschäftsjahr 2023 auf 31,7 Millionen US-Dollar. Diese Einnahmen stammen aus der strategischen Anlageallokationsberatung für institutionelle Anleger.

• Die Beratungsleistungen umfassen Pensionsfonds
• Beratungsleistungen umfassen Stiftungen
• Die Beratungsleistungen umfassen Stiftungen

Gesamteinnahmenströme für StepStone Group Inc. im Geschäftsjahr 2023 erreicht 436,2 Millionen US-Dollar.

StepStone Group Inc. (STEP) - Canvas Business Model: Value Propositions

You're looking at what StepStone Group Inc. actually delivers to its clients-the core value that keeps capital flowing across their platform. Honestly, it boils down to institutional-grade access and clarity in markets that are inherently opaque.

Access to diversified private market strategies (PE, Debt, Real Estate, Infrastructure)

StepStone Group Inc. offers access across the full spectrum of private markets, which is crucial for building resilient portfolios. As of September 30, 2025, the firm was responsible for approximately $771 Billion of total capital responsibility, with $209 Billion in assets under management (AUM). This scale supports their ability to source deals across asset classes. For context, as of March 31, 2025, the AUM breakdown showed:

Asset Class	AUM (as of 3/31/2025)	Percentage of Total AUM
Private Equity	$96 Billion	51%
Infrastructure	$37 Billion	20%
Private Debt	$37 Billion	20%
Real Estate	$19 Billion	10%

The firm is actively deploying capital, with Undeployed Fee-Earning Capital (UFEC) totaling $22 Billion following the third quarter of fiscal year 2025.

Customized, solutions-based portfolio construction for specific client objectives

StepStone Group Inc. doesn't just offer funds; they build portfolios tailored to what you need to achieve. This is evident in their specialized offerings, like the StepStone Real Estate Partners V ("SREP V") program, which finalized its size at $5.3 Billion in total commitments as of September 30, 2025. This program alone has committed to 12 investments totaling $3.2 Billion, with an average investment size to date of approximately $266 Million. The firm uses its platform to design commitment plans by forecasting cash flows to hit allocation targets.

Creating clarity in opaque markets through data-driven insights

You get a clearer view because StepStone Group Inc. backs its investments with deep research. Their proprietary data tracks intelligence on over 18,000 general partners, 49,000 funds, 122,000 companies, and 273,000 investments, using data as of March 2025. This intelligence is powered by a team of over 1,240+ empowered experts across 31 offices worldwide as of September 30, 2025. This scale of data collection helps inform their investment selection, which is housed in a consolidated due diligence library containing insights from over 375 investment professionals.

Liquidity solutions via secondary market transactions

When you need to generate liquidity, StepStone Group Inc. is a major player in the secondary market. According to their August 2025 report, the first half of 2025 already saw $102 Billion in secondary transactions, putting the market on pace to break the 2024 record of $160 Billion. They facilitate both sides:

• LP-led transactions reached $89 Billion in 2024, with $54 Billion transacted in 1H25.
• GP-led transactions hit $71 Billion in 2024, representing 44% of total secondary activity.

Still, the overall secondary penetration remains low, at a modest 1% of total private equity fund Net Asset Value (NAV), which reached $8.7 Trillion in 2024. This suggests significant room for their liquidity solutions to grow.

Institutional-quality private markets access for private wealth clients

StepStone Private Wealth Solutions (SPWS) brings that institutional access to a broader base. As of September 30, 2025, SPWS managed $12.1 Billion in AUM, which is more than double the assets they had on September 30, 2024. This platform saw its strongest growth quarter to date in Q3 FY2025, driven by $1 Billion in new subscriptions. They offer products like the StepStone Private Markets Fund (SPRIM®), which had a NAV of $61.11 as of December 4, 2025, for Class I shares.

The firm was responsible for approximately $723 Billion of total capital as of June 30, 2025, showing the massive scale they bring to their private wealth clients. Finance: review the Q4 2025 cash flow projections based on the latest AUM figures by next Tuesday.

StepStone Group Inc. (STEP) - Canvas Business Model: Customer Relationships

You're looking at how StepStone Group Inc. maintains its connections with the diverse set of investors who entrust them with capital. Honestly, for a firm managing this scale, the relationship structure has to be layered, moving from deep, bespoke service for the biggest players to streamlined access for the wealth channel.

The firm's overall scale as of September 30, 2025, shows approximately $771 billion of total capital responsibility, with $209 billion in assets under management. This massive pool of capital is drawn from a very specific, sophisticated client base.

Dedicated, high-touch advisory for large institutional clients

For the largest clients, the relationship is intensely personal and advisory-driven. StepStone Group Inc. acts as a partner, building private markets portfolios tailored to very specific objectives across private equity, infrastructure, private debt, and real estate. These clients are the bedrock of the firm's institutional mandate.

Here's a look at the core institutional segments that receive this dedicated service:

Client Segment	Nature of Relationship	Data Point Reference
Pension Funds	Public and private defined benefit and defined contribution plans.	Institutional Mandate
Sovereign Wealth Funds	Large, state-owned investment vehicles.	Institutional Mandate
Insurance Companies	Entities requiring long-term, stable asset allocation.	Institutional Mandate
Endowments & Foundations	Perpetual capital requiring growth and preservation.
Family Offices	High-net-worth structures seeking institutional access.

Long-term, partnership-focused model with a fiduciary mindset

The relationship is built on a foundation of trust, stemming from decades of institutional heritage. StepStone Group Inc. emphasizes that its private wealth team extends the same expert guidance that has been trusted by institutional investors for many years. This is not a transactional business; it's about long-term partnership, which is essential when dealing with illiquid private markets assets.

Digital self-service tools and investor portals for monitoring

While the high-touch advisory is key for institutions, digital tools support the ongoing monitoring and transparency required by all clients. The firm provides investor portals where clients can track their investments. You can see the latest detailed reports, such as the Fiscal Year 2025 Fourth Quarter Earnings Presentation, which is 3.3 MB in size, available on the shareholder relations site.

Proactive communication on market insights and fund performance

StepStone Group Inc. keeps clients informed through proactive communication, sharing perspectives from the heart of the private markets. Stakeholders have access to earnings call transcripts, like the Q4 2025 Earnings Conference Call, and detailed financial presentations to understand performance drivers. For instance, Q3 2025 saw fee-related earnings reach $74.1 million, reflecting a 46% year-over-year increase. This level of detail is shared to maintain alignment.

Relationship managers for private wealth channel distribution

The private wealth channel is a significant growth area, requiring dedicated relationship management to simplify access to institutional-grade products. As of September 30, 2025, StepStone Private Wealth Solutions (SPWS) reported $12.1 billion in AUM, which is over double the assets seen since September 30, 2024. This growth is supported by relationship managers who help wealth advisors deliver solutions.

The firm supports this channel with specific structures and personnel:

• The SPWS AUM milestone of $12.1 billion as of 9/30/2025.
• Expansion into Europe, including a new Madrid office, their ninth in Europe, to manage business development and client relations for the Iberian region.
• Lowering investment minimums and removing accreditation requirements for certain US funds to enhance participation.
• The StepStone Academy expands its curriculum to offer continuing education for financial professionals.

The firm's distribution focus is clear: bring institutional quality to the wealth channel with streamlined onboarding and expert support. Finance: draft the 13-week cash view by Friday.

StepStone Group Inc. (STEP) - Canvas Business Model: Channels

You're looking at how StepStone Group Inc. gets its investment solutions and advisory services into the hands of clients, which is a mix of high-touch direct engagement and scalable technology platforms. This firm operates globally, meaning their channels must cover everything from sovereign wealth funds to high-net-worth individuals.

The sheer scale of capital StepStone Group Inc. manages dictates the breadth of their distribution channels. As of September 30, 2025, the firm was responsible for approximately $771 billion of total capital, with $209 billion under management, which flows through these various avenues.

Channel Metric	Value	Date/Context
Total Capital Responsibility	$771 billion	As of 9/30/2025
Total Assets Under Management (AUM)	$209 billion	As of 9/30/2025
Global Office Footprint	31 offices worldwide	As of 9/30/2025
Private Wealth Solutions (SPWS) AUM	$12.1 billion	As of 9/30/2025
Fee-Earning AUM Growth (Single Quarter)	$10 billion increase	Strongest organic growth quarter in company history

Direct sales and advisory teams to institutional investors form the bedrock of the relationship channel. This is where the firm deploys its deep expertise, often involving bespoke mandates for the largest clients like public and private pension funds, sovereign wealth funds, and insurance companies. The global private equity team alone consists of more than 190 investment professionals as of September 30, 2025, directly engaging with these institutional relationships.

The physical presence supports this direct engagement through a global network of offices. StepStone Group Inc. maintains a presence across the Americas, Asia-Pacific, and Europe. The expansion in Southern Europe is marked by the recent opening of a new Madrid office in November 2025, which is the firm's ninth location in Europe. This office is set up to serve clients in Spain, Portugal, and Andorra, emphasizing proximity to local dynamics.

The Private Wealth Solutions platform is a key growth channel, designed to bring institutional-caliber products to a broader investor base. As of September 30, 2025, this segment reached $12.1 billion in AUM, more than doubling its size since September 30, 2024. This platform utilizes several evergreen structures to simplify access:

• StepStone Private Markets Fund (SPRIM®)
• StepStone Private Venture and Growth Fund (SPRING)
• StepStone Private Infrastructure Fund (STRUCTURE)
• StepStone Private Credit Income Fund (CRDEX)
• StepStone Private Equity Strategies Fund (STPEX), which raised more than $750 million since its September 2025 launch

For the institutional and private wealth channels, the firm relies heavily on investor portals and proprietary technology for client reporting. The SPI Reporting platform provides transparency and insight, tracking over 27k investor commitments totaling more than $1.2 Trillion as of September 30, 2025. This system offers real-time access for analyzing performance, exposure, and benchmarking.

The delivery mechanism for many institutional mandates involves co-mingled funds and single investor managed accounts (separate managed accounts). The Dublin office, for instance, serves as a hub for managing EU-domiciled commingled funds and separate accounts for institutional clients. This structure allows StepStone Group Inc. to partner with clients to build portfolios across private equity, infrastructure, private debt, and real estate asset classes.

Finance: finalize the Q3 2025 AUM breakdown by channel for the next board meeting by Monday.

StepStone Group Inc. (STEP) - Canvas Business Model: Customer Segments

You're looking at the core client base for StepStone Group Inc. (STEP) as of late 2025. Honestly, these are the giants of institutional capital, plus a rapidly growing segment of individual wealth. The firm's entire operation is built around serving these distinct, yet interconnected, pools of capital across private markets.

The sheer scale of capital StepStone Group Inc. is responsible for really frames the importance of these segments. As of September 30, 2025, the firm was responsible for approximately $771 billion of total capital responsibility. Out of that, the Assets Under Management (AUM) stood at $209 billion. This institutional focus is what drives their deal sourcing advantage.

Here's a look at how the overall capital responsibility has grown, which reflects the increasing mandate from these client types:

Metric (As of Date)	Total Capital Responsibility	Assets Under Management (AUM)
December 31, 2024 (Q3 FY2025)	$698 billion	$179 billion
March 31, 2025 (Q4 FY2025)	$709 billion	$189 billion
June 30, 2025 (Q1 FY2026)	$723 billion	$199 billion
September 30, 2025 (Q2 FY2026)	$771 billion	$209 billion

The client segments are served through tailored portfolios, blending fund investments, secondaries, and co-investments. The firm explicitly states its clients include:

• Large public and private defined benefit and defined contribution pension funds.
• Sovereign wealth funds and insurance companies.
• Endowments, foundations, and family offices.
• Private wealth clients, which include high-net-worth and mass affluent individuals.

The institutional clients-pension funds, sovereign wealth funds, endowments, and foundations-form the bedrock of the Assets Under Management figures. These clients rely on StepStone Group Inc.'s multi-asset class expertise spanning private equity, infrastructure, private debt, and real estate.

The private wealth segment, managed through StepStone Private Wealth Solutions (SPWS), shows significant recent traction. As of September 30, 2025, the Total private wealth AUM reached $12.1 billion. This is over double the assets they had as of September 30, 2024. To give you a sense of the velocity, SPWS had reached $10.2 billion in AUM as of July 31, 2025, after adding $5 billion in under one year. This growth is supported by lowering investment minimums and eliminating accredited investor status for some US wealth products.

Regarding General Partners (GPs), while they aren't the paying clients in the same way, they are a critical counterpart. StepStone Group Inc.'s asset management capabilities are enriched by the exhaustive view of the GP universe provided by their large-scale primary fund deployment on behalf of clients. This relationship gives StepStone Group Inc. preferred access to investment opportunities, which benefits the primary client segments listed above. The firm invests selectively with some of the best-in-class managers, making the GP universe a segment they deeply engage with to secure deal flow.

Finance: draft 13-week cash view by Friday.

StepStone Group Inc. (STEP) - Canvas Business Model: Cost Structure

You're looking at the hard costs StepStone Group Inc. incurred to run its global private markets investment firm for the fiscal year ended March 31, 2025. This structure is heavily weighted toward compensating the talent that generates the performance and management fees.

The total compensation and benefits expense for the full fiscal year 2025 was a significant $1,264,295 thousand, which is the largest component of the total reported expenses of $1,441,649 thousand for the same period.

Cash-based compensation and benefits

The fixed and near-fixed cash component of employee pay, which includes base salaries and certain benefits, totaled $331,808 thousand for FY2025. This is a core operating cost that needs to be covered by management fees, primarily.

Performance fee-related compensation, which is defintely a variable cost

This cost is directly tied to the performance of the underlying funds, making it highly variable. For FY2025, the total performance fee-related compensation amounted to $189,020 thousand. This cost is broken down based on the realization status of the performance fees.

Here's the quick math on that variable component:

Component	FY2025 Expense (in thousands)
Realized Performance Fee-Related Compensation	$94,748
Unrealized Performance Fee-Related Compensation	$94,272
Total Performance Fee-Related Compensation	$189,020

Equity-based compensation expense

This represents the non-cash charge related to stock awards granted to employees and directors. For the fiscal year 2025, StepStone Group Inc. recorded an equity-based compensation expense of $669,126 thousand. Honestly, this number dwarfs the cash-based compensation, showing a heavy reliance on equity for long-term alignment.

General, administrative, and other operating expenses

This bucket covers the day-to-day running of the business outside of direct compensation. For FY2025, these expenses were $177,354 thousand. What this estimate hides is the specific allocation for technology, but we know it's included here.

The General, administrative and other category generally includes costs like:

• Occupancy costs
• Travel and related costs
• Insurance expenses
• Legal and other professional fees
• Depreciation and amortization of intangible assets
• System-related costs

Technology and data platform maintenance and development costs

While StepStone Group Inc. relies heavily on proprietary data and technology platforms like SPI Research and SPI Reporting, a specific, isolated figure for maintenance and development costs within the reported GAAP structure isn't explicitly broken out. These costs are aggregated within the $177,354 thousand reported for General, administrative and other operating expenses for the year ended March 31, 2025. Finance: draft 13-week cash view by Friday.

StepStone Group Inc. (STEP) - Canvas Business Model: Revenue Streams

You're looking at how StepStone Group Inc. actually brings in the money, which is critical for understanding their stability. Honestly, for a firm like StepStone Group Inc., the revenue mix tells you a lot about where they are in the investment cycle; it's a blend of steady management fees and the more lumpy performance fees.

Here's a look at the core components of their revenue generation for the full fiscal year 2025, based on their reported figures. It's important to note that the figures below are derived from the non-GAAP measure of Total revenues, which was $1,174.830 million for FY2025, up 65% from the prior year.

Revenue Stream Component	FY2025 Amount (in millions USD)	Percentage of Total Revenues (Approximate)
Management and advisory fees, net	$767.014	65.3%
Realized carried interest allocations	$159.653	13.6%
Incentive fees	$32.275	2.8%
Unrealized carried interest allocations	$141.547	12.1%
Fee-Related Earnings (FRE)	$312.204	26.6%

The foundation of the revenue is definitely the management and advisory fees, net, which hit $767.014 million for FY2025. These fees are generally more predictable because they are based on committed capital or invested capital, not market fluctuations, which is why Fee-Related Earnings (FRE) is such a key metric for analysts. For the full year 2025, StepStone Group Inc. reported Fee-related earnings (FRE) of $312.204 million.

Then you have the performance-based revenue, which can really move the needle. The Realized carried interest allocations, which are the profits StepStone Group Inc. actually took home, amounted to $159.653 million in FY2025. This was a massive increase of 223% compared to the prior year's realized carried interest. This shows you the impact of successful exits or distributions during the period.

We also need to account for the other components that make up performance fees. You've got the Incentive fees, which totaled $32.275 million for the year. On the unrealized side-the paper gains that haven't been fully realized yet-the Unrealized carried interest allocations were $141.547 million for FY2025. This unrealized amount is subject to market volatility, so it's less certain than the management fees, but it signals future potential.

StepStone Group Inc. also generates revenue through its data and advisory services, which is a distinct value proposition for their clients. While the search results don't break out a specific dollar amount for Revenue from data and analytics services separate from the main revenue lines, the firm explicitly focuses on providing advisory and data services alongside its asset management offerings. This service line supports the overall client relationship and fee-earning AUM growth.

To be fair, you should always look at the total performance fees, which combine incentive fees and all carried interest allocations (realized and unrealized). For FY2025, StepStone Group Inc.'s Total performance fees were $323.475 million ($32.275M + $159.653M + $141.547M, though the source lists Total performance fees as $407.816 million, which suggests the components listed above might be slightly different from the GAAP/Non-GAAP presentation in the source document, so I'll stick to the explicitly listed components and the total revenue figure). The key action here is tracking the ratio of FRE to performance fees; a higher FRE component means more stability.

Finance: draft a sensitivity analysis on performance fee volatility vs. management fee growth by next Tuesday.