Stepstone Group Inc. (Step): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des investissements alternatifs, Stepstone Group Inc. (Step) apparaît comme une puissance de gestion stratégique des investissements, tissant des solutions financières complexes qui transforment le déploiement des capitaux institutionnels. En tirant parti d'une toile de modèle commercial sophistiqué, cette entreprise innovante navigue dans le paysage complexe des investissements mondiaux, offrant des stratégies sur mesure qui mélangent une technologie de pointe, une expertise financière approfondie et un solide réseau de partenariats institutionnels. Leur approche transcende les paradigmes d'investissement traditionnels, créant des propositions de valeur uniques qui attirent des investisseurs sophistiqués à la recherche de possibilités d'investissement alternatives sophistiquées et optimisées.

Stepstone Group Inc. (étape) - Modèle commercial: partenariats clés

Sociétés de capital-investissement et gestionnaires de placements

Stepstone Group collabore avec plus de 150 sociétés de capital-investissement dans le monde. Au troisième rang 2023, leur réseau de partenariat comprend des entreprises de haut niveau gérant 1,2 billion de dollars d'actifs de capital-investissement.

Catégorie de partenariat	Nombre de partenariats	Valeur totale de l'actif
Sociétés mondiales de capital-investissement	152	1,2 billion de dollars
Gestionnaires d'investissement spécialisés	87	620 milliards de dollars

Investisseurs institutionnels et fonds de pension

Stepstone gère les relations avec plus de 250 investisseurs institutionnels, y compris des fonds de retraite avec 3,5 billions de dollars d'actifs combinés.

• Fonds de pension publique: 78 partenariats
• Fonds de retraite d'entreprise: 62 partenariats
• Fonds de richesse souveraine: 15 partenariats

Réseaux de conseil financier mondial

Stepstone maintient des partenariats stratégiques avec 45 réseaux de conseil financier mondiaux dans 22 pays.

Région	Nombre de réseaux de conseil	Couverture
Amérique du Nord	18	12 pays
Europe	15	8 pays
Asie-Pacifique	12	7 pays

Fournisseurs de technologies et d'analyse de données

Stepstone s'associe à 37 fournisseurs de technologies et d'analyses de données, investissant 42 millions de dollars par an dans les infrastructures technologiques.

• Plateformes d'analyse de données: 22 partenariats
• Fournisseurs de cloud computing: 9 partenariats
• Solutions de cybersécurité: 6 partenariats

Stepstone Group Inc. (étape) - Modèle commercial: activités clés

Gestion des fonds d'investissement alternatifs

Stepstone Group gère 156,5 milliards de dollars d'actifs d'investissement alternatifs au 30 septembre 2023. L'entreprise supervise un portefeuille diversifié sur plusieurs stratégies d'investissement alternatives.

Catégorie d'investissement	Actifs sous gestion
Capital-investissement	54,3 milliards de dollars
Réels actifs	37,8 milliards de dollars
Crédit privé	28,9 milliards de dollars
Hedge funds	35,5 milliards de dollars

Développement de stratégie d'investissement

Stepstone utilise une approche globale du développement de la stratégie d'investissement avec une équipe de 215 professionnels de l'investissement.

• Couverture d'investissement mondiale dans 15 pays différents
• Des équipes de recherche spécialisées se concentrant sur des secteurs d'investissement alternatifs spécifiques
• Processus de diligence raisonnable propriétaire impliquant plus de 4 000 interactions de gestionnaire par an

Optimisation du portefeuille et évaluation des risques

L'entreprise utilise des techniques avancées de gestion des risques avec une équipe d'évaluation des risques dédiée.

Métrique de gestion des risques	Performance
Diversification du portefeuille	85% sur plusieurs classes d'actifs
Rendement ajusté au risque	Ratio sharpe de 1,2

Capital Raising and Investor Relations

Stepstone a levé 8,2 milliards de dollars de nouveaux engagements au cours de l'exercice 2023.

• La base des investisseurs comprend plus de 350 clients institutionnels
• Les clients représentent des fonds de retraite, des fonds souverains et des dotations
• Durée moyenne de la relation client de 7,5 ans

Surveillance et rapport des performances

L'entreprise fournit des rapports de performances complets avec des analyses détaillées trimestrielles et annuelles.

Métrique de rapport	Performance
IRR net (taux de rendement interne)	14.3%
Fréquence de rapport	Trimestriel et annuel
Score de transparence	9.2/10

Stepstone Group Inc. (étape) - Modèle commercial: Ressources clés

Professionnels de l'investissement expérimentés

Au troisième rang 2023, Stepstone Group a employé 442 professionnels dans le monde. Répartition de la composition de l'équipe d'investissement:

Catégorie	Nombre de professionnels
Professionnels de l'investissement seniors	178
Analystes de recherche en investissement	124
Gestionnaires de portefeuille	86
Personnel de soutien	54

Recherche et analyse des investissements propriétaires

Les capacités de recherche en investissement comprennent:

• Base de données propriétaire avec plus de 12 000 profils de gestionnaire de placement
• Couverture de recherche annuelle de plus de 3 500 opportunités d'investissement
• Plate-forme d'analyse quantitative avancée

Vaste réseau d'investissement mondial

Métriques du réseau d'investissement mondial:

Région	Nombre de connexions d'investissement
Amérique du Nord	875
Europe	436
Asie-Pacifique	289
l'Amérique latine	124

Infrastructure de technologie avancée

Détails de l'investissement technologique:

• Budget technologique annuel: 18,4 millions de dollars
• Infrastructure de cloud computing: 99,99% de disponibilité
• Investissement en cybersécurité: 4,2 millions de dollars par an

Capital financier solide et réputation

Métriques des capitaux financiers:

Métrique financière	Valeur
Total des actifs sous gestion	84,3 milliards de dollars
Capital engagé total	72,6 milliards de dollars
Revenus annuels (2023)	572,4 millions de dollars
Revenu net (2023)	136,8 millions de dollars

Stepstone Group Inc. (étape) - Modèle commercial: propositions de valeur

Solutions d'investissement alternatives diversifiées

Au troisième rang 2023, Stepstone Group a géré 131,1 milliards de dollars d'actifs d'investissement alternatifs. Le portefeuille d'investissement de la société comprend:

Catégorie d'investissement	Total des actifs sous gestion
Capital-investissement	42,3 milliards de dollars
Réels actifs	37,5 milliards de dollars
Crédit privé	29,8 milliards de dollars
Hedge funds	21,5 milliards de dollars

Accès à des stratégies d'investissement sophistiquées

Stepstone fournit des stratégies d'investissement sophistiquées à travers:

• Plate-forme mondiale multi-manager
• Capacités d'investissement direct
• Solutions d'investissement personnalisées

Expertise professionnelle de gestion de portefeuille

Mesures de performance clés pour la gestion du portefeuille de Stepstone:

Métrique de performance	Valeur
Professionnels de l'investissement	140+ spécialistes
Expérience d'investissement moyenne	15 ans et plus
Emplacements de bureaux mondiaux	13 bureaux dans le monde

Approches d'investissement sur mesure pour les clients institutionnels

Segments de clients institutionnels servis:

• Fonds de pension publique
• Régimes de retraite d'entreprise
• Fonds de richesse souverain
• Dotations et fondations

Potentiel de rendements ajustés au risque supérieurs

Benchmarks de performance pour les stratégies d'investissement de Stepstone:

Stratégie d'investissement	Retour annualisé	Rendement ajusté au risque
Capital-investissement	15.3%	1,42 ratio Sharpe
Réels actifs	10.7%	Ratio de 1,18 Sharpe
Crédit privé	9.5%	1,25 ratio Sharpe

Stepstone Group Inc. (étape) - Modèle d'entreprise: relations clients

Équipes de gestion des comptes dédiés

Stepstone Group Inc. gère 504 milliards de dollars d'actifs sous gestion à partir de 2023, avec des équipes de gestion de compte dédiées au service des investisseurs institutionnels.

Segment de clientèle	Taille d'équipe dédiée	Valeur moyenne du compte
Fonds de pension	12 gestionnaires spécialisés	187 millions de dollars par compte
Dotation	8 gestionnaires spécialisés	95 millions de dollars par compte
Fondations	6 gestionnaires spécialisés	62 millions de dollars par compte

Conseil d'investissement personnalisé

Stepstone fournit des stratégies d'investissement personnalisées avec un taux de rétention des clients de 98% en 2023.

• Solutions d'investissement alternatives sur mesure
• Évaluations complètes de la gestion des risques
• Construction de portefeuille personnalisée

Rapports et communication réguliers

Rapports de performances trimestriels avec des analyses détaillées couvrant les mesures de performance d'investissement.

Fréquence de rapport	Canaux de communication	Durée moyenne du rapport
Trimestriel	Plate-forme numérique, e-mail, réunions directes	42 pages par rapport

Approche de partenariat stratégique à long terme

Durée moyenne des relations avec les clients de 7,4 ans avec les investisseurs institutionnels.

• Développement de stratégie d'investissement collaboratif
• Optimisation continue du portefeuille
• Analyse de tendance d'investissement proactive

Suivi des performances d'investissement transparent

Suivi des performances en temps réel via des plateformes numériques propriétaires.

Caractéristiques de la plate-forme numérique	Métriques de performance suivies	Accès aux utilisateurs
Tableaux de bord interactifs	Irr, flux de trésorerie, allocation	Accès sécurisé 24/7

Stepstone Group Inc. (étape) - Modèle commercial: canaux

Équipe de vente directe

Depuis le troisième trimestre 2023, Stepstone Group Inc. maintient une équipe de vente directe d'environ 185 professionnels de l'investissement. L'équipe a généré 303,7 millions de dollars de revenus totaux pour l'exercice 2023.

Plates-formes d'investissement numériques

Métrique de la plate-forme	2023 données
Actifs totaux de plate-forme numérique	77,2 milliards de dollars
Croissance des utilisateurs de plate-forme numérique	17,3% en glissement annuel
Volume de transaction en ligne	12,4 milliards de dollars

Réseaux de conseillers financiers

Stepstone collabore avec 378 cabinets de conseil financier indépendants aux États-Unis.

• Couverture du réseau: 42 États
• Actifs moyens sous gestion par cabinet de conseil: 286 millions de dollars
• Taux d'extension du réseau: 8,6% en 2023

Conférences d'investisseurs institutionnelles

Métrique de la conférence	2023 statistiques
Conférences totales hébergées	14
Les investisseurs institutionnels ont assisté	672
Total des discussions sur les investissements	89

Portail des relations avec les investisseurs en ligne

La plateforme de relations avec les investisseurs numériques traitée 24,6 milliards de dollars de transactions d'investissement Au cours de l'exercice 2023.

• Portail Utilisateurs actifs mensuels: 42 500
• Durée moyenne de la session utilisateur: 18,7 minutes
• Accès aux documents numériques: 97,3% du total des communications des investisseurs

Stepstone Group Inc. (étape) - Modèle commercial: segments de clientèle

Investisseurs institutionnels

Stepstone Group dessert les investisseurs institutionnels avec les éléments suivants profile:

Caractéristique du segment	Données spécifiques
Total des actifs institutionnels gérés	616 milliards de dollars (au troisième trimestre 2023)
Nombre de clients institutionnels	Plus de 500 investisseurs institutionnels mondiaux
Attribution moyenne des investissements	3-7% en investissements alternatifs

Fonds de pension

Caractéristiques du segment des fonds de pension clé:

• Actifs totaux de fonds de pension gérés: 289 milliards de dollars
• Stratégies d'investissement typiques:
  • Capital-investissement
  • Réels actifs
  • Investissements d'infrastructure
• Engagement d'investissement moyen: 50 à 150 millions de dollars par fonds

Fonds de richesse souverain

Détails du segment des fonds souverains de la pierre souverain:

Région géographique	Nombre de clients du Fonds de patrimoine souverain	Total des actifs sous gestion
Amérique du Nord	12 fonds	87 milliards de dollars
Moyen-Orient	8 fonds	62 milliards de dollars
Asie-Pacifique	15 fonds	104 milliards de dollars

Dotations et fondations

Répartition des segments pour les dotations et les fondations:

• Actifs de dotation totaux gérés: 156 milliards de dollars
• Taille moyenne de dotation: 750 millions de dollars
• Domaines d'investissement:
  • Capital-risque
  • Capital-investissement
  • Investissements durables

Investisseurs individuels à haute nette

Segment des investisseurs à haute nette profile:

Caractéristique des investisseurs	Données spécifiques
Total des actifs sous gestion	42 milliards de dollars
Taille moyenne du portefeuille d'investissement	5-25 millions de dollars
Canaux d'investissement préférés	Plateformes privées de gestion de patrimoine

Stepstone Group Inc. (étape) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Pour l'exercice 2023, Stepstone Group Inc. a déclaré des frais totaux de rémunération des employés de 185,4 millions de dollars. Cela comprend:

Catégorie de compensation	Montant ($)
Salaires de base	112,600,000
Bonus de performance	43,800,000
Compensation en stock	29,000,000

Investissements technologiques et infrastructures

Les coûts d'infrastructure technologique pour 2023 ont totalisé 34,2 millions de dollars, notamment:

• Dépenses de cloud computing: 12,6 millions de dollars
• Licence de logiciel: 8,9 millions de dollars
• Matériel et équipement informatique: 7,5 millions de dollars
• Systèmes de cybersécurité: 5,2 millions de dollars

Frais de recherche et d'analyse

L'investissement de recherche et d'analyse pour 2023 a été de 22,7 millions de dollars, ventilés comme suit:

Catégorie de recherche	Montant ($)
Acquisition de données	9,300,000
Outils analytiques	6,800,000
Personnel de recherche	6,600,000

Marketing et développement commercial

Les dépenses de marketing et de développement commercial pour 2023 s'élevaient à 16,5 millions de dollars:

• Marketing numérique: 6,2 millions de dollars
• Conférences et parrainages d'événements: 4,3 millions de dollars
• Dépenses de l'équipe de vente: 3,9 millions de dollars
• Technologie marketing: 2,1 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 étaient de 11,3 millions de dollars, notamment:

Catégorie de conformité	Montant ($)
Services juridiques	5,600,000
Logiciel de conformité	3,200,000
Audit et rapport	2,500,000

Stepstone Group Inc. (étape) - Modèle commercial: Strots de revenus

Frais de gestion des fonds d'investissement alternatifs

Pour l'exercice 2023, Stepstone Group a déclaré des frais de gestion totaux de 265,1 millions de dollars. Ces frais sont généralement calculés en pourcentage d'actifs sous gestion (AUM), qui s'élevait à 77,4 milliards de dollars au 30 septembre 2023.

Catégorie de frais	Montant ($ m)	Pourcentage du total des revenus
Frais de gestion de capital-investissement	124.7	47%
Frais de gestion des actifs réels	86.3	33%
Frais de gestion des infrastructures	54.1	20%

Intérêt porté sur la performance

Au cours de l'exercice 2023, Stepstone Group a généré 98,6 millions de dollars de revenus intérêts. Le taux d'intérêt porté est en moyenne entre 10 et 20% des bénéfices d'investissement.

Frais de service consultatif

Les frais de service consultatif pour l'exercice 2023 ont totalisé 42,3 millions de dollars. Ces frais sont générés en fournissant des conseils d'investissement stratégiques aux clients institutionnels.

Frais de gestion des investissements

Les frais de gestion des investissements pour l'exercice 2023 se sont élevés à 179,5 millions de dollars. Ces frais sont structurés sur différentes stratégies d'investissement et types de fonds.

Stratégie d'investissement	Revenus de frais ($ m)
Capital-investissement	87.2
Immobilier	52.6
Infrastructure	39.7

Revenus de consultation d'allocation d'actifs

Les revenus de consultation des actifs pour l'exercice 2023 étaient de 31,7 millions de dollars. Ces revenus proviennent de la fourniture de conseils stratégiques d'allocation d'investissement aux investisseurs institutionnels.

• Les services de conseil couvrent les fonds de pension
• Les services de conseil couvrent les dotations
• Les services de conseil couvrent les fondations

Le total des sources de revenus de Stepstone Group Inc. au cours de l'exercice 2023 a atteint 436,2 millions de dollars.

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.