Core Insights - StepStone Group partners with Utmost to provide UK clients access to a comprehensive suite of private market strategies, enhancing portfolio diversification and long-term financial outcomes [1][2][3] Company Overview - StepStone Group is a global private markets investment firm with approximately $811 billion in total capital and $220 billion in assets under management as of December 31, 2025 [5] - Utmost is a leading provider of insurance-based wealth solutions, managing assets of £107.1 billion as of June 30, 2025 [7] Partnership Details - The partnership allows Utmost's clients to access StepStone's evergreen global private markets strategies, including Private Equity, Venture Capital & Growth, Private Credit, and Private Infrastructure [1][2] - This collaboration aims to support government-backed initiatives encouraging investment in unlisted equities and private markets [2] Market Trends - There is a growing interest among UK Wealth Managers in private markets, aligning with the long-term investment horizons of StepStone's evergreen semi-liquid fund range [3] - StepStone has experienced significant growth in its private wealth business, tripling its assets under management in the past fifteen months due to increasing demand for evergreen funds [4]

Core Viewpoint - Zinzino is expanding its operations into Peru, marking a significant step in its global growth strategy, with the launch scheduled for February 10, 2026 [1] Group 1: Expansion Details - The company has generated monthly sales of approximately SEK 1.5 million through its global web shop in Peru [1] - This expansion builds on Zinzino's established success in other Latin American markets, creating strong cross-border synergies for partners and customers [1] - Peru is seen as an attractive market for direct selling due to its growing entrepreneurial culture and increasing demand for flexible income opportunities [1] Group 2: Market Potential - There is a rising consumer interest in health, preventive care, and personalized nutrition solutions in Peru, supporting long-term market potential for Zinzino's science-based concept [1] - The CEO of Zinzino, Dag Bergheim Pettersen, emphasizes the strong potential for Peruvian partners to achieve long-term success with the company's test-based concept [1] Group 3: Operational Support - The launch will allow Zinzino's Independent Partners to utilize the company's existing regional infrastructure and experience for local business development [1] - Zinzino's digital platform and business model align well with the expanding digital commerce landscape in Peru, where community-driven sales are significant [1] - Customer and partner support will be coordinated by the Latin American team, with assistance from the local country manager and regional sales management [1]

Core Insights - StepStone reported adjusted net income (ANI) of $80 million, or $0.65 per share, an increase from $53 million, or $0.44 per share, in the prior-year quarter, attributed to higher fee-related and performance-related earnings [1] - The company generated fee-related earnings (FRE) of $89 million, up 20% year-over-year, with a core FRE of $88 million, reflecting a 35% increase year-over-year [2] - Despite a GAAP net loss of $123 million, or $1.55 per share, due to accounting adjustments, operational results showed strong profitability [3][7] Financial Performance - StepStone's fiscal third-quarter 2026 earnings call highlighted record core fee-related earnings and significant incentive fees from the Spring Evergreen Fund [4] - The Spring Evergreen Fund produced over $200 million in gross incentive fees, contributing to a NAV of $5.5 billion, with performance described as 39% over the year [6][8] - Gross realized performance fees were reported at $253 million, including $47 million of realized carried interest [9] Fundraising and AUM - The company achieved record gross AUM additions of over $8 billion in the quarter and $34 billion over the last 12 months, with private wealth subscriptions exceeding $2.2 billion [5][11] - Fee-earning assets plus undeployed fee-earning capital (UFEC) grew to over $171 billion, marking the strongest one-year growth in the company's history [14] - Approximately two-thirds of inflows came from outside North America, with Asia and Europe identified as key contributors [12] Growth Drivers - StepStone's private wealth platform expanded to $15 billion, with consistent quarterly subscriptions exceeding $2 billion [13] - The firm is actively fundraising for various funds, including private equity co-investment and secondaries, with notable quarterly commingled fund closes expected [15][16] Expense Management - Adjusted cash-based compensation was reported at $107 million, with general and administrative expenses rising to $40 million due to events like the StepStone 360 conference [17] Portfolio Positioning - The company estimates that about 11% of total AUM is in software investments, with a focus on diversification as a defense against disruption [20][21] - Net accrued carry ended the quarter at $875 million, with a significant portion tied to older programs [22]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Insights - StepStone Group Inc. reported a revenue of $494.5 million for the quarter ended December 2025, marking a 102.8% increase year-over-year and a surprise of +21.44% over the Zacks Consensus Estimate of $407.21 million [1] - The earnings per share (EPS) for the quarter was $0.65, compared to $0.44 in the same quarter last year, resulting in an EPS surprise of +9.24% against the consensus estimate of $0.60 [1] Financial Performance Metrics - Fee-Earning AUM (FEAUM) for Focused Commingled Funds reached $58.22 billion, exceeding the average estimate of $57.10 billion from three analysts [4] - Total Fee-Earning AUM (FEAUM) was reported at $138.55 billion, slightly above the average estimate of $137.13 billion [4] - FEAUM for Separately Managed Accounts (SMAs) stood at $80.33 billion, compared to the average estimate of $80.03 billion [4] - Assets Under Advisement (AUA) totaled $591.34 billion, surpassing the average estimate of $566.66 billion from two analysts [4] - Total Assets Under Management (AUM) was $219.80 billion, exceeding the average estimate of $215.68 billion [4] Revenue Breakdown - Total revenues from management and advisory fees, net, were $239.93 million, compared to the estimated $235.51 million [4] - Total revenues from performance fees (incentive fees) reached $207.95 million, significantly higher than the estimated $132.14 million [4] - Total performance fees amounted to $346.58 million, compared to the average estimate of $169.45 million [4] - Performance fees from carried interest allocations (unrealized) were reported at $101.99 million, against an average estimate of -$5.35 million [4] - Total carried interest allocations reached $148.69 million, exceeding the estimated $37.31 million [4] - Realized performance fees from carried interest allocations were $46.7 million, compared to the average estimate of $42.67 million [4] Stock Performance - Over the past month, StepStone Group's shares have returned -7.3%, while the Zacks S&P 500 composite has seen a +0.5% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

分组1 - StepStone Group Inc. reported quarterly earnings of $0.65 per share, exceeding the Zacks Consensus Estimate of $0.60 per share, and showing an increase from $0.44 per share a year ago, resulting in an earnings surprise of +9.24% [1] - The company achieved revenues of $494.5 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 21.44%, compared to $243.9 million in the same quarter last year [2] - Over the last four quarters, StepStone Group has surpassed consensus EPS estimates three times and has also topped consensus revenue estimates three times [2] 分组2 - The stock has underperformed the market with a loss of about 0.3% since the beginning of the year, while the S&P 500 has gained 0.5% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is $0.52 on revenues of $288.55 million, and for the current fiscal year, it is $2.05 on revenues of $1.2 billion [7] 分组3 - The Financial - Miscellaneous Services industry, to which StepStone Group belongs, is currently ranked in the top 33% of over 250 Zacks industries, indicating a favorable outlook for the sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that tracking these revisions can be beneficial for investors [5] - The estimate revisions trend for StepStone Group was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $123 million or $1.55 per share for Q3 2026, primarily due to the change in fair value of the buy-in of StepStone Private Wealth profits and interests [4] - Fee-related earnings were $89 million, up 20% year-over-year, with a FRE margin of 37% [5][17] - Adjusted net income for the quarter was $80 million or $0.65 per share, an increase from $53 million or $0.44 per share in the same quarter last year [5][20] Business Line Data and Key Metrics Changes - The company generated gross AUM additions of over $8 billion in the quarter and over $34 billion for the calendar year, marking its best 12-month fundraising period ever [7][13] - In private wealth, the platform grew to $15 billion with over $2.2 billion in new subscriptions for the quarter [8][15] - The Evergreen Funds saw nearly $1 billion in subscriptions across various offerings, indicating strong demand [8] Market Data and Key Metrics Changes - Approximately two-thirds of the inflows came from outside North America, with strong fundraising in Asia and Europe [13][60] - The company reported a retention rate on managed accounts of over 90%, with reups growing by nearly 30% [14] Company Strategy and Development Direction - The company is focused on a diversified approach to private markets investing, emphasizing portfolio construction and risk management [24][25] - There is a strong emphasis on artificial intelligence, with the company backing category-defining companies across the AI ecosystem [10][11] - The company plans to continue expanding its international footprint and fund families, with no new product launches expected in the next 12 months [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings trajectory, citing an improving capital market environment that may yield stronger realizations [6] - The company anticipates continued growth in private wealth subscriptions and a solid foundation for private market solutions [12][11] - Management acknowledged the risks and opportunities presented by AI disruption, emphasizing a diversified investment strategy [11][53] Other Important Information - The company plans to pay out a supplemental dividend at the end of the fiscal year, subject to board approval [20] - The net accrued carry finished the quarter at $875 million, up 4% from the previous quarter [21] Q&A Session Summary Question: Exposure to software companies and Spring fund performance - Management highlighted the diversified approach to private markets investing, noting that not all software companies are equal and emphasizing the importance of portfolio construction [24][25] Question: Growth in private wealth business and scaling existing products - Management indicated that they are in the early stages of building syndicates for new funds and expect to see growth in distribution over the coming year [32] Question: Managing inflows for the Spring fund - Management stated that they have not faced issues with inflows and continue to see strong opportunities in the venture and growth sectors [36] Question: Expectations for new fund vintages - Management tempered expectations for modest growth in fund sizes, emphasizing the importance of matching fundraising to the size of the opportunity [38] Question: Breakdown of performance attribution for Spring - Management clarified that the majority of performance is driven by direct secondaries rather than discounts, highlighting the proactive approach to sourcing investments [44][46] Question: Insights on AI disruption risk - Management discussed the importance of diligence in assessing AI risks and opportunities, focusing on how GPs manage their portfolios and select new investments [53][55] Question: Sourcing subscriptions and regional demand - Management noted that Asia and Europe have been significant drivers of demand, with infrastructure and private credit strategies performing well in these regions [60]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $123 million or $1.55 per share for Q3 2026, primarily due to the change in fair value of StepStone Private Wealth profits interests [4] - Fee-related earnings were $89 million, up 20% year-over-year, with a FRE margin of 37% [5][17] - Adjusted net income for the quarter was $80 million or $0.65 per share, an increase from $53 million or $0.44 per share in the same quarter last year [5][20] Business Line Data and Key Metrics Changes - Core fee-related earnings, excluding retroactive fees, were $88 million, reflecting a 35% increase compared to the prior year [5] - The company generated gross AUM additions of over $8 billion in the quarter and over $34 billion for the calendar year, marking its best fundraising period [7][13] - In private wealth, the platform grew to $15 billion with over $2.2 billion in new subscriptions for the quarter [8][15] Market Data and Key Metrics Changes - Approximately two-thirds of the inflows were from outside North America, with strong fundraising in Asia and Europe [13][60] - The company reported a retention rate on managed accounts of over 90%, with reups growing by nearly 30% [14] Company Strategy and Development Direction - The company is focused on diversifying its investment approach across various asset classes and capital structures, particularly in the context of AI evolution [10][11] - The firm is currently in the market with several funds, including private equity co-investment and secondaries funds, expecting to activate fee-earning capital in the coming year [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings trajectory, citing an improving capital market environment that may yield stronger realizations [6] - The company anticipates continued growth in private wealth subscriptions and is optimistic about the upcoming fundraising efforts [8][9] Other Important Information - The company plans to pay out a supplemental dividend at the end of the fiscal year, subject to board approval based on performance-related revenues [20] - The net accrued carry finished the quarter at $875 million, indicating a mature investment portfolio ready for harvesting [21] Q&A Session Summary Question: Exposure to software companies across the portfolio - Management highlighted the diversified approach to private markets investing, emphasizing that not all software companies are equal and that they focus on portfolio construction and diversification to manage risks [24][25] Question: Growth in private wealth business and scaling existing products - Management noted that they are in early stages of building syndicates for new funds and expect to see growth in distribution over the coming year, with no new product announcements planned [31] Question: Managing inflows for Spring fund - Management stated that they have not faced issues with inflows and continue to see strong opportunities for deployment across various avenues [35] Question: Expectations for next vintages of funds - Management tempered expectations for modest growth in fund sizes, emphasizing the importance of matching fundraising to the size of the opportunity [37] Question: Performance attribution for Spring fund - Management explained that the performance was driven more by direct secondaries rather than discounts, highlighting the proactive approach in identifying value drivers [44][46]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $123 million or $1.55 per share for Q3 2026, primarily due to the change in fair value of the buy-in of StepStone Private Wealth profits and interests [3] - Fee-related earnings were $89 million, up 20% year-over-year, with a FRE margin of 37% [4] - Adjusted net income for the quarter was $80 million or $0.65 per share, an increase from $53 million or $0.44 per share in the same quarter last year [4][22] Business Line Data and Key Metrics Changes - Core fee-related earnings, excluding retroactive fees, were $88 million, up 35% compared to the prior year quarter [4] - The company generated gross AUM additions of over $8 billion in the quarter and over $34 billion for the calendar year, marking the best 12-month period of fundraising ever [6][13] - In private wealth, the platform grew to $15 billion with over $2.2 billion in new subscriptions for the quarter [8][16] Market Data and Key Metrics Changes - Approximately two-thirds of inflows came from outside North America, with strong fundraising in Asia and Europe [13][60] - The company reported a retention rate on managed accounts of over 90%, with reups growing on average by nearly 30% [14] Company Strategy and Development Direction - The company is focused on diversifying its fundraising across commercial structures, geographies, and strategies to ensure continued growth through market cycles [6][7] - StepStone is positioning itself to capitalize on the evolution of artificial intelligence, investing across various asset classes and capital structures [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings trajectory, citing an improving capital market environment that may yield stronger realizations [5] - The company anticipates that AI will create significant value, while also presenting risks and opportunities [11] Other Important Information - The company plans to pay out a supplemental dividend at the end of each fiscal year, subject to board approval based on performance-related revenues [21] - The net accrued carry finished the quarter at $875 million, up 4% from the previous quarter [22] Q&A Session Summary Question: Exposure to software companies across the portfolio - Management highlighted the diversified approach to private markets investing, emphasizing that not all software companies are equal and that portfolio construction is a key defense against disruptions [26][28] Question: Growth in private wealth business - Management noted that they are in the early stages of building syndicates for new funds and expect to see growth in distribution over the coming year [32][33] Question: Managing inflows in Spring fund - Management stated that the venture and growth team continues to see strong opportunities, allowing for effective management of inflows without needing to limit new assets [36] Question: Expectations for next vintages of funds - Management tempered expectations for modest growth in fund sizes, emphasizing the importance of matching fundraising to the size of the opportunity [38] Question: Performance attribution in Spring fund - Management explained that the majority of performance is driven by direct secondaries rather than discounts, highlighting the proactive approach in sourcing opportunities [44][46]

Today's presenters STEPSTONE GROUP 2 Scott Hart CEO Jason Ment President & Co-COO Mike McCabe Head of Strategy David Park CFO GAAP consolidated statements of loss StepStone Group Earnings Presentation THIRD QUARTER FISCAL YEAR 2026 February 5, 2026 1 GAAP net loss was $162.4 million for the quarter and $749.9 million year-to-date. GAAP net loss attributable to StepStone Group Inc. was $123.5 million (or $1.55 per share) for the quarter and $528.0 million (or $6.72 per share) year-to-date. | ($ in thousands, ...