Core Insights - StepStone Real Estate Partners V (SREP V) has successfully closed with $3.77 billion in primary commitments, making it the largest real estate secondaries fund to date [1] - The fund was significantly oversubscribed, indicating strong investor confidence despite challenging market conditions [2] Fund Performance and Strategy - SREP V and related accounts have committed $1.7 billion across 8 investments, with a robust pipeline of transactions highlighting demand for liquidity solutions from real estate general partners (GPs) [2] - The fund's strategy focuses on providing liquidity solutions during market dislocations, which has proven resilient across various market cycles [4] Investor Base and Market Engagement - SREP V attracted a diverse global investor base, including sovereign wealth funds, pension funds, and insurance companies, with increased participation from North American institutions and commitments from Europe, Asia, the Middle East, and Latin America [4] - The strength of StepStone Real Estate's broader platform, which oversees approximately $170 billion in real estate assets, plays a crucial role in sourcing and evaluating secondaries transactions [5] Historical Context and Evolution - Founded in 2009, StepStone Real Estate has focused on providing liquidity to real estate funds during market dislocations, shifting from traditional secondaries to control-oriented, GP-led secondaries and recapitalizations [3][5]

NEW YORK, April 25, 2025 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP), a global private markets investment firm focused on providing customized investment solutions and advisory and data services, today announced that it has raised $705 million for StepStone Tactical Growth Fund IV (“STGF IV” or the “Fund”), the firm’s fourth fund focused on opportunities within the growth equity market. The Fund had strong participation from a range of investor types including sovereign wealth funds, public pens ...

Group 1 - StepStone Group Inc. (STEP) shares rose 14.8% to $48.74, following a significant trading volume, contrasting with a 16.6% loss over the past four weeks [1][2] - The increase in share price was influenced by the Trump administration's announcement of a 90-day halt on reciprocal tariffs for most countries [2] - StepStone leverages global scale, local teams, multi-asset class expertise, and proprietary data platforms to provide customized solutions, enhancing investment performance [2] Group 2 - The company is expected to report quarterly earnings of $0.47 per share, reflecting a year-over-year increase of 42.4%, while revenues are projected at $237.41 million, down 33.5% from the previous year [3] - The consensus EPS estimate for StepStone has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without earnings estimate revisions [4] - StepStone Group holds a Zacks Rank of 2 (Buy), indicating positive market sentiment [4] Group 3 - StepStone Group is part of the Zacks Financial - Miscellaneous Services industry, which includes Greystone Housing Impact Investors (GHI) [4] - GHI's consensus EPS estimate has decreased by 29.2% over the past month, with a year-over-year change of -61.9%, and it currently holds a Zacks Rank of 3 (Hold) [5]

Core Viewpoint - StepStone Group Inc. has expanded access to its private market evergreen funds through a partnership with Bergos AG, a Swiss private bank managing CHF7.3 billion in assets, enhancing investor access to institutional-quality private market investments globally [1][3]. Company Overview - StepStone Group Inc. is a global private markets investment firm with approximately $698 billion in total capital, including $179 billion in assets under management as of December 31, 2024 [3]. - The firm provides customized investment solutions and advisory services to a diverse client base, including large pension funds, sovereign wealth funds, and high-net-worth individuals [3]. Fund Details - The following StepStone funds are now available through Bergos AG: - **SPRING Lux**: A venture and growth strategy fund with $341.7 million in assets under management (AUM) and a total net return of 59.92% since its inception in November 2022 [5]. - **STRUCTURE Lux**: A private infrastructure fund with $79.9 million in AUM and a total net return of 24.91% since its inception in September 2023 [5]. - **SCRED Lux**: A private credit fund with $43.6 million in AUM, focusing on various credit-related strategies since its inception in June 2024 [5]. - **SCRED Europe**: A newly launched private credit fund with over €250 million in seed capital, targeting senior secured direct lending in Europe [5]. Partnership Significance - The partnership with Bergos AG aligns with StepStone's mission to provide broader access to private market investments, reflecting shared values between the two institutions [1].

Core Insights - Cyberhaven has raised $100 million in Series D funding, bringing its total funding to $250 million and achieving a valuation of $1 billion, a sevenfold increase in just one year [1][4]. Company Overview - Cyberhaven is a leader in AI-powered data security, focusing on innovative data tracing and risk detection capabilities [1][5]. - The company’s platform utilizes proprietary data lineage and AI technologies to provide organizations with the ability to detect and mitigate risks to their critical data [1][3]. Technology and Approach - Cyberhaven's approach is centered on data lineage, allowing organizations to trace how data originates, moves, and transforms, providing unmatched scale and precision [3]. - The platform is built on a Large Lineage Model (LLiM), which offers real-time observability of data flows and precise threat detection [3]. Market Context - The rise of AI and cloud technologies has transformed data management, making traditional security tools inadequate for tracking and protecting data that is highly fragmented and constantly moving [2]. - Cyberhaven's Data Detection and Response approach is likened to the paradigm shift seen with Endpoint Detection and Response (EDR) a decade ago, focusing on AI-based behavioral analysis [4]. Future Plans - With the new funding, Cyberhaven aims to expand its platform through mergers and acquisitions as well as organic innovation, and to enhance its market reach with aggressive go-to-market investments [4].

Core Insights - StepStone Group Inc. has appointed 10 new partners and 24 new managing directors, reflecting the firm's strong momentum and talent development [1][2]. Company Overview - StepStone Group Inc. is a global private markets investment firm that provides customized investment solutions, advisory, and data services [5]. - As of December 31, 2024, StepStone managed approximately $698 billion in total capital, including $179 billion in assets under management [5]. - The firm's clientele includes large public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations, family offices, and high-net-worth individuals [5]. New Appointments - The new managing directors come from various teams, including: - Christopher Bernadino, Global Head of Information Technology and Chief Information Security Officer [4]. - Elizabeth Ferry, Head of Operational Due Diligence [4]. - Anthony Giambrone, member of the Venture Capital and Growth Equity team [4]. - Remo Kämpf, member of the Private Debt team [4]. - Laia Massague and Pooja Patel, both members of the Real Estate team [4]. - Tim Rees, member of the Infrastructure and Real Assets team [4]. - Anja Ritchie, member of the Real Estate team [4]. - Stephen West, member of the Venture Capital and Growth Equity team [4]. - Joey Wong Castillo, Head of Legal, Infrastructure and Real Assets [4]. - Additional new managing directors include professionals in Private Wealth, Fund Accounting, Corporate Finance, Operations, and various Real Estate roles across different locations [4].

Core Viewpoint - StepStone Group Inc. (NASDAQ: STEP) is rated as a Hold for investors focused on long-term capital appreciation, despite its strong performance since its IPO in 2020 [1] Company Overview - StepStone Group has shown stellar performance since its IPO in 2020, indicating a positive trajectory for the company [1] Analyst Background - The analysis is provided by David A. Johnson, founder and principal of Endurance Capital Management, who has over 30 years of investment experience and holds advanced degrees in finance and business administration [1]

Core Insights - StepStone Group Inc. has received approval to launch a Private Debt-based European Long-Term Investment Fund (ELTIF), expanding its offerings in the European private wealth market [1][2] - The firm aims to market ELTIFs in Italy, Spain, Germany, France, and the Nordic and Benelux regions, focusing on private credit assets within the European Union [2][3] - StepStone has also converted existing RAIF funds into UCI Part II vehicles, enhancing access for professional and semi-professional investors to private markets [3][4] Company Overview - StepStone Group Inc. is a global private markets investment firm managing approximately $698 billion in total capital, including $179 billion in assets under management as of December 31, 2024 [4] - The firm's client base includes large public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations, family offices, and high-net-worth individuals [4]

Financial Data and Key Metrics Changes - The company recorded a GAAP net loss of $287 million, with a net loss attributable to StepStone Group of $190 million or $2.61 per share [7][8] - Fee-related earnings were $74.1 million, up 46% from the prior year quarter, with an FRE margin of 39% [9][19] - Adjusted net income was $52.7 million or $0.44 per share, an increase from $42.1 million or $0.37 per share in the same quarter last year [10][40] Business Line Data and Key Metrics Changes - Fee-earning assets under management (AUM) increased by nearly $10 billion, reaching over $114 billion, a 28% increase year-over-year [11][12] - Management and advisory fees totaled $192 million, up 26% year-over-year [18][35] - The private wealth platform grew to over $6 billion, with over $1 billion in new subscriptions, marking the best growth quarter for private wealth [16][24] Market Data and Key Metrics Changes - The company generated over $27 billion in gross AUM inflows over the last twelve months, with $18 billion from separately managed accounts and over $9 billion from focused commingled funds [21][22] - The infrastructure co-investment fund closed at approximately $1.2 billion, marking a significant milestone for a first-time fund [15][22] Company Strategy and Development Direction - The company emphasizes a diversified strategy across asset classes and geographic reach, which has proven resilient during periods of fundraising pressure in the private market [14] - The focus on infrastructure and private wealth management is expected to drive future growth, with significant capital deployment opportunities identified [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth in private wealth and infrastructure, highlighting strong fundraising and deployment activities [11][12] - The company anticipates continued growth in fee-related earnings and margins, supported by a robust pipeline of investment opportunities [19][38] Other Important Information - The company noted that GAAP accounting requires presenting changes in fair value related to potential future buy-ins, which impacted the net loss reported [43] - Net accrued carry finished the quarter at $744 million, indicating potential future performance fees [44] Q&A Session Summary Question: Highlights of wealth management build-out - Management highlighted the addition of 450 platforms globally, with 40% selling multiple funds, indicating strong cross-selling capabilities [50] Question: Market for secondaries - Management noted a very active year in the secondaries market, with average market pricing slightly increasing [55] Question: Drivers of non-private wealth NCI - The largest driver was retroactive fees associated with the real estate secondaries fund, with general growth from other asset classes [64] Question: Infrastructure business focus - Key areas of investment include power and renewables, transportation, and communications, including data centers [68] Question: Deployment activity drivers - Deployment was broad-based across asset classes, with significant activity in private equity co-investments and real estate [75] Question: GreenSpring earn-out details - The GreenSpring earn-out target of $75 million is fully accrued and will be payable 100% in cash [81]

Group 1: Earnings Performance - StepStone Group Inc. reported quarterly earnings of $0.44 per share, matching the Zacks Consensus Estimate, and an increase from $0.37 per share a year ago [1] - The company posted revenues of $243.91 million for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 3.25%, compared to revenues of -$14.61 million in the same quarter last year [2] - Over the last four quarters, StepStone Group has surpassed consensus EPS estimates three times [1][2] Group 2: Stock Performance and Outlook - StepStone Group shares have increased approximately 12% since the beginning of the year, outperforming the S&P 500's gain of 3.1% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters [4] - The current consensus EPS estimate for the next quarter is $0.45 on revenues of $233.1 million, and for the current fiscal year, it is $1.82 on revenues of $898.43 million [7] Group 3: Industry Context - The Financial - Miscellaneous Services industry, to which StepStone Group belongs, is currently ranked in the top 27% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact StepStone Group's stock performance [5]