StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2024, StepStone was responsible for approximately $698 billion of total capital, including $179 billion of assets under management. StepStone's clients include some of the world's largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as ...

Capital Management - As of December 31, 2024, the company managed approximately $698 billion in total capital, including $179 billion in assets under management (AUM) and $519 billion in assets under advisement (AUA)[213]. - The company generated $109 billion in AUM from separately managed accounts (SMAs) and $55 billion from focused commingled funds as of December 31, 2024[215]. - Advisory relationships accounted for $519 billion in AUA and $15 billion in AUM as of December 31, 2024[219]. - The company tracked detailed information on over $755 billion of client commitments through its proprietary performance monitoring software, SPI Reporting, as of December 31, 2024[219]. - As of December 31, 2024, the company had over $90 billion of performance fee-eligible capital across over 200 programs[248]. - As of December 31, 2024, the company had $21.7 billion of undeployed fee-earning capital, which will generate management fee revenue once invested[340]. - The total fee-earning assets under management (FEAUM) reached $114.166 billion as of December 31, 2024, up from $93.858 billion a year earlier[338]. Financial Performance - Total revenues increased by $353.6 million, or 125%, to $339.0 million for the three months ended December 31, 2024, compared to the same period in 2023[287]. - Management and advisory fees, net increased by $39.3 million, or 26%, to $190.8 million for the three months ended December 31, 2024, driven by new client activity and a 24% growth in average FEAUM[288]. - Incentive fees increased by $4.5 million, or 25%, to $22.4 million for the three months ended December 31, 2024, largely due to higher fees from StepStone's Private Venture and Growth Fund[289]. - Realized carried interest allocation revenues increased by $9.0 million, or 59%, to $24.3 million for the three months ended December 31, 2024, reflecting higher realization activity[290]. - Net income (loss) attributable to StepStone Group Inc. was $(192.0) million for the three months ended December 31, 2024, compared to $(20.2) million for the same period in 2023[287]. - The company reported a net income of $293.0 million for the nine months ended December 31, 2024, up from $189.0 million in the same period in 2023[387]. Expenses and Compensation - Total expenses increased by $679.0 million to $698.1 million for the three months ended December 31, 2024, driven by increases in equity-based compensation and performance fee-related compensation[297]. - Cash-based compensation increased by $11.6 million, or 16%, to $85.2 million for the three months ended December 31, 2024, due to increased staffing and compensation levels[298]. - Equity-based compensation increased by $472.4 million to $486.4 million for the three months ended December 31, 2024, primarily due to increased expenses for liability classified awards[299]. - Total performance fee-related compensation expense increased by $121.9 million to $75.1 million for the three months ended December 31, 2024, reflecting the increase in carried interest allocation revenue[300]. - General, administrative and other expenses decreased by $4.9 million, or 10%, to $43.1 million for the three months ended December 31, 2024, primarily due to lower expenses for change in fair value of contingent consideration obligations[302]. Shareholder Equity and Dividends - The company announced a dividend of $0.24 per share of Class A common stock, payable on March 14, 2025[408]. - Total dividends paid in FY2024 amounted to $1.08 per share of Class A common stock[408]. - Total dividends paid in FY2025 to date amounted to $0.84 per share of Class A common stock[408]. - The company may issue additional equity or debt to increase available capital in the future[407]. Debt and Liquidity - The company issued $175 million in 5.52% Series A senior notes due October 22, 2029, with interest payable semi-annually starting April 22, 2025[225][226]. - The company’s liquidity sources include management and advisory fees, performance fees, and distributions from investments in StepStone Funds[381]. - The company’s revolving credit facility was increased to $300.0 million, with no amounts outstanding as of December 31, 2024[388]. - The company had $1,647.3 million in investments, including $1,474.5 million in accrued carried interest allocations, against $168.9 million in debt obligations[382]. - The company was in compliance with all covenants under its various debt agreements as of December 31, 2024[402]. Investment Performance - The company’s investment performance across various asset classes showed a net IRR of 14.7% for private equity primaries as of September 30, 2024[374]. - Investment income is influenced by net realized and unrealized gains (losses) on underlying investments held by the StepStone Funds[260]. - Legacy Greenspring investment income is based on earnings from certain legacy Greenspring funds, driven by net realized and unrealized gains (losses)[262].

Financial Performance - StepStone Group reported net management and advisory fees of $190.84 million for Q3 FY2025, a 26% increase compared to the same quarter last year[8]. - Total revenues for the quarter reached $339.02 million, reflecting a 125% increase year-over-year[8]. - The company experienced a net loss of $287.16 million in Q3 FY2025, compared to a net income of $82.54 million in the same quarter last year[8]. - Adjusted net income for the quarter was $52.66 million, a 25% increase compared to the previous year[8]. - Total revenues for the three months ended December 31, 2024, were $339.023 million, a decrease of 14.6% compared to $354.821 million in the same period of 2023[16]. - Net income (loss) attributable to StepStone Group Inc. for the three months ended December 31, 2024, was $(192.015) million, compared to $(20.226) million in the same period of 2023[16]. - Basic net income (loss) per share of Class A common stock for the three months ended December 31, 2024, was $(2.61), compared to $(0.32) in the same period of 2023[16]. - The company reported a net income loss before income tax of $24,142,000 for the three months ended December 31, 2023, compared to a net income of $100,881,000 for the same period last year[35]. - For the nine months ended December 31, 2024, the Adjusted Net Income (ANI) increased to $163.469 million, up from $101.677 million in the previous year, representing a growth of 60.8%[53]. Assets Under Management (AUM) - Assets under management (AUM) increased to $179.2 billion, representing a 20% growth year-over-year[8]. - The company had approximately $698 billion in total capital as of December 31, 2024, including $179 billion in assets under management[4]. - Fee-Earning Assets Under Management (AUM) reached $114.166 billion as of December 31, 2024, marking a 28% increase compared to the previous year[57]. - Contributions to Fee-Earning AUM saw a significant rise, totaling $23.136 billion for the nine months ended December 31, 2024, compared to $7.256 billion in the prior year, an increase of 284%[57]. - The ending balance for Separately Managed Accounts increased by 23% to $69.974 billion, up from $56.660 billion year-over-year[59]. - Private equity AUM grew by 30% to $62.811 billion, while Infrastructure AUM increased by 18% to $23.411 billion as of December 31, 2024[59]. - The company reported a 1% increase in Advisory AUM, reaching $14.765 billion, indicating stable advisory revenue despite fluctuations in AUA[59]. - Total capital responsibility, which includes both AUM and Assets Under Advisement (AUA), was reported at $697.864 billion, a 6% increase year-over-year[59]. Fees and Earnings - Fee-related earnings (FRE) for the quarter were $74.12 million, with a FRE margin of 39%[8]. - Gross realized performance fees amounted to $52.07 million, a 57% increase compared to the previous quarter[8]. - Total performance fees for the three months ended December 31, 2024, were $148.183 million, compared to a loss of $166.104 million in the same period of 2023[16]. - Adjusted management and advisory fees, net, for the nine months ended December 31, 2024, were $555.827 million, an increase from $432.571 million in the same period of 2023[19]. - Total carried interest allocations for the three months ended December 31, 2024, were $117.607 million, compared to $(114.295) million in the same period of 2023[16]. - FRE (Fee-Related Earnings) for the three months ended December 31, 2023, was $50,664,000, with a nine-month total of $138,893,000[35]. - The FRE margin for the nine months ended December 31, 2024, was 39%, consistent with the margin reported for the same period in 2023, demonstrating stable profitability[42]. - Net realized performance fees for the nine months ended December 31, 2024, reached $62,939,000, compared to $28,866,000 for the same period in 2023, showing a substantial increase[49]. - Gross realized performance fees for the nine months ended December 31, 2024, totaled $118,031,000, up from $55,132,000 in the previous year, reflecting strong performance in fee generation[49]. Expenses and Costs - Total expenses for the three months ended December 31, 2024, were $698.105 million, an increase of 19.2% compared to $578.952 million in the same period of 2023[16]. - Cash-based compensation for the three months ended December 31, 2024, was $85.203 million, up from $73.619 million in the same period of 2023, reflecting a growth of 15.5%[16]. - The company incurred transaction costs of $3,985,000 for the three months ended March 31, 2024, compared to $670,000 for the same period in 2023, indicating higher costs associated with transactions[38]. - Total non-core operating expenses for the nine months ended December 31, 2024, amounted to $17,580,000, up from $4,785,000 in the previous year, indicating increased costs associated with non-core activities[38]. Strategic Focus and Future Outlook - The company anticipates continued growth in management and advisory fees, with projections indicating a rise in adjusted management fees to $555,827,000 for the nine months ending December 31, 2024[29]. - The company is focusing on expanding its market presence and enhancing its product offerings, as indicated by the increase in both management and incentive fees[29]. - The company plans to continue expanding its market presence and enhancing its product offerings to drive future growth[56]. - The company is actively monitoring key operating metrics to assess business performance and make informed strategic decisions[56].

NEW YORK, Feb. 06, 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 reported results for the quarter ended December 31, 2024. This represents results for the third quarter of the fiscal year ending March 31, 2025. The Board of Directors of the Company has declared a quarterly cash dividend of $0.24 per share of Class A common stock, payable on March 14, 2025, to th ...

Wall Street expects a year-over-year increase in earnings on higher revenues when StepStone Group Inc. (STEP) reports results for the quarter ended December 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 6, 2025, might help the stock move higher if these key numbers are bet ...

NEW YORK, Jan. 23, 2025 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP) today announced that the Company will release its results for the quarter ended December 31, 2024, after the market closes on Thursday, February 6, 2025. This represents results for the third quarter of the fiscal year ending March 31, 2025. Webcast and Earnings Conference Call Management will host a webcast and conference call on Thursday, February 6, 2025, at 5:00 pm ET to discuss the Company’s results for the third quarter of ...

Bagsværd, Denmark, 17 January 2025 – Novo Nordisk today announced headline results from STEP UP, a phase 3b trial in the global STEP programme. STEP UP is a 72-week efficacy and safety trial investigating subcutaneous semaglutide 7.2 mg compared to semaglutide 2.4 mg and placebo, all administered once weekly. The trial included 1,407 randomised adults with obesity. All treatment arms were in conjunction with lifestyle intervention. The trial achieved its primary endpoint by demonstrating a statistically sig ...

Expands infrastructure investment solutions beyond separate accounts, broadening access for investorsNEW YORK, Jan. 13, 2025 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP), a global private markets investment firm, today announced the final close of StepStone Infrastructure Co-Investment Partners 2022 (“SICP” or the “Fund”) and related separate accounts with over $1.4 billion of capital commitments. SICP closed with approximately $1.2 billion of capital commitments, significantly surpassing its tar ...

New capital will drive continued global expansion to bring more insurers into the AI eraSAN FRANCISCO, Nov. 20, 2024 /PRNewswire/ -- Federato, the AI-native underwriting platform for insurance, announced today that it has raised a total of $80 million, including its latest Series C funding round. The $40 million round was led by global private markets investor StepStone Group (NASDAQ: STEP), with participation from existing investors, including Emergence Capital, Caffeinated Capital and Pear VC, who togethe ...

StepStone Group Inc. (NASDAQ:STEP) Q2 2025 Earnings Conference Call November 7, 2024 5:00 PM ET Company Participants Seth Weiss - Vice President-Investor Relations Scott Hart - Chief Executive Officer Mike McCabe - Head-Strategy David Park - Chief Financial Officer Jason Ment - President & Co-Chief Operating Officer Conference Call Participants Alex Blostein - Goldman Sachs Ben Budish - Barclays Ken Worthington - JPMorgan Michael Cyprys - Morgan Stanley Operator Good day and thank you for standing by. Welco ...