Women's healthcare company Maven Clinic announced it has raised $125 million in its latest funding round, led by private market investment firm StepStone Group (STEP, Financial), bringing its valuation to $1.7 billion. This round also saw participation from existing investors General Catalyst, Sequoia, Oak HC/FT, Icon Ventures, Dragoneer Investment Group, and Lux Capital. As the demand for targeted healthcare solutions grows, particularly in women's health, startups like Maven Clinic continue to attract the ...

NEW YORK, Sept. 27, 2024 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP), a global private markets investment firm focused on providing customized investment solutions, advisory, and data services, today announced the final close of StepStone Secondary Opportunities Fund V, L.P. ("SSOF V") and related separate accounts (together, "Fund V") with $7.4 billion of capital commitments. With $4.8 billion of aggregate capital commitments, SSOF V more than doubled in size relative to its predecessor fund. T ...

NEW YORK, Sept. 09, 2024 (GLOBE NEWSWIRE) -- StepStone Group Inc. ("StepStone") today announced the pricing of the previously announced underwritten offering of 4,099,997 shares of StepStone's Class A common stock, at a price of $50.00 per share (before underwriting discounts and commissions) (the "Offering"). The Offering is expected to close on September 11, 2024, subject to the satisfaction of customary closing conditions. StepStone intends to use all of the net proceeds from the Offering, after underwri ...

NEW YORK, Sept. 09, 2024 (GLOBE NEWSWIRE) -- StepStone Group Inc. ("StepStone") today announced that it intends to offer for sale in an underwritten offering 4,099,997 shares of StepStone's Class A common stock (the "Offering"). StepStone intends to use all of the net proceeds from the Offering, after underwriting discounts and commissions and expenses, to purchase shares of Class A common stock from certain holders thereof and to pay cash upon exchange of Class B units (together with an equal number of sha ...

Certification opens the Bollinger B4 EV truck to federal and state incentive programs totaling $100,000 in potential savings OAK PARK, Mich., Sept. 9, 2024 /PRNewswire/ -- Bollinger Motors, Inc. ("Bollinger Motors"), a commercial electric vehicle ("EV") manufacturer, today announced it achieved certification from the California Air Resources Board ("CARB") for the company's all-electric Bollinger B4 Class 4 trucks. Bollinger B4 Chassis CabBollinger B4 Chassis Cab The CARB certification is a requirement to s ...

NEW YORK, Aug. 27, 2024 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP) today announced that Scott Hart, CEO, and Mike McCabe, Head of Strategy, are scheduled to present at the Barclays Global Financial Services Conference on Tuesday, September 10, 2024 at 2:00 pm ET. A live webcast and replay will be accessible through the StepStone website at https://shareholders.stepstonegroup.com. About StepStone StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing ...

Wild West Zone Highlights: | --- | --- | --- | --- | --- | --- | |--------------|-------|-------|----------------------------|-------|------------------| | Hole No. | | | From (m)To (m)Interval (m) | | Au (g/t)Ag (g/t) | | AT24WS-83 | 387.1 | 429.8 | 42.7 | 4.67 | 25.3 | | Includes | 408.4 | 426.7 | 18.3 | 7.94 | 18.3 | | AT24WS-80 | 373.4 | 408.4 | 35.1 | 2.66 | 6.3 | | Includes | 390.2 | 399.3 | 9.1 | 5.06 | 8.4 | | AT24WS-69* | 323.2 | 396.3 | 73.2 | 1.48 | 5.5 | | Includes | 352.0 | 356.6 | 4.6 | 4.97 | ...

Financial Data and Key Metrics - GAAP net income for Q1 2025 was $48 million, with $13.3 million attributable to StepStone Group Incorporated, or $0.20 per share [4] - Fee-related earnings (FRE) reached $71.7 million, up 61% YoY, with an FRE margin of 40% [4] - Adjusted net income was $57.2 million, or $0.48 per share, up from $29.4 million or $0.26 per share in Q1 2024 [5] - Retroactive fees contributed $19.1 million to revenue, compared to $2.8 million in Q1 2024 [4] - Realized performance fees were $43 million, the highest in the last two years [10] Business Line Data and Key Metrics - Private wealth subscriptions reached $800 million, the strongest quarter ever for private wealth [8] - Four evergreen private wealth funds are in market: SPRIM, SPRING, STRUX, and CRDEX [8] - SPRING was added to a second wirehouse, expanding distribution to nearly 400 partners [8] - Private equity secondaries fund raised over $4 billion, surpassing the previous fund size of $2.1 billion [11] - Venture capital secondaries fund reached a final close of $3.3 billion, the largest in the industry [12] - Real estate special situation secondaries fund raised over $400 million, surpassing the prior vintage size of $1.4 billion [12] Market Data and Key Metrics - Gross AUM additions totaled $12.6 billion, with $3 billion from commingled funds and $9 billion from separately managed accounts (SMAs) [6] - Over the last 12 months, nearly $28 billion was raised, the strongest 12-month period ever [7] - Fee-earning AUM grew by $7 billion, the largest quarterly addition in history, with $3.3 billion from the activation of the venture capital secondaries fund [14] - Undeployed fee-earning capital (UFEC) reached $27.6 billion, up $5 billion QoQ [14] - Total fee-earning AUM and UFEC stood at $128 billion, up 10% sequentially and 23% YoY [15] Company Strategy and Industry Competition - The company is focused on expanding its private wealth offerings, with strong growth in evergreen funds and distribution partnerships [8][35] - StepStone aims to double fee-related earnings over five years, leveraging robust fundraising and commingled fund activations [9] - The company is investing in business development, private wealth teams, and other support areas to sustain growth [17] - StepStone's differentiated products, such as SPRING, are gaining traction in the wealth channel, with strong performance and distribution [35] Management Commentary on Operating Environment and Future Outlook - Management highlighted a record-breaking quarter, with strong fundraising and fee-earning AUM growth, setting the stage for sustained growth in fiscal 2025 and beyond [6][10] - The company expects continued growth in management fees as capital is deployed or activated, with over $4 billion of capital from managed accounts expected to activate by the end of the calendar year [15] - While retroactive fees are not expected to persist at the same pace, the growth in fee-earning assets and UFEC provides a higher base for sustainable earnings [10] - Management remains confident in achieving mid-30s FRE margins over the medium term, despite some volatility in performance fees [28] Other Important Information - The company raised its quarterly dividend from $0.21 per share to $0.24 per share, reflecting confidence in strong and sustainable growth in fee-related earnings [15] - Cash-based compensation increased 5% QoQ and 12% YoY, driven by business development and revenue sharing tied to retroactive fees [17] - Equity-based compensation expense grew to $2.4 million, reflecting the layering of RSU awards [18] - Net accrued carry finished the quarter at $677 million, up 7% QoQ, driven by underlying fund valuation appreciation [19] Q&A Session Summary Question: Feedback on ticker-based products in wealth management - The ticker innovation has been well-received, with about half of U.S. fund flows coming from ticker-based subscriptions [22] Question: Impact of Greenspring back office sale on P&L - The sale of Greenspring back office and NCI buy-in were fully baked into Q1 results, with no expected impact in future quarters [23] Question: Fundraising and retro fees expectations - The private equity secondaries fund is expected to have a final close of a few hundred million dollars in Q2, with retro fees expected to continue throughout the year [26][28] Question: SMA flow pipeline and trajectory - The SMA pipeline remains solid, with over $4 billion of UFEC expected to activate by the end of the calendar year [32][33] Question: Competition in wealth management distribution - StepStone's differentiated products, such as SPRING, are gaining traction on wirehouse platforms, with strong performance and a dedicated team supporting growth [35] Question: Next stage of innovation in private wealth - Model portfolios and solutions outside the U.S. are expected to play a role in further reducing friction for private market investors [39] Question: Margin profile and investment spend - Excluding retro fees, the underlying FRE margin was 34%, with expectations to reach mid-30s over the medium term despite ongoing investment in business development and private wealth teams [41] Question: Fee rate contribution from wealth management - Private wealth assets grew to $4.2 billion, contributing to a higher blended fee rate, though it will take time to significantly impact the overall rate [43] Question: UFEC balance growth and activation confidence - UFEC growth was driven by $9 billion of SMA-related AUM flows, with confidence in activating $4 billion of SMA capital by year-end based on deployment expectations [49][52]

StepStone Group Inc. (STEP) came out with quarterly earnings of $0.48 per share, beating the Zacks Consensus Estimate of $0.36 per share. This compares to earnings of $0.26 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 33.33%. A quarter ago, it was expected that this company would post earnings of $0.28 per share when it actually produced earnings of $0.33, delivering a surprise of 17.86%. Over the last four quarters, the c ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to ___________________________ | --- | --- | --- | --- | |----------------------------------------------------------------------------|----------- ...