**StepStone Group Inc. Reports Fiscal Year 2026 Results**

StepStone Group Inc. (SSG) has released its financial results for the fiscal year ended March 31, 2026, showcasing a significant increase in revenue. The global private markets investment firm reported total revenue of $1.99 billion, a 70% surge compared to the $1.17 billion reported in fiscal year 2025. This growth was primarily fueled by substantial increases in carried interest allocations, incentive fees, and management and advisory fees. The company's assets under management (AUM) reached $233 billion, while assets under advisement (AUA) stood at $652 billion as of the end of the fiscal year.

The company's management and advisory fees, net, increased by 21% to $926.5 million, up from $767.0 million in the previous fiscal year. This rise was attributed to new client activity, a 23% growth in average fee-earning AUM (FEAUM) across the platform, and higher income-based incentive fees. Performance fees also saw a substantial increase, with incentive fees rising by 582% to $220.1 million, driven by strong returns from StepStone’s Private Venture and Growth Fund (SPRING). Realized carried interest allocation revenues increased by 6% to $168.6 million, while unrealized carried interest allocation revenues increased by 135% to $708.3 million, reflecting a higher net increase in the cumulative allocation of gains within the company's private equity, infrastructure, and real estate funds.

Operating expenses also increased significantly, rising by 109% to $3.02 billion. This increase was primarily due to higher equity-based compensation, which reached $1.74 billion, largely driven by a $1.07 billion increase in expenses for liability classified awards related to the profits interest issued in StepStone Private Wealth LLC (SPW). Cash-based compensation also increased by 25% to $414.1 million, reflecting higher average headcount and increased compensation levels. Performance fee-related compensation increased by 183% to $534.8 million, aligning with the increase in carried interest allocation and incentive fee revenues.

Looking ahead, StepStone Group aims to leverage its core principles and values to continue growing its business. Key strategies include expanding existing client mandates, adding new clients globally, expanding its distribution channel for private wealth clients through StepStone Private Wealth LLC (SPW), enhancing operating margins, monetizing data and analytics capabilities through its proprietary software platform SPI by StepStone, and pursuing accretive transactions to complement its platform. The company also reported that it had $40.1 billion of capital not yet deployed across its various investment vehicles as of March 31, 2026, which is expected to generate management fees when invested or activated.

About StepStone Group Inc.

StepStone Group Inc. is a global private markets investment firm providing tailored investment solutions, advisory, and data services across private equity, infrastructure, private debt, and real estate. Serving institutional and high-net-worth clients worldwide, it manages and advises hundreds of billions in assets through customized portfolios, fund investments, secondaries, and co-investments. Its competitive edge lies in proprietary data, extensive research, global scale, and experienced teams.

This description was generated via AI from an annual report. Updated 10 months ago.

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