StepStone Group Inc. Reports 65% Revenue Growth, $1.17 Billion in Fiscal Year 2025

**StepStone Group Inc. Reports Fiscal Year 2025 Results**

StepStone Group Inc., a global private markets investment firm, has released its financial results for the fiscal year ended March 31, 2025, showcasing significant growth in key areas. The company reported total revenues of $1.17 billion, a 65% increase compared to the $711.6 million reported in the previous fiscal year. This surge was primarily driven by a substantial rise in management and advisory fees, which reached $767 million, up 31% from $585.1 million in fiscal year 2024. The increase in management and advisory fees was attributed to new client activity and a 23% growth in average fee-earning assets under management (FEAUM) across the platform.

The company's profitability was also positively impacted by performance fees, which totaled $407.8 million, compared to $126.5 million in the prior year. This included a significant increase in realized carried interest allocations, reaching $159.7 million, a 223% increase from $49.4 million in fiscal year 2024. However, the company also reported a net loss attributable to StepStone Group Inc. of $179.6 million, compared to a net income of $58.1 million in the previous fiscal year. This was primarily due to a substantial increase in equity-based compensation expenses, which reached $669.1 million, compared to $42.4 million in the prior year.

Operationally, StepStone Group Inc. continued to expand its global reach and enhance its service offerings. As of March 31, 2025, the company's total capital responsibility reached approximately $709 billion, including $189 billion in assets under management (AUM) and $520 billion in assets under advisement (AUA). The company also reported $24.6 billion of committed but undeployed fee-earning capital, which is expected to generate future management fees upon deployment. The company also completed the first annual exchange to acquire approximately 5% of the equity interests of each of StepStone Group Real Assets LP, StepStone Group Real Estate LP and StepStone Group Private Debt AG.

Looking ahead, StepStone Group Inc. aims to leverage its core principles and values to continue growing its business. Key strategies include expanding existing client mandates, adding new clients globally, and further developing its distribution channel for private wealth clients. The company also intends to leverage its scale to enhance operating margins and monetize its data and analytics capabilities. Additionally, StepStone Group Inc. may pursue accretive transactions to complement its platform, focusing on opportunities that expand its scale in existing markets, add complementary capabilities, enhance distribution, or provide access to new markets.