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StepStone Group
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Updated Aug 7, 2026
StepStone Q1 FY2027: Management fees surge 27% on 20% FEAUM growth; SPW liability drives $317M equity comp and GAAP net loss
StepStone's core fee engine delivered its strongest quarter in company history — management and advisory fees grew 27% to $269.2 million, driven by 20% average FEAUM growth and a mix shift toward higher-fee commingled funds, lifting FRE 30% to $105.6 million and ANI 24% to $60.3 million. The GAAP net loss of $170.4 million is entirely an accounting artifact: $317.3 million in equity-based compensation reflects mark-to-market remeasurement of liability-classified profits interests in the private wealth subsidiary (SPW), whose estimated fair value reached $2.54 billion undiscounted. Total capital under oversight crossed $913 billion, with AUM at $245 billion and AUA at $668 billion, confirming StepStone's position as a scaled multi-asset-class platform with durable fee growth.
Tone: bullishRevenue
$2B
STEP 10-K · FY 2026
Employees
1,310
Revenue FY2025
$1.2B
Founded
2007
Profile
STEP 10-K Item 1 · May 27, 2026StepStone Group is a global private markets investment firm that provides customized investment solutions, advisory services, and proprietary data and analytics to institutional and private wealth clients. The firm manages and advises across private equity, infrastructure, private debt, and real estate, deploying capital through primaries, secondaries, and co-investments. As of March 31, 2026, it was responsible for approximately $885 billion of total capital, including $233 billion of AUM and $652 billion of AUA.
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We are a global private markets investment firm focused on providing customized investment solutions and advisory and data services to our clients. Our 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 well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. We partner with our clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes. These portfolios utilize several types of synergistic investment strategies with third-party fund managers, including commitments to funds ('primaries'), acquiring stakes in existing funds on the secondary market ('secondaries') and investing directly into companies ('co-investments'). As of March 31, 2026, we were responsible for approximately $885 billion of total capital, including $233 billion of AUM and $652 billion of AUA. We were founded in 2007 to address the evolving needs of investors focused on private markets, reflecting a number of converging themes: increasing investor desire for exposure and allocations to the private markets; rising complexity within private markets driven by proliferation of fund managers and specialized strategies; global nature of private markets asset classes and their participants; and need for customized solutions as investors' size, sophistication and allocations to private markets investments increased. We have focused on an integrated, full-service approach to private markets solutions with research depth as our core pillar of strength, operating from 31 cities across 19 countries on five continents.
Primary products
- Separately managed accounts (SMAs)
- Focused commingled funds
- Advisory and data services
- Portfolio analytics and reporting (SPAR)
- SPI Research
- SPI Reporting
Business segments
End markets
Geographies
Named customers
For the year ended March 31, 2026, no single client contributed more than 5% of our total management and advisory fees and two commingled funds each contributed more than 5% of our total incentive fees. Our top 10 clients, which contribute to 65 separate mandates and commitments to commingled funds, comprise 17% of our total management and advisory fees.
“We believe our scale and position in private markets provide us a distinct competitive advantage with our clients and fund managers.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Total revenues increased from approximately $1.17 billion in fiscal 2025 to approximately $1.99 billion in fiscal 2026, driven primarily by a large increase in performance fees including carried interest allocations.
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