STEP Stock: Insider Activity, Filings & Research

StepStone Group Inc. (STEP) — Drillr’s hub for STEP insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, STEP insiders filed 0 open-market buys and 7 sales (SEC Form 4).

Sentiment

0/100

Buys (3m)

Sells (3m)

Net (3m)

-$9.6M

Insider trades by month Buys Sells

Oct

Nov

Dec

Jan

Feb

Jun

Context3-month price -7.1%Institutions accumulating (13F)

Date	Insider	Type	Shares	Price
Jun 3, 2026	Fernandez Jose Adirector, officer: Co-Chief Operating Officer	Sell	56,176	$48.57
Jun 3, 2026	Fernandez Jose Adirector, officer: Co-Chief Operating Officer	Sell	12,117	$49.78
Jun 3, 2026	Fernandez Jose Adirector, officer: Co-Chief Operating Officer	Sell	3,383	$50.59
Jun 3, 2026	Fernandez Jose Adirector, officer: Co-Chief Operating Officer	Sell	85,200	$46.41
Jun 3, 2026	Fernandez Jose Adirector, officer: Co-Chief Operating Officer	Sell	14,800	$47.33
Jun 3, 2026	Fernandez Jose Adirector, officer: Co-Chief Operating Officer	Sell	2,290	$42.64
Jun 3, 2026	Fernandez Jose Adirector, officer: Co-Chief Operating Officer	Sell	28,324	$47.90
Apr 2, 2026	Park David Yofficer: Chief Financial Officer	Grant	64	—
Mar 17, 2026	Fernandez Jose Adirector, officer: Co-Chief Operating Officer	Grant	7,152	—
Mar 17, 2026	McCabe Michael Idirector, officer: Head of Strategy	Grant	7,152	—
Mar 17, 2026	Park David Yofficer: Chief Financial Officer	Grant	22,178	—
Mar 17, 2026	Park David Yofficer: Chief Financial Officer	Grant	9,814	—
Mar 17, 2026	Hart Scott Wdirector, officer: Chief Executive Officer	Grant	27,722	—
Mar 17, 2026	Keck Thomasdirector	Grant	7,152	—
Mar 17, 2026	Keathley Anthonyofficer: Chief Accounting Officer	Grant	1,612	—

Source: STEP SEC Form 4 filings, latest Jun 3, 2026. For informational purposes only — not investment advice.

Overview

StepStone Group Inc. (NASDAQ:STEP) is a global private markets investment firm founded in 2007 and headquartered in New York. The company went public in September 2020 and has grown to become one of the largest alternative asset managers globally, with over $121 billion in fee-earning assets under management as of March 2025. StepStone operates across multiple private market asset classes including private equity, venture capital, infrastructure, real estate, and private credit, serving institutional investors and high-net-worth individuals through various investment strategies and platforms.

Business

StepStone operates in the alternative asset management industry, which involves investing in non-traditional assets outside of public stocks and bonds. The company provides comprehensive private markets investment solutions across four primary business segments: Private Equity and Venture Capital Services represent the core of StepStone's business, generating the majority of revenue. This includes fund-of-funds investing (pooling capital to invest in multiple private equity funds), direct co-investments alongside general partners, and secondary market transactions (buying existing private equity stakes from other investors). The company manages strategies across buyouts, growth equity, venture capital, and distressed investing. Infrastructure and Real Assets focus on investments in essential infrastructure like power generation, transportation networks, and telecommunications, as well as real estate properties. StepStone recently closed its inaugural infrastructure co-investment fund at over $1 billion and continues expanding this segment. Private Credit and Special Situations involve lending to private companies and investing in distressed assets. This growing segment includes direct lending, mezzanine financing, and opportunistic credit strategies. Private Wealth Platform serves high-net-worth individuals and family offices, democratizing access to private markets that were traditionally available only to large institutions. This platform has grown rapidly from $1.5 billion in 2023 to over $8 billion in 2025, representing approximately 7% of total fee-earning assets. The company operates globally with offices across North America, Europe, Asia, and Australia, managing investments in both developed and emerging markets.

Revenue model

StepStone generates revenue through multiple complementary streams typical of alternative asset managers. Management fees provide the stable foundation, charged as a percentage of assets under management (currently averaging 65 basis points or 0.65% annually). These fees are collected regardless of investment performance and provide predictable recurring income. Performance fees (also called carried interest) represent the second major revenue source, typically 20% of investment profits above a hurdle rate. These fees are more volatile and depend on successful exits and realizations from portfolio companies. In fiscal 2025, StepStone generated $52 million in gross realized performance fees. The company's customers are primarily institutional investors including pension funds, sovereign wealth funds, insurance companies, endowments, and foundations seeking diversification beyond traditional assets. Additionally, the growing private wealth platform serves high-net-worth individuals through financial advisors and wealth management platforms. Several factors influence StepStone's profitability margins. Positive margin drivers include the scalable nature of the business (additional assets don't proportionally increase costs), growing assets under management, higher-fee asset classes like infrastructure and credit, and the expanding private wealth channel which commands premium fees. Margin pressures come from competitive fee compression in mature strategies, significant upfront investment in new products and geographic expansion, talent acquisition costs in a competitive market, and the cyclical nature of performance fees tied to exit environments. The company has demonstrated operating leverage, with fee-related earnings margins expanding from 34% to 44% as the business scales.

Competitive moat

StepStone's competitive position rests on several interconnected advantages, though the moat strength is moderate rather than insurmountable. The company's primary moat stems from its comprehensive data platform and analytical capabilities, built over nearly two decades of investing across private markets. This proprietary database of fund performance, market trends, and due diligence insights creates switching costs for clients and barriers for new entrants who lack comparable historical data. The scale advantages are meaningful but not decisive. With over $121 billion in assets under management, StepStone can access deals and funds that smaller competitors cannot, negotiate better terms, and spread fixed costs across a larger base. However, private markets remain fragmented with room for multiple large players. Relationship-based barriers provide some protection, as institutional investors typically maintain long-term partnerships with trusted managers and switching costs are high due to the illiquid nature of private market investments. The company's global presence and multi-asset class platform make it a convenient one-stop solution for large institutions. The competitive threats are significant and growing. Large financial institutions like BlackRock, KKR, and Apollo continue expanding their private markets offerings with substantial resources. Technology-enabled platforms are democratizing access to private markets data and deal flow. Fee compression pressures persist across the industry as investors demand better terms. Additionally, the private wealth channel, while growing rapidly, faces increasing competition from established wealth managers and new fintech platforms. StepStone's moat is best characterized as a moderate competitive advantage that requires continuous investment in technology, talent, and relationships to maintain.

Risks & safety

StepStone demonstrates a moderate margin of safety with generally solid financial health but some areas requiring attention: Liquidity and Solvency: 1. Cash position of $223 million provides adequate near-term liquidity 2. Current ratio of 1.18 indicates sufficient short-term asset coverage 3. Debt-to-equity ratio of 1.34 is elevated but manageable for an asset manager 4. Strong operational cash flow generation of $161 million annually supports operations 5. No immediate solvency concerns given the fee-based business model Valuation Metrics: 1. Trading at premium valuations with P/E ratios in the 50+ range during profitable quarters 2. Price-to-book ratio of 20.3x reflects high market expectations 3. EV/EBITDA multiples vary significantly due to performance fee volatility 4. Revenue growth of 65% year-over-year in recent quarters supports premium valuations Other Considerations: 1. Business model provides recurring fee income reducing cash flow volatility 2. Performance fees create earnings lumpiness but upside potential 3. Rapid growth requires continued capital investment 4. Industry cyclicality poses medium-term risks to performance fees

Recent development

Over the past several years, StepStone has executed a clear growth strategy focused on diversification and scale expansion. The company has significantly expanded its asset class coverage, moving beyond traditional private equity to build substantial capabilities in infrastructure, real estate, and private credit. Notable achievements include closing a $4.8 billion private equity secondaries fund, a $3.3 billion venture capital secondaries fund, and launching its first infrastructure co-investment fund exceeding $1 billion. The private wealth platform represents the most dramatic strategic development, growing from $1.5 billion in assets in 2023 to over $8 billion by 2025. This expansion involved building technology infrastructure, expanding distribution partnerships from 300 to nearly 500 platforms, and developing products specifically designed for the wealth management channel. The platform now serves as a key differentiator and growth driver. Geographic expansion has been another priority, with particular focus on European wealth markets and continued presence in Asia-Pacific regions. The company has also invested heavily in technology and data analytics capabilities, leveraging its proprietary database to enhance investment decision-making and client reporting. StepStone has pursued selective strategic acquisitions, including agreements to purchase non-controlling interests in infrastructure, private debt, and real estate businesses to accelerate growth in these higher-fee asset classes. The company has also maintained disciplined capital allocation, implementing a dividend policy that includes both base quarterly payments and annual supplemental dividends tied to performance.

STEP company profile · for informational purposes only — not investment advice.

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