StepStone Group Inc. Files 2024 Annual Report

TL;DR

StepStone Group filed its 2024 10-K. All the deets are in there.

AI Summary

StepStone Group Inc. filed its 10-K for the fiscal year ending March 31, 2024. The company, headquartered at 277 Park Avenue, New York, NY, reported its financial performance and business operations. Key financial data and operational details are disclosed in this comprehensive annual filing.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of StepStone Group's financial health and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing with no immediate red flags or significant new risks highlighted in the provided snippet.

Key Numbers

• 2024-03-31 — Fiscal Year End (Reporting period for the 10-K)
• 2024-05-24 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• StepStone Group Inc. (company) — Filer of the 10-K
• 277 PARK AVENUE (location) — Business and mailing address
• NEW YORK (location) — City of business and mailing address
• NY (location) — State of business and mailing address
• 10172 (location) — ZIP code of business and mailing address

FAQ

Key Financial Figures

• $0.001 — which registered Class A Common Stock, $0.001 par value per share STEP The Nasdaq Sto
• $31.58 — million, based on the closing price of $31.58 as reported by the Nasdaq Stock Market.
• $5 m — r to individuals with net worth of over $5 million, excluding primary residence; re
• $200,000 — to individuals with annual income over $200,000 or net worth between $1 million and $5
• $1 million — come over $200,000 or net worth between $1 million and $5 million, excluding primary resid
• $678 billion — March 31, 2024, we were responsible for $678 billion of total capital, including $157 billio
• $157 billion — 678 billion of total capital, including $157 billion of AUM and $521 billion of AUA. We wer
• $521 billion — ital, including $157 billion of AUM and $521 billion of AUA. We were founded in 2007 to add
• $70 billion — er 31, 2023, we allocated an average of $70 billion annually in capital to private markets
• $94 billion — ding directly managed assets, comprised $94 billion of our AUM as of March 31, 2024. Focus
• $49 billion — ies. Focused commingled funds comprised $49 billion of our AUM as of March 31, 2024. Advis
• $14 billion — s comprised $521 billion of our AUA and $14 billion of our AUM as of March 31, 2024. 9 T
• $685 billion — rtfolio analytics and reporting on over $685 billion of client commitments as of March 31, 2

Filing Documents

• step-20240331.htm (10-K) — 2911KB
• exhibit41-descriptionofsec.htm (EX-4.1) — 33KB
• exhibit191-stepinsidertrad.htm (EX-19.1) — 96KB
• exhibit211-subsidiarieslis.htm (EX-21.1) — 150KB
• exhibit231consentofeyq4fy2.htm (EX-23.1) — 3KB
• exhibit311q4fy2024.htm (EX-31.1) — 8KB
• exhibit312q4fy2024.htm (EX-31.2) — 8KB
• exhibit321q4fy2024.htm (EX-32.1) — 5KB
• exhibit322q4fy2024.htm (EX-32.2) — 5KB
• exhibit971-stepclawbackpol.htm (EX-97.1) — 12KB
• step-20240331_g1.jpg (GRAPHIC) — 138KB
• step-20240331_g2.jpg (GRAPHIC) — 48KB
• step-20240331_g3.jpg (GRAPHIC) — 88KB
• 0001796022-24-000041.txt ( ) — 13385KB
• step-20240331.xsd (EX-101.SCH) — 89KB
• step-20240331_cal.xml (EX-101.CAL) — 125KB
• step-20240331_def.xml (EX-101.DEF) — 514KB
• step-20240331_lab.xml (EX-101.LAB) — 978KB
• step-20240331_pre.xml (EX-101.PRE) — 722KB
• step-20240331_htm.xml (XML) — 1637KB

Risk Factors

Item 1A. Risk Factors 31

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 72

Cybersecurity

Item 1C. Cybersecurity 72

Properties

Item 2. Properties 74

Legal Proceedings

Item 3. Legal Proceedings 74

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 75 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 76

[Reserved]

Item 6. [Reserved] 79

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 80

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 126

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 128

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 184

Controls and Procedures

Item 9A. Controls and Procedures 184

Other Information

Item 9B. Other Information 185

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 185 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 186

Executive Compensation

Item 11. Executive Compensation 186

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 186

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 187

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 187 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 188

Form 10-K Summary

Item 16. Form 10-K Summary 190

Signatures

Signatures 191 3 Table of Contents This Annual Report on Form 10-K ("Form 10-K") includes certain information regarding the historical investment performance of our focused commingled funds and separately managed accounts. An investment in shares of our Class A common stock is not an investment in any StepStone Fund (as defined below). The StepStone Funds are separate, distinct legal entities that are not our subsidiaries. In the event of our bankruptcy or liquidation, you will have no claim against the StepStone Funds. In considering the performance information relating to the StepStone Funds contained herein, current and prospective Class A common stockholders should bear in mind that the performance of the StepStone Funds is not indicative of the possible performance of shares of our Class A common stock and also is not necessarily indicative of the future results of the StepStone Funds, even if fund investments were in fact liquidated on the dates indicated, and we cannot assure you that the StepStone Funds will continue to achieve, or that future StepStone Funds will achieve, comparable results. Unless otherwise indicated or the context otherwise requires: " StepStone Group Inc. " or " SSG " refers solely to StepStone Group Inc., a Delaware corporation, and not to any of its subsidiaries; the " Partnership " refers solely to StepStone Group LP, a Delaware limited partnership, and not to any of its subsidiaries; " General Partner " refers to StepStone Group Holdings LLC, a Delaware limited liability company, and the sole general partner of the Partnership; " we ," " us ," " our ," the " Company ," " our company ," " StepStone " and similar terms refer to SSG and its consolidated subsidiaries, including the Partnership; " StepStone Funds " or " our funds " refer to our focused commingled funds and our separately managed accounts, for which we act as both investment adviser and general partner or managing member; references to the " Greenspring acqui

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact, including statements regarding guidance, industry prospects or future results of operations or financial position made in this Form 10-K are forward-looking. We use words such as "anticipate," "believe," "continue," "estimate," "expect," "future," "intend," "may," "plan" and "will" and similar expressions to identify forward-looking statements. Forward-looking statements reflect management's current plans, estimates and expectations and are inherently uncertain. The inclusion of any forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, global and domestic market and business conditions, our successful execution of business and growth strategies, the favorability of the private markets fundraising environment, successful integration of acquired businesses and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in greater detail under "Risk Factors" included in Part I, Item 1A of this Form 10-K. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Form 10-K and in our other periodic filings. We undertake no obligation to revise or up

Business

Item 1. Business. Our Company 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, 2024, we were responsible for $678 billion of total capital, including $157 billion of AUM and $521 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 set out to build a firm that would be tailored to meet this new market environment, and differentiated from the fund-of-funds and adviser-only models in existence at the time. We have focused on an integrated, full- service approach to private markets solutions with research depth as our core pillar of strength. We believe our success and

View Full Filing

View this 10-K filing on SEC EDGAR