Key Takeaways
- • StepStone's assets under management rose 25% year on year to $261bn (£194bn) in the latest quarter, up from $209.1bn a year earlier.
- • Separately managed accounts grew 18% to $148bn, with $24bn of new capital raised over the past 12 months; focused commingled funds grew 42% to $96bn, with $20bn raised over the same period.
- • Fee-earning AUM rose 19% to $158.2bn, led by private equity at $87.7bn, followed by infrastructure at $31bn, private debt at $27bn and real estate at $12.6bn.
- • Fee revenues rose 37% to $298m and fee-related earnings climbed 61% to $126m, while adjusted net income reached 66 cents per share, up from 54 cents a year earlier.
- • StepStone declared a quarterly dividend of 33 cents per Class A share, payable December 15 to shareholders on the register at the close of business on November 30.
Summary
StepStone Group's assets under management climbed to $261bn (£194bn) in the latest quarter, up 25% from $209.1bn a year earlier, driven by growth in its separately managed accounts and commingled funds. The global private markets manager reported the figures in its results for the second quarter of its 2027 financial year, covering the three months to September 30, according to the earnings release.
Separately managed accounts grew 18% year on year to $148bn, with $24bn of new capital raised over the past 12 months. Focused commingled funds, which include private equity secondaries, corporate and opportunistic lending and corporate direct lending, grew 42% to $96bn, with $20bn raised over the same period.
Fee-earning assets under management rose 19%, from $132.8bn to $158.2bn. Private equity remains the largest source at $87.7bn, followed by infrastructure at $31bn, private debt at $27bn and real estate at $12.6bn.
Fee revenues for the quarter rose 37% to $298m, and fee-related earnings climbed 61% to $126m. Adjusted net income came in at 66 cents per share, compared with 54 cents a year earlier. The results included $4.2m of revenue from retroactive fees, mainly from its secondaries infrastructure, private equity co-investment, infrastructure co-investment and private equity secondaries funds, versus $0.3m in the same quarter last year.
The company declared a quarterly dividend of 33 cents per Class A share, payable December 15 to shareholders on the register at the close of business on November 30.
Separately managed accounts grew 18% year on year to $148bn, with $24bn of new capital raised over the past 12 months. Focused commingled funds, which include private equity secondaries, corporate and opportunistic lending and corporate direct lending, grew 42% to $96bn, with $20bn raised over the same period.
Fee-earning assets under management rose 19%, from $132.8bn to $158.2bn. Private equity remains the largest source at $87.7bn, followed by infrastructure at $31bn, private debt at $27bn and real estate at $12.6bn.
Fee revenues for the quarter rose 37% to $298m, and fee-related earnings climbed 61% to $126m. Adjusted net income came in at 66 cents per share, compared with 54 cents a year earlier. The results included $4.2m of revenue from retroactive fees, mainly from its secondaries infrastructure, private equity co-investment, infrastructure co-investment and private equity secondaries funds, versus $0.3m in the same quarter last year.
The company declared a quarterly dividend of 33 cents per Class A share, payable December 15 to shareholders on the register at the close of business on November 30.
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