StepStone Group Inc. is a private equity and venture capital firm specializing in primary, direct, fund of funds, secondary direct, and secondary indirect investments. For direct investment, it seeks to invest in private debt, venture debt, incubation, mezzanine, distressed/vulture, seed/startup, early venture, mid venture, late venture, emerging growth, later stage, turnaround, growth capital, industry consolidation, recapitalization, buyout investments in mature and middle market companies. It prefers to invest in natural resources, technology, healthcare, services, materials, manufacturing, consumer durables, apparel, hotels, restaurants and leisure, media, retailing, power, utilities consumer staples, financials, telecommunication services, clean energy/renewables, transport, social, natural capital, infrastructure, corporate, real estate, credit and real asset. The firm invests globally with a focus on United States, North America, Europe, Asia, Latin America, Middle East, Africa, Brazil, Mexico, Argentina, Colombia, New Zealand, China, India, Korea, Japan, Taiwan, and Australia region. The firm invests between 5% and 40% in emerging markets. For fund of fund investment, it seeks to invest in private equity funds, venture capital funds, Special situation funds, Real estate funds, Infrastructure funds, mezzanine funds, and turnaround/distressed funds. It considers investments in both domestic and international funds. It also seeks to make co-investments and follow-on investments and considers partial interests in funds. The firm seeks to make minority and majority investments. StepStone Group Inc. was founded in 2007 and is based in New York, New York with additional offices across North America, South America, South Korea, Europe, Australia and Asia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.2B | $-164M | $-180M | $60M | -100.1% | 65.1% | -409.1% |
| 2024 | $712M | $252M | $58M | $142M | 17.9% | -1153.1% | -415.7% |
| 2023 | $-68M | $10M | $-18M | $146M | -2.4% | -104.9% | -109.5% |
| 2022 | $1.4B | $541M | $194M | $212M | 23.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,365.52 | -67.57 | 711.63 | 1,174.83 |
| Cost Of Revenue | 788.70 | -239.18 | 330.19 | 595.17 |
| Gross Profit | 576.83 | 171.60 | 381.44 | 579.66 |
| Operating Expense | 124.46 | 172.10 | 209.67 | 846.48 |
| Operating Income | 452.36 | -0.50 | 171.77 | -266.82 |
| EBITDA | 540.67 | 10.18 | 252.32 | -163.84 |
| EBIT | 513.69 | -37.26 | 204.73 | -209.33 |
| Pretax Income | 512.58 | -41.45 | 195.40 | -222.04 |
| Tax Provision | 28.30 | 3.82 | 27.58 | -49.21 |
| Net Income | 193.88 | -18.40 | 58.09 | -179.56 |
| Net Income Common Stockholders | 193.88 | -18.40 | 58.09 | -179.56 |
| Total Expenses | 913.16 | -67.08 | 539.86 | 1,441.65 |
| Interest Expense | 1.11 | 4.19 | 9.33 | 12.70 |
| Interest Income | 0.34 | 1.92 | 3.66 | 10.85 |
| Selling General And Administration | 124.46 | 172.10 | 209.67 | 846.48 |
| Normalized EBITDA | 481.92 | 47.45 | 225.48 | -243.13 |
| Normalized Income | 138.37 | 11.04 | 35.04 | -241.25 |
| Market Cap | 6,477.33 | 6,477.33 | 6,477.33 | 6,477.33 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| StepStone Group Inc.this co. | STEP | - | -36.07 | 36.11 | -100.1% | -40.10 |
| Seacoast Banking Corporation of Florida | SBCF | $2.8B | 21.13 | 1.13 | 5.3% | - |
| Merchants Bancorp | MBIN | $2.8B | 10.29 | 1.30 | 12.6% | - |
| Artisan Partners Asset Management Inc. | APAM | $2.7B | 9.24 | 6.11 | 66.2% | 5.40 |
| The Bancorp, Inc. | TBBK | $2.6B |
| 10.71 |
| 3.54 |
| 33.1% |
| - |
| Acadian Asset Management Inc. | AAMI | $2.5B | 30.27 | 39.96 | 132.0% | 14.22 |
| WisdomTree, Inc. | WT | $2.3B | 21.24 | 5.60 | 26.4% | 16.65 |
| Hilltop Holdings Inc. | HTH | $2.3B | 12.95 | 0.99 | 7.6% | - |
| Stewart Information Services Corporation | STC | $2.0B | 18.87 | 1.33 | 7.0% | - |
| Peer Median | - | 15.91 | 2.44 | 19.5% | 14.22 | |