StepStone Group Earnings Call Transcripts
Fiscal Year 2027
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Q1 FY2027 saw record fee-related earnings and robust fundraising, with private wealth assets more than doubling year-over-year and strong performance from the SPRING fund. Dividend was raised 18%, and share repurchases continued, while strategic initiatives and M&A remain a focus.
Fiscal Year 2026
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LP deployment is cautious but focused on quality, with insurance and family offices active and distributions a key concern. Wealth management and commingled funds are driving growth, while proprietary data partnerships and new indices offer future revenue streams. FRE margins have expanded to nearly 40%, with further upside expected.
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A diversified global platform continues to drive record capital formation, margin expansion, and strong private wealth flows. Growth is supported by high client retention, new fund launches, and expanding data partnerships. Retirement solutions and international markets are key future opportunities.
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Record fee-related earnings and fundraising drove strong AUM growth, with robust inflows in private wealth and credit. Despite a GAAP net loss, core profitability and margins improved, and capital allocation included higher dividends and share repurchases.
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The discussion highlighted robust growth across private markets, with record fundraising in evergreen and managed accounts, strong venture and infrastructure fund performance, and a new share buyback program following record financial results. Data and technology are central to strategy, with new partnerships for benchmark creation and future monetization.
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GAAP net loss was $123M due to fair value changes, but core fee-related earnings and fundraising hit record highs, with $34B in gross AUM additions and strong performance from the Spring Evergreen Fund. Private wealth and international inflows drove growth, while AI disruption is managed through diversification.
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Record Private Wealth subscriptions and robust institutional fundraising drove strong fee-related earnings and AUM growth. Despite a GAAP net loss from fair value changes, adjusted net income and margins improved year-over-year. New products and global expansion support a positive outlook.
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Fiscal Q1 delivered strong fee-related earnings and robust AUM growth, with private wealth and managed accounts driving inflows. A new FTSE Russell partnership aims to enhance private market benchmarking, while a 17% dividend increase reflects confidence in sustainable growth.
Fiscal Year 2025
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Private markets allocations remain robust, with growth driven by high re-up rates, new client expansion, and innovation in secondaries. Co-mingled funds and wealth channels are scaling globally, supported by new products and data partnerships. Embedded M&A and technology investment are key priorities.
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A solutions provider in private markets reported record fundraising, driven by global diversification, high client retention, and product innovation. Strategic partnerships aim to launch daily private asset indices, while secondaries and private wealth channels show strong growth.
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Record quarterly and annual results were achieved, with fee-related earnings up 85% year-over-year and private wealth AUM more than doubling. The firm declared $1.36 per share in dividends for the year and remains optimistic about future growth despite market volatility.
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Record fee-related earnings and AUM growth were achieved, with strong performance across infrastructure, private wealth, and venture capital. Despite a GAAP net loss due to accounting for future buy-ins, adjusted net income and margins improved year-over-year.
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Record fee-related earnings and management fees were achieved, driven by strong AUM growth, successful fundraising, and expanding private wealth flows. Margins expanded, and liquidity is expected to improve, with continued investment in growth and scale across asset classes.
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Record fundraising and fee-earning asset growth drove a 61% year-over-year increase in fee-related earnings and an 85% rise in adjusted net income per share. Private wealth and commingled funds saw strong inflows, while margins expanded and the dividend was raised.
Fiscal Year 2024
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Fundraising momentum remains strong, with record inflows driven by secondaries and managed accounts. Product innovation and a diversified distribution strategy underpin growth, while international expansion and deployment pace are key future drivers.
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StepStone is expanding globally with a solutions-driven approach, achieving strong growth in fee-related earnings and client retention. Product innovation in evergreen funds and secondaries, robust cross-selling, and a strategic buy-in plan for non-private equity businesses position the firm for continued accretive growth.