StepStone Group Reports Record Q3 2026 Earnings and Fundraising
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 06 2026
0mins
Should l Buy STEP?
Source: seekingalpha
- Core Earnings Growth: StepStone Group reported core fee-related earnings (FRE) of $89 million in Q3 2026, a 20% increase year-over-year, demonstrating strong profitability amid an improving capital market environment, which is expected to drive future earnings growth.
- Outstanding Fundraising Performance: The company added over $8 billion in assets under management (AUM) this quarter, totaling over $34 billion for the year, marking a record high and indicating StepStone's strong appeal and market position in the private equity sector.
- Exceptional SPRING Fund Performance: The SPRING Evergreen fund achieved a 39% investment return over the past year, generating over $200 million in incentive fees, showcasing the company's success in high-return investments and further solidifying its market leadership.
- Advancement of International Strategy: Approximately two-thirds of the inflows came from outside North America, indicating StepStone's capability to expand in global markets, and it plans to continue leveraging growth opportunities in international markets.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy STEP?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on STEP
Wall Street analysts forecast STEP stock price to rise
6 Analyst Rating
4 Buy
2 Hold
0 Sell
Moderate Buy
Current: 43.140
Low
66.00
Averages
77.33
High
83.00
Current: 43.140
Low
66.00
Averages
77.33
High
83.00
About STEP
StepStone Group Inc. is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. The Company partners with its 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). It provides its clients with tailored reporting packages, including customized performance benchmarks as well as compliance, administration and tax capabilities. The Company, through its subsidiaries, acts as the investment advisor and general partner or managing member to separately managed accounts and focused commingled funds.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Barclays Downgrades Blue Owl, Upgrades StepStone Amid AI Concerns
- Rating Changes: Barclays downgraded Blue Owl Capital (OWL) to Equalweight from Overweight while upgrading StepStone Group (STEP) to Overweight from Equalweight, reflecting concerns about the impact of AI fears on the private credit market, particularly on business development companies.
- Slowing Inflows: Blue Owl's largest fund, OCIC, saw inflows decrease from approximately $600 million per month in November to $208 million in February, indicating a growing dependency on non-traded BDCs, which may lead to increased outflows in the future.
- Redemption Pressure: Blue Owl experienced quarterly redemptions exceeding 5% of net asset value in Q4, translating to over $1 billion in outflows, with analysts suggesting that this trend could worsen due to software and AI-related concerns.
- Market Opportunity for StepStone: StepStone has outperformed expectations in the wealth channel and is significantly less exposed to non-traded BDCs compared to peers, leading analysts to view this as an attractive entry point, with expectations for stable inflows into its wealth products.
See More
Liberty All-Star Growth Fund January 2026 Monthly Update
- Investment Strategy Overview: The Liberty All-Star Growth Fund employs an all-cap growth investment style, combining three investment managers with distinct capitalization focuses—small, mid, and large-cap—to ensure portfolio diversity and risk management.
- Monthly Performance Data: As of the end of January, the fund's net asset value (NAV) stood at $5.77, with a market price of $5.25, reflecting a 9.0% discount; however, the monthly performance rebounded by 0.71%, indicating the impact of market fluctuations.
- Portfolio Changes: New holdings include companies like Arista Networks and Expedia, while positions in AMD and Bank of America were liquidated, demonstrating the fund's strategy of dynamically adjusting its portfolio to adapt to market changes.
- Sector Distribution Analysis: The fund's portfolio shows a significant concentration in high-growth sectors, with Information Technology and Industrials comprising 26.7% and 25.4% respectively, indicating a strategic focus on capturing future growth opportunities in these industries.
See More
StepStone Partners with Utmost to Expand Private Market Access
- Strategic Partnership: StepStone Group announces a partnership with Utmost to provide UK clients access to a comprehensive suite of private market investment strategies, including Private Equity, Venture Capital, Private Credit, and Infrastructure, aimed at enhancing client portfolio diversification and long-term financial outcomes.
- Growing Market Demand: StepStone has tripled its assets under management (AUM) in the past 15 months, reflecting a sustained global demand for evergreen funds and new investment solutions, thereby solidifying its strong momentum in the private wealth business.
- Client-Centric Approach: Utmost's Global Head of Sales and Marketing stated that as clients increasingly focus on private markets, this partnership will provide high-quality investment opportunities that support their wealth management goals, aligning with the flexibility and diversification needs of modern portfolios.
- Policy Support: This collaboration not only addresses client needs but also supports broader government initiatives designed to encourage investment in unlisted equities and private markets, further promoting healthy market development.
See More
StepStone Group Reports Record Q3 2026 Earnings and Fundraising
- Core Earnings Growth: StepStone Group reported core fee-related earnings (FRE) of $89 million in Q3 2026, a 20% increase year-over-year, demonstrating strong profitability amid an improving capital market environment, which is expected to drive future earnings growth.
- Outstanding Fundraising Performance: The company added over $8 billion in assets under management (AUM) this quarter, totaling over $34 billion for the year, marking a record high and indicating StepStone's strong appeal and market position in the private equity sector.
- Exceptional SPRING Fund Performance: The SPRING Evergreen fund achieved a 39% investment return over the past year, generating over $200 million in incentive fees, showcasing the company's success in high-return investments and further solidifying its market leadership.
- Advancement of International Strategy: Approximately two-thirds of the inflows came from outside North America, indicating StepStone's capability to expand in global markets, and it plans to continue leveraging growth opportunities in international markets.
See More
StepStone Q3 Earnings Exceed Expectations
- Earnings Beat: StepStone's Q3 non-GAAP EPS of $0.65 surpassed expectations by $0.05, indicating a robust profitability trend that underscores its strong performance in the private fund sector.
- Significant Revenue Growth: The company reported Q3 revenue of $586.51 million, reflecting a 73.0% year-over-year increase and exceeding forecasts by $191.59 million, showcasing substantial business expansion amid strong market demand.
- Stock Price Reaction: Despite the strong earnings report, StepStone's shares fell by 0.29%, which may indicate market caution regarding future growth prospects, prompting investors to monitor subsequent market reactions closely.
- Private Fund Access Initiative: StepStone's collaboration with Goldman Sachs and Carlyle to offer $10,000 private fund access expands its client base and enhances its competitive positioning in the market.
See More
Revised: STEPSTONE Q3 ADJUSTED REVENUE REACHES USD 494.5 MILLION (AMOUNT UPDATED)
- Revenue Adjustment: The corrected Q3 adjusted revenue is reported to be USD 494.5 million.
- Correction Notice: The announcement serves to correct a previously stated amount regarding the revenue.
See More
Barclays Downgrades Blue Owl, Upgrades StepStone Amid AI Concerns
- Rating Changes: Barclays downgraded Blue Owl Capital (OWL) to Equalweight from Overweight while upgrading StepStone Group (STEP) to Overweight from Equalweight, reflecting concerns about the impact of AI fears on the private credit market, particularly on business development companies.
- Slowing Inflows: Blue Owl's largest fund, OCIC, saw inflows decrease from approximately $600 million per month in November to $208 million in February, indicating a growing dependency on non-traded BDCs, which may lead to increased outflows in the future.
- Redemption Pressure: Blue Owl experienced quarterly redemptions exceeding 5% of net asset value in Q4, translating to over $1 billion in outflows, with analysts suggesting that this trend could worsen due to software and AI-related concerns.
- Market Opportunity for StepStone: StepStone has outperformed expectations in the wealth channel and is significantly less exposed to non-traded BDCs compared to peers, leading analysts to view this as an attractive entry point, with expectations for stable inflows into its wealth products.
See More
Liberty All-Star Growth Fund January 2026 Monthly Update
- Investment Strategy Overview: The Liberty All-Star Growth Fund employs an all-cap growth investment style, combining three investment managers with distinct capitalization focuses—small, mid, and large-cap—to ensure portfolio diversity and risk management.
- Monthly Performance Data: As of the end of January, the fund's net asset value (NAV) stood at $5.77, with a market price of $5.25, reflecting a 9.0% discount; however, the monthly performance rebounded by 0.71%, indicating the impact of market fluctuations.
- Portfolio Changes: New holdings include companies like Arista Networks and Expedia, while positions in AMD and Bank of America were liquidated, demonstrating the fund's strategy of dynamically adjusting its portfolio to adapt to market changes.
- Sector Distribution Analysis: The fund's portfolio shows a significant concentration in high-growth sectors, with Information Technology and Industrials comprising 26.7% and 25.4% respectively, indicating a strategic focus on capturing future growth opportunities in these industries.
See More
StepStone Partners with Utmost to Expand Private Market Access
- Strategic Partnership: StepStone Group announces a partnership with Utmost to provide UK clients access to a comprehensive suite of private market investment strategies, including Private Equity, Venture Capital, Private Credit, and Infrastructure, aimed at enhancing client portfolio diversification and long-term financial outcomes.
- Growing Market Demand: StepStone has tripled its assets under management (AUM) in the past 15 months, reflecting a sustained global demand for evergreen funds and new investment solutions, thereby solidifying its strong momentum in the private wealth business.
- Client-Centric Approach: Utmost's Global Head of Sales and Marketing stated that as clients increasingly focus on private markets, this partnership will provide high-quality investment opportunities that support their wealth management goals, aligning with the flexibility and diversification needs of modern portfolios.
- Policy Support: This collaboration not only addresses client needs but also supports broader government initiatives designed to encourage investment in unlisted equities and private markets, further promoting healthy market development.
See More
StepStone Group Reports Record Q3 2026 Earnings and Fundraising
- Core Earnings Growth: StepStone Group reported core fee-related earnings (FRE) of $89 million in Q3 2026, a 20% increase year-over-year, demonstrating strong profitability amid an improving capital market environment, which is expected to drive future earnings growth.
- Outstanding Fundraising Performance: The company added over $8 billion in assets under management (AUM) this quarter, totaling over $34 billion for the year, marking a record high and indicating StepStone's strong appeal and market position in the private equity sector.
- Exceptional SPRING Fund Performance: The SPRING Evergreen fund achieved a 39% investment return over the past year, generating over $200 million in incentive fees, showcasing the company's success in high-return investments and further solidifying its market leadership.
- Advancement of International Strategy: Approximately two-thirds of the inflows came from outside North America, indicating StepStone's capability to expand in global markets, and it plans to continue leveraging growth opportunities in international markets.
See More
StepStone Q3 Earnings Exceed Expectations
- Earnings Beat: StepStone's Q3 non-GAAP EPS of $0.65 surpassed expectations by $0.05, indicating a robust profitability trend that underscores its strong performance in the private fund sector.
- Significant Revenue Growth: The company reported Q3 revenue of $586.51 million, reflecting a 73.0% year-over-year increase and exceeding forecasts by $191.59 million, showcasing substantial business expansion amid strong market demand.
- Stock Price Reaction: Despite the strong earnings report, StepStone's shares fell by 0.29%, which may indicate market caution regarding future growth prospects, prompting investors to monitor subsequent market reactions closely.
- Private Fund Access Initiative: StepStone's collaboration with Goldman Sachs and Carlyle to offer $10,000 private fund access expands its client base and enhances its competitive positioning in the market.
See More
Revised: STEPSTONE Q3 ADJUSTED REVENUE REACHES USD 494.5 MILLION (AMOUNT UPDATED)
- Revenue Adjustment: The corrected Q3 adjusted revenue is reported to be USD 494.5 million.
- Correction Notice: The announcement serves to correct a previously stated amount regarding the revenue.
See More
