StepStone (STEP) 10-Q 12 Nov 21 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Sep. 30, 2021	Nov. 09, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-39510
Entity Registrant Name	STEPSTONE GROUP INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-3868757
Entity Address, Address Line One	450 Lexington Avenue
Entity Address, Address Line Two	31st Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	351-6100
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	STEP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001796022
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		55,735,256
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		52,393,112

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2021	Mar. 31, 2021
Assets
Cash and cash equivalents		$ 175,015	$ 179,886
Restricted cash		1,016	3,977
Fees and accounts receivable		34,264	32,096
Due from affiliates		10,236	7,474
Investments:
Investments in funds		90,325	74,379
Accrued carried interest allocations		1,215,919	896,523
Legacy Greenspring investments in funds and accrued carried interest allocations	[1]	1,208,693	0
Deferred income tax assets		678	89,439
Lease right-of-use assets, net		65,476	0
Other assets and receivables		26,760	24,715
Intangibles, net		420,132	5,491
Goodwill		582,973	6,792
Total assets		3,831,487	1,320,772
Liabilities and stockholders’ equity
Accounts payable, accrued expenses and other liabilities		69,197	47,723
Accrued compensation and benefits		65,492	34,224
Accrued carried interest-related compensation		638,754	465,610
Legacy Greenspring accrued carried interest-related compensation	[1]	989,607	0
Due to affiliates		148,234	113,522
Lease liabilities		75,806	0
Debt obligations		112,644	0
Total liabilities		2,099,734	661,079
Commitments and contingencies (Note 15)
Additional paid-in capital		525,118	188,751
Retained earnings		158,131	60,407
Accumulated other comprehensive income		268	155
Total StepStone Group Inc. stockholders' equity		683,626	249,408
Total stockholders’ equity		1,731,753	659,693
Total liabilities and stockholders’ equity		3,831,487	1,320,772
Subsidiaries
Liabilities and stockholders’ equity
Non-controlling interests		24,558	25,885
Legacy Entities
Liabilities and stockholders’ equity
Non-controlling interests	[1]	219,086	0
Partnership
Liabilities and stockholders’ equity
Non-controlling interests		804,483	384,400
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents		18,674	16,833
Restricted cash		1,016	1,074
Fees and accounts receivable		27,829	25,282
Due from affiliates		3,045	3,467
Investments:
Investments in funds		16,216	13,658
Legacy Greenspring investments in funds and accrued carried interest allocations	[1]	1,208,693	0
Deferred income tax assets		678	671
Lease right-of-use assets, net		18,424	0
Other assets and receivables		3,551	4,340
Total assets		1,298,126	65,325
Liabilities and stockholders’ equity
Accounts payable, accrued expenses and other liabilities		9,395	10,370
Accrued compensation and benefits		24,309	14,705
Legacy Greenspring accrued carried interest-related compensation	[1]	989,607	0
Due to affiliates		1,059	1,854
Lease liabilities		18,536	0
Total liabilities		1,042,906	26,929
Class A Common Stock
Liabilities and stockholders’ equity
Common stock		56	38
Class B Common Stock
Liabilities and stockholders’ equity
Common stock		$ 53	$ 57
[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 5 and 14 for more information.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Mar. 31, 2021
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	650,000,000	650,000,000
Common stock, shares issued (in shares)	55,735,256	38,437,500
Common stock, shares outstanding (in shares)	55,735,256	38,437,500
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares issued (in shares)	52,393,112	56,378,831
Common stock, shares outstanding (in shares)	52,393,112	56,378,831

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Carried interest allocations:
Total carried interest allocations		$ 196,386	$ 166,065	$ 422,748	$ 37,563
Total revenues		281,765	242,913	590,370	181,500
Compensation and benefits:
Cash-based compensation		43,881	37,473	86,552	77,126
Equity-based compensation		3,213	952	6,956	1,435
Performance fee-related compensation:
Realized		26,781	4,811	52,089	7,711
Unrealized		74,206	78,533	159,778	9,858
Total performance fee-related compensation		100,987	83,344	211,867	17,569
Total compensation and benefits		148,081	121,769	305,375	96,130
Legacy Greenspring performance fee-related compensation	[1]	0	0	0	0
General, administrative and other		25,320	11,356	41,750	21,863
Total expenses		173,401	133,125	347,125	117,993
Other income (expense)
Investment income		7,187	4,325	13,611	1,147
Legacy Greenspring investment income	[1]	0	0	0	0
Interest income		206	165	286	259
Interest expense		(88)	(5,270)	(94)	(7,327)
Other income (loss)		(1,952)	242	(2,389)	462
Total other income (expense)		5,353	(538)	11,414	(5,459)
Income before income tax		113,717	109,250	254,659	58,048
Income tax expense (benefit)		(14,145)	881	278	2,039
Net income		127,862	108,369	254,381	56,009
Net income attributable to StepStone Group Inc.		$ 62,074	$ (790)	$ 103,724	$ (790)
Net income (loss) per share of Class A common stock:
Basic (in dollars per share)		$ 1.49	$ (0.03)	$ 2.57	$ (0.03)
Diluted (in dollars per share)		$ 1.45	$ (0.03)	$ 2.50	$ (0.03)
Weighted-average shares of Class A common stock:
Basic (in shares)		41,745,492	29,237,500	40,401,379	29,237,500
Diluted (in shares)		45,908,361	29,237,500	44,405,055	29,237,500
Subsidiaries
Other income (expense)
Less: Net income attributable to non-controlling interests		$ 6,032	$ 9,045	$ 11,646	$ 13,138
Legacy Entities
Other income (expense)
Less: Net income attributable to non-controlling interests	[1]	0	0	0	0
Partnership
Other income (expense)
Less: Net income attributable to non-controlling interests		59,756	100,114	139,011	43,661
Management and advisory fees, net
Revenues
Service fees		83,583	75,652	161,644	139,152
Incentive fees
Revenues
Service fees		1,796	1,196	5,978	4,785
Realized
Carried interest allocations:
Total carried interest allocations		52,531	8,556	102,494	12,194
Unrealized
Carried interest allocations:
Total carried interest allocations		143,855	157,509	320,254	25,369
Legacy Greenspring carried interest allocations
Carried interest allocations:
Total carried interest allocations	[1]	$ 0	$ 0	$ 0	$ 0
[1]	Reflects the net effect of gross realized gains and the reversal of such amounts in unrealized gains. See notes 3, 5 and 14 for more information.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net income	$ 127,862	$ 108,369	$ 254,381	$ 56,009
Other comprehensive income:
Foreign currency translation adjustment	143	275	391	537
Total other comprehensive income	143	275	391	537
Comprehensive income before non-controlling interests	128,005	108,644	254,772	56,546
Comprehensive income (loss) attributable to StepStone Group Inc.	62,107	(812)	103,806	(812)
Subsidiaries
Other comprehensive income:
Less: Comprehensive income attributable to non-controlling interests	6,101	9,185	11,842	13,412
Legacy Entities
Other comprehensive income:
Less: Comprehensive income attributable to non-controlling interests	0	0	0	0
Partnership
Other comprehensive income:
Less: Comprehensive income attributable to non-controlling interests	$ 59,797	$ 100,271	$ 139,124	$ 43,946

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands		Total	Partners’ Capital	Class A Common Stock	Class C units	Partners’ Capital	Common StockClass A Common Stock	Common StockClass B Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalClass A Common Stock	Additional Paid-in CapitalClass C units	Retained Earnings	Accumulated Other Comprehensive Income	Noncontrolling Interest	Noncontrolling InterestSubsidiaries	Noncontrolling InterestLegacy Entities	Noncontrolling InterestPartnership	Noncontrolling InterestClass A Common StockPartnership	Noncontrolling InterestClass C unitsPartnership
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		$ 56,009
Other comprehensive income		537
Total stockholders' equity, ending balance at Sep. 30, 2020		424,395					$ 29	$ 66	$ 120,278			$ (790)	$ (22)		$ 20,729		$ 284,105
Partners' capital, beginning balance at Mar. 31, 2020		236,967	$ 216,051										178	$ 20,738
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		56,009
Net income		108,369
Other comprehensive income		275
Total stockholders' equity, ending balance at Sep. 30, 2020		424,395					29	66	120,278			(790)	(22)		20,729		284,105
Partners' capital, beginning balance at Jun. 30, 2020		156,061				$ 134,907							306	$ 20,848
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		108,369
Total stockholders' equity, beginning balance at Mar. 31, 2021		659,693					38	57	188,751			60,407	155		25,885	$ 0	384,400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		254,381										103,724			11,646		139,011
Other comprehensive income		391											82		196		113
Contributed capital		42															42
Equity-based compensation		6,956							2,931						4		4,021
Distributions		(55,834)													(12,585)		(43,249)
Purchase of non-controlling interests		(3,046)							(657)						(1,502)		(887)
Dividends declared		(6,000)										(6,000)
Vesting of RSUs		0					1		(1)
Common stock/units issued for Greenspring acquisition				$ 558,599	$ 135,239		13			$ 267,842	$ 64,847							$ 290,744	$ 70,392
Exchange of Class B units for Class A common stock and redemption of corresponding Class B common shares		(4)					4	(4)	(4)
Initial consolidation of legacy Greenspring general partner entities		219,086														219,086
Equity reallocation between controlling and non-controlling interests		0							39,159				31		914		(40,104)
Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements	[1]	(37,750)							(37,750)
Total stockholders' equity, ending balance at Sep. 30, 2021		1,731,753					56	53	525,118			158,131	268		24,558	219,086	804,483
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		254,381										103,724			11,646		139,011
Contributed capital		42															42
Total stockholders' equity, beginning balance at Jun. 30, 2021		761,135					40	55	205,561			99,057	215		26,585	0	429,622
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		127,862										62,074			6,032		59,756
Other comprehensive income		143											33		69		41
Contributed capital		21															21
Equity-based compensation		3,214							1,385						0		1,829
Distributions		(26,347)													(7,540)		(18,807)
Purchase of non-controlling interests		(3,046)							(657)						(1,502)		(887)
Dividends declared		(3,000)										(3,000)
Vesting of RSUs		0					1		(1)
Common stock/units issued for Greenspring acquisition				$ 558,599	$ 135,239		13			$ 267,842	$ 64,847							$ 290,744	$ 70,392
Exchange of Class B units for Class A common stock and redemption of corresponding Class B common shares		(2)					2	(2)	(2)
Initial consolidation of legacy Greenspring general partner entities		219,086														219,086
Equity reallocation between controlling and non-controlling interests		0							27,294				20		914		(28,228)
Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements	[1]	(41,151)							(41,151)
Total stockholders' equity, ending balance at Sep. 30, 2021		1,731,753					$ 56	$ 53	$ 525,118			158,131	$ 268		24,558	$ 219,086	804,483
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		127,862										$ 62,074			$ 6,032		59,756
Contributed capital		$ 21															$ 21
[1]	See notes 10, 13 and 14 for more information.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 15, 2020	Mar. 31, 2021
Cash flows from operating activities
Net income	$ (1,684)	$ 127,862	$ 108,369	$ 254,381	$ 56,009	$ 57,693
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization				3,626	2,767
Unrealized carried interest allocations and investment income				(329,031)	(24,848)
Unrealized performance fee-related compensation		74,206	78,533	159,778	9,858
Write-off / amortization of deferred financing costs				0	3,856
Equity-based compensation				6,956	1,435
Change in deferred income taxes				(3,700)	41
Other non-cash activities				1,852	0
Changes in operating assets and liabilities:
Fees and accounts receivable				(1,897)	(2,365)
Due from affiliates				(2,357)	4,438
Other assets and receivables				2,788	3,500
Accounts payable, accrued expenses and other liabilities				(1,514)	2,796
Accrued compensation and benefits				31,268	24,633
Accrued carried interest-related compensation				13,367	(1,841)
Due to affiliates				(640)	2,583
Lease right-of-use assets, net and lease liabilities				17	0
Net cash provided by operating activities				134,894	82,862
Cash flows from investing activities
Contributions to investments				(10,927)	(5,864)
Distributions received from investments				3,749	862
Cash paid for Greenspring acquisition, net of cash acquired				(181,529)	0
Purchases of property and equipment				(1,321)	(745)
Other investing activities				31	0
Net cash used in investing activities				(189,997)	(5,747)
Cash flows from financing activities
Sale of non-controlling interests				0	3,308
Proceeds from capital contributions from non-controlling interests				42	27
Proceeds from IPO, net of underwriting discount				0	337,798
Proceeds from revolving credit facility				185,000	0
Deferred financing costs				(2,356)	0
Purchase of non-controlling interests				(3,046)	(131,294)
Payment of deferred offering costs				(1,079)	(5,899)
Principal payments on term loan				0	(147,000)
Payments on revolving credit facility				(70,000)	0
Distributions to non-controlling interests				(55,834)	(63,597)
Dividends paid to common stockholders				(5,646)	0
Other financing activities				(4)	(526)
Net cash provided by (used in) financing activities				47,077	(7,183)
Effect of foreign currency exchange rate changes				194	(44)
Net increase (decrease) in cash, cash equivalents and restricted cash				(7,832)	69,888
Cash, cash equivalents and restricted cash at beginning of period				183,863	89,939	$ 89,939
Cash, cash equivalents and restricted cash at end of period	159,827	176,031	159,827	176,031	159,827
Non-cash operating, investing, and financing activities:
Accrued dividends				354	0
Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements				(37,750)	7,128
Accrued deferred offering costs				0	3,768
Establishment of lease liabilities in exchange for lease right-of-use assets				79,478	0
Class A common stock issued for Greenspring acquisition				558,598	0
Class C Partnership units issued for Greenspring acquisition				135,239	0
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	156,908	175,015	156,908	175,015	156,908		$ 179,886
Restricted cash	2,919	1,016	2,919	1,016	2,919		3,977
Total cash, cash equivalents and restricted cash	$ 159,827	$ 176,031	$ 159,827	$ 176,031	$ 159,827		$ 183,863

Organization

Organization	6 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization StepStone Group Inc. (“SSG”) was incorporated in the state of Delaware on November 20, 2019. The company was formed for the purpose of completing an initial public offering (“IPO”) in order to conduct the business of StepStone Group LP (the “Partnership”) as a publicly-traded entity. As of September 18, 2020, in connection with the Reorganization discussed below, SSG became the sole managing member of StepStone Group Holdings LLC (the “General Partner”), the general partner of the Partnership. Unless otherwise specified, “StepStone” or the “Company” refers to SSG and its consolidated subsidiaries, including the Partnership, following the Reorganization and IPO, and to the Partnership and its consolidated subsidiaries prior to the Reorganization and IPO, throughout the remainder of these notes to the condensed consolidated financial statements. The Company is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. The Company’s 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, including high-net-worth and mass affluent individuals. 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”). The Company, through its subsidiaries, acts as the investment advisor and general partner or managing member to separately managed accounts (“SMAs”) and focused commingled funds, including acquired Greenspring funds (collectively, the “StepStone Funds”). Reorganization In connection with the IPO, the Company completed certain transactions as part of a corporate reorganization (the “Reorganization”), which are described below: • SSG amended and restated its certificate of incorporation to, among other things, provide for Class A common stock and Class B common stock. • The Partnership amended its limited partnership agreement to, among other things, provide for Class A units and Class B units. • The General Partner amended and restated its limited liability company agreement to, among other things, appoint SSG as the sole managing member of the General Partner. • SSG redeemed its 100 shares of common stock outstanding. • The Partnership effectuated a series of transactions such that certain blocker entities in which certain pre-IPO institutional investors that held partnership units in the Partnership merged with and into SSG, with SSG surviving. As a result of the mergers, the 100% owners of the blocker entities acquired 9,112,500 shares of newly issued Class A common stock of SSG. • The Partnership classified the partnership units acquired by SSG as Class A units and reclassified the partnership units held by the continuing limited partners of the Partnership as Class B units. • SSG issued to the remaining Class B unitholders one share of Class B common stock for each Class B unit that they owned in exchange for their interests in the General Partner. • Certain of the Class B stockholders entered into a stockholders agreement pursuant to which they agreed to vote all their shares of voting stock, including Class A common stock and Class B common stock, together and in accordance with the instructions of the Class B Committee, which comprises certain members of senior management. Initial Public Offering and Greenspring Acquisition On September 18, 2020, SSG issued 20,125,000 shares of Class A common stock in the IPO at a price of $18.00 per share. The net proceeds from the offering totaled $337.8 million, net of underwriting discounts of $24.5 million and before offering costs of $9.7 million that were incurred by the Partnership. SSG used approximately $209.8 million of the net proceeds from the offering to acquire 12,500,000 newly issued Class A units of the Partnership and approximately $128.0 million to purchase 7,625,000 Class B units from certain of the Partnership’s existing unitholders, including certain members of senior management. In connection with the Greenspring acquisition (see note 14), the Company issued 12,686,756 shares of its Class A common stock and the Partnership issued 3,071,519 newly created Class C units of the Partnership, each of which is exchangeable into one share of Class A common stock, in each case subject to certain adjustments and restrictions (see note 13). Following the Reorganization and IPO, SSG became a holding company whose principal asset is a controlling financial interest in the Partnership through its ownership of all of the Partnership’s Class A units and 100% of the membership interests in the General Partner of the Partnership. SSG acts as the sole managing member of the General Partner of the Partnership and, as a result, indirectly operates and controls all of the Partnership’s business and affairs. As a result, SSG consolidates the financial results of the Partnership and reports non-controlling interests related to the Class B and Class C units of the Partnership which are not owned by SSG. The assets and liabilities of the Partnership represent substantially all of SSG’s consolidated assets and liabilities, with the exception of certain deferred income taxes and payables due to affiliates pursuant to tax receivable agreements (see note 10). Each share of Class A common stock is entitled to one vote and each share of Class B common stock is entitled to five votes. As of September 30, 2021, SSG held approximately 50.1% of the economic interest in the Partnership. As the Partnership’s limited partners exchange their Class B and Class C units into SSG’s Class A common stock in the future, SSG’s economic interest in the Partnership will increase relative to that of the Class B and Class C unit holders. The Reorganization was considered a transaction between entities under common control. As a result, the condensed consolidated financial statements for periods prior to the Reorganization and IPO are the condensed consolidated financial statements of the Partnership as the predecessor to SSG for accounting and reporting purposes.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended March 31, 2021 filed with the Securities and Exchange Commission (“SEC”). Certain of the StepStone Funds are investment companies that follow specialized accounting under GAAP and reflect their investments at estimated fair value. Accordingly, the carrying value of the Company’s equity method investments in such entities retains the specialized accounting. Reclassifications Certain prior year amounts have been reclassified to conform to the current period presentation. Amounts relating to foreign currency transaction gains and losses that were previously reported within general, administrative and other expenses have been presented within other income (loss) in the condensed consolidated statements of income. Consolidation The Company consolidates all entities that it controls through a majority voting interest or as the primary beneficiary of a variable interest entity (“VIE”). Under the VIE model, management first assesses whether the Company has a variable interest in an entity. In evaluating whether the Company holds a variable interest, fees received as a decision maker or in exchange for services (including management fees, incentive fees and carried interest allocations) that are customary and commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable interests. If the Company has a variable interest in an entity, management further assesses whether that entity is a VIE, and if so, whether the Company is the primary beneficiary under the VIE model. Entities that do not qualify as VIEs are assessed for consolidation under the voting interest model. The consolidation analysis can generally be performed qualitatively; however, in certain situations a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective StepStone Funds that are VIEs could affect the entity’s status as a VIE or the determination of the primary beneficiary. Under the VIE model, an entity is deemed to be the primary beneficiary of a VIE if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly affect the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Management determines whether the Company is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. When assessing whether the Company is the primary beneficiary of a VIE, management evaluates whether the Company’s involvement, through holding interests directly or indirectly in an entity or contractually through other variable interests, would give the Company a controlling financial interest. This analysis includes an evaluation of the Company’s control rights, as well as the economic interests that the Company holds in the VIE, including indirectly through related parties. The Company provides investment advisory services to the StepStone Funds, which have third-party clients. These funds are investment companies and are typically organized as limited partnerships or limited liability companies for which the Company, through its operating subsidiaries, acts as the general partner or managing member. A limited partnership or similar entity is a VIE if the unaffiliated limited partners or members do not have substantive rights to terminate or liquidate the fund or remove the general partner or substantive rights to participate. Certain StepStone Funds are VIEs because they have not granted unaffiliated limited partners or members substantive rights to terminate the fund or remove the general partner or substantive rights to participate. The Company does not consolidate these StepStone Funds because it is not the primary beneficiary of those funds, primarily because its fee arrangements are considered customary and commensurate and thus not deemed to be variable interests, and it does not hold any other interests in those funds that are considered more than insignificant. The Company has determined that certain of its operating subsidiaries, StepStone Group Real Assets LP (“SRA”), StepStone Group Real Estate LP (“SRE”) and Swiss Capital Alternative Investments AG (“Swiss Capital”), are VIEs, and that the Company is the primary beneficiary of each entity because it has a controlling financial interest in each entity; accordingly, the Company consolidates these entities. The assets and liabilities of the consolidated VIEs are presented gross in the condensed consolidated balance sheets. The assets of the consolidated VIEs may only be used to settle obligations of the consolidated VIEs. See note 4 for more information on both consolidated and unconsolidated VIEs. In connection with the Greenspring acquisition, the Company, indirectly through its subsidiaries, became the sole and/or managing member of certain entities, each of which is the general partner of an investment fund (“legacy Greenspring general partner entities”). The Company did not acquire any direct economic interests attributable to the legacy Greenspring general partner entities, including legacy Greenspring investments in funds and carried interest allocations. However, certain arrangements negotiated as part of the acquisition represent variable interests that could be significant. The Company determined that the legacy Greenspring general partner entities are VIEs and it is the primary beneficiary of each such entity because it has a controlling financial interest in each entity. As a result, the Company consolidates these entities. Non-Controlling Interests Non-controlling interests (“NCI”) reflect the portion of income or loss and the corresponding equity attributable to third-party equity holders and employees in certain consolidated subsidiaries that are not 100% owned by the Company. Non-controlling interests are presented as separate components of stockholders’ equity on the Company’s condensed consolidated balance sheets to clearly distinguish between the Company’s interests and the economic interests of third parties and employees in those entities. Net income (loss) attributable to SSG, as reported in the condensed consolidated statements of income, is presented net of the portion of net income (loss) attributable to holders of non-controlling interests. See note 13 for more information on ownership interests in the Company. Non-controlling interests in subsidiaries represent the economic interests in SRA, SRE, and Swiss Capital (the variable interest entities included in the Company’s condensed consolidated financial statements) held by third parties and employees in those entities. Non-controlling interests in subsidiaries are allocated a share of income or loss in the respective consolidated subsidiary in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss. Non-controlling interests in legacy Greenspring entities represent the economic interests in the legacy Greenspring general partner entities. The Company did not acquire any direct economic interests in the legacy Greenspring general partner entities. As a result, all of the net income or loss related to the legacy Greenspring general partner entities is allocated to non-controlling interests in legacy Greenspring entities. Non-controlling interests in the Partnership represent the economic interests related to the Class B units of the Partnership which are not owned by SSG. Non-controlling interests in the Partnership are allocated a share of income or loss in the Partnership in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss. Prior to the Reorganization and IPO, all of the Company’s net income related to the Partnership and therefore has been presented as non-controlling interests in the Partnership. Accounting for Differing Fiscal Periods The StepStone Funds primarily have a fiscal year end as of December 31. The Company accounts for its investments in the StepStone Funds on a three-month lag due to the timing of receipt of financial information from the investments held by the StepStone Funds. The StepStone Funds primarily invest in private markets funds that generally require at least 90 days following the calendar year end to provide audited financial statements. As a result, the Company uses the December 31 audited financial statements of the StepStone Funds, which reflect the underlying private markets funds as of December 31, to record its investments (including any carried interest allocated by those investments) for its fiscal year-end consolidated financial statements as of March 31. The Company further adjusts the reported carrying values of its investments in the StepStone Funds for its share of capital contributions to and distributions from the StepStone Funds during the three-month lag period. For this interim period ending September 30, 2021, the Company used the June 30, 2021 unaudited financial statements of the StepStone Funds, which reflect the underlying private market funds as of June 30, 2021, to record its investments (including any carried interest allocated by those investments), as adjusted for capital contributions and distributions during the three-month lag period ended September 30, 2021. The Company does not account for management and advisory fees or incentive fees on a three-month lag. To the extent that management becomes aware of any material events that affect the StepStone Funds during the three-month lag period, the effect of the events would be disclosed in the notes to the condensed consolidated financial statements. Continuing Impact of COVID-19 The COVID-19 pandemic has continued to impact the global economy and financial markets. With the spread of the Delta variant, restrictions have been and may continue to be reimposed to mitigate risks to public health in jurisdictions where additional outbreaks have been detected. Moreover, even where restrictions are and remain lifted, and as vaccinations have become available and more accessible, certain groups of people may continue to self-isolate and not participate in the economy at pre-pandemic levels for a prolonged period of time, potentially further delaying global economic recovery. The Company is continuing to closely monitor developments related to COVID-19 and assessing any negative impacts to the Company’s business. In particular, it is possible that the Company’s future results may be adversely affected by slowdowns in fundraising activity and the pace of capital deployment, which could result in delayed or decreased management fees. Further, if fund managers are unable or less able to profitably exit existing investments, such conditions could result in delayed or decreased performance fees. As the global response and ongoing nature of COVID-19 evolves, it is currently not possible to predict the potential scale and scope of the outbreak and its ultimate effects on the financial markets, overall economy and the Company’s condensed consolidated financial statements. Fair Value Measurements GAAP establishes a hierarchical disclosure framework, which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace – including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and therefore a lesser degree of judgment is used in measuring their fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of their fair values, as follows: • Level I – Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. • Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date, and fair value is determined through the use of models or other valuation methodologies. The types of financial instruments classified in this category include less liquid securities traded in active markets and securities traded in other than active markets. • Level III – Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the financial instrument. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors including, for example, the type of instrument, whether the instrument has recently been issued, whether the instrument is traded on an active exchange or in the secondary market, and current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for financial instruments categorized in Level III. The variability and availability of the observable inputs affected by the factors described above may result in transfers between Levels I, II, and III. The Company considers its cash, cash equivalents, restricted cash, fees and accounts receivable, accounts payable, investments, revolving credit facility and contingent consideration balances to be financial instruments. The carrying amounts of cash, cash equivalents, restricted cash, fees and accounts receivable and accounts payable equal or approximate their fair values due to their nature and/or the relatively short period over which they are held. See note 6 for additional details regarding the fair value of the Company’s contingent consideration balances. Restricted Cash Restricted cash consists of cash that the Company is contractually obligated to maintain to secure its letters of credit used primarily related to its office facilities and other obligations. Investments Investments primarily include the Company’s ownership interests in the StepStone Funds, as general partner or managing member of such funds. The Company accounts for all investments in which it has or is otherwise presumed to have significant influence, but not control, including the StepStone Funds, using the equity method of accounting. The carrying value of these equity method investments is determined based on amounts invested by the Company, adjusted for the Company’s share in the earnings or losses of each investee, after consideration of contractual arrangements that govern allocations of income or loss (including carried interest allocations), less distributions received. Investments include the Company’s cumulative accrued carried interest allocations from the StepStone Funds, which primarily represent performance-based capital allocations, assuming the StepStone Funds were liquidated as of each reporting date in accordance with the funds’ governing documents. Legacy Greenspring investments in funds and accrued carried interest allocations represent the economic interests held by the legacy Greenspring general partner entities in certain funds for which the Company does not have any direct economic interests. All of the economics in respect of such interests are payable to employees and are therefore reflected as non-controlling interests in legacy Greenspring entities and legacy Greenspring performance fee-related compensation. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Leases On April 1, 2021, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) on a prospective basis. As a result, prior period amounts were not adjusted to reflect the impact of the new standard. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the condensed consolidated balance sheets for all leases with terms longer than 12 months. Under the previous guidance, operating leases were not recognized by the Company in the condensed consolidated balance sheets as a lessee. The guidance does not significantly change the recognition, measurement and presentation of expenses in the condensed consolidated statements of income or cash flows arising from a lease by a lessee. The adoption of this standard did not have a material impact on the condensed consolidated statements of income as substantially all of the Company’s leases are still classified as operating leases, which under the new guidance will continue to be recognized as expense on a straight-line basis. However, the adoption resulted in a significant gross-up in total assets and total liabilities on the Company’s condensed consolidated balance sheets. The Company recognized right-of-use assets of approximately $66.7 million and liabilities of approximately $76.9 million related to its operating leases which represents the aggregate discounted amount of the Company’s minimum lease obligations as of the adoption date. The Company determines whether an arrangement contains a lease at inception of the arrangement. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines the classification as either an operating or finance lease. The Company’s identified leases primarily consist of operating lease agreements for office space and certain equipment, as the lessee. Operating leases are included in lease right-of-use-assets, net and lease liabilities in the condensed consolidated balance sheets. Certain leases include lease and non-lease components, which the Company accounts for as a single lease component. Lease ROU assets and lease liabilities are measured based on the present value of future minimum lease payments over the lease term at the commencement date. Lease ROU assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. The Company uses its incremental borrowing rate in determining the present value of future minimum lease payments. The Company’s lease terms may include options to extend or terminate the lease, which are included in the measurement of ROU assets and lease liabilities when it is reasonably certain that the Company will exercise those options. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term in general, administrative and other expenses in the condensed consolidated statements of income. Minimum lease payments for leases with an initial term of twelve months or less are not recorded in the condensed consolidated balance sheets. See note 15 for more information. Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of an acquisition is allocated to the assets acquired and liabilities assumed based on their fair values, as determined by management at the acquisition date. Contingent consideration obligations that are elements of consideration transferred are recognized at the acquisition date as part of the fair value transferred in exchange for the acquired business. Contingent consideration arrangements are revalued to fair value each reporting period. Acquisition-related costs incurred in connection with a business combination are expensed as incurred and are included in general, administrative and other expenses in the condensed consolidated statements of income. Intangibles and Goodwill The Company’s finite-lived intangible assets consist of acquired contractual rights to earn future management and advisory fee income and client relationships. Finite-lived intangible assets are amortized over their estimated useful lives, which range from 8 to 10 years. The Company did not have any intangible assets that were deemed to have an indefinite life as of September 30, 2021. Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. There were no impairment charges related to the Company’s finite-lived intangible assets during the three and six months ended September 30, 2021 and 2020. Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets . Goodwill is assessed for impairment at least annually using a qualitative and, if necessary, a quantitative approach. The Company performs its annual goodwill impairment test as of January 1, or more frequently, if events and circumstances indicate that an impairment may exist. Goodwill is tested for impairment at the reporting unit level. The initial assessment for impairment under the qualitative approach is to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, a quantitative assessment is performed to measure the amount of impairment loss, if any. The quantitative assessment includes comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized equal to the lesser of (a) the difference between the carrying amount of the reporting unit and its fair value and (b) the total carrying amount of the reporting unit’s goodwill. Revenues The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), Revenue from Contracts with Customers . Revenue is recognized in a manner that depicts the transfer of promised goods or services to customers and for an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The application of ASC 606 requires an entity to identify its contract(s) with a customer, identify the performance obligations in a contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, variable consideration is included only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The Company has elected to apply the variable consideration allocation exception for its fee arrangements with its customers. Management and Advisory Fees, Net The Company earns management fees for services provided to its SMAs, focused commingled funds and distribution management clients. The Company earns advisory fees for services provided to advisory clients where the Company does not have discretion over investment decisions. The Company considers its performance obligations in its customer contracts from which it earns management and advisory fees to be one or more of the following, based on the services promised: asset management services, advisory services and/or the arrangement of administrative services. The Company recognizes revenues from asset management services and advisory services when control of the promised services is transferred to customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. SMAs are generally contractual arrangements involving an investment management agreement between the Company and a single client, and are typically structured as a partnership or limited liability company for which a subsidiary of SSG serves as the general partner or managing member. Focused commingled funds are structured as limited partnerships or limited liability companies with multiple clients, for which a subsidiary of the Company serves as the general partner or managing member. The Company determined that the individual client or single limited partner or member is the customer with respect to SMAs and advisory clients, while the investment fund is generally considered to be the customer for arrangements with focused commingled funds. When asset management services and the arrangement of administrative services are the performance obligations promised in a contract, the Company satisfies these performance obligations over time because the customer simultaneously receives and consumes the benefits of the services as they are performed. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer. Management fees earned from these contracts where the Company has discretion over investment decisions are generally calculated based on a percentage of unaffiliated committed capital or net invested capital, and these amounts are typically billed quarterly. For certain investment funds, management fees are initially based on committed capital during the investment period and on net invested capital through the remainder of the fund’s term. In addition, the management fee rate charged may also be reduced for certain investment funds depending on the contractual arrangement. The management fee basis is subject to factors outside of the Company’s control. Therefore, estimates of future period management fees are not included in the transaction price because those estimates would be considered constrained. Advisory fees from contracts where the Company does not have discretion over investment decisions are generally based on fixed amounts and typically billed quarterly. Management fees generally exclude reimbursements for expenses paid by the Company on behalf of its customers, including amounts related to certain professional fees and other fund administrative expenses pursuant to the fund’s governing documents. For professional and administrative services that the Company arranges to be performed by third parties on behalf of investment funds, management has concluded that the nature of its promise is to arrange for the services to be provided and, accordingly, the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the reimbursements for these professional fees paid on behalf of the investment funds are generally presented on a net basis. The Company and certain investment funds that it manages have distribution and service agreements with third-party financial institutions, whereby the Company pays a portion of the fees it receives to such institutions for ongoing distribution and servicing of customer accounts. Management has concluded that the Company does not act as principal for the third-party services, as the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the management fees are recorded net of these service fees. The Company may incur certain costs in connection with satisfying its performance obligations for investment management services – primarily employee travel costs and certain professional fees – for which it receives reimbursements from its customers. For reimbursable employee travel costs and certain professional fees, the Company concluded it controls the services provided by its employees and other parties and, therefore, is acting as principal. Accordingly, the Company records the reimbursement for these costs incurred on a gross basis – that is, as revenue in management and advisory fees, net and expense in general, administrative and other expenses in the condensed consolidated statements of income. For reimbursable costs incurred in connection with satisfying its performance obligations for administration services, the Company concluded it does not control the services provided by its employees and other parties and, therefore, is acting as agent. Accordingly, the Company records the reimbursement for these costs incurred on a net basis. Performance Fees The Company earns two types of performance fee revenues: incentive fees and carried interest allocations, as described below. Incentive fees are generally calculated as a percentage of the profits (up to 10%) earned in respect of certain accounts for which the Company is the investment adviser, subject to the achievement of minimum return levels or performance benchmarks. Incentive fees are a form of variable consideration and represent contractual fee arrangements in the Company’s contracts with its customers. Incentive fees are typically subject to reversal until the end of a defined performance period, as these fees are affected by changes in the fair value of the assets under management or advisement over such performance period. Moreover, incentive fees that are received prior to the end of the defined performance period are typically subject to clawback, net of tax. The Company recognizes incentive fee revenue only when these amounts are realized and no longer subject to significant reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period (i.e., crystallization). However, clawback terms for incentive fees received prior to crystallization only require the return of amounts on a net of tax basis. Accordingly, the tax-related portion of incentive fees received in advance of crystallization is not subject to clawback and is therefore recognized as revenue immediately upon receipt. Incentive fees received in adva

Revenues

Revenues	6 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount: Three Months Ended September 30, Six Months Ended September 30, Management and Advisory Fees, Net 2021 2020 2021 2020 Focused commingled funds $ 28,500 $ 30,821 $ 52,650 $ 50,674 SMAs 42,510 31,229 83,115 61,951 Advisory and other services 12,380 13,602 25,635 26,465 Fund reimbursement revenues 193 — 244 62 Total management and advisory fees, net $ 83,583 $ 75,652 $ 161,644 $ 139,152 Three Months Ended September 30, Six Months Ended September 30, Incentive Fees 2021 2020 2021 2020 SMAs $ 1,793 $ 1,168 $ 5,905 $ 4,757 Focused commingled funds 3 28 73 28 Total incentive fees $ 1,796 $ 1,196 $ 5,978 $ 4,785 Three Months Ended September 30, Six Months Ended September 30, Carried Interest Allocations 2021 2020 2021 2020 SMAs $ 129,829 $ 127,227 $ 302,622 $ 21,459 Focused commingled funds 66,557 38,838 120,126 16,104 Total carried interest allocations $ 196,386 $ 166,065 $ 422,748 $ 37,563 Three Months Ended September 30, Six Months Ended September 30, Legacy Greenspring Carried Interest Allocations 2021 2020 2021 2020 SMAs $ — $ — $ — $ — Focused commingled funds (1) — — — — Total legacy Greenspring carried interest allocations $ — $ — $ — $ — _______________________________ (1) Reflects the net effect of gross realized carried interest allocations of $3.0 million and the reversal of such amounts in unrealized carried interest allocations for the period from September 20, 2021 to September 30, 2021. The increase in carried interest allocations for the three and six months ended September 30, 2021 and 2020 was primarily attributable to net unrealized appreciation in the fair value of certain underlying fund investments. See note 2 for a discussion of the Company’s accounting policy for investments on a three-month lag. The Company derives revenues from clients located in both the United States and other countries. The table below presents the Company’s revenues by geographic location: Three Months Ended September 30, Six Months Ended September 30, Revenues (1) 2021 2020 2021 2020 United States $ 60,985 $ 46,551 $ 111,640 $ 51,961 Non-U.S. countries 220,780 196,362 478,730 129,539 _______________________________ (1) Revenues are attributed to countries based on client location for SMAs and advisory and other services, or location of investment vehicle for focused commingled funds. For the three and six months ended September 30, 2021 and 2020, no individual client represented 10% or more of the Company’s management and advisory fees. As of September 30, 2021 and March 31, 2021, the Company had $20.3 million and $13.9 million, respectively, of deferred revenues, which is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. During the six months ended September 30, 2021, the Company had recognized $0.3 million as revenue from amounts included in the deferred revenue balance as of March 31, 2021.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Consolidated VIEs The Company consolidates certain VIEs for which it is the primary beneficiary. The Company’s VIEs consist of certain operating entities not wholly-owned by the Company (e.g., Swiss Capital, SRA and SRE) and legacy Greenspring general partner entities. See note 2 for more information on the Company’s accounting policies related to the consolidation of VIEs. The assets of the consolidated VIEs totaled $1,298.1 million and $65.3 million as of September 30, 2021 and March 31, 2021, respectively. The liabilities of the consolidated VIEs totaled $1,042.9 million and $26.9 million as of September 30, 2021 and March 31, 2021, respectively. The assets of the consolidated VIEs may only be used to settle obligations of the same VIE. In addition, there is no recourse to the Company for the consolidated VIEs’ liabilities, except for certain entities in which there could be a clawback of previously distributed carried interest. As of September 30, 2021, no material amounts previously distributed have been accrued for clawback liabilities. Unconsolidated VIEs The Company holds variable interests in the form of direct equity interests in certain VIEs that are not consolidated because the Company is not the primary beneficiary. The Company’s maximum exposure to loss is limited to the potential loss of assets recognized by the Company relating to these unconsolidated entities. The carrying value of the assets and liabilities recognized in the condensed consolidated balance sheets with respect to the Company’s interests in VIEs that were not consolidated is set forth below: As of September 30, 2021 March 31, 2021 Investments in funds $ 90,325 $ 74,379 Legacy Greenspring investments in funds 219,086 — Due from affiliates, net 7,768 4,218 Less: Amounts attributable to non-controlling interests in subsidiaries 8,950 7,488 Less: Amounts attributable to non-controlling interests in legacy Greenspring entities 219,086 — Maximum exposure to loss $ 89,143 $ 71,109

Investments

Investments	6 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments The Company’s investments consist of equity method investments primarily related to investments in the StepStone Funds for which it serves as general partner or managing member but does not have a controlling financial interest. The Company’s equity interest typically does not exceed 1% in each fund. The Company’s share of the underlying net income or loss attributable to its equity interest in the funds is recorded in investment income in the condensed consolidated statements of income. Investment income attributable to investments in certain legacy Greenspring funds for which the Company has no economic interest are recorded in legacy Greenspring investment income in the condensed consolidated statements of income. The Company’s equity method investments consist of the following: As of September 30, 2021 March 31, 2021 Investments in funds $ 90,325 $ 74,379 Accrued carried interest allocations 1,215,919 896,523 Legacy Greenspring investments in funds and accrued carried interest allocations (1) 1,208,693 — Total investments $ 2,514,937 $ 970,902 _______________________________ (1) Reflects investments in funds of $219.1 million and carried interest allocations of $989.6 million. The Company recognized equity method income of the following: Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Carried interest allocations $ 196,386 $ 166,065 $ 422,748 $ 37,563 Investment income 7,187 4,325 13,611 1,147 Legacy Greenspring carried interest allocations (1) — — — — Legacy Greenspring investment income (2) — — — — Total equity method income $ 203,573 $ 170,390 $ 436,359 $ 38,710 _______________________________ (1) Reflects the net effect of gross realized carried interest allocations of $3.0 million and the reversal of such amounts in unrealized carried interest allocations for the period from September 20, 2021 to September 30, 2021. (2) Reflects the net effect of gross realized investment income of $1.4 million and the reversal of such amounts in unrealized investment income for the period from September 20, 2021 to September 30, 2021. The increase in carried interest allocations for the three and six months ended September 30, 2021 as compared to the three and six months ended September 30, 2020 was primarily attributable to unrealized appreciation in the fair value of the underlying investments in the Company’s private equity funds. See note 2 for a discussion of the Company’s accounting policy for investments on a three-month lag. As of September 30, 2021, the Company’s investments in three SMAs each individually represented 10% or more of the total accrued carried interest allocations balance, and in the aggregate represented approximately 34% of the total accrued carried interest allocations balance as of that date. As of March 31, 2021, the Company’s investments in two SMAs each individually represented 10% or more of the total accrued carried interest allocations balance, and in the aggregate represented approximately 26% of the total accrued carried interest allocations balance as of that date. As of September 30, 2021, the Company’s investments in three commingled funds individually represented 10% or more of the total legacy Greenspring investments in funds and accrued carried interest allocations balance, and in the aggregate represented approximately 40% of the total legacy Greenspring investments in funds and accrued carried interest allocations balance as of that date. Of the total accrued carried interest allocations balance as of September 30, 2021 and March 31, 2021, respectively, $638.8 million and $465.6 million were payable to affiliates and is included in accrued carried interest-related compensation in the condensed consolidated balance sheets. Of the total legacy Greenspring investments in funds and accrued carried interest allocations balance as of September 30, 2021, $989.6 million was payable to employees who are considered affiliates of the Company and is included in legacy Greenspring accrued carried interest-related compensation in the condensed consolidated balance sheets and $219.1 million is reflected as non-controlling interests in legacy Greenspring entities in the condensed consolidated balance sheets. The Company evaluates each of its equity method investments to determine if any are considered significant as defined by the SEC. As of September 30, 2021 and March 31, 2021 and for the three and six months ended September 30, 2021 and 2020, no individual equity method investment held by the Company met the significance criteria. As a result, the Company is not required to provide separate financial statements for any of its equity method investments.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company measures certain liabilities at fair value on a recurring basis. The following tables provide details regarding the classification of these liabilities within the fair value hierarchy as of the dates presented: As of September 30, 2021 Level I Level II Level III Total Liabilities Contingent consideration obligation $ — $ — $ 18,851 $ 18,851 Total liabilities $ — $ — $ 18,851 $ 18,851 As of March 31, 2021 Level I Level II Level III Total Liabilities Contingent consideration obligation $ — $ — $ 1,541 $ 1,541 Total liabilities $ — $ — $ 1,541 $ 1,541 For the liabilities presented in the tables above, there were no changes in fair value hierarchy levels during the three and six months ended September 30, 2021 and 2020. The changes in the fair value of Level III financial instruments are set forth below: Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Contingent Consideration Liability Balance, beginning of period: $ 1,306 $ 745 $ 1,541 $ 1,035 Additions 17,769 — 17,769 — (Gain) loss on change in fair value — — — — Settlements (224) (271) (459) (561) Balance, end of period: $ 18,851 $ 474 $ 18,851 $ 474 Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date $ — $ — $ — $ — In connection with the Greenspring acquisition, the Company recorded a contingent consideration liability of $17.8 million during the three months ended September 30, 2021. See note 14 for more information. The fair value of the contingent consideration liability is based on a discounted cash flow analysis using a probability-weighted average estimate of certain performance targets, including revenue levels. The assumptions used in the analysis are inherently subjective; therefore, the ultimate amount of the contingent consideration liability may differ materially from the current estimate. The significant unobservable inputs required to value the contingent consideration liabilities primarily relate to the discount rates applied to the expected future revenue and payment obligations, which ranged from 3% to 10% as of September 30, 2021. The contingent consideration liabilities are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. Changes in the fair value of the liability are included in general, administrative and other expenses in the condensed consolidated statements of income.

Intangibles and Goodwill

Intangibles and Goodwill	6 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles and Goodwill	Intangibles and Goodwill Intangible assets consist of management contracts providing economic rights to management and advisory fees and client relationships related to future fundraising, as obtained through the Company’s acquisitions of other businesses. Intangible assets, net consists of the following: As of September 30, 2021 March 31, 2021 Management contracts $ 352,002 $ 41,058 Client relationships 96,650 — Service agreements 9,537 — Less: Accumulated amortization (38,057) (35,567) Intangible assets, net $ 420,132 $ 5,491 Amortization expense related to intangible assets was $1.9 million and $0.8 million for the three months ended September 30, 2021 and 2020, respectively, and $2.5 million and $1.7 million for the six months ended September 30, 2021 and 2020, respectively. These amounts are included in general, administrative and other expenses in the condensed consolidated statements of income. In connection with the Greenspring acquisition, the Company added approximately $310.9 million of management contract intangible assets, $96.7 million of client relationship intangible assets and $9.5 million of service agreement intangible assets. See note 14 for more information. At September 30, 2021, the expected future amortization of finite-lived intangible assets is as follows: Remainder of FY2022 $ 22,006 FY2023 43,481 FY2024 42,645 FY2025 41,955 FY2026 41,764 Thereafter 228,281 Total $ 420,132 The carrying value of goodwill was $583.0 million as of September 30, 2021 and $6.8 million as of March 31, 2021. The increase in the carrying value of goodwill is attributable to the Greenspring acquisition, which added approximately $576.2 million in goodwill. See note 14 for more information. The Company determined there was no indication of goodwill impairment as of September 30, 2021 and March 31, 2021.

Debt Obligations

Debt Obligations	6 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt Obligations	Debt ObligationsIn September 2021, the Company entered into a credit agreement with various lenders (the “Credit Agreement”) in connection with the Greenspring acquisition. The Credit Agreement was arranged by JPMorgan Chase Bank, N.A., as the administrative agent, and provides for a $225.0 million multicurrency revolving credit facility (the “Revolver”) with a five-year maturity. As of September 30, 2021, the Company had $112.6 million outstanding on the Revolver, net of debt issuance costs. The Company’s debt obligations consist of the following: As of September 30, 2021 March 31, 2021 Revolver $ 115,000 $ — Less: Debt issuance costs (2,356) — Total debt obligations $ 112,644 $ — Borrowings under the Revolver bear interest at a variable rate per annum. The Company may designate each borrowing as (i) in the case of any borrowing in U.S. dollars, a base rate loan or a LIBOR rate loan, (ii) in the case of any borrowing denominated in Euros, a EURIBOR rate loan, (iii) in the case of any borrowing denominated in British Pounds Sterling, a Sterling Overnight Index Average (“SONIA”) loan, (iv) in the case of any borrowing denominated in Swiss Francs, a Swiss Average Rate Overnight (“SARON”) loan, and (v) in the case of any borrowing denominated in Australian dollars, an AUD rate loan. Borrowings bear interest equal to (i) in the case of base rate loans, 1.00% plus the greatest of (a) the Prime Rate, (b) the New York Federal Reserve Bank Rate plus 0.50% and (c) the 1 month LIBOR, multiplied by the Statutory Reserve Rate (as defined in the Credit Agreement), plus 1.00%, (ii) in the case of a LIBOR rate loan, the LIBOR rate multiplied by the Statutory Reserve Rate plus 2.00%, (iii) in the case of a EURIBOR rate loan, the EURIBOR rate multiplied by the Statutory Reserve Rate plus 2.00%, (iv) in the case of a SONIA loan, the Sterling Overnight Index Average plus 2.03%, (v) in the case of a SARON loan, the Swiss Average Rate Overnight plus 2.00%, and (vi) in the case of an AUD rate loan, the AUD Screen Rate (as defined in the Credit Agreement) multiplied by the Statutory Reserve Rate plus 2.20%. The weighted-average interest rate in effect for the Revolver as of September 30, 2021 was 2.13%. Borrowings under the Revolver may be repaid at any time during the term of the Credit Agreement and, subject to certain terms and conditions, may be reborrowed prior to the maturity date. Any outstanding principal amounts, together with any accrued interest thereon, shall be due and payable on the maturity date. The maturity date for the Revolver is September 20, 2026. The Revolver bears a fee on undrawn commitments equal to 0.25% per annum if total utilization of revolving commitments is greater than 50% and 0.35% per annum if total utilization of revolving commitments is less than 50%. The carrying value of the Revolver approximates fair value, as the loan is subject to variable interest rates that adjust with changes in market rates and market conditions and the current interest rate approximates that which would be available under similar financial arrangements. Under the terms of the Credit Agreement, certain of the Company’s assets serve as pledged collateral. In addition, the Credit Agreement contains covenants that, among other things: limit the Company’s ability to incur indebtedness; create, incur or allow liens; transfer or dispose of assets; merge with other companies; make certain investments; pay dividends or make distributions; engage in new or different lines of business; and engage in transactions with affiliates. The Credit Agreement also contains financial covenants requiring the Company to maintain a total net leverage ratio and a minimum total of fee-earning assets under management beginning with the quarter ending December 31, 2021.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation The change in unvested RSUs is as follows: Number of RSUs Weighted-Average Grant-Date Fair Value Per RSU Balance as of March 31, 2021 2,549,861 $ 18.54 Granted 17,173 $ 45.18 Vested (625,281) $ 18.34 Forfeited (35,792) $ 18.00 Balance as of September 30, 2021 1,905,961 $ 18.85 Unvested Partnership Units All Class B2 units will automatically convert into Class B units upon final vesting in 2024 and unitholders will be entitled to purchase from the Company one share of Class B common stock for each Class B unit at its par value. Prior to vesting, holders of Class B2 units do not have the right to receive any distributions from the Partnership, other than tax-related distributions. As of September 30, 2021, there were 2,566,566 Class B2 units outstanding. During the six months ended September 30, 2021, none of the outstanding Class B2 units were forfeited. As of September 30, 2021, 1,646,879 Class B2 units were unvested and 919,687 Class B2 units were vested.

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Prior to the Reorganization and IPO, the Company operated as a partnership for U.S. federal income tax purposes and therefore was not subject to U.S. federal and state income taxes. Subsequent to the Reorganization and IPO, all income attributable to SSG is subject to U.S. corporate income taxes. In connection with the Greenspring acquisition, exchanges of Class B units of the Partnership for Class A common stock by certain limited partners of the Partnership in June and September 2021, and the vesting of RSUs to certain employees and directors, there was an aggregate net decrease of the deferred tax asset of $103.0 million. This resulted in the Company recording a deferred tax liability and reversing the full valuation allowance of $30.5 million of which $25.3 million resulted in a net tax benefit to the effective tax rate. Additionally, in connection with the exchange transactions, the Company recorded a corresponding Tax Receivable Agreements liability of $36.5 million, representing 85% of the incremental net cash tax savings for the Company due to the exchanging limited partners. See note 13 for more information. The Company’s effective tax rate was (12.4)% and 0.8% for the three months ended September 30, 2021 and 2020, respectively, and 0.1% and 3.5% for the six months ended September 30, 2021 and 2020, respectively. The Company’s effective tax rate is dependent on many factors, including the jurisdictional mix of income subject to tax. Consequently, the effective tax rate can vary from period to period. The Company’s overall effective tax rate in each of the periods described above is less than the statutory rate primarily because a portion of income is allocated to non-controlling interests, as the tax liability on such income is borne by the holders of such non-controlling interests. Additionally, the Company recorded an income tax benefit of $25.3 million during the current period for the full release of the valuation allowance as a result of the deferred tax liability recorded in connection with the Greenspring acquisition, resulting in a net benefit to the Company’s consolidated effective tax rate of 9.9% for the six months ended September 30, 2021. For the period prior to the Reorganization and IPO, the Company operated as a partnership for U.S. federal income tax purposes and was not subject to U.S. federal and state income taxes. The Company evaluates the realizability of its deferred tax assets on a quarterly basis and adjusts the valuation allowance when it is more-likely-than-not that all or a portion of the deferred tax assets may not be realized. As of September 30, 2021, the Company has not recorded any unrecognized tax benefits and does not expect there to be any material changes to uncertain tax positions within the next 12 months. The Company files income tax returns as required by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company may be subject to examination by U.S. federal and certain state and local tax authorities. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s condensed consolidated financial statements.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareBasic and diluted earnings per share of Class A common stock is presented for the three and six months ended September 30, 2021 and from September 16, 2020 through September 30, 2020, the period following the Reorganization and IPO. There were no shares of Class A common stock outstanding prior to September 16, 2020, therefore no earnings per share information has been presented for any period prior to that date. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock: Three Months Ended September 30, 2021 Period from IPO date to September 30, 2020 Six Months Ended September 30, 2021 (in thousands, except share and per share amounts) Numerator: Net income (loss) attributable to StepStone Group Inc. – Basic $ 62,074 $ (790) $ 103,724 Incremental income from assumed vesting of RSUs 1,856 — 2,797 Incremental income from assumed vesting and exchange of Class B2 units 2,693 — 4,519 Net income (loss) attributable to StepStone Group Inc. – Diluted $ 66,623 $ (790) $ 111,040 Denominator: Weighted-average shares of Class A common stock outstanding – Basic 41,745,492 29,237,500 40,401,379 Assumed vesting of RSUs 1,691,661 — 1,523,631 Assumed vesting and exchange of Class B2 units 2,471,208 — 2,480,045 Weighted-average shares of Class A common stock outstanding – Diluted 45,908,361 29,237,500 44,405,055 Net income (loss) per share of Class A common stock: Basic $ 1.49 $ (0.03) $ 2.57 Diluted $ 1.45 $ (0.03) $ 2.50 Diluted earnings per share of Class A common stock is computed by dividing net income (loss) attributable to SSG, giving consideration to the reallocation of net income between holders of Class A common stock and non-controlling interests, by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities, if any. The calculation of diluted earnings per share for the period from the IPO date to September 30, 2020 excludes 2,509,445 shares of Class A common stock, 2,591,352 Class B2 units and 94,574 Class B units issuable pursuant to anti-dilution rights in connection with the vesting of Class B2 units that are convertible into Class A common stock under the if-converted method as the inclusion of such shares would be anti-dilutive. Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to SSG and therefore are not participating securities. As a result, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company considers its senior executives, employees and equity method investments to be related parties. A substantial portion of the Company’s management and advisory fees and carried interest allocations is earned from various StepStone Funds that are considered equity method investments. The Company earned net management and advisory fees from the StepStone Funds of $51.0 million and $47.8 million for the three months ended September 30, 2021 and 2020, respectively, and $96.9 million and $85.1 million for the six months ended September 30, 2021 and 2020, respectively. Carried interest allocation revenues earned from the StepStone Funds totaled $196.4 million and $166.1 million for the three months ended September 30, 2021 and 2020, respectively, and $422.7 million and $37.6 million for the six months ended September 30, 2021 and 2020, respectively. Legacy Greenspring carried interest allocation revenues earned from certain legacy Greenspring funds for which the Company has no economic interests totaled $0 million for the three and six months ended September 30, 2021, which reflects the net effect of gross realized carried interest allocations of $3.0 million and the reversal of such amounts in unrealized carried interest allocations for the period from September 20, 2021 to September 30, 2021. Due from affiliates in the condensed consolidated balance sheets consists primarily of fees and accounts receivable from the StepStone Funds, advances made on behalf of the StepStone Funds for the payment of certain organization and operating costs and expenses for which the Company is subsequently reimbursed, and amounts due from employees, as set forth below. As of September 30, 2021 March 31, 2021 Amounts receivable from StepStone Funds $ 9,520 $ 6,958 Amounts receivable from employees 716 516 Total due from affiliates $ 10,236 $ 7,474 Due to affiliates in the condensed consolidated balance sheets consists primarily of amounts payable to certain non-controlling interest holders in connection with the Tax Receivable Agreements, amounts payable to the StepStone Funds and distributions payable to certain employee equity holders of consolidated subsidiaries, as set forth below. As of September 30, 2021 March 31, 2021 Amounts payable to non-controlling interest holders in connection with Tax Receivable Agreements $ 142,819 $ 107,216 Amounts payable to StepStone Funds 1,751 2,740 Distributions payable to certain employee equity holders of consolidated subsidiaries 3,664 3,566 Total due to affiliates $ 148,234 $ 113,522 The Company made no payments under the Tax Receivable Agreements for three months ended September 30, 2021 and payments of $0.6 million during the six months ended September 30, 2021.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The Company has two classes of common stock outstanding, Class A common stock and Class B common stock. Holders of Class A common stock and Class B common stock generally vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval. Holders of Class A common stock are entitled to receive dividends when and if declared by the board of directors. Holders of the Class B common stock are not entitled to dividends in respect of their shares of Class B common stock. In connection with the Greenspring acquisition, the Company amended the limited partnership agreement of the Partnership to create new Class C limited partnership interests and to admit the new limited partners that received Class C units as consideration for the Greenspring acquisition. The Class C limited partnership interests of the Partnership have substantially the same rights and obligations as are applicable to the existing holders of Class B units of the Partnership. The Company has no ownership interest in the Class C units, which are held by certain employees of the Company. The Company also entered into an agreement with the Class C limited partners of the Partnership to allow for the exchange of Class C units to shares of Class A common stock of the Company on a one for one basis, subject to certain restrictions. The Class C limited partners also became parties to the Exchanges Tax Receivable Agreement as a result of the transaction. The following table shows a rollforward of the Company’s shares of common stock outstanding since March 31, 2021: Class A Common Stock Class B Common Stock March 31, 2021 38,437,500 56,378,831 Class A common stock issued for Greenspring acquisition 12,686,756 — Class A common stock issued in exchange for Class B partnership units 3,985,719 (3,985,719) Class A common stock issued for vesting of RSUs 625,281 — September 30, 2021 55,735,256 52,393,112 The Company has 25,000,000 authorized shares of preferred stock, par value of $0.001 per share, and as of September 30, 2021, no shares of preferred stock were issued or outstanding. In connection with the consummation of the IPO, the Partnership issued new partnership interests to certain StepStone professionals in SRA in exchange for their partnership interests in SRA, which increased the interest of the Partnership in SRA to approximately 49% and decreased the interest of the StepStone professionals in SRA to approximately 51%. In September 2021, the Company issued 12,686,756 shares of Class A common stock and 3,071,519 Class C units of the Partnership as partial consideration for the Greenspring acquisition. See note 14 for more information. In September 2021, the Company issued 2,087,281 shares of Class A common stock to certain limited partners of the Partnership in exchange for 2,087,281 Class B units in accordance with the elective exchange notices submitted pursuant to an agreement with the Class B limited partners (the “Class B Exchange Agreement”) to allow for exchange of Class B units of the Partnership to shares of Class A common stock of the Company on a one-for-one basis, subject to certain restrictions. A corresponding number of shares of Class B common stock were automatically redeemed at par value and canceled in connection with such exchange and a corresponding number of Class A units of the Partnership were issued to the Company. In June 2021, the Company issued 1,898,438 shares of Class A common stock to certain limited partners of the Partnership in exchange for 1,898,438 Class B units in accordance with elective exchange notices submitted pursuant to the Class B Exchange Agreement. A corresponding number of shares of Class B common stock were automatically redeemed at par value and canceled in connection with such exchange and a corresponding number of Class A units of the Partnership were issued to the Company. In March 2021, the Company conducted an underwritten public offering of 9,200,000 shares of Class A common stock, including 1,200,000 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, (the “March 2021 Offering”) sold by selling stockholders at a public offering price of $29.50 per share. In connection with the offering, the Company issued 9,200,000 shares of Class A common stock to the selling stockholders in exchange for 9,200,000 Class B units. A corresponding number of shares of Class B common stock were automatically redeemed at par value and canceled in connection with such exchange. The Company did not receive any proceeds from the sale of shares by the selling stockholders. The reallocation adjustment between SSG stockholders’ equity, non-controlling interests in the Partnership and non-controlling interests in subsidiaries relates to the impact of changes in economic ownership percentages during the period and adjusting previously recorded equity transactions to the economic ownership percentage as of the end of each reporting period. In June 2020, SRA completed a transaction to repurchase partnership interests in SRA from a former partner for approximately $3.3 million, and subsequently sold an equal number of partnership interests to certain employees of SRA for approximately $3.3 million, resulting in no net proceeds to SRA. Dividends and distributions are reflected in the condensed consolidated statements of stockholders’ equity when declared by the board of directors. Dividends are made to Class A common stockholders and distributions are made to limited partners of the Partnership and holders of non-controlling interests in subsidiaries. On August 10, 2021, the Company announced a dividend of $0.07 per share of Class A common stock, which was paid on September 15, 2021 to holders of record at the close of business on August 31, 2021.

Business Combinations

Business Combinations	6 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations Greenspring Acquisition On September 20, 2021, the Company completed the acquisition of 100% of the equity of Greenspring Associates, Inc. and certain of its affiliates (collectively, “Greenspring”) in exchange for (i) cash consideration of approximately $185 million, net of an agreed upon adjustment based upon Greenspring’s net working capital balance at the closing date, (ii) 12,686,756 shares of Class A common stock and (iii) 3,071,519 newly issued Class C units of the Partnership (the “Greenspring acquisition”). The transaction agreement also included an earn-out of up to $75 million that is payable in 2025 subject to the achievement of certain management fee revenue targets for calendar year 2024. The results of Greenspring’s operations have been included in the condensed consolidated financial statements effective September 20, 2021. Greenspring is a leading venture capital and growth equity platform, and the acquisition of Greenspring is expected to expand the Company’s continued growth of its private markets capabilities across asset classes, geographies and sectors. The aggregate purchase price for the acquisition of Greenspring and the estimated fair values of the assets acquired and liabilities assumed at the acquisition date were as follows: Acquisition date fair value of consideration transferred: Cash consideration $ 186,577 Class A common stock 558,598 Class C units of the Partnership 135,239 Contingent consideration 17,769 Total purchase price $ 898,183 Estimated fair value of assets acquired and liabilities assumed: Cash and short-term receivables $ 5,723 Legacy Greenspring investments in funds and accrued carried interest allocations (1) 1,213,792 Lease right-of-use assets, net 2,585 Other assets and receivables 2,146 Finite-lived intangible assets—contractual rights: management contracts 310,944 Finite-lived intangible assets—client relationships 96,650 Finite-lived intangible assets—contractual rights: service agreements 9,537 Goodwill 576,181 Deferred income taxes (98,538) Accrued expenses and other liabilities (4,460) Legacy Greenspring accrued carried interest-related compensation (1) (992,646) Lease liabilities (2,585) Non-controlling interests in legacy Greenspring entities (1) (221,146) Total $ 898,183 _______________________________ (1) Represents investments in funds and carried interest allocations attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. Such amounts are attributable to employees and therefore have been reflected as non-controlling interests in legacy Greenspring entities and legacy Greenspring accrued carried interest-related compensation, respectively. For the three and six months ended September 30, 2021, the Company incurred $10.3 million and $13.8 million, respectively, of acquisition-related costs that were expensed as incurred and included in general, administrative and other expenses in the condensed consolidated statements of income. The Company allocated $320.5 million and $96.7 million of the purchase price to the fair value of contractual rights and client relationships, respectively, which will be amortized over a weighted-average amortization period of 10.0 years. The $576.2 million of goodwill primarily related to Greenspring’s assembled workforce and business synergies expected to be realized from the transaction. This goodwill is not expected to be deductible for tax purposes. The amount of revenues and net income of Greenspring since the acquisition date was $2.3 million and $1.0 million, respectively. The following supplemental unaudited pro forma information assumes the Greenspring acquisition, as well as the Reorganization and IPO, had been consummated as of April 1, 2020: Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Revenues $ 552,671 $ 338,630 $ 1,079,820 $ 303,478 Net income attributable to StepStone Group Inc. 40,068 27,907 88,179 4,637 The Company’s fiscal year ends on March 31, and prior to the transaction, Greenspring’s fiscal year ended on December 31. To comply with SEC rules and regulations for companies with different fiscal year ends, the pro forma condensed combined financial information has been prepared utilizing periods that differ by less than 93 days. The unaudited pro forma information for the three and six months ended September 30, 2021 and 2020 combines the Company’s historical unaudited condensed consolidated statements of income for the three and six months ended September 30, 2021 and 2020, and Greenspring’s historical unaudited condensed combined statements of income for the three and six months ended June 30, 2021 and 2020. The supplemental unaudited pro forma information is based on estimates and assumptions believed reasonable and are not necessarily indicative of the Company’s consolidated results in future periods or the results that actually would have been realized had the Greenspring acquisition been a combined entity during the periods presented. The pro forma amounts have been calculated after reflecting the following adjustments that were directly attributable to the Reorganization, IPO, Greenspring acquisition and the related debt issuance used to fund a portion of the cash consideration, as if the transactions were consummated on April 1, 2020: Reorganization and IPO • adjustments to include compensation expense associated with the 2.5 million RSUs issued in connection with the IPO; • adjustments on interest expense to reflect the repayment of outstanding debt using a portion of the IPO proceeds; • adjustments to include federal and state income taxes for the Company’s share of taxable income generated by the Partnership; and • adjustments to reflect the pro-rata economic ownership attributable to the Company. Debt Financing • adjustments to include interest expense related to the Revolver used to fund a portion of the cash consideration. Greenspring Acquisition • adjustments to include the impact of additional amortization of acquired intangible assets that would have been charged; • adjustments to include the issuance of Class A common stock of the Company and Class C units of the Partnership as consideration for the transaction; • adjustments to reflect the pro-rata economic ownership attributable to the Company; • adjustments to reflect the tax effects of the Greenspring acquisition and including Greenspring in the Company’s results; and

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation In the ordinary course of business, and from time to time, the Company may be subject to various legal, regulatory and/or administrative proceedings. The Company accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such proceedings, based on information known by management, the Company does not expect a potential liability related to any current legal proceedings or claims that would individually or in the aggregate materially affect its condensed consolidated financial statements as of September 30, 2021. Lease Commitments The Company leases offices in 21 cities in the United States, Canada, South America, Europe, Asia and Australia, and certain equipment subject to operating lease agreements expiring through 2031, some of which may include options to extend or terminate the lease. As of September 30, 2021, there were no finance leases outstanding. In June 2021, the Company executed an agreement to lease additional office space for its La Jolla office. The lessor is currently undergoing the build out for the additional office space and the Company expects to gain access to the additional space in January 2022. At that time, the Company will establish a ROU asset and lease liability for the new lease. Upon lease commencement, total future lease payments are expected to be approximately $3.5 million over approximately 9 years. The components of lease expense included in general, administrative and other expenses in the condensed consolidated statements of income were as follows: Three Months Ended September 30, 2021 Six Months Ended September 30, 2021 Operating lease cost (1) $ 2,686 $ 5,360 Variable lease cost 210 469 Sublease income (426) (856) Total lease cost $ 2,470 $ 4,973 _______________________________ (1) Operating lease cost includes an immaterial amount of short-term leases. Occupancy expense related to office facility operating leases totaled $2.3 million and $4.6 million for the three and six months ended September 30, 2020. Supplemental cash flow information related to leases was as follows: Six Months Ended September 30, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 4,342 Weighted-average remaining lease term for operating leases (in years) 8.0 Weighted-average discount rate for operating leases 2.7 % As of September 30, 2021, maturities of operating lease liabilities were as follows: Remainder of FY2022 $ 5,943 FY2023 10,577 FY2024 11,136 FY2025 10,172 FY2026 9,857 Thereafter 36,546 Total lease liabilities 84,231 Less: Imputed interest (8,425) Total operating lease liabilities $ 75,806 Unfunded Capital Commitments As of September 30, 2021 and March 31, 2021, the Company, generally in its capacity as general partner or managing member of the StepStone Funds, had unfunded commitments totaling $72.3 million and $60.5 million, respectively. The $72.3 million of unfunded commitments as of September 30, 2021 excludes $39.2 million related to commitments held by the legacy Greenspring general partner entities in legacy Greenspring funds for which the Company does not hold an economic interest. Carried Interest Allocations Carried interest allocations are subject to reversal in the event of future losses, to the extent of the cumulative revenues recognized by the Company in income to date. Additionally, if the Company has received net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Company may be obligated to repay previously distributed carried interest that exceeds the amounts to which the Company is ultimately entitled. In these situations, a liability is accrued for the potential clawback obligation if amounts previously distributed to the Company would require repayment to a fund if such fund were to be liquidated based on the current fair value of their underlying investments as of the reporting date. Actual repayment obligations generally do not become realized until the end of a fund’s life. As of September 30, 2021 and March 31, 2021, no material amounts for potential clawback obligations had been accrued. This contingent obligation is normally reduced by income taxes that the Company has paid related to the carried interest allocations. As of September 30, 2021, the maximum amount of carried interest allocations (excluding legacy Greenspring carried interest allocations) attributable to the Company subject to contingent repayment was an estimated $156.0 million, net of tax, assuming the fair value of all investments was zero, a possibility that the Company views as remote. Indemnification Arrangements In the normal course of business and consistent with standard business practices, the Company has provided general indemnifications to its limited partners, officers and directors when they act in good faith in the performance of their duties for the Company. The terms of these indemnities vary from contract to contract. The Company’s maximum exposure under these arrangements cannot be determined as these indemnities relate to future claims that may be made against the Company or related parties, but which have not yet occurred. No liability related to these indemnities has been recorded in the condensed consolidated balance sheets as of September 30, 2021 and March 31, 2021. Based on past experience, management believes that the risk of loss related to these indemnities is remote.

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn November 9, 2021, the Company announced a quarterly cash dividend of $0.15 per share of Class A common stock, payable on December 15, 2021 to holders of record as of the close of business on November 30, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended March 31, 2021 filed with the Securities and Exchange Commission (“SEC”). Certain of the StepStone Funds are investment companies that follow specialized accounting under GAAP and reflect their investments at estimated fair value. Accordingly, the carrying value of the Company’s equity method investments in such entities retains the specialized accounting.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current period presentation. Amounts relating to foreign currency transaction gains and losses that were previously reported within general, administrative and other expenses have been presented within other income (loss) in the condensed consolidated statements of income.
Consolidation	Consolidation The Company consolidates all entities that it controls through a majority voting interest or as the primary beneficiary of a variable interest entity (“VIE”). Under the VIE model, management first assesses whether the Company has a variable interest in an entity. In evaluating whether the Company holds a variable interest, fees received as a decision maker or in exchange for services (including management fees, incentive fees and carried interest allocations) that are customary and commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable interests. If the Company has a variable interest in an entity, management further assesses whether that entity is a VIE, and if so, whether the Company is the primary beneficiary under the VIE model. Entities that do not qualify as VIEs are assessed for consolidation under the voting interest model. The consolidation analysis can generally be performed qualitatively; however, in certain situations a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective StepStone Funds that are VIEs could affect the entity’s status as a VIE or the determination of the primary beneficiary. Under the VIE model, an entity is deemed to be the primary beneficiary of a VIE if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly affect the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Management determines whether the Company is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. When assessing whether the Company is the primary beneficiary of a VIE, management evaluates whether the Company’s involvement, through holding interests directly or indirectly in an entity or contractually through other variable interests, would give the Company a controlling financial interest. This analysis includes an evaluation of the Company’s control rights, as well as the economic interests that the Company holds in the VIE, including indirectly through related parties. The Company provides investment advisory services to the StepStone Funds, which have third-party clients. These funds are investment companies and are typically organized as limited partnerships or limited liability companies for which the Company, through its operating subsidiaries, acts as the general partner or managing member. A limited partnership or similar entity is a VIE if the unaffiliated limited partners or members do not have substantive rights to terminate or liquidate the fund or remove the general partner or substantive rights to participate. Certain StepStone Funds are VIEs because they have not granted unaffiliated limited partners or members substantive rights to terminate the fund or remove the general partner or substantive rights to participate. The Company does not consolidate these StepStone Funds because it is not the primary beneficiary of those funds, primarily because its fee arrangements are considered customary and commensurate and thus not deemed to be variable interests, and it does not hold any other interests in those funds that are considered more than insignificant. The Company has determined that certain of its operating subsidiaries, StepStone Group Real Assets LP (“SRA”), StepStone Group Real Estate LP (“SRE”) and Swiss Capital Alternative Investments AG (“Swiss Capital”), are VIEs, and that the Company is the primary beneficiary of each entity because it has a controlling financial interest in each entity; accordingly, the Company consolidates these entities. The assets and liabilities of the consolidated VIEs are presented gross in the condensed consolidated balance sheets. The assets of the consolidated VIEs may only be used to settle obligations of the consolidated VIEs. See note 4 for more information on both consolidated and unconsolidated VIEs. In connection with the Greenspring acquisition, the Company, indirectly through its subsidiaries, became the sole and/or managing member of certain entities, each of which is the general partner of an investment fund (“legacy Greenspring general partner entities”). The Company did not acquire any direct economic interests attributable to the legacy Greenspring general partner entities, including legacy Greenspring investments in funds and carried interest allocations. However, certain arrangements negotiated as part of the acquisition represent variable interests that could be significant. The Company determined that the legacy Greenspring general partner entities are VIEs and it is the primary beneficiary of each such entity because it has a controlling financial interest in each entity. As a result, the Company consolidates these entities.
Non-Controlling Interests	Non-Controlling Interests Non-controlling interests (“NCI”) reflect the portion of income or loss and the corresponding equity attributable to third-party equity holders and employees in certain consolidated subsidiaries that are not 100% owned by the Company. Non-controlling interests are presented as separate components of stockholders’ equity on the Company’s condensed consolidated balance sheets to clearly distinguish between the Company’s interests and the economic interests of third parties and employees in those entities. Net income (loss) attributable to SSG, as reported in the condensed consolidated statements of income, is presented net of the portion of net income (loss) attributable to holders of non-controlling interests. See note 13 for more information on ownership interests in the Company. Non-controlling interests in subsidiaries represent the economic interests in SRA, SRE, and Swiss Capital (the variable interest entities included in the Company’s condensed consolidated financial statements) held by third parties and employees in those entities. Non-controlling interests in subsidiaries are allocated a share of income or loss in the respective consolidated subsidiary in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss. Non-controlling interests in legacy Greenspring entities represent the economic interests in the legacy Greenspring general partner entities. The Company did not acquire any direct economic interests in the legacy Greenspring general partner entities. As a result, all of the net income or loss related to the legacy Greenspring general partner entities is allocated to non-controlling interests in legacy Greenspring entities. Non-controlling interests in the Partnership represent the economic interests related to the Class B units of the Partnership which are not owned by SSG. Non-controlling interests in the Partnership are allocated a share of income or loss in the Partnership in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss. Prior to the Reorganization and IPO, all of the Company’s net income related to the Partnership and therefore has been presented as non-controlling interests in the Partnership.
Accounting for Differing Fiscal Periods	Accounting for Differing Fiscal Periods The StepStone Funds primarily have a fiscal year end as of December 31. The Company accounts for its investments in the StepStone Funds on a three-month lag due to the timing of receipt of financial information from the investments held by the StepStone Funds. The StepStone Funds primarily invest in private markets funds that generally require at least 90 days following the calendar year end to provide audited financial statements. As a result, the Company uses the December 31 audited financial statements of the StepStone Funds, which reflect the underlying private markets funds as of December 31, to record its investments (including any carried interest allocated by those investments) for its fiscal year-end consolidated financial statements as of March 31. The Company further adjusts the reported carrying values of its investments in the StepStone Funds for its share of capital contributions to and distributions from the StepStone Funds during the three-month lag period. For this interim period ending September 30, 2021, the Company used the June 30, 2021 unaudited financial statements of the StepStone Funds, which reflect the underlying private market funds as of June 30, 2021, to record its investments (including any carried interest allocated by those investments), as adjusted for capital contributions and distributions during the three-month lag period ended September 30, 2021. The Company does not account for management and advisory fees or incentive fees on a three-month lag. To the extent that management becomes aware of any material events that affect the StepStone Funds during the three-month lag period, the effect of the events would be disclosed in the notes to the condensed consolidated financial statements.
Fair Value Measurements	Fair Value Measurements GAAP establishes a hierarchical disclosure framework, which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace – including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and therefore a lesser degree of judgment is used in measuring their fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of their fair values, as follows: • Level I – Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. • Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date, and fair value is determined through the use of models or other valuation methodologies. The types of financial instruments classified in this category include less liquid securities traded in active markets and securities traded in other than active markets. • Level III – Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the financial instrument.
Restricted Cash	Restricted Cash Restricted cash consists of cash that the Company is contractually obligated to maintain to secure its letters of credit used primarily related to its office facilities and other obligations.
Investments	InvestmentsInvestments primarily include the Company’s ownership interests in the StepStone Funds, as general partner or managing member of such funds. The Company accounts for all investments in which it has or is otherwise presumed to have significant influence, but not control, including the StepStone Funds, using the equity method of accounting. The carrying value of these equity method investments is determined based on amounts invested by the Company, adjusted for the Company’s share in the earnings or losses of each investee, after consideration of contractual arrangements that govern allocations of income or loss (including carried interest allocations), less distributions received. Investments include the Company’s cumulative accrued carried interest allocations from the StepStone Funds, which primarily represent performance-based capital allocations, assuming the StepStone Funds were liquidated as of each reporting date in accordance with the funds’ governing documents. Legacy Greenspring investments in funds and accrued carried interest allocations represent the economic interests held by the legacy Greenspring general partner entities in certain funds for which the Company does not have any direct economic interests. All of the economics in respect of such interests are payable to employees and are therefore reflected as non-controlling interests in legacy Greenspring entities and legacy Greenspring performance fee-related compensation. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.
Leases	Leases On April 1, 2021, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) on a prospective basis. As a result, prior period amounts were not adjusted to reflect the impact of the new standard. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the condensed consolidated balance sheets for all leases with terms longer than 12 months. Under the previous guidance, operating leases were not recognized by the Company in the condensed consolidated balance sheets as a lessee. The guidance does not significantly change the recognition, measurement and presentation of expenses in the condensed consolidated statements of income or cash flows arising from a lease by a lessee. The adoption of this standard did not have a material impact on the condensed consolidated statements of income as substantially all of the Company’s leases are still classified as operating leases, which under the new guidance will continue to be recognized as expense on a straight-line basis. However, the adoption resulted in a significant gross-up in total assets and total liabilities on the Company’s condensed consolidated balance sheets. The Company recognized right-of-use assets of approximately $66.7 million and liabilities of approximately $76.9 million related to its operating leases which represents the aggregate discounted amount of the Company’s minimum lease obligations as of the adoption date. The Company determines whether an arrangement contains a lease at inception of the arrangement. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines the classification as either an operating or finance lease. The Company’s identified leases primarily consist of operating lease agreements for office space and certain equipment, as the lessee. Operating leases are included in lease right-of-use-assets, net and lease liabilities in the condensed consolidated balance sheets. Certain leases include lease and non-lease components, which the Company accounts for as a single lease component. Lease ROU assets and lease liabilities are measured based on the present value of future minimum lease payments over the lease term at the commencement date. Lease ROU assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. The Company uses its incremental borrowing rate in determining the present value of future minimum lease payments. The Company’s lease terms may include options to extend or terminate the lease, which are included in the measurement of ROU assets and lease liabilities when it is reasonably certain that the Company will exercise those options. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term in general, administrative and other expenses in the condensed consolidated statements of income. Minimum lease payments for leases with an initial term of twelve months or less are not recorded in the condensed consolidated balance sheets. See note 15 for more information.
Business Combinations	Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of an acquisition is allocated to the assets acquired and liabilities assumed based on their fair values, as determined by management at the acquisition date. Contingent consideration obligations that are elements of consideration transferred are recognized at the acquisition date as part of the fair value transferred in exchange for the acquired business. Contingent consideration arrangements are revalued to fair value each reporting period. Acquisition-related costs incurred in connection with a business combination are expensed as incurred and are included in general, administrative and other expenses in the condensed consolidated statements of income.
Intangibles and Goodwill	Intangibles and Goodwill The Company’s finite-lived intangible assets consist of acquired contractual rights to earn future management and advisory fee income and client relationships. Finite-lived intangible assets are amortized over their estimated useful lives, which range from 8 to 10 years. The Company did not have any intangible assets that were deemed to have an indefinite life as of September 30, 2021. Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. There were no impairment charges related to the Company’s finite-lived intangible assets during the three and six months ended September 30, 2021 and 2020. Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets . Goodwill is assessed for impairment at least annually using a qualitative and, if necessary, a quantitative approach. The Company performs its annual goodwill impairment test as of January 1, or more frequently, if events and circumstances indicate that an impairment may exist. Goodwill is tested for impairment at the reporting unit level. The initial assessment for impairment under the qualitative approach is to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, a quantitative assessment is performed to measure the amount of impairment loss, if any. The quantitative assessment includes comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized equal to the lesser of (a) the difference between the carrying amount of the reporting unit and its fair value and (b) the total carrying amount of the reporting unit’s goodwill.
Revenues	Revenues The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), Revenue from Contracts with Customers . Revenue is recognized in a manner that depicts the transfer of promised goods or services to customers and for an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The application of ASC 606 requires an entity to identify its contract(s) with a customer, identify the performance obligations in a contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, variable consideration is included only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The Company has elected to apply the variable consideration allocation exception for its fee arrangements with its customers. Management and Advisory Fees, Net The Company earns management fees for services provided to its SMAs, focused commingled funds and distribution management clients. The Company earns advisory fees for services provided to advisory clients where the Company does not have discretion over investment decisions. The Company considers its performance obligations in its customer contracts from which it earns management and advisory fees to be one or more of the following, based on the services promised: asset management services, advisory services and/or the arrangement of administrative services. The Company recognizes revenues from asset management services and advisory services when control of the promised services is transferred to customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. SMAs are generally contractual arrangements involving an investment management agreement between the Company and a single client, and are typically structured as a partnership or limited liability company for which a subsidiary of SSG serves as the general partner or managing member. Focused commingled funds are structured as limited partnerships or limited liability companies with multiple clients, for which a subsidiary of the Company serves as the general partner or managing member. The Company determined that the individual client or single limited partner or member is the customer with respect to SMAs and advisory clients, while the investment fund is generally considered to be the customer for arrangements with focused commingled funds. When asset management services and the arrangement of administrative services are the performance obligations promised in a contract, the Company satisfies these performance obligations over time because the customer simultaneously receives and consumes the benefits of the services as they are performed. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer. Management fees earned from these contracts where the Company has discretion over investment decisions are generally calculated based on a percentage of unaffiliated committed capital or net invested capital, and these amounts are typically billed quarterly. For certain investment funds, management fees are initially based on committed capital during the investment period and on net invested capital through the remainder of the fund’s term. In addition, the management fee rate charged may also be reduced for certain investment funds depending on the contractual arrangement. The management fee basis is subject to factors outside of the Company’s control. Therefore, estimates of future period management fees are not included in the transaction price because those estimates would be considered constrained. Advisory fees from contracts where the Company does not have discretion over investment decisions are generally based on fixed amounts and typically billed quarterly. Management fees generally exclude reimbursements for expenses paid by the Company on behalf of its customers, including amounts related to certain professional fees and other fund administrative expenses pursuant to the fund’s governing documents. For professional and administrative services that the Company arranges to be performed by third parties on behalf of investment funds, management has concluded that the nature of its promise is to arrange for the services to be provided and, accordingly, the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the reimbursements for these professional fees paid on behalf of the investment funds are generally presented on a net basis. The Company and certain investment funds that it manages have distribution and service agreements with third-party financial institutions, whereby the Company pays a portion of the fees it receives to such institutions for ongoing distribution and servicing of customer accounts. Management has concluded that the Company does not act as principal for the third-party services, as the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the management fees are recorded net of these service fees. The Company may incur certain costs in connection with satisfying its performance obligations for investment management services – primarily employee travel costs and certain professional fees – for which it receives reimbursements from its customers. For reimbursable employee travel costs and certain professional fees, the Company concluded it controls the services provided by its employees and other parties and, therefore, is acting as principal. Accordingly, the Company records the reimbursement for these costs incurred on a gross basis – that is, as revenue in management and advisory fees, net and expense in general, administrative and other expenses in the condensed consolidated statements of income. For reimbursable costs incurred in connection with satisfying its performance obligations for administration services, the Company concluded it does not control the services provided by its employees and other parties and, therefore, is acting as agent. Accordingly, the Company records the reimbursement for these costs incurred on a net basis. Performance Fees The Company earns two types of performance fee revenues: incentive fees and carried interest allocations, as described below. Incentive fees are generally calculated as a percentage of the profits (up to 10%) earned in respect of certain accounts for which the Company is the investment adviser, subject to the achievement of minimum return levels or performance benchmarks. Incentive fees are a form of variable consideration and represent contractual fee arrangements in the Company’s contracts with its customers. Incentive fees are typically subject to reversal until the end of a defined performance period, as these fees are affected by changes in the fair value of the assets under management or advisement over such performance period. Moreover, incentive fees that are received prior to the end of the defined performance period are typically subject to clawback, net of tax. The Company recognizes incentive fee revenue only when these amounts are realized and no longer subject to significant reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period (i.e., crystallization). However, clawback terms for incentive fees received prior to crystallization only require the return of amounts on a net of tax basis. Accordingly, the tax-related portion of incentive fees received in advance of crystallization is not subject to clawback and is therefore recognized as revenue immediately upon receipt. Incentive fees received in advance of crystallization that remain subject to clawback are recorded as deferred incentive fee revenue and included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. Carried interest allocations include the allocation of performance-based fees, commonly referred to as carried interest, to the Company from unaffiliated limited partners in the StepStone Funds in which the Company holds an equity interest. The Company is entitled to a carried interest allocation (typically 5% to 15%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. These carried interest allocations are subject to the achievement of minimum return levels (typically 5% to 10%), in accordance with the terms set forth in each respective fund’s governing documents. The Company accounts for its investment balances in the StepStone Funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, carried interest allocations are not deemed to be within the scope of ASC 606. Legacy Greenspring carried interest allocations reflect the allocation of carried interest to legacy Greenspring general partner entities from limited partners in certain legacy Greenspring funds in which the legacy Greenspring general partner entities hold an equity interest. The legacy Greenspring general partner entities are entitled to a carried interest allocation (typically 5% to 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. The Company accounts for the investment balances in the legacy Greenspring funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member . The Company does not hold any direct economic interests in the legacy Greenspring general partner entities and thus is not entitled to any carried interest allocation from the legacy funds. All of the carried interest allocations in respect of the legacy Greenspring funds are payable to employees who are considered affiliates of the Company and are therefore reflected as legacy Greenspring performance fee-related compensation in the condensed consolidated statements of income. Accordingly, legacy Greenspring carried interest allocations are not deemed to be within the scope of ASC 606. The Company recognizes revenue attributable to carried interest allocations from a fund based on the amount that would be due to the Company pursuant to the fund’s governing documents, assuming the fund was liquidated based on the current fair value of its underlying investments as of that date. Accordingly, the amount recognized as carried interest allocation revenue reflects the Company’s share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period. The Company records the amount of carried interest allocated to the Company as of each period end as accrued carried interest allocations receivable, which is included as a component of investments in the condensed consolidated balance sheets.
Equity-Based Compensation	Equity-Based CompensationThe Company accounts for grants of equity-based awards, including restricted stock units (“RSUs”), to certain employees and directors at fair value as of the grant date. The Company recognizes non-cash compensation expense attributable to these grants on a straight-line basis over the requisite service period, which is generally the vesting period. Expense related to grants of equity-based awards is recognized as equity-based compensation expense in the condensed consolidated statements of income. The fair value of RSUs is determined by the closing stock price on the grant date. Forfeitures of equity-based awards are recognized as they occur.
Income Taxes	Income Taxes SSG is a corporation for U.S. federal income tax purposes and therefore is subject to U.S. federal and state income taxes on its share of taxable income generated by the Partnership. The Partnership is treated as a pass-through entity for U.S. federal and state income tax purposes. As such, income generated by the Partnership flows through to its limited partners, including SSG, and is generally not subject to U.S. federal or state income tax at the Partnership level. The Partnership’s non-U.S. subsidiaries generally operate as corporate entities in non-U.S. jurisdictions, with certain of these entities subject to non-U.S. income taxes. Additionally, certain subsidiaries are subject to local jurisdiction taxes at the entity level, which are reflected within income tax expense in the condensed consolidated statements of income. As a result, the Partnership does not record U.S. federal and state income taxes on income in the Partnership or its subsidiaries, except for certain local and foreign income taxes discussed above. Taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period when the change is enacted. Deferred tax liabilities are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. The principal items giving rise to temporary differences are certain basis differences resulting from exchanges of Partnership units. See Tax Receivable Agreements below. Deferred tax assets are reduced by a valuation allowance when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent on the amount, timing and character of the Company’s future taxable income. When evaluating the realizability of deferred tax assets, all evidence – both positive and negative – is considered. This evidence includes, but is not limited to, expectations regarding future earnings, future reversals of existing temporary tax differences and tax planning strategies. The Company is subject to the provisions of ASC Subtopic 740-10, Accounting for Uncertainty in Income Taxes
Tax Receivable Agreements	Tax Receivable AgreementsSSG has entered into an Exchanges Tax Receivable Agreement (the “Exchanges Tax Receivable Agreement”) with the partners of the Partnership as of the date of the IPO and a Reorganization Tax Receivable Agreement with certain pre-IPO institutional investors (together with the Exchanges Tax Receivable Agreement, the “Tax Receivable Agreements”). The Tax Receivable Agreements provide for payment by SSG to such partners and pre-IPO institutional investors of the Partnership of 85% of the amount of the net cash tax savings, if any, that SSG realizes (or, under certain circumstances, is deemed to realize) as a result of increases in tax basis (and utilization of certain other tax benefits) resulting from (i) SSG’s acquisition of such partners’ and institutional investors’ Partnership units and (ii) in the case of the Exchanges Tax Receivable Agreement, any payments SSG makes under the Exchanges Tax Receivable Agreement (including tax benefits related to imputed interest). SSG will retain the benefit of the remaining 15% of these net cash tax savings under both Tax Receivable Agreements. In connection with the Greenspring acquisition, the sellers receiving Class C units of the Partnership became parties to the Exchanges Tax Receivable Agreement. See notes 13 and 14 for more information.
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive IncomeThe Company’s accumulated other comprehensive income consists of foreign currency translation adjustments and unrealized gains and losses on the defined benefit plan sponsored by one of its subsidiaries.
Segments	Segments The Company operates as one business, a fully-integrated private markets solution provider. The Company’s chief operating decision maker, which consists of the Company’s co-chief executive officers together, utilizes a consolidated approach to assess the performance of and allocate resources to the business. Accordingly, management has concluded that the Company consists of a single operating segment and single reportable segment for accounting and financial reporting purposes.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which modifies ASC 740 to simplify the accounting for income taxes. The guidance, among other changes, (i) provides a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax and (ii) provides guidance to evaluate whether a step-up in tax basis of goodwill relates to a business combination in which book goodwill was recognized or a separate transaction. This guidance is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company adopted this guidance on April 1, 2021. Adoption of this guidance did not have a material effect on the condensed consolidated financial statements. In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments , which modifies ASC 842 to amend the lease classification requirements for lessors to align with practice under ASC Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if the lease would have been classified as a sales-type lease or a direct financing lease under ASC 842, and the lessor would have otherwise recognized a day-one loss on the investment in the lease. This guidance is effective for annual periods beginning after December 15, 2021 and interim periods within those annual periods. The Company plans to adopt this guidance on April 1, 2022, and does expect the adoption of this guidance to have a material effect on the condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive income were as follows: As of September 30, 2021 March 31, 2021 Foreign currency translation adjustments $ 317 $ 208 Unrealized loss on defined benefit plan, net (49) (53) Accumulated other comprehensive income $ 268 $ 155

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount: Three Months Ended September 30, Six Months Ended September 30, Management and Advisory Fees, Net 2021 2020 2021 2020 Focused commingled funds $ 28,500 $ 30,821 $ 52,650 $ 50,674 SMAs 42,510 31,229 83,115 61,951 Advisory and other services 12,380 13,602 25,635 26,465 Fund reimbursement revenues 193 — 244 62 Total management and advisory fees, net $ 83,583 $ 75,652 $ 161,644 $ 139,152 Three Months Ended September 30, Six Months Ended September 30, Incentive Fees 2021 2020 2021 2020 SMAs $ 1,793 $ 1,168 $ 5,905 $ 4,757 Focused commingled funds 3 28 73 28 Total incentive fees $ 1,796 $ 1,196 $ 5,978 $ 4,785 Three Months Ended September 30, Six Months Ended September 30, Carried Interest Allocations 2021 2020 2021 2020 SMAs $ 129,829 $ 127,227 $ 302,622 $ 21,459 Focused commingled funds 66,557 38,838 120,126 16,104 Total carried interest allocations $ 196,386 $ 166,065 $ 422,748 $ 37,563 Three Months Ended September 30, Six Months Ended September 30, Legacy Greenspring Carried Interest Allocations 2021 2020 2021 2020 SMAs $ — $ — $ — $ — Focused commingled funds (1) — — — — Total legacy Greenspring carried interest allocations $ — $ — $ — $ — _______________________________ (1) Reflects the net effect of gross realized carried interest allocations of $3.0 million and the reversal of such amounts in unrealized carried interest allocations for the period from September 20, 2021 to September 30, 2021.
Revenue from External Customers by Geographic Areas	The table below presents the Company’s revenues by geographic location: Three Months Ended September 30, Six Months Ended September 30, Revenues (1) 2021 2020 2021 2020 United States $ 60,985 $ 46,551 $ 111,640 $ 51,961 Non-U.S. countries 220,780 196,362 478,730 129,539 _______________________________ (1) Revenues are attributed to countries based on client location for SMAs and advisory and other services, or location of investment vehicle for focused commingled funds.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Carrying Value of the Assets and Liabilities of the Company's Variable Interest Entities	The carrying value of the assets and liabilities recognized in the condensed consolidated balance sheets with respect to the Company’s interests in VIEs that were not consolidated is set forth below: As of September 30, 2021 March 31, 2021 Investments in funds $ 90,325 $ 74,379 Legacy Greenspring investments in funds 219,086 — Due from affiliates, net 7,768 4,218 Less: Amounts attributable to non-controlling interests in subsidiaries 8,950 7,488 Less: Amounts attributable to non-controlling interests in legacy Greenspring entities 219,086 — Maximum exposure to loss $ 89,143 $ 71,109

Investments (Tables)

Investments (Tables)	6 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The Company’s equity method investments consist of the following: As of September 30, 2021 March 31, 2021 Investments in funds $ 90,325 $ 74,379 Accrued carried interest allocations 1,215,919 896,523 Legacy Greenspring investments in funds and accrued carried interest allocations (1) 1,208,693 — Total investments $ 2,514,937 $ 970,902 _______________________________ (1) Reflects investments in funds of $219.1 million and carried interest allocations of $989.6 million. The Company recognized equity method income of the following: Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Carried interest allocations $ 196,386 $ 166,065 $ 422,748 $ 37,563 Investment income 7,187 4,325 13,611 1,147 Legacy Greenspring carried interest allocations (1) — — — — Legacy Greenspring investment income (2) — — — — Total equity method income $ 203,573 $ 170,390 $ 436,359 $ 38,710 _______________________________ (1) Reflects the net effect of gross realized carried interest allocations of $3.0 million and the reversal of such amounts in unrealized carried interest allocations for the period from September 20, 2021 to September 30, 2021. (2) Reflects the net effect of gross realized investment income of $1.4 million and the reversal of such amounts in unrealized investment income for the period from September 20, 2021 to September 30, 2021.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Liabilities	The following tables provide details regarding the classification of these liabilities within the fair value hierarchy as of the dates presented: As of September 30, 2021 Level I Level II Level III Total Liabilities Contingent consideration obligation $ — $ — $ 18,851 $ 18,851 Total liabilities $ — $ — $ 18,851 $ 18,851 As of March 31, 2021 Level I Level II Level III Total Liabilities Contingent consideration obligation $ — $ — $ 1,541 $ 1,541 Total liabilities $ — $ — $ 1,541 $ 1,541
Schedule of Changes in the Fair Value of Level III Financial Instruments	The changes in the fair value of Level III financial instruments are set forth below: Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Contingent Consideration Liability Balance, beginning of period: $ 1,306 $ 745 $ 1,541 $ 1,035 Additions 17,769 — 17,769 — (Gain) loss on change in fair value — — — — Settlements (224) (271) (459) (561) Balance, end of period: $ 18,851 $ 474 $ 18,851 $ 474 Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date $ — $ — $ — $ —

Intangibles and Goodwill (Table

Intangibles and Goodwill (Tables)	6 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net	Intangible assets, net consists of the following: As of September 30, 2021 March 31, 2021 Management contracts $ 352,002 $ 41,058 Client relationships 96,650 — Service agreements 9,537 — Less: Accumulated amortization (38,057) (35,567) Intangible assets, net $ 420,132 $ 5,491
Schedule of Future Amortization of Finite-lived Intangible Assets	At September 30, 2021, the expected future amortization of finite-lived intangible assets is as follows: Remainder of FY2022 $ 22,006 FY2023 43,481 FY2024 42,645 FY2025 41,955 FY2026 41,764 Thereafter 228,281 Total $ 420,132

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt Obligations	The Company’s debt obligations consist of the following: As of September 30, 2021 March 31, 2021 Revolver $ 115,000 $ — Less: Debt issuance costs (2,356) — Total debt obligations $ 112,644 $ —

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Unvested Restricted Stock Units Activity	The change in unvested RSUs is as follows: Number of RSUs Weighted-Average Grant-Date Fair Value Per RSU Balance as of March 31, 2021 2,549,861 $ 18.54 Granted 17,173 $ 45.18 Vested (625,281) $ 18.34 Forfeited (35,792) $ 18.00 Balance as of September 30, 2021 1,905,961 $ 18.85

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Reconciliations of Basic and Diluted Earnings Per Share of Class A Common Stock	The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock: Three Months Ended September 30, 2021 Period from IPO date to September 30, 2020 Six Months Ended September 30, 2021 (in thousands, except share and per share amounts) Numerator: Net income (loss) attributable to StepStone Group Inc. – Basic $ 62,074 $ (790) $ 103,724 Incremental income from assumed vesting of RSUs 1,856 — 2,797 Incremental income from assumed vesting and exchange of Class B2 units 2,693 — 4,519 Net income (loss) attributable to StepStone Group Inc. – Diluted $ 66,623 $ (790) $ 111,040 Denominator: Weighted-average shares of Class A common stock outstanding – Basic 41,745,492 29,237,500 40,401,379 Assumed vesting of RSUs 1,691,661 — 1,523,631 Assumed vesting and exchange of Class B2 units 2,471,208 — 2,480,045 Weighted-average shares of Class A common stock outstanding – Diluted 45,908,361 29,237,500 44,405,055 Net income (loss) per share of Class A common stock: Basic $ 1.49 $ (0.03) $ 2.57 Diluted $ 1.45 $ (0.03) $ 2.50

Related Party Disclosures (Tabl

Related Party Disclosures (Tables)	6 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Due from affiliates in the condensed consolidated balance sheets consists primarily of fees and accounts receivable from the StepStone Funds, advances made on behalf of the StepStone Funds for the payment of certain organization and operating costs and expenses for which the Company is subsequently reimbursed, and amounts due from employees, as set forth below. As of September 30, 2021 March 31, 2021 Amounts receivable from StepStone Funds $ 9,520 $ 6,958 Amounts receivable from employees 716 516 Total due from affiliates $ 10,236 $ 7,474 Due to affiliates in the condensed consolidated balance sheets consists primarily of amounts payable to certain non-controlling interest holders in connection with the Tax Receivable Agreements, amounts payable to the StepStone Funds and distributions payable to certain employee equity holders of consolidated subsidiaries, as set forth below. As of September 30, 2021 March 31, 2021 Amounts payable to non-controlling interest holders in connection with Tax Receivable Agreements $ 142,819 $ 107,216 Amounts payable to StepStone Funds 1,751 2,740 Distributions payable to certain employee equity holders of consolidated subsidiaries 3,664 3,566 Total due to affiliates $ 148,234 $ 113,522

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Rollforward of the Company's Shares of Common Stock Outstanding Since IPO	The following table shows a rollforward of the Company’s shares of common stock outstanding since March 31, 2021: Class A Common Stock Class B Common Stock March 31, 2021 38,437,500 56,378,831 Class A common stock issued for Greenspring acquisition 12,686,756 — Class A common stock issued in exchange for Class B partnership units 3,985,719 (3,985,719) Class A common stock issued for vesting of RSUs 625,281 — September 30, 2021 55,735,256 52,393,112

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Aggregate Purchase Price and Estimated Fair Values of Assets Acquired and Liabilities Assumed	The aggregate purchase price for the acquisition of Greenspring and the estimated fair values of the assets acquired and liabilities assumed at the acquisition date were as follows: Acquisition date fair value of consideration transferred: Cash consideration $ 186,577 Class A common stock 558,598 Class C units of the Partnership 135,239 Contingent consideration 17,769 Total purchase price $ 898,183 Estimated fair value of assets acquired and liabilities assumed: Cash and short-term receivables $ 5,723 Legacy Greenspring investments in funds and accrued carried interest allocations (1) 1,213,792 Lease right-of-use assets, net 2,585 Other assets and receivables 2,146 Finite-lived intangible assets—contractual rights: management contracts 310,944 Finite-lived intangible assets—client relationships 96,650 Finite-lived intangible assets—contractual rights: service agreements 9,537 Goodwill 576,181 Deferred income taxes (98,538) Accrued expenses and other liabilities (4,460) Legacy Greenspring accrued carried interest-related compensation (1) (992,646) Lease liabilities (2,585) Non-controlling interests in legacy Greenspring entities (1) (221,146) Total $ 898,183 _______________________________ (1) Represents investments in funds and carried interest allocations attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. Such amounts are attributable to employees and therefore have been reflected as non-controlling interests in legacy Greenspring entities and legacy Greenspring accrued carried interest-related compensation, respectively.
Pro Forma Effect	The following supplemental unaudited pro forma information assumes the Greenspring acquisition, as well as the Reorganization and IPO, had been consummated as of April 1, 2020: Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Revenues $ 552,671 $ 338,630 $ 1,079,820 $ 303,478 Net income attributable to StepStone Group Inc. 40,068 27,907 88,179 4,637

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Components of Lease Expense and Supplemental Cash Flow Information	The components of lease expense included in general, administrative and other expenses in the condensed consolidated statements of income were as follows: Three Months Ended September 30, 2021 Six Months Ended September 30, 2021 Operating lease cost (1) $ 2,686 $ 5,360 Variable lease cost 210 469 Sublease income (426) (856) Total lease cost $ 2,470 $ 4,973 _______________________________ (1) Operating lease cost includes an immaterial amount of short-term leases. Supplemental cash flow information related to leases was as follows: Six Months Ended September 30, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 4,342 Weighted-average remaining lease term for operating leases (in years) 8.0 Weighted-average discount rate for operating leases 2.7 %
Schedule of Maturities of Operating Lease Liabilities	As of September 30, 2021, maturities of operating lease liabilities were as follows: Remainder of FY2022 $ 5,943 FY2023 10,577 FY2024 11,136 FY2025 10,172 FY2026 9,857 Thereafter 36,546 Total lease liabilities 84,231 Less: Imputed interest (8,425) Total operating lease liabilities $ 75,806

Organization (Details)

Organization (Details) $ / shares in Units, $ in Thousands	Sep. 18, 2020USD ($)vote$ / sharesshares	Sep. 30, 2021shares	Sep. 30, 2021USD ($)shares	Sep. 30, 2020USD ($)
Subsidiary, Sale of Stock [Line Items]
Shares redeemed (in shares)	100
Offering costs | $			$ 1,079	$ 5,899
Purchase of non-controlling interests | $			$ 3,046	$ 131,294
Conversion of Class B Units to Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Conversion of stock (in shares)	1
Blocker Entities | Owners
Subsidiary, Sale of Stock [Line Items]
Ownership percentage	100.00%
Partnership
Subsidiary, Sale of Stock [Line Items]
Economic interest		50.10%	50.10%
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, number of votes | vote	1
Class A Common Stock | Greenspring
Subsidiary, Sale of Stock [Line Items]
Stock issued for acquisition (in shares)		12,686,756
Class A Common Stock | Partnership
Subsidiary, Sale of Stock [Line Items]
Purchase of non-controlling interests | $	$ 209,800
Number of partnership units acquired (in shares)	12,500,000
Class A Common Stock | Blocker Entities | Owners
Subsidiary, Sale of Stock [Line Items]
Number of shares owned after all transactions (in shares)	9,112,500
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, number of votes | vote	5
Class B Common Stock | Partnership
Subsidiary, Sale of Stock [Line Items]
Purchase of non-controlling interests | $	$ 128,000
Number of partnership units acquired (in shares)	7,625,000
Class C units
Subsidiary, Sale of Stock [Line Items]
Conversion basis (in shares)			1
Class C units | Greenspring
Subsidiary, Sale of Stock [Line Items]
Stock issued for acquisition (in shares)		3,071,519
General Partner | Partnership
Subsidiary, Sale of Stock [Line Items]
Membership ownership percentage	100.00%
IPO
Subsidiary, Sale of Stock [Line Items]
Net proceeds from stock offering | $	$ 337,800
Offering costs | $	24,500
IPO | Partnership
Subsidiary, Sale of Stock [Line Items]
Offering costs | $	$ 9,700
IPO | Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Shares sold in offering (in shares)	20,125,000
Offering price per share (in dollars per share) | $ / shares	$ 18

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)	Apr. 01, 2021USD ($)	Mar. 31, 2021USD ($)
Accounting Policies [Abstract]
Lease right-of-use assets, net	$ 65,476,000		$ 65,476,000		$ 66,700,000	$ 0
Lease liabilities	75,806,000		$ 75,806,000		$ 76,900,000	$ 0
Incentive fees as percentage of profits			10.00%
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment of finite-lived intangible assets	$ 0	$ 0	$ 0	$ 0
Number of operating segments | segment			1
Number of reportable segments | segment			1
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible assets, estimated useful lives			8 years
Carried interest allocation as percentage of cumulative fund or account performance			5.00%
Revenue, carried interest allocation, minimum return levels required			5.00%
Legacy carried interest allocation as percentage of cumulative fund or account performance			5.00%
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible assets, estimated useful lives			10 years
Carried interest allocation as percentage of cumulative fund or account performance			15.00%
Revenue, carried interest allocation, minimum return levels required			10.00%
Legacy carried interest allocation as percentage of cumulative fund or account performance			20.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - AOCI (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	$ 1,731,753	$ 761,135	$ 659,693	$ 424,395
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	317		208
Unrealized loss on defined benefit plan, net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	(49)		(53)
Accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	$ 268	$ 215	$ 155	$ (22)

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregation of Revenue by Product Offering (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total carried interest allocations		$ 196,386		$ 166,065		$ 422,748		$ 37,563
Management and advisory fees, net
Disaggregation of Revenue [Line Items]
Revenues		83,583		75,652		161,644		139,152
Focused commingled funds
Disaggregation of Revenue [Line Items]
Revenues		28,500		30,821		52,650		50,674
SMAs
Disaggregation of Revenue [Line Items]
Revenues		42,510		31,229		83,115		61,951
Advisory and other services
Disaggregation of Revenue [Line Items]
Revenues		12,380		13,602		25,635		26,465
Fund reimbursement revenues
Disaggregation of Revenue [Line Items]
Revenues		193		0		244		62
Total incentive fees
Disaggregation of Revenue [Line Items]
Revenues		1,796		1,196		5,978		4,785
SMAs
Disaggregation of Revenue [Line Items]
Revenues		1,793		1,168		5,905		4,757
Focused commingled funds
Disaggregation of Revenue [Line Items]
Revenues		3		28		73		28
Carried interest allocation, SMAs
Disaggregation of Revenue [Line Items]
Total carried interest allocations		129,829		127,227		302,622		21,459
Carried interest allocation, focused comingled funds
Disaggregation of Revenue [Line Items]
Total carried interest allocations		66,557		38,838		120,126		16,104
Legacy Greenspring carried interest allocations
Disaggregation of Revenue [Line Items]
Total carried interest allocations	$ 3,000	0	[1]	0	[1]	0	[1]	0	[1]
Legacy carried interest allocation, SMAs
Disaggregation of Revenue [Line Items]
Total carried interest allocations		0		0		0		0
Legacy carried interest allocation, focused comingled funds
Disaggregation of Revenue [Line Items]
Total carried interest allocations	$ 3,000	$ 0		$ 0		$ 0		$ 0
[1]	Reflects the net effect of gross realized gains and the reversal of such amounts in unrealized gains. See notes 3, 5 and 14 for more information.

Revenues - Schedule of Disagg_2

Revenues - Schedule of Disaggregation of Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 281,765	$ 242,913	$ 590,370	$ 181,500
United States
Disaggregation of Revenue [Line Items]
Total revenues	60,985	46,551	111,640	51,961
Non-U.S. countries
Disaggregation of Revenue [Line Items]
Total revenues	$ 220,780	$ 196,362	$ 478,730	$ 129,539

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Sep. 30, 2021	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 20.3	$ 13.9
Deferred revenue, revenue recognized	$ 0.3

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Variable Interest Entity [Line Items]
Assets	$ 3,831,487	$ 1,320,772
Liabilities	2,099,734	661,079
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	1,298,126	65,325
Liabilities	$ 1,042,906	$ 26,929

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Variable Interest Entity [Line Items]
Investments in funds	$ 90,325	$ 74,379
Legacy Greenspring investments in funds	219,100
Due from affiliates	10,236	7,474
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in funds	90,325	74,379
Legacy Greenspring investments in funds	219,086	0
Due from affiliates	7,768	4,218
Maximum exposure to loss	89,143	71,109
Variable Interest Entity, Not Primary Beneficiary, Subsidiaries
Variable Interest Entity [Line Items]
Less: Amounts attributable to non-controlling interests	8,950	7,488
Variable Interest Entity, Not Primary Beneficiary, Legacy Entities
Variable Interest Entity [Line Items]
Less: Amounts attributable to non-controlling interests	$ 219,086	$ 0

Investments - Equity Method Inv

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in funds		$ 90,325	$ 74,379
Accrued carried interest allocations		1,215,919	896,523
Legacy Greenspring investments in funds and accrued carried interest allocations	[1]	1,208,693	0
Investments in funds		2,514,937	$ 970,902
Legacy Greenspring investments in funds		219,100
Legacy Greenspring accrued carried interest allocations		$ 989,600
[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 5 and 14 for more information.

Investments - Equity Method Inc

Investments - Equity Method Income (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Total carried interest allocations		$ 196,386		$ 166,065		$ 422,748		$ 37,563
Investment income		7,187		4,325		13,611		1,147
Legacy Greenspring investment income	$ 1,400	0	[1]	0	[1]	0	[1]	0	[1]
Total equity method income		203,573		170,390		436,359		38,710
Legacy Greenspring carried interest allocations
Schedule of Equity Method Investments [Line Items]
Total carried interest allocations	$ 3,000	$ 0	[1]	$ 0	[1]	$ 0	[1]	$ 0	[1]
[1]	Reflects the net effect of gross realized gains and the reversal of such amounts in unrealized gains. See notes 3, 5 and 14 for more information.

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Mar. 31, 2021
Product Information [Line Items]
Accrued carried interest-related compensation		$ 638,754	$ 465,610
Legacy Greenspring investments in funds and accrued carried interest allocations	[1]	1,208,693	0
Legacy Entities
Product Information [Line Items]
Non-controlling interests	[1]	219,086	0
Non-controlling interest holders
Product Information [Line Items]
Accrued carried interest-related compensation		638,800	$ 465,600
Legacy Greenspring investments in funds and accrued carried interest allocations		$ 989,600
Revenue Benchmark | Separately Managed Account Concentration Risk | Three Investments
Product Information [Line Items]
Equity method investment, total accrued carried interest allocation percentage		34.00%
Revenue Benchmark | Separately Managed Account Concentration Risk | Two Investments
Product Information [Line Items]
Equity method investment, total accrued carried interest allocation percentage			26.00%
Revenue Benchmark | Comingled Funds Concentration Risk | Two Investments
Product Information [Line Items]
Equity method investment, total accrued carried interest allocation percentage		40.00%
[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 5 and 14 for more information.

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligation	$ 18,851	$ 1,541
Total liabilities	18,851	1,541
Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligation	0	0
Total liabilities	0	0
Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligation	0	0
Total liabilities	0	0
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligation	18,851	1,541
Total liabilities	$ 18,851	$ 1,541

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Changes in the Fair Value of Level III Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period:	$ 1,306	$ 745	$ 1,541	$ 1,035
Additions	17,769	0	17,769	0
(Gain) loss on change in fair value	0	0	0	0
Settlements	(224)	(271)	(459)	(561)
Balance, end of period:	18,851	474	18,851	474
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	Sep. 20, 2021USD ($)	Sep. 30, 2021USD ($)
Greenspring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration	$ 17,769	$ 17,800
Measurement Input, Discount Rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input		3
Measurement Input, Discount Rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input		10

Intangibles and Goodwill - Sche

Intangibles and Goodwill - Schedule of Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Less: Accumulated amortization	$ (38,057)	$ (35,567)
Intangibles, net	420,132	5,491
Management contracts
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	352,002	41,058
Client relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	96,650	0
Service agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 9,537	$ 0

Intangibles and Goodwill - Narr

Intangibles and Goodwill - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 20, 2021	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,900,000	$ 800,000	$ 2,500,000	$ 1,700,000
Finite-Lived Intangible Assets [Line Items]
Goodwill	582,973,000		582,973,000			$ 6,792,000
Goodwill, impairment loss	$ 0		$ 0			$ 0
Greenspring
Finite-Lived Intangible Assets [Line Items]
Goodwill					$ 576,181,000
Management contracts | Greenspring
Finite-Lived Intangible Assets [Line Items]
Business acquisition, finite-lived intangible assets					310,900,000
Client relationships | Greenspring
Finite-Lived Intangible Assets [Line Items]
Business acquisition, finite-lived intangible assets					96,650,000
Service agreements | Greenspring
Finite-Lived Intangible Assets [Line Items]
Business acquisition, finite-lived intangible assets					$ 9,500,000

Intangibles and Goodwill - Sc_2

Intangibles and Goodwill - Schedule of Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of FY2022	$ 22,006
FY2023	43,481
FY2024	42,645
FY2025	41,955
FY2026	41,764
Thereafter	228,281
Intangibles, net	$ 420,132	$ 5,491

Debt Obligations - Narrative (D

Debt Obligations - Narrative (Details) - USD ($)	6 Months Ended
	Sep. 30, 2021	Mar. 31, 2021
Line of Credit Facility [Line Items]
Debt obligations outstanding	$ 112,644,000	$ 0
Credit Agreement
Line of Credit Facility [Line Items]
Letters of credit outstanding	2,800,000
Revolving credit facility | Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 225,000,000
Term	5 years
Debt obligations outstanding	$ 112,600,000
Base interest rate	1.00%
Interest rate in effect	2.13%
Spread on base commitment fee percentage if utilization greater than 50%	0.25%
Spread on base commitment fee percentage if utilization less than 50%	0.35%
Revolving credit facility | Credit Agreement | New York Federal Reserve Bank Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	0.50%
Revolving credit facility | Credit Agreement | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	1.00%
Revolving credit facility | Credit Agreement | LIBOR Rate Multiplied By Statutory Reserve Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.00%
Revolving credit facility | Credit Agreement | EURIBOR Rate Multiplied By Statutory Reserve Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.00%
Revolving credit facility | Credit Agreement | Sterling Overnight Index Average
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.03%
Revolving credit facility | Credit Agreement | Swiss Average Rate Overnight
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.00%
Revolving credit facility | Credit Agreement | AUD Screen Rate Multiplied By Statutory Reserve Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.20%
Letters of credit | Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10,000,000

Debt Obligations (Details)

Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Debt Disclosure [Abstract]
Revolver	$ 115,000	$ 0
Less: Debt issuance costs	(2,356)	0
Total debt obligations	$ 112,644	$ 0

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) $ in Millions	6 Months Ended
	Sep. 30, 2021USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	919,687
Unrecognized non-cash compensation | $	$ 40.6
Unrecognized non-cash compensation, period of recognition	3 years 2 months 12 days
Class B2 units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion basis (in shares)	1
Outstanding (in shares)	2,566,566
Forfeited (in shares)	0
Unvested awards (in shares)	1,646,879

Equity-Based Compensation - Unv

Equity-Based Compensation - Unvested RSUs (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Sep. 30, 2021$ / sharesshares
Number of RSUs
Beginning balance (in shares) | shares	2,549,861
Granted (in shares) | shares	17,173
Vested (in shares) | shares	(625,281)
Forfeited (in shares) | shares	(35,792)
Ending balance (in shares) | shares	1,905,961
Weighted-Average Grant-Date Fair Value Per RSU
Beginning balance (in dollars per share) | $ / shares	$ 18.54
Granted (in dollars per share) | $ / shares	45.18
Vested (in dollars per share) | $ / shares	18.34
Forfeited (in dollars per share) | $ / shares	18
Ending balance (in dollars per share) | $ / shares	$ 18.85

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Decrease in deferred tax assets			$ 103,000,000
Decrease in valuation allowance			30,500,000
Benefit from release of valuation allowance			25,300,000
Due to related parties, tax receivable agreements	$ 36,500,000		$ 36,500,000
Effective tax rate	(12.40%)	0.80%	0.10%	3.50%
Business Acquisition [Line Items]
Benefit from release of valuation allowance			$ 25,300,000
Unrecognized tax benefits	$ 0		0
Changes to uncertain tax positions	$ 0		0
Greenspring
Income Tax Disclosure [Abstract]
Benefit from release of valuation allowance			25,300,000
Business Acquisition [Line Items]
Benefit from release of valuation allowance			$ 25,300,000
Benefit from release of valuation allowance, percent			9.90%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income (loss) attributable to StepStone Group Inc. – Basic	$ (790)	$ 62,074	$ (790)	$ 103,724	$ (790)
Net income (loss) attributable to StepStone Group Inc. – Diluted	$ (790)	$ 66,623		$ 111,040
Denominator:
Weighted-average shares of Class A common stock outstanding – Basic (in shares)	29,237,500	41,745,492	29,237,500	40,401,379	29,237,500
Weighted-average shares of Class A common stock outstanding - Diluted (in shares)	29,237,500	45,908,361	29,237,500	44,405,055	29,237,500
Net income (loss) per share of Class A common stock:
Basic (in dollars per share)	$ (0.03)	$ 1.49	$ (0.03)	$ 2.57	$ (0.03)
Diluted (in dollars per share)	$ (0.03)	$ 1.45	$ (0.03)	$ 2.50	$ (0.03)
Restricted Stock Units (RSUs)
Numerator:
Incremental income from assumed vesting and exchange of restricted share units and Class B units	$ 0	$ 1,856		$ 2,797
Denominator:
Assumed vesting of RSUs and exchange of Class B2 units (in shares)	0	1,691,661		1,523,631
Class B2 units
Numerator:
Incremental income from assumed vesting and exchange of restricted share units and Class B units	$ 0	$ 2,693		$ 4,519
Denominator:
Assumed vesting of RSUs and exchange of Class B2 units (in shares)	0	2,471,208		2,480,045

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	1 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Mar. 31, 2021
Class B units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)	65,578,831	52,393,112	56,378,831
Class C units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)		3,071,519
Class A common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,509,445
Class B2 units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,591,352
Class B units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	94,574

Related Party Disclosures - Nar

Related Party Disclosures - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Management and advisory fees, net | StepStone Funds
Related Party Transaction [Line Items]
Revenue from related parties		$ 51	$ 47.8	$ 96.9	$ 85.1
Carried interest allocation revenues | StepStone Funds
Related Party Transaction [Line Items]
Revenue from related parties		196.4	$ 166.1	422.7	$ 37.6
Tax Receivable Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Expenses to related parties		0		0.6
Legacy Greenspring carried interest allocations | StepStone Funds
Related Party Transaction [Line Items]
Revenue from related parties	$ 3	$ 0		$ 0

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Related Party Transaction [Line Items]
Due from affiliates	$ 10,236	$ 7,474
Due to affiliates	148,234	113,522
Legacy Funds
Related Party Transaction [Line Items]
Due to affiliates	142,819	107,216
StepStone Funds
Related Party Transaction [Line Items]
Due from affiliates	9,520	6,958
Due to affiliates	1,751	2,740
Certain employee equity holders
Related Party Transaction [Line Items]
Due from affiliates	716	516
Due to affiliates	$ 3,664	$ 3,566

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	Aug. 10, 2021$ / shares	Sep. 30, 2021classOfStock$ / sharesshares	Jun. 30, 2021shares	Mar. 31, 2021$ / sharesshares	Jun. 30, 2020USD ($)	Sep. 30, 2021USD ($)classOfStock$ / sharesshares	Sep. 30, 2020USD ($)
Equity [Abstract]
Number of classes of common stock outstanding | classOfStock		2				2
Preferred stock, shares authorized (in shares)		25,000,000				25,000,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.001				$ 0.001
Preferred stock, shares issued (in shares)		0				0
Preferred stock, shares outstanding (in shares)		0				0
Subsidiary, Sale of Stock [Line Items]
Purchase of non-controlling interests | $						$ 3,046	$ 131,294
Sale of partnership interests | $						$ 0	$ 3,308
Dividend (in dollars per share) | $ / shares	$ 0.07
SRA
Subsidiary, Sale of Stock [Line Items]
Purchase of non-controlling interests | $					$ 3,300
Sale of partnership interests | $					$ 3,300
Public offering
Subsidiary, Sale of Stock [Line Items]
Shares sold in offering (in shares)				9,200,000
Offering price per share (in dollars per share) | $ / shares				$ 29.50
Underwriters' option
Subsidiary, Sale of Stock [Line Items]
Shares sold in offering (in shares)				1,200,000
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares issued (in shares)		2,087,281	1,898,438	9,200,000
Class A Common Stock | Greenspring
Subsidiary, Sale of Stock [Line Items]
Stock issued for acquisition (in shares)		12,686,756
Class C units
Subsidiary, Sale of Stock [Line Items]
Conversion basis (in shares)						1
Class C units | Greenspring
Subsidiary, Sale of Stock [Line Items]
Stock issued for acquisition (in shares)		3,071,519
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares exchanged (in shares)		2,087,281	1,898,438	9,200,000
SRA
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest, ownership by parent		49.00%				49.00%
Noncontrolling interest, ownership by noncontrolling owners		51.00%				51.00%

Stockholders' Equity - Shares o

Stockholders' Equity - Shares of Stock Outstanding (Details)	6 Months Ended
	Sep. 30, 2021shares
Class A Common Stock
Schedule of Common Stock Outstanding [Roll Forward]
Common stock, shares outstanding, beginning balance (in shares)	38,437,500
Class A common stock issued for Greenspring acquisition (in shares)	12,686,756
Class A common stock issued in exchange for Class B partnership units (in shares)	3,985,719
Class A common stock issued for vesting of RSUs (in shares)	625,281
Common stock, shares outstanding, ending balance (in shares)	55,735,256
Class B Common Stock
Schedule of Common Stock Outstanding [Roll Forward]
Common stock, shares outstanding, beginning balance (in shares)	56,378,831
Class A common stock issued in exchange for Class B partnership units (in shares)	(3,985,719)
Common stock, shares outstanding, ending balance (in shares)	52,393,112

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Thousands	Sep. 20, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2021	Mar. 31, 2021	Sep. 18, 2020
Business Acquisition [Line Items]
Goodwill		$ 582,973	$ 582,973	$ 582,973	$ 6,792
Restricted Stock Units (RSUs)
Business Acquisition [Line Items]
Unvested awards (in shares)		1,905,961	1,905,961	1,905,961	2,549,861	2,500,000
Greenspring
Business Acquisition [Line Items]
Ownership percentage acquired	100.00%
Cash consideration, net of working capital adjustment	$ 185,000
Earn-out (up to)	75,000
Acquisition-related costs			$ 10,300	$ 13,800
Goodwill	576,181
Revenue since acquisition date				2,300
Earnings since acquisition date				$ 1,000
Greenspring | Contractual rights
Business Acquisition [Line Items]
Finite-lived intangible assets	320,500
Weighted-average amortization period				10 years
Greenspring | Client relationships
Business Acquisition [Line Items]
Finite-lived intangible assets	$ 96,650
Greenspring | Class A Common Stock
Business Acquisition [Line Items]
Stock issued for acquisition (in shares)		12,686,756
Greenspring | Class C units
Business Acquisition [Line Items]
Stock issued for acquisition (in shares)		3,071,519

Business Combinations - Aggrega

Business Combinations - Aggregate Purchase Price (Details) - Greenspring - USD ($) $ in Thousands	Sep. 20, 2021	Sep. 30, 2021
Acquisition date fair value of consideration transferred:
Cash consideration	$ 186,577
Contingent consideration	17,769	$ 17,800
Total purchase price	898,183
Class A common stock
Acquisition date fair value of consideration transferred:
Common stock and units	558,598
Class C units
Acquisition date fair value of consideration transferred:
Common stock and units	$ 135,239

Business Combinations - Estimat

Business Combinations - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 20, 2021	Mar. 31, 2021
Estimated fair value of assets acquired and liabilities assumed:
Goodwill	$ 582,973		$ 6,792
Greenspring
Estimated fair value of assets acquired and liabilities assumed:
Cash and short-term receivables		$ 5,723
Legacy Greenspring investments in funds and accrued carried interest allocations		1,213,792
Lease right-of-use assets, net		2,585
Other assets and receivables		2,146
Goodwill		576,181
Deferred income taxes		(98,538)
Accrued expenses and other liabilities		(4,460)
Legacy Greenspring accrued carried interest-related compensation		(992,646)
Lease liabilities		(2,585)
Non-controlling interests in legacy Greenspring entities		(221,146)
Total		898,183
Greenspring | Contractual rights: management contracts
Estimated fair value of assets acquired and liabilities assumed:
Finite-lived intangible assets		310,944
Greenspring | Client relationships
Estimated fair value of assets acquired and liabilities assumed:
Finite-lived intangible assets		96,650
Greenspring | Contractual rights: service agreements
Estimated fair value of assets acquired and liabilities assumed:
Finite-lived intangible assets		$ 9,537

Business Combinations - Pro For

Business Combinations - Pro Forma Effect (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Combination and Asset Acquisition [Abstract]
Revenues	$ 552,671	$ 338,630	$ 1,079,820	$ 303,478
Net income attributable to StepStone Group Inc.	$ 40,068	$ 27,907	$ 88,179	$ 4,637

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)city	Sep. 30, 2020USD ($)	Mar. 31, 2021USD ($)
Other Commitments [Line Items]
Number of cities for leased offices | city		21
Lease not yet commenced, future lease payments		$ 3.5
Lease not yet commenced, term		9 years
Occupancy expense	$ 2.3		$ 4.6
Unfunded capital commitments		$ 72.3		$ 60.5
Carried interest, contingent repayment obligations		156
Legacy Funds
Other Commitments [Line Items]
Unfunded capital commitments		$ 39.2

Commitment and Contingencies _2

Commitment and Contingencies - Components of Lease Expense and Supplemental Cash Flow Information (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 2,686	$ 5,360
Variable lease cost	210	469
Sublease income	(426)	(856)
Total lease cost	$ 2,470	4,973
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases		$ 4,342
Weighted-average remaining lease term for operating leases	8 years	8 years
Weighted-average discount rate for operating leases	2.70%	2.70%

Commitment and Contingencies _3

Commitment and Contingencies - Operating Lease Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Apr. 01, 2021	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Remainder of FY2022	$ 5,943
FY2023	10,577
FY2024	11,136
FY2025	10,172
FY2026	9,857
Thereafter	36,546
Total lease liabilities	84,231
Less: Imputed interest	(8,425)
Total operating lease liabilities	$ 75,806	$ 76,900	$ 0

Subsequent Events (Details)

Subsequent Events (Details)	Nov. 09, 2021$ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends payable (in dollars per share)	$ 0.15

Uncategorized Items - step-2021

Label	Element	Value
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	$ 0
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	710,000
Partners' Capital Account, Sale of Units	us-gaap_PartnersCapitalAccountSaleOfUnits	3,308,000
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	337,798,000
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	337,798,000
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	12,000
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	63,585,000
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	34,279,000
Partners' Capital Account, Treasury Units, Purchased	us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases	3,308,000
Partners' Capital Account, Reallocation Between Controlling And Non-Controlling Interest	step_PartnersCapitalAccountReallocationBetweenControllingAndNonControllingInterest	0
Partners' Capital Account, Reallocation Between Controlling And Non-Controlling Interest	step_PartnersCapitalAccountReallocationBetweenControllingAndNonControllingInterest	0
Partners' Capital Account, Reallocation Between Controlling And Non-Controlling Interest	step_PartnersCapitalAccountReallocationBetweenControllingAndNonControllingInterest	0
Adjustments To Additional Paid In Capital, Deferred Tax Effect Of Exchange	step_AdjustmentsToAdditionalPaidInCapitalDeferredTaxEffectOfExchange	7,128,000
Partners' Capital Account, Contributions	us-gaap_PartnersCapitalAccountContributions	27,000
Partners' Capital Account, Contributions	us-gaap_PartnersCapitalAccountContributions	12,000
Adjustments To Additional Paid In Capital, Purchase Of Partnership Interests	step_AdjustmentsToAdditionalPaidInCapitalPurchaseOfPartnershipInterests	127,986,000
Adjustments To Additional Paid In Capital, Purchase Of Partnership Interests	step_AdjustmentsToAdditionalPaidInCapitalPurchaseOfPartnershipInterests	127,986,000
Adjustments To Additional Paid In Capital, Reallocation Of Noncontrolling Interest	step_AdjustmentsToAdditionalPaidInCapitalReallocationOfNoncontrollingInterest	0
Partners' Capital Account, Unit-based Payment Arrangement, Amount	us-gaap_PartnersCapitalAccountUnitBasedCompensation	725,000
Partners' Capital Account, Unit-based Payment Arrangement, Amount	us-gaap_PartnersCapitalAccountUnitBasedCompensation	242,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	9,667,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	9,667,000
Limited Partner [Member]
Partners' Capital Account, Sale of Units	us-gaap_PartnersCapitalAccountSaleOfUnits	0
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	50,424,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	45,265,000
Partners' Capital Account, Treasury Units, Purchased	us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases	0
Partners' Capital Account, Contributions	us-gaap_PartnersCapitalAccountContributions	27,000
Partners' Capital Account, Unit-based Payment Arrangement, Amount	us-gaap_PartnersCapitalAccountUnitBasedCompensation	723,000
Retained Earnings [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	(790,000)
Partners' Capital [Member]
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	(211,894,000)
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	(211,894,000)
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	25,235,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	101,718,000
Partners' Capital Account, Reallocation Between Controlling And Non-Controlling Interest	step_PartnersCapitalAccountReallocationBetweenControllingAndNonControllingInterest	252,000
Partners' Capital Account, Reallocation Between Controlling And Non-Controlling Interest	step_PartnersCapitalAccountReallocationBetweenControllingAndNonControllingInterest	252,000
Partners' Capital Account, Contributions	us-gaap_PartnersCapitalAccountContributions	12,000
Partners' Capital Account, Unit-based Payment Arrangement, Amount	us-gaap_PartnersCapitalAccountUnitBasedCompensation	240,000
Noncontrolling Interest [Member]
Partners' Capital Account, Sale of Units	us-gaap_PartnersCapitalAccountSaleOfUnits	3,308,000
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	13,161,000
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	216,000
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	350,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	12,428,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	8,335,000
Partners' Capital Account, Treasury Units, Purchased	us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases	3,308,000
Partners' Capital Account, Contributions	us-gaap_PartnersCapitalAccountContributions	0
Partners' Capital Account, Unit-based Payment Arrangement, Amount	us-gaap_PartnersCapitalAccountUnitBasedCompensation	2,000
Partners' Capital Account, Unit-based Payment Arrangement, Amount	us-gaap_PartnersCapitalAccountUnitBasedCompensation	2,000
Additional Paid-in Capital [Member]
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	23,432,000
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	23,432,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	219,000
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	337,778,000
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	337,778,000
Partners' Capital Account, Reallocation Between Controlling And Non-Controlling Interest	step_PartnersCapitalAccountReallocationBetweenControllingAndNonControllingInterest	(103,063,000)
Adjustments To Additional Paid In Capital, Deferred Tax Effect Of Exchange	step_AdjustmentsToAdditionalPaidInCapitalDeferredTaxEffectOfExchange	7,128,000
Adjustments To Additional Paid In Capital, Purchase Of Partnership Interests	step_AdjustmentsToAdditionalPaidInCapitalPurchaseOfPartnershipInterests	127,979,000
Adjustments To Additional Paid In Capital, Purchase Of Partnership Interests	step_AdjustmentsToAdditionalPaidInCapitalPurchaseOfPartnershipInterests	127,979,000
Adjustments To Additional Paid In Capital, Reallocation Of Noncontrolling Interest	step_AdjustmentsToAdditionalPaidInCapitalReallocationOfNoncontrollingInterest	(103,063,000)
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	2,981,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	2,981,000
AOCI Attributable to Parent [Member]
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	(513,000)
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	(513,000)
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	335,000
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	207,000
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	(22,000)
Partnership Of Subsidiary [Member] | Noncontrolling Interest [Member]
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	188,893,000
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	188,893,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	489,000
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	0
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	(50,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	(1,604,000)
Partners' Capital Account, Reallocation Between Controlling And Non-Controlling Interest	step_PartnersCapitalAccountReallocationBetweenControllingAndNonControllingInterest	103,063,000
Adjustments To Additional Paid In Capital, Reallocation Of Noncontrolling Interest	step_AdjustmentsToAdditionalPaidInCapitalReallocationOfNoncontrollingInterest	103,063,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	6,686,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	6,686,000
Subsidiaries [Member] | Noncontrolling Interest [Member]
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	2,000
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	12,000
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	9,044,000
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	(76,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	710,000
Partners' Capital Account, Reallocation Between Controlling And Non-Controlling Interest	step_PartnersCapitalAccountReallocationBetweenControllingAndNonControllingInterest	(252,000)
Partners' Capital Account, Reallocation Between Controlling And Non-Controlling Interest	step_PartnersCapitalAccountReallocationBetweenControllingAndNonControllingInterest	(252,000)
Common Class B [Member] | Common Stock [Member]
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	73,000
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	73,000
Adjustments To Additional Paid In Capital, Purchase Of Partnership Interests	step_AdjustmentsToAdditionalPaidInCapitalPurchaseOfPartnershipInterests	7,000
Adjustments To Additional Paid In Capital, Purchase Of Partnership Interests	step_AdjustmentsToAdditionalPaidInCapitalPurchaseOfPartnershipInterests	7,000
Common Class A [Member] | Common Stock [Member]
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	9,000
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	9,000
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	20,000
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 20,000