STEP - Earnings call transcript Q3 2022

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Operator

00:03 Greetings and welcome to the StepStone Fiscal Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. 00:34 It is now my pleasure to introduce your host, Seth Weiss, Head of Investor Relations. sir. you, Thank

begin. You may

Seth Weiss

you and Thank afternoon, good XX:XX everyone.

Randel, are me and Executive Chief the and Co-Chief today on call Scott Johnny Strategy; Officer; of Officer; McCabe, Hart, Financial Mike Officer. Joining Operating Head Chief Jason Ment, President

will prepared forward-looking website call a Relations presentation referring our regarding remind conference certain XX:XX shareholders.stepstonegroup.com. presentation well Before available During as performance financial periods. I'd be our everyone like this is to on to company's the expected as the we remarks, and statements Investor at which we future begin, contains that operating for

described Chief Forward-looking statements Actual $XX.X of adjusted retroactive fees due expressed retroactive in of to and Officer, quarter. additional adjusted by income I these are Scott to ended of December most fee reflected income III million reflect per risks, to million GAAP were quarter the of prior inherently a net the StepStone’s net third Turning revenue call recent no million estimates GAAP related factors related Hart. was differ for management's risk for XX:XX to our the We earnings and for Executive reported $X.XX. like material income contributed and million quarter or The Tactical are XX-K. of from $X.X fees results X equity implied that million. private number uncertainties that may There and quarter the co-investment Stepstone’s now section in those to results of the fee earnings expectations Incorporated to income We pre-tax generated XX, uncertain Stepstone various and current to the income. $XXX.X attributable Slide fund over Fund risks, from final statements subject to year's are XXXX. net turn XX:XX net $X.X forward-looking net and or share fiscal future plans, Group $XX.X of financial XX:XX $XX.X closings other million, Growth Stepstone’s of adjusted assumptions. periods resulting our factors XXXX. and XX:XX materially closing of on

Scott Hart

you, Thank assets basis. strongest to delivered for management reported under both fee-related record and an quarter per on date everyone. $XXX afternoon, and our and We absolute advisement XX:XX growing We net while adjusted billion. earnings good total our Seth share to nearly results income, and

portfolios outlook. to classes XX:XX We stock rate value a construct Our Our their public and our markets, breadth and private private spectrum asset period environment the balance scale of allow that prices, from to growth a a rising results and venture to interest including and of alpha enhancement debt, the inflation our yield private deliver exposure results business capital, economy consistent that income Furthermore, real attractive and clients, patterns. withstand equity, natural peaks cyclical generation innovation and economic for in through continue in been inflationary turbulent full the operating can is private market solutions to primed growth marked tools and in for embedded in thrive demonstrate protection steady of XX:XX has more our every from the across recent durable to all volatility customized valleys what by clients four estate environment. and and infrastructure. model provides market

tailwinds another quarter benefited Greenspring. Turning coming share first grew billion earnings. integration we we and our added of for client year's our our strategies from StepStone fee results class share legacy XX% from asset is has from invested earnings third of and produced breadth XX:XX per of This We and are diversity $XX.X prior of related relationships XX:XX year the full of expectations. a with of $X.XX fee of earnings billion geographies XX%. benefiting strong fiscal generated We was been have as ahead adjusted the both per the related the generated and of the income Greenspring $XX.X We share, seamless, interest our million prior basis. that increase the footprint We per organic growth for we XX% count, clients impact quarter provides StepStone by AUM. and earning with $XXX asset in asset finishing fee are exploring well our on million on net or quarter early long-term The Slide share to X. assets fee classes, related from Greenspring management growth results in the secular stability deliberately in nature geographic and acquisition. from the LPs to quarter the our our produced and progressing and of Accounting $XX with seeing process strong to in and quarter are solutions. The quarter positive up under

XX Mike and revenue organically XX% last both growth speak about I'll with have in more call fee we XX:XX to to the class McCabe asset AUM structure. by earning fee Excluding across growth grown our turn detail. the over over months and balanced asset acquired related now assets, growth

Mike McCabe

Great. XX:XX Thanks, Scott.

XX XX:XX $XX Now $XX billion accounts./ coming funds our separately fee gross commingled shows billion the X earning our AUM we structure class. Slide Slide roughly nearly in months and managed of X, with turning about and asset AUM to inflows from by billion generated last in $X

platform a will menu engine and addition by of the in commercial $X the the about growth managed new re-ups balanced fee of billion of funds solutions. and earning assets by classes venture by funds as Commingled Greenspring asset For additional deployment and we after equity growth as as be appendix disclosure. continue offerings fund growth grew interim contributed closings successful included private with capital this families expands client our contributed our to asset growth the highly on across our presentation fund the capital venture sought constrained of the driven quarter, of accounts primarily the co-investment across our billion XX:XX our $X.X remaining sectors. fee access Commingled of fund driven well secondary significant new part as our billion fund. $X.X in but We've earnings quarter's fee-paying combination earning wins of a a strategies. and details Separately equity of

from our protection infrastructure mentioned, quarter diversified as the was assets. breadth client competitive Scott XX:XX seeing and income this inflation portfolio and As significant the real a of across and diversification, demand. evident offerings advantage, Real which estate are benefit increased particularly offer

assets solutions more positive class the expect backdrop the future. for foreseeable and We specifically real for to continue multi-asset broadly

grown assets by months by impact earning over the last XX excluding have billion, or from $XX Looking over the and organically XX%. acquisitions, we fee

our the the an maintain pride We grow same of is monetizing is AUM, for clients XX% our over organization. clearly earning fund continue this products at growth time in investors. fee years. private growth, investments four to While able to of for entire organic point accredited consistent CAGR for exceptional markets a XX:XX Being rate our C-prime, our last of evergreen period while is it with the the our

near all and value, As of since million distribution product February the $XXX $XX has we the are growth is quarter-over-quarter, driven visibility undeployed progress X, across strong slightly a our asset stands peak billion. capital we making over at than that and have down less introducing committed. already fee into grown half across provides given channels. XX:XX deployment a Our ago all-time capital a by year C-prime in strong but asset This been earning up ramp and remains to net classes,

broad XX I'd investing the we in than X very the we which year the and as have market data to on over operating generating in undeployed and Now, years. our a history shows of share is We a XX:XX dislocations. technology expansion to also on The of real and a invested to A tactically the include we Examples greater nearly is user to in has in management gives investment will last evolution of spending, last to the to XX of fees with venture us of like months. advisory per growth. are fiscal private SaaS-based We to and capabilities. us generated leverage. experienced technology XXXX. $X.XX professionals prioritize debt managing that estate, CAGAR well long-term equity steadily moment decisions XX-year which a view friendly local geographic our capitalized within and markets. optimize remain blended considerable balance just person a basis multi-decade for XX:XX revenues private what team, pride build-out opportunity market where investment Our fee to stable points, our invest and the speak also since served investment dedicated capital complement a This operating for call XX:XX rate continue creation proprietary clients original XX about take development Slide and deep while footprint teams turning three the dry over our Johnny. few management XX% our disciplined private over retail powder that XX:XX expenses we We approach growth serve. areas Representing of before teams accessing private compared infrastructure, of by we stack their and our markets software. enables to where state-of-the-art. ourselves in

and will an our well While financial flexible money to have modern, we both XX:XX update committed a is their services foundation clients significant systems, growth. that Recognizing of our infrastructure durability of remain the spending in platform, company sums future. our well ahead to built are peers many efficient investing of we strong and scalability creating incumbent that the serve into our and platform

And may an of margins with While is I'd XX:XX these in for leverage to our Johnny term. CFO, creates operating environment this longer the scalable the now over Randel. the call result term areas like near over a trade-off each turn in to and

Johnny Randel

XX XX:XX Thank highlights. your financial of a on I'd to our turn you, to Slide touch to Mike. attention few like

management line line quarter we and related earnings, generated the ANI We from and strong XX%, record FRE XX points retroactive fees fees, up revenues, We adjusted growth basis benefited in net the full are income FRE year-over-year. fee benefited basis adjusted margin and which advisory XXX per XX:XX of a organic contributed for Our Greenspring for the bottom reporting the We was share. points results margin. acquisition. from quarter, and quarter to top

compensation mentioned, year-end expense We As margin. pursue pathway invest also impacted to quarter's and growth. see XX:XX this favorably Mike accruals appropriately and benefited we a we variations growth for to continued related that significant will from that bonus

in For near increases means expense fill open positions. that term, the as the we grow likely compensation and team

as Additionally, we move what higher the trending level year. XX:XX we levels of higher normal. at G&A still through expect expense below we remains T&E consider a coming would

the fees exits market and environment and margin balanced continued fund cadence of near last as Slide level some positive revenue based profitability reasonable about ever, activity XX-month mid 'XXs all FRE investment term, were $XX.X our reflecting performance of key XX:XX margins quarterly the to continue long appendix growth sustainable highest We the of period for view XX million strong term XX growth. driven of in a realization quarter-to-quarter XX% to with trends. the migrate Slide a provides strong continued variability Over across we a illustrates continue rates we elevated by with our performance. expenses as quarter, commingled Gross on for measures. and performance underlying the XX:XX fee large to our to closings. the realized timing expectation expect

Slide by of per overall the the by by over XX:XX quarters compounded growth fees. performance bolstered consistent earning three grown annual term. by has Shifting XX% a share to have growth recent assets The and longer in on strong adjusted and XX. very been our revenue We fee driven XX% revenue fiscal rate period, year in the first is profitability realized growth the

fee XX%. per have fiscal We by year-to-date related grown share earnings

XXXX. unusually we fees level fiscal As a retroactive reminder, high of earned in an

a So against high our fiscal XXXX year-to-date comparison. growth comes

over the in a our XXXX have CAGAR period. we term, since of per achieved fee longer XX% fiscal earnings share related Looking

period with the performance the their and appreciation net over carry We payable in end. mode. both sheet vintages in at level manage earlier, the approximately to from both investment investment XX:XX these from a carry $XX million December the X% entered our bottom investment Unfunded years and $X.X diversified XX. reflecting of contributions. multiple quarter of across investment realizations. XXXX of and means eligible from performance our XX% On of XXX of of period strong Lastly, XX programs billion. quarter of continues Slide quarter of exit. or sourced to at is is programs programs XX% out term, XX:XX large note high XX% a year, of leverage. tied this strong have same last XXX% over This XX% in commitments which million capital, prior carry and as a prior programs over are per performance these despite the quick FRE pool the net widely Moving $XX XX, have is months, to XX:XX capital year-to-date share was waterfall underlying reflecting balance deal-by-deal grown with vintage quarter XX% our $XX harvest largely fee to the adjusted over or prior carry time realized the ended on unrealized the income a by were up own of portfolio market periods increases chart, over a realized and vehicles and for longer maybe and by We billion the unrealized our this continued gross the at up quarter and the increase that driven accrued XX% of on quarter net as fees. and by

concludes considering We including some the any by this million significant and remarks. period. maintaining top We operator level our debt course balance million flexibility a over relatively small as on $XX to earnings future debt the outstanding We initiatives, This open I'll gives the modest it a the quarter. generation. credit period of going growth in prepared have commitments. for support outstanding of view to now after back to us GP reducing our amount flow and our cash anticipate would revolver $XX on the Line normal cash of over of XX:XX balance turn line forward expect to variability of questions. our

Operator

you. Thank XX:XX

conducting Ken proceed question We session. is a with now Please Instructions] from question-and-answer question. [Operator with Our will JPMorgan. be Worthington first your

Ken Worthington

can guess I New Year, And afternoon. Happy if Good say Hi. XX:XX that. we still

you For calendar that versus the extent the you're most could I growing management's one year, new more Scott goals you the hoping was and growth on and XXXX for start or of the another. for StepStone excited ahead? outlook the about calendar in Mike, as What top we are element focusing when reflect business about business in resources aspect to thinking

Scott Hart

XX:XX Sure. Ken. Thanks, Thanks.

the belated New and to as For Year question you a Happy well there.

the us, it ahead think we've to look, company. and as ‘XX ‘XX think look extent to usual. of to the that business a I first as think, out some look fiscal I for if six I we is public gate quarters And back had as

real the account is and finally, at private as success. different our And strength final of One as by terms it's side a of private quarters I followed recently funds commingled a strength so fund private equity the commingled of equity that the asset growth re-up deployment. driving strength business, classes, from and debt in couple on XX:XX there the of quarters we've And well variety the both and quite you think in things, real up with funds different set really activity driving quarter of and continued separate more if of look the to important. be estate the of the look As of growth of side Year that last commingled the specifically lie a will infrastructure diversity couple platform I to focus on the business to of the closing to us. each clearly really capitalize the on here our think our ahead Starting continue of part outperformance. a platforms initially XX:XX New opportunities ahead highlights we been factors

are commingled outline and in continue funds and a of equity private private so seen associated Greenspring historic well our co-investment have acquisition priority as a the between will those new market equity year disclosure our with our as quite activity continue up some with ahead. we will of number secondaries existing focused the pulled number months is of base. You and to to last XX funds a look have we those investment a high to for decisions priority growing continues and in our as no that the be one retail rehab on. be high a client that and high be has that venture of would that closer clearly And Re-ups finally, that priority in and been us as clearly that opportunity the have vehicles quite, surprise to are so over picked

Ken Worthington

progressing on an been XX:XX of Greenspring Okay. now sort year? did better their How Great. bit And you Thank are more probably a buying you've and when coming that. about you offering in then of it. just owner the growing their you business the a field and and you have were maybe that thinking for

Scott Hart

terms I seeing even come a look, diligence of throughout previously anticipated process, team, No, with going and in whether know to have investment that time real been get opportunities would I team Look, so better the points is and and that performing fund due the really recently trying and been here clients needs team the just similarly, spending what combined Baltimore some there. out diligence the as few venture platform from XX:XX out. other gaining to we of points. I our during think think are to really that be listen a and in amount ahead here timeline not surpassing far I XX:XX from by of timing are billion $X just the of the than to now think mean, think So that continuing myself with been around market are as strength that insights well we've vehicles our access of the to combined expectations a about there we focused make products back in time them think are the Sure. going is possible the capitalizing forward. of And we XX:XX of what specific diligence may outperforming standpoint data data hearing now possibly what in clients of and or with the limited or but some on to sure platform part day exactly interest anecdotal from here. would leading and the tremendous is playing we're of be what case of team it day things part Greenspring months funds be number could having well included, and secondaries I due And we some things driven you you're only are of might is the of as a market that those

Ken Worthington

XX:XX Okay. very Great. Thank much. you

Operator

you. Thank XX:XX

Our next Sachs. question your comes with from with proceed Alex Please Goldman Folstein question.

Alex Folstein

XX:XX Hey. taking Thanks for well. the guys. Good question as afternoon,

First I industry focused deployment, pace over slower amount an industry little many more over benefit given you years months and appetite the class a realizations. of and last maybe looking the maybe months? of world. to to and speaking a heard around XX for assets significant relative inflationary real comments to next so a private people question, given seen outlook. as equity just LPs private bit your equity of about the given the XX the What tactically obviously think about about couple clear loud has How with have the are allocated asset

Scott Hart

hearing the of working many is freeing so we tactically in asset to it's that capital real re-up we're LP to also the start, have Alex, with private and plates the to I here is that is a their market have from on pipeline full to with really they so while selectively their Look, which been and biggest a may one think managers about about class. about just challenge through the market just those The when market. I'll focus trying talk at really jump want had to allocate well. will Sure, managers do to LPs, existing the returning been XX:XX other pace allocate -- I reality parts how managers, up think as others equity allocating you of

other But amount given interest mind one in the here that recent through The well, volatility in would have clearly space think are tremendously to secondaries of the we expect for dry being again the only to active has no venture we XX:XX into valuations. XXXX it's XXXX, think that on year about as growth some continue really tremendous market, continuing the available communities the as I powder that are real think a those the but working see thing we people's new is has or and I all surprise, been amount pipelines, activity. just I been in add of time of of had concern extended made. given period around that

opportunities that time. is decline markets create actually hope I'm to line think seller as time I would here, back and this looking takes need some but expect an the many with in buyer over opportunity. the that expectations recent come We public buying may into at

Alex Folstein

then beyond sort meaningfully, spend. it. term follow-up pace is or help FRE calendar next XX% you question recently, are then of obviously. obviously understanding assuming or more Great. the cetera. done margin about a be XX% this year of positive several kind investment you And the XXXX resume quarters, within think of a over for that guys FRE probably ‘XX Got and would Johnny you what a that's an XX% investment et multi-year that should margin should retro retro a number? right, fees we could versus for this expansion XX%, so XX:XX just we fees trajectory And lower the number Helpful. clarification, right How but and of around margin near any

Johnny Randel

XX:XX the Thanks Yeah. Thanks. for question.

we think it. of vector as I fees sort helping think, of

some to of or people of kind bring those timing little the of that part target above, bit by below, closings timing a some fund the I the a positions be to driven of bit we more we be might some it and think, the of bring when and on finding of core of of focusing are growth. the episodic core, on So kind we're when the kind of operations little on

on the of it a of what's the of of is few And if kind think challenge. of commingled then a lift funds fundraising round kind think around kind that, the on So, for next XX next come where we think about you'll earlier some commingled we then some funds And as expectation come is, I reasonable our into is see fundraising on would timing the expansion of but we kind as would I get then think that of quarters.

Alex Folstein

Thanks Great. XX:XX right. very much. All

Operator

XX:XX Thank you.

comes Michael Our Cyprys with your next question from with Morgan Stanley. Please question. proceed

Michael Cyprys

Hey. headcount Scott around you're planning platform you some Thanks maybe firm to expand the where you there? top adding initiatives XX:XX are top afternoon. next areas growth. to maybe on some the are Good the What headcount the you months. expand the to on XX for could comments just over across the and your bit bit by of a a that, in how little back wanted much come taking question. of investing just expand earlier for Could

Scott Hart

continued look a of as during been -- sourcing secondaries I we classes asset in in or to the more private of my talked expand sort can active that's continue some in a classes footprint, areas private development like we've Look, teams seeing of we debt like are prepared remarks. infrastructure to us in some the Mike a to whether as that in heard expand ways deployment similar the outside it investing class Sure. equity XX:XX think asset of about what seen and quarters, usual opportunities evolve the we've just direct lending. the bit some traditional our of comment, is market to market little as the to earlier we as of asset geographic continue to business again, grow past you've where And say extent

We teams. will of continue each our asset class add to to

market out I growth think resources build more XX And referenced continued specifically, team competitive is continues frankly, you person be head in for talent. areas like a been clearly a look, that team area human continue secret it's count. heard our no to us for retail to

on able not our focused but are very We to retain continue attract, time. and to being talent only over develop

a to our team number And months. in resources so we've additions made important of recent human

Michael Cyprys

question, some person you're just to the could, steps think I the performance accelerate talk just you the and a are a XX you into that platforms, build? expect team. months months, very clearly many distribution bit about add? little talk XX exceptional mentioned a And to standout on you if taking a on Great. Where maybe What's that platforms many XX:XX team of about investment to C-prime flows I maybe How product do XX follow-up how from that do there. today. like retail and the some see size product? Can distribution the you of progress more

Jason Ment

XX:XX Jason Thanks, here. Mike.

in We on the diligence, went as great including and IVDs see Mike, are second you'll of between in lot weeks [Technical The some a team a RAs, platforms I'm I of international sorry, over some are platforms now think continued for some proved mute US growth inadvertently. and size, preparing a XXX and in number more on wires. the I there we growth in the we days Difficulty], of to launch the progress really think coming

we’re here, of start a on today platforms for this diligence number platforms year. are over just RAs, IVDs and platforms, are across international number proved I'll to a preparing couple behind other of XXX over So launch that later and a in

as additional well. continued IVDs So wires progress wires and additional then sorry RAs with

to headcount there. the the team starting towards the sales U.S. to U.S. to we're force map, be build as on pivot but build of additional terms also non-U.S. growth, our out here folks going in In we continue adding

Michael Cyprys

XX:XX Great. Thank you.

Operator

XX:XX Thank you.

comes question with Adam Please proceed final UBS. from Our Beatty with your question.

Adam Beatty

XX:XX taking the afternoon. you Hi. for Good question. Thank

was some commingled there's noticed with I of a toward to do rate. and fee a of bit funds. flat a like higher some point, in management percentage I'm mix Johnny the as on year-to-date, is catch-up that the it there talking XX your about fee that basis of of Firstly ‘XX. rate assuming was those looks around has offset I’m Greenspring shift fiscal fairly assuming fees

accretion understanding that we ahead here? from fee looking comingled maybe toward check should more rate shift importantly, on that, expect but So given you. maybe my Thank some

Scott Hart

And Scott. typically weighted much in start [Technical this of there./ with towards funds. can on platform, I'll the heavily Johnny XX:XX maybe jump commingled more Difficulty] then, the the specific which was addition is And Adam, Greenspring

a continue the shift but mix in here, see that's the play bit one will You quarter full way numbers going forward to its of here. through and out starting we'll to books work with

had historically secondaries a as weighted recall basis mix secondary commingled given have the that strategies fee fee of StepStone towards more were including commingled in whereas and really but reminder, products much commingled platform particular. and within overall Greenspring primary, XX rate co-investments funds than they higher So, co-invest higher our that directs points, or a

continue so, to also And a specific towards fee you Johnny will else blended rate slightly we that question. this a shift rate ought would see seen but to Adam's But help for have fund quarter. may to the lower that commingled with overall that slightly, commingled add anything yes, you

Johnny Randel

Yeah. right. XX:XX All

I based when new as that kind is on. see some but you just think fees you it fiscal moving we at ‘XX was in I anticipate the we portfolio business from do comes much grow, period is on look when it retro the when where of timing quarter-to-quarter can of those move -- and there there don't elevation think from

Adam Beatty

of manners to of you to invest environment of with doing things partner on -- due signs right some dislocation watching dislocation there, among LPs Thank you certain you get Thank those Great. And communities Any with bit little fewer now out deal with. now, market hikes the GP the We've around want pandemic with thoughts you're GP accounts the providers you an that point and kind be with we've nuances horizon. disturbance sort then that got there guys. wanted additional consolidation you. seeing deal (ph) and that some the guys specifically I color there any seeing kind of just appreciate to kind you're Are of XX:XX of had in some a deal the and for are your that helpful. maybe would rate for diligence?

Scott Hart

user a rate across Adam, different of is are looking the rising be in but resulted prepared at have remarks No, the of lie. may new some exactly of standpoint just a trends areas, LPs I biggest don't get, of if pace community seeing we active again year during it's we a just in it's disturbance protection. I time then any the which a managers I seen, coming you pace ready investors do of for anything fundraising, the back-to-market, shifts from Yeah. and interest mean clearly XX:XX at think record GP one we in where specific been and number real a XXXX that very period so we've been environment the rapid think looking again -- And inflation assets interest as for referenced again investment

well business, our are focus we terms think exactly of each overall year. efforts within again fund like we that commitments the classes. are of equity in you I again per in no would where private the more shifts GP disturbance towards approved relationships we in XXX being even some tell trend continue just over But asset new consolidated seeing even to relationships

just areas. a tremendous look to of a that's clients And the amount number there's the our to specializing one of variety navigate. So different a help in us managers of them of areas frankly market, that in

Adam Beatty

Scott. That's positive. Great. you, Thank XX:XX

Operator

XX:XX Thank you.

Michael with from comes question next Our Morgan Stanley. Cyprys

Michael Cyprys

XX:XX Hey. follow-up. the for taking Thanks

FRE, the be how of over right the the related level do than Just ratio or or I How fee the you think the selling that be what StepStone? of dividend about wanted to time. that about you so guys should think dividend, growing about guess ask for dividend you percentage with should as more earnings doubled dividend, just

of And builds be a able to sort ownership bit buy more subs? any thoughts just might timeframe cash the we getting flow where of closer as the around in are to you Just that?

Mike McCabe

XX:XX for Mike. is Mike This thanks McCabe question. and the Hi,

So I we'll our continue look think to the we to peer in be peer are to set going our to pay continue our line ratio ratio and set the payout industry. in with for to

value the our back used of about think this of to cash allocation, to balance sort dividend as to our time $XX to shareholders over as we you a capital as continue So pay million. I at as revolver, flows mentioned an left in to debt $XX can we add quarter million Johnny the us increase down we see opportunity looking

as keep the topic moment, the we're with a the very integration And buying balance integrated moment, the is But and are, incremental flexible NCI, in think arise. company we between this structure some longer the to report, balance work on term, to there flexibility to it and integration as relates here goal opportunistic. is the report, with but fully when our be So steps it subs to nothing in see that sheet, but direction. flexible we're sheet at discussed in regular opportunistically and each and the see at it's the to past, at to as dialog nothing ability in capital team a is of I may pleased of there we we've opportunities but

Michael Cyprys

If might you months in transaction. Greenspring Great. kind the executing just another over guess look or squeeze and I to ahead XX just could distribution here access see clearly last help months. one opportunities possibility the where of transaction, see? you some product next M&A that gaps one on XX:XX XX M&A, I as just fill you some the for Do

Mike McCabe

XX:XX Yeah. Thanks.

a our interesting, we've to here As but very asset strategic continue for lookout as we're for and such distribution the certainly success platform be growth to way augmenting fit demonstrated see record cultural will attract a our the and is opportunities. certainly do by proposition to and or to whether it's accretive the We the But very doing capability our to integration something like on key value M&A evidenced successful clients, by a of or related additions accelerate track to opportunistic class Greenspring. something an and currently perhaps an acquisition location.

Michael Cyprys

you. Thank Great. XX:XX

Operator

this to any turn no like floor I are There Hart you. closing over further Thank questions for XX:XX Scott back would at the time, to comments.

Scott Hart

XX:XX move Great. as in and as continue look it and to you. Thank to appreciate you on your the StepStone your update story Well, ahead. forward we we always, time we interest

Operator

conference. today's concludes This XX:XX

your time. You this Thank at you participation. your disconnect for may lines

StepStone (STEP) 9 Feb 222022 Q3 Earnings call transcript