STEP - Earnings call transcript Q2 2025

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Operator

Good day and thank you for standing by. Welcome to the StepStone Second Quarter of Fiscal Year 2025 Conference Call and Webcast. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Seth Weiss. Please go ahead.

Seth Weiss

evening. good and you Thank

Officer. Joining me Officer; Mike Hart, Executive Chief are Head today's Ment, President call Financial Park, Jason David Officer; Strategy; Scott and of Chief and on Co-Chief McCabe, Operating

presentation, During our prepared at available we will website our Relations which to Investor be on shareholders.stepstonegroup.com. is referring remarks, a

periods. well the begin, contains future certain presentation I'd everyone company's Before performance the operating to we financial that this statements regarding as remind like conference expected and call as forward-looking for

statements implied plans, subject are various Actual Forward-looking current inherently uncertain StepStone's may or risks, in are assumptions. or changes described and these of periodic to management's and expectations Risk factors due those in periods reflect estimates a and materially future and section Factors filings. to results that from expressed the differ circumstances of are forward-looking for risks by uncertainties statements number or other

as we of to and are our Reconciliations These today are and except directly of to statements presentation the Today's the earnings them. or with required, as non-GAAP SEC. update financial our our references most release, contains made financial forward-looking included measures GAAP filings to presentation measures. obligation no revise only comparable undertake in any

share. StepStone to to Beginning Group, Turning of net Inc. of income results $XX.X we second reported net attributable fiscal the was with or quarter financial our for XXXX. GAAP X, GAAP per $X.XX Slide $XX.X income million million.

primarily infrastructure generated to private second contributed fee-related million special of million retroactive situation to The FRE fiscal year real revenue, the XX%. X. and co-investment from Retroactive of fund. margin We fees prior compares fund, an fees $XX.X of quarter XX% in reflected equity to fees $X.X Moving generated the XXXX. which quarter retroactive our estate quarter secondaries secondaries million, we Slide earnings $XX.X up and from of fund

$X.XX per and fee-related in last driven $X.XX is quarter second from share or realized or of $XX.X per both net adjusted performance for in income fiscal earned earnings up higher we $XX.X higher share. This fees. million the million Finally, net year, the quarter by

the hand call now I'll to Scott. over

Scott Hart

in posting fiscal in Thank good generated our several by you, Seth results continued QX, in million even everyone. platform. quarter. our last private fee-earning billion, in of fund we vintage driven and our fee-related billion total date. fund wealth fundraising commingled wealth higher $X record assets. value We subscriptions to secondaries a fund $XXX private at $X.X earnings We growth evening, the of in equity surpassed quarter, largest this our We our milestones closed generated size achieved private fifth asset net and After nearly

are in performance. benefiting investment a multiple growing brand strong and from market, funds recognition evergreen strong network, distribution We

evolved AUM the Private fund, has growth. to X years launch earnings of retail-focused evergreen Wealth In a SPRIM, contributor StepStone and meaningful first since our the into

gross grew While for wealth produced is meaningfully growth Firm-wide, is $X across the inflows $X firm. outpacing billion strong StepStone we we our entire leverage in operating the of by which of invest continue to another investments, AUM to revenue drive the helping fee-earning and platform, quarter billion incremental AUM platform. private nearly

even XX% and Turning fee-related in our record from moderated our million are on slightly fee-related $XX as level. earnings, last $XXX results. fees advisory is fees million XX% and up fee-related revenue to in quarter's strongest retroactive management We and financial and which respectively. generated earnings year-over-year, record, This

in by robust fee-related Excluding year-on-year, growth respectively, earnings retroactive our the and commingled revenue XX% particularly wealth our fees, increased in impact our private AUM, fee-earning our funds. driven and evergreen funds fee-related XX% and of

the for XX% was margin FRE Our quarter.

XX-month our XX% core the trailing best and exclude record. of XX our retroactive the for FRE both impact and fees, on months, to quarter margin If the quarterly was you margin levels were

even leverage operating of benefits invest the continue as long-term reaping to we are growth. for We

In sentiment event for annual than at investors. our for gears. markets private this hosted clients the clients The September, and positive our Global strong and undoubtedly in Shifting from in solutions financial investors years remains offerings X more has Conference, our XXX private XX year's been high. still StepStone distinct performance we conference very challenges. demand market and was the but months, face prior the market last

constraints effect a of and from realizations. due market pressure activity on subdued the to the While denominator extended has remain challenge period abated, corresponding liquidity

share the conference. and I private XX% Appropriately, asset value. volumes insights a on theme averaged prior we years, the prevalent SPI last look valuations. over the annual liquidity was at have markets to our year's realizations XX from some would our over transaction of at like asset database When just net

pace monetization global of the the since the the half XXXX. and this the levels seen we been bubble X crisis XXXX burst years, dot-com lowest financial cut to in of the early and in has Over last XXXXs of -- have

protracted periods, more the been decelerations to crisis. is the the financial slowdown of era realizations the While has duration pace of this those muted similar and compared dot-com the to of

markets XXXX. by However, XXXX but monetizations from price those weakness The significant than today's capital couple and are different more and in declines in private asset areas than those market the estate are were the broadly the parts of private a today venture modest the fundamentally in XXXXs slowdowns are ago. of they of values markets markets in years of bear of higher but There were accompanied past. been corrections the have pockets real

and coming today's spreads the rates muted in to of to such and started bid-ask interest realizations, have Some as shifting of ease the expected drivers easing are wide periods. continue

in longer of trend high-performing assets emergence general time to capital the on the holding infrastructure of for and longer are more periods as structural. such duration partners of venture or investments drivers Other

time years, that the tracked steadily number since at first the age the X greater mature median least investments median XX%, this which now we years in the funds, crossed last X.X X-year have hold for the U.S. has unrealized data. ground been period Over Among the has threshold PE held the investments have than of is is buyout of risen.

is are Encouragingly, years have low a assets to slowly ripe of also X for up in are pick first this harvest. starting activity hitting the reflective While the those opportunity improved over StepStone Realizations the it year half since fiscal see within the in last funds. as for an years, slower last represents liquidity coming we XXXX. of

of asset seen We full have the widespread asset vehicles. resumption not alternative leveraging but dividend and of are yet investments, a means recapitalization including sales, harvesting use sponsors of continuation sales partial

the We clients market. shifting our to full-scale be This not M&A to have environment solutions. expect true manage the particularly but coming for as up the back continuously development In are the liquidity this LPs in of and may seeing as continue IPOs approach come trend to with into path market periods and is of we GPs secondaries liquidity StepStone continued the liquidity, more options linear.

our the experience, and Our their likelihood and outcomes of to needs. for capabilities cash capital model data insights various plan and valuable clients provide increasingly modeling for

I'll of more now fundraising AUM and detail. Mike in about progression turn the call to over fee-earning to talk

Michael McCabe

Scott. Thanks,

real quarter, our our approximately and of in fund to $X.X closes fundraises over billion. in about best our $XX private secondaries situations nearly included which included for quarter. Other commingled of in fund, came X. gross came $X Slide We of from managed focused billion XX-month accounts our infrastructure last million additions Over interim Turning $XXX AUM size billion $XX generated our the $XXX the our ever. separately fund notable inflows special inflows XX period our funds. from these estate a co-investment collectively equity fund million commingled In secondaries billion contributed commingled during and fund final months, the

subscriptions our $XXX Scott As generated StepStone at mentioned, of evergreen we also funds. Wealth Private million nearly

private platform billion. greater Our now than wealth is $X

private making increasing share rates provides modest up this shift of our a represents our of boost our mix total and wealth are While vehicles a new still flows, an and to margin. our a share fee positive to AUM, fee-earning favorable growth relatively our which

nearly accounts. billion billion managed or balance. of new undeployed replenished fee-earning than which generated additions, to capital, more the UFEC $X.X of $X Turning our of deployment out We

asset shows structure our by fee-earning X Slide AUM and class.

assets For quarter, by billion. $X we grew the fee-earning

we or to activated. reflected deployed fee-earning high providing to is activate over a undeployed our growth of of $XX as ending call for that in degree fee-earning continue this fee-earning and billion continued activated fees that our the grow management up in we quarter would mentioned will $X The managed of UFEC XX. with be our billion, sequentially We grew nearly of capital billion, X% year-over-year, from mentioned, anticipated calendar We we capital October, our AUM this capital combination AUM visibility on $XXX and the which our last end December capital in level highest in As to us year. ever. by XX% accounts our up

We year and fiscal our benefited from shows funds higher evolution months, blended be from XX will secondaries as points offerings. retroactive rate the we be XX in the last prior than we fee million generated fund, reflected a roughly the private rate a of fees. a to $XXX XX the our basis commingled a higher management equity the legacy advisory which quarter. upcoming this roll-off points for basis our Slide of and XX management private from expect distribution from fees the in fee wealth of Offsetting

turn to the over call now I'll David.

David Park

turn like our XX Thanks, on to Mike. to financial highlights. I'd to touch attention Slide your

revenues mentioned, quarter another for Scott this fee was As earnings. very strong and fee-related

prior fees up and advisory margin We year million, structures, fees, retroactive margins year up The year for earned XXX expanded basis up Normalizing favorable basis blended increase XXX by quarter, versus we the ago. over quarter. growth from was impact from versus prior prior quarter, were the the earnings Fee-related than for of the a XX% year strong XX% period. quarter. X AUM FRE fee a generated $XX For points quarter, more FRE for higher in core average the were points XX% retroactive the rate. from million and and an XX% driven of $XXX across commercial fee-earning management fees

million, driven to business continued in reflected million class Moving and private General sequentially realized mostly expense. up of the million function by year annual quarter million, XX% net expenses. our XXX $XX as from of were compensation and and increased a increase growth up was analyst primarily compensation $XX hires X% year and ago. The million this expenses in headcount, and teams. September were year. to $XX opposed up in schedule. annual our sequential up prior development Conference, wealth for performance occurred was from the typical related last $XX which G&A the for Gross X $X.X Cash-based quarter and investment fees administrative our October $X The million StepStone from

last X fees over quarter, from up down ago. were net XXX% year from performance While

year a ago. realized quarter over When performance XX-month mentioned, performance increased period, have since viewed fees rolling X each our point previously the low As lumpy net can quarter-to-quarter. from be fees

expect Looking generate we in fund. third to our primarily quarter, upcoming incentive fees private ahead, fiscal related to SPRING seasonal wealth our

We expect larger in these incentive growth fund. wealth private given last fees than fees, to year's be incentive the

is interests. Adjusted bottom lighter from growth was share fees. our fees the for the and net in wealth $X.XX, reminder, after higher relatively private line by revenues, a As incentive year margin expansion from per FRE other performance contribution compared performance performance ago, up fee-related and driven compensation fees accounting income to profits X fee-related XX% net

realizations key from view carry the to sheet up months. potential the carry quarter that Slide the up net up. We of X% XX% as items Moving $XXX accrued on convert future finished as to performance over on pick will $XXX just XX from cash to fees quarter accrued XX. balance last million million, last start at our Net and

sourced to deal-by-deal older are amount, exit. net And at which that than of with mature means this relatively may over X time vehicles that Our investment carry of be tied to waterfalls, over programs from with programs years, XX% ready meaning carry is realized harvest. accrued these XX% is are payable

to Our $XXX of as quarter million programs quarter of commitments we end. ended and investment had portfolio $XXX the million own investment unfunded at our

want $XXX maturity. We the on private I highlight with month. X-year Finally, offering to million notes last we a closed of issued debt senior X.XX%

as balance approximately to cost using points September little of the September we revolver, stood debt interest the our terming pay XX. outstanding per at basis by of balance By $XXX this $X of than debt, interest this issuance as on net XXX a our million out outstanding more proceeds which rates million year XX. We are of lowering based are down or our and

will provide stay place to liquidity of as source revolver a Our added flexibility. in

the prepared the our line concludes back turn any over it I'll to questions. to remarks. open This now operator for

Operator

take first now comes Goldman Instructions] [Operator and it of question Alex the And we're from going our Blostein line to Sachs. from

Alexander Blostein

that grow secondary comments. volumes opportunity more and discussion of impact about could stronger backdrop it just Or could maybe capital? M&A you volumes take was markets? And piggybacking levels? secondary the how off think does on you from of and I secondaries kind backdrop that and hoping of growth still private your in do away velocity that healthier with business equity of to we about equity that the issuance. of liquidity of increasing with curious start think a sort think sort could And Is capital perhaps deploying on reasonable recent kind sort how and public of some think of markets to

Scott Hart

Thanks, Alex, question. Sure. Scott. This for is the

seems So look the for we're we here. market another of in private look, record equity XXXX, I line secondaries year as activity like think certainly it at in

for towards think level more driven us, LP by within probably about the activity secondaries. As activity here. both the business market the overall think well look, trend only as not as we And our we've talked market at of quarters, I but own the GP-led about secondaries prior in length that's

suited capitalize trend. think we the on both LP I are well to and the GP-led

for players outside equity when class the billion, where the And some about that to some think growth $X.X leaders leaves we've not to at think of overall of other classes about still our equity largest that you well. that we of are equity plenty funds, this private the market, other you asset room private when we raised the mention current it relative as again, fund, one to of secondaries in mentioned in the secondaries of asset date size private

a spent at of demand looking we equation side supply time So the of here. look, the lot and overall, the

private through like that the that and is tap continued groups relative LPs equity here, undercapitalized think an that opportunities is market us. secondary cycle I the and opportunity alike still area for that creating to will really GPs

Alexander Blostein

XX% business. at the and How are sorry, sounds it. that obviously, point the more the like business we're fees in FRE which fees, my you XX%, like second a to investments for goalpost go? the of FRE thinking where in -- obviously next couple do it And there. retro about there's to nice ex retro enough around always kind line the guys the of expansion, forward? in you And for of sort a quite you're just healthy, growth scale balance profitability could making top is deliver then I normalizing you feel know Got question, going margins, north expansion But where of try of years? consistent what's margin and

Michael McCabe

way Mike line or have Alex, the year it's here. We're very we pleased last margins years. the the our and in the set over of with of couple with evolved that had so last many over expectations

other and business, a But invest data. business of is where our seeing whether areas very as the opportunities think private growth for or So of of lot a the result I to think margin we're in leverage it's And I the there the grow organically pleased. that platform you're scale. wealth and operating to continues are management expansion priority team, in the

still growth classes leverage channels the we're and some our that you're reach across had as for we seeing operating distribution various priority but the through is asset investing flow able that scale expected. certainly is So to generating

David, don't like there's if I anything But know to you'd add.

David Park

for But add to you X FRE this reasonable forward. year. jumping And going margins XX% Yes. last should say hiring quarters. I'd I'd off core the point that continue of over see just we've that's fiscal us a had the expect remainder

fees FRE should And see you of should But a as expect year. on as core margin additional that's the basis, growth on the you remainder compensation incremental So well retroactive for the in margins. reported G&A..

was equity few we secondaries year. closing fund. fund, from co-investment contributor retro in fees the the We generate estate largest growth our retro real our will that and final close aside fund our a PE But had have include each its secondaries in this that, to do fees fund, our these and September, which -- market with funds infrastructure

Operator

and of question next our from Budish take the question to from comes Barclays. going we're Now Ben the line

Benjamin Budish

margin up on Maybe following the somewhat question.

year about a pickup what carry thinking Just could in next mean.

an kind capital? your then are levels healthy? how margin normal the the could maybe how sort given expansion? unlike you deploying like think -- do XX% think comments of Or those you FRE of And looking a So of Scott, that where year proceeds? you do is, you think margin private may of opportunity of balance. guess might assets What look about about accelerate that StepStone year, with what I quite your accrued side, your talked there this is past that component do sort in Is higher of carry on sort do you how crises else about realize to those next market

Scott Hart

Yes.

So as can margins come kind realization about outlook look, let by the encouraged of of on of stalled half there. the back me the mid-XXXX. start the in me But say lows here, certainly here. and the But by heard have around you during in talking recovery then first of question things sort second bit a we recover the start seen fact that their year we that off call to

partial so the that seen seen averages. anything return we've point And are again, longer-term certainly a realizations like reasons to to seen would full as a return activity really much we that levels, not the to haven't to we we that even as more XXXX things of some And opposed characterize have as realizations.

next longer-term you of look fees, can in rolling at LTM the kind IPO, in of a lows of the are today, as numbers the about XXXX. we sort since then during terms XXXX, other to only slightly and pipeline there even through portfolio, would expect yet close which when next as of is, how right, as I calendar for that you to And while work are I COVID realizations give I and encouraged think doesn't it the next performance both encouraging would have of more in numbers well thing sense would of realizations highs, up the is of or would the the year, the realized of announced And some for at, now been we net there when us of look, quarterly look the level what the I our trend seen here. to show lows and sometime averages point kind have year well own what across calendar highs year. think our full is, kind that you we look, think look you we a normalized calendar add the

But I second Mike comment let of -- why about the your part don't here the question? your --

Michael McCabe

Yes.

margin that year. Board to last rest the in the pickup did that supplemental a relates performance $X.XX seeing fees, -- think question, distribute answer as as ] we the payable And fees you experience roughly performance performance the pickup extent came in build approval. this -- cash throughout that's share question builds June, that a on in any we'll as at And issued [ know, of year. we to like it pickup of we per dividend throughout out Ben, subject So to then Does to the in year. build the end I to continue a Ben? interest your we And or it carried and number fees, year, the last year, are those we

Benjamin Budish

market one for kind us an X of going fantastic kind and At be that or everyone least that asset Maybe of industry. reaction X does. Yes. question. follow-up alternative expects to the Yes, yesterday's next the tells just are year separate it industry-wide

in higher ecosystem? of a should thoughts about, some what about like of sort LPs equity curious is in how particular, areas, private meaningful we solutions room seat DPI there. result I are in a Should of these credit, allocations expectation it private newer mature. are quite terms equity? in your there's Because Or curious, more go of think kind allocations? think as But provider, but your broadly as the healthy just to just is Just infrastructure, pickup to a thinking in

Scott Hart

and growing, been this with in Look, conversations for the around of in their few time, anything, you've that those to allocations, think flat while of target having in therefore, the Yes. say that were a about have seen LPs were run. relative parts we LPs overallocated I really reducing But room heard hearing the growing private low certain a If us the period I we world mean LPs talk private base we equity had was world those very temporarily allocations. have -- in target from what equity and past. were to to

would benefits, to The we commitment recent our I class even so the asset at the tell the the diversification the belief be be call, referenced strong. long-term orientation of And strong continues conference asset during to the risk-adjusted XXX conversations you private strong. in that equity continues in to class that returns, control the

feel we other there even classes. asset of the from some so a And interest not healthy, is base if lower the starting as

Operator

Now we from from comes take our next the question and JPMorgan. Worthington the Ken of line question

Kenneth Worthington

undeployed at at the we faster fee-earning is a look capital, seems pipeline pace. If the it like building

last or has X One guess versus quarter some this are years I maybe invested the of nothing versus just has Is more not you changing time. more ago? been going is, on it of tenured? committed? for in quarter pipeline saw further advance? of couple this characteristics here. what Are Or changed. contracts the Like are but maybe longer business Now questions you a this winning

those -- one, anything now. questions. it reasonable conversion we the it Is X front-end back-end of fee-paying just what you're the into is and with long linear? secondly, the to And winning? And think think loaded? changed what's So about that? How has billion straight should do $XX then how about Like sort pipeline So AUM? is we loaded, of pipeline

Scott Hart

Ken, question. Yes. Perfect. for the Thanks,

the changed characteristics I have size you would grown accounts, $XX is the balance perhaps not has continued have here under capital just which right, grow. over than What fee-earning to the some the actually time tell you're of undeployed other So of to billion.

to account to clients with XX% average, accounts the that upon separate tend point those and on our heard grow the You've past fact XX%-plus re-up rate re-up. us in

not larger. But the the grown asset say, So accounts, of dramatically. some has numbers separate the of in mix terms of the changed the would I overall, characteristics strategy, have classes,

The thing have the question some your actually that have it's capital doesn't we highlight kind of is part play I only deployed. yet to separate invested. not fundraise, It of fully has the the been one activated to meaning due brought these the second situations just be other the would or before account to timing the going commingled new and we of had into of on prior where was that fund

And to I prepared we've leads question, said so answer billion, activated here to $XX reason during the mentioned it that of that me so had the billion October. your in remarks, $X second we that, the already over

So $XX $XX us to that to closer brings down billion. billion,

And had you and in where about see the walk AUM this $X.X UFEC capital can presentation our overview from you sort look billion of show through, the balance we of undeployed fee-earning deployed we quarter. fee that then when -- from

annual rest fully that guided of with of a and even $X X deployment right to to. have we time rate to capital, about to X-year deployment, from billion kind run a the the of X haven't years invest that the though get recovered of you If implies we period sort in always line standpoint,

the be So we we be It's deploy time. continue I'd to third whether happened a activations again, period. have over capital is opposed that's it time of going how about selective keep on And to thing to quarter. to able which deployment, think that in as close X- these to in we while here we'll it. terms that the one something that X-year front-load fiscal very eye But point is, you

Kenneth Worthington

Perfect. map, where think the management distribution? Okay. road had of priorities you to swimmingly. resources thus success are wealth far? the Mike, the product., next? is What's kind As the you priorities pick you've Are to Are on company going that about investing continue you,

Michael McCabe

classes. -- us Ken. various a the of dialogue interesting had evolution think prioritized where Day I to the graph Scott asset shared take back the Maybe Thanks, and really Sure. we I'll that of we Investor

hitting if scale our point this what's equity into the about presented estate to achieving years it, And certain asset that's so showed, expect call private in when XX that next, classes, we we that Investor scale started our question, inflection levels was and start infrastructure, of other think during Day business. and credit the we business, XX, matters real that

Our various other those areas. points pivot to continued of asset scale expect those hitting in threshold classes see growth we are now where rates

abroad. to domestically in the but asset classes. cleared So But the extent to last And you private our billion of seem not teams, support both as world out that quarter. $X in hires expect mark received on business to remarks, of to here continue the quite on to investment development U.S. business to can is, our and our the second us the backed there's products least, prepared platforms, your continue wealth channel, across we those -- continue and be investment growth, all in being the question mentioned we'll this by the development across well bring distribution build various part all

going So grow continue in other but classes to asset see the expect growth new, nothing Ken, I think forward. nicely and management quite can and distribution accelerate wealth too to you to continue

Operator

And Stanley. Morgan from Instructions] and question to going take our Cyprys from the line the we're Michael [Operator question comes next now of

Michael Cyprys

question a on Just M&A.

over Over acquisitions, And as you've out how might opportunities markets the there as years, to next a look be well. look geographies further? even do at reach expanding done where years? think you asset X Curious, private of capturing number and about today, the distribution to opportunities platform the across across the you different expand you as classes,

Michael McCabe

Thanks, StepStone's distribution as and classes important as Mike. Sure. an been asset capabilities in has well various growth private of part wealth. M&A in the building out

much pretty have private out industry. be platform the markets I think that trusted have vision built the set a to standpoint, from an in partner M&A global we line in with the we

to a up is really built as to way of which capabilities. largely in think or something acquisition XXXX with is enhance our scaled So accelerate venture doing either that currently there out I capital as did it's the our concerned, Greenspring, far extent we the platform like we're

onboarding buying Hard see you largely in And emphasized prewired buy-in years. several accelerate of But from M&A over of continue senior that M&A last do next and is focus on. is experienced of year deviating do. on much And I we current enhance think track the form we bringing we the way. that have teams hardwired a to we've an our the as NCI that something over accretive NCI late and the we so help us know, internal that focus and in currently as record organizations of platform design. to great or the a will and years, our

Michael Cyprys

And environment shifting scope gears with wealth just the services. here financial for then for over more regulatory maybe supportive postelection maybe Great. to side

Just What channel? curious that? has products alts your about access might point which to those suited XXX(k) reach. [Technical ticker overcome? of how scope penetrate the and the is out be [Technical here the thinking How how Difficulty] this channel, for technology be been positioning you're XXX(k) for to employed be Difficulty] as that best StepStone to channel? might And access might for

Jason Ment

the But end. you're breaking think here. Jason think up. it's your I've got Mike. the And question. I of But Thanks, on I gist

being and going say think that target selection contribution XXX(k) better to terms markets foremost, for match. it's tenor for date that private lineup leading the of the market, item in to a best individual. happen couldn't but is think wrapper, not as inside In It's target the to forward suited we line the defined menu it be within the opposed date, to first we path U.S.

already the of community adoption suited, within that the there's target plus private the of markets. real terms open-end estate, some date in products typically core core and In are

important. time, being marketplace over time, able And so to was right, that over the that a signal to structure, exit enter clearly, able was from being the

I target so think suited, [ the adopt. for wealth structures with it relatively not, are whether a developed account, it individual XX tender to date the a the And believe, be channel that well personal that's stays or for that suited, be the they in wrapper ] well I otherwise, ticker to Act tend or in technology whether community

adopt any way administration, or way the regulatory I believe could top at target required deregulatory action is community supportive. environment in level, at in any StepStone don't that more change the surely, to date legislative in required expect that is for action private be just The very it here a We works. We're actually in again, an And market. that is of in the estate from markets. that with early fact, real marketplace. that would And I perspective stages happening still education that's proof in point the think to the fact it already I kind would

extent would work ones who how back There of it the the are a within cetera. populus journey investment but that would what as to only exactly different looks mid- their it with in asset a that office, how that deal they're platforms. of educating of work, et And and administers merits space vendors like, typically lot different management to or the with, the we're flavors on not companies product within from D.C. we the

defined the and number very for are we XX now outside that we U.S., nearly have a years with focused populus something we've the nearly look working geographies So been that that on, different for the plans U.S. when in educating been outside and contribution a of now decade something in doing

we've case it well. kind how proven works So works and of studies got that it of

Operator

no Dear remarks. to team questions. [Operator the are now any would further management I like call hand there for Instructions] closing over speakers, to the

Scott Hart

for case, to Great. your with today. everyone, StepStone your Thank thanks, the We continued again quarter. look Well, next story that interest for you. and time connecting in forward in you

Operator

our you participating. Thank That today. does for conference for conclude

all You Have nice day. disconnect. may now a

StepStone (STEP) 7 Nov 242025 Q2 Earnings call transcript