STEP - Earnings call transcript Q3 2025

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Operator

Good day, and thank you for standing by. Welcome to the Fiscal Third Quarter 2025 StepStone Group Earnings Conference Call. [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, Head of Investor Relations. Please go ahead.

Seth Weiss

Thank you, and good evening.

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

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

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

are current management's uncertain to risks, results in other or reflect a Forward-looking or and inherently statements these uncertainties are differ of estimates periodic and revise the that obligation Actual Risk factors GAAP StepStone's any forward-looking directly except filings. These measures. with release, non-GAAP comparable implied presentation Factors statements included and our are may forward-looking our filings or Reconciliations expressed to required, number financial financial due plans, earnings and of expectations of to the we as and today, assumptions. from the presentation periods are described in section only no most various them. those to risks for references contains undertake by our statements circumstances are SEC. as materially changes to measures of subject future and in or Today's update made

interest. will section. of detail in future GAAP to our loss accounting third GAAP Private was fiscal fair were attributable Beginning speak XXXX. value per Inc. StepStone million to net X, change more million. net the to reported of David the results $X.XX quarter $XXX to for a the financial Group profits Turning the our of with earnings in Slide The his share. StepStone GAAP we Wealth or buy-in loss in $XXX potential impacted GAAP by dynamics related

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

the we or and share. Scott. by net earnings net for driven $X.XX million third realized $XX.X Finally, to earned $XX.X fee-related income from now quarter fiscal last in million quarter in the over share $X.XX higher is hand adjusted performance call per or up This per of the year, higher fees. I'll

Scott Hart

by quarter million, This Seth, you, and highest and StepStone's for now good management Thank of over increased fee-earning ago. and the billion We We a nearly of was our up AUM, million, earnings fee fee-related strongest $XXX $XX ever our growth of history. fee-related under assets quarter which earning in generated from earnings organic $XX evening. is standout growth. XX% manage level both year asset fee-related a

function fundraising of proud our last year. over which this large the very of a are is part We strong in result,

past quarter. We XX or capital quarter. the growth has a UFEC, a our Measuring just in fee-earning We a increased deploying activating fall market, acquisition, of progress and opportunities by closed our period that of you AUM over significant we've order and to our or our fee-earning building cumulative or the reflect XXXX UFEC Greenspring over at on efforts fundraising, to relationship investing attractive billion $X.X our we XX% cycles. after of the of since organically. year As during or X private undeployed months quarters This from investment tend XXXX generated fell compounded in pressure the of each able than a private activate capital, this deploy industry and longer just commitments this this managers where were over capital annual took many billion period capital over as of the we rate look our X of building portion $X aware, advantage success from balance been a to market fundraising across fundraising XX% XXXX. came portion are in through and growth all experienced span with

across for and strategy, to both strategy Our be which results structure and by are and the the business last deliberately broad of years geographic several reach validation constructed flexible model, and commercial our asset quarter diversified class. a and we

of and may a given for the fiscal clients growth milestones couple or in out approaches quarter. our third specific balance in a consistent fashion diversification be period, for solutions array of investment certain of provides from any our a While for shareholders. Highlighting provides complete our of offerings our

becoming our size infrastructure portfolios of a due $X.X of an protection on a total income fund real is for to strength First, result first a billion. as quickly inaugural assets. team demand LP's with of component fund is the This and a approximately generation. fund of inflation the testament Infrastructure its integral diversification, co-investment tremendous for closed benefits and to time

infrastructure While accounts. a from new through platform, may our a very commingled tracker experienced managed is be built team StepStone offering funds and extensive

the, $XXX AUM, capital in the have largest billion infrastructure over of $XX billion responsibility total and of making us We of, if world. solutions one including infrastructure, not providers

Credit wealth our [indiscernible] billion first our billion subscriptions. grew $X is $X even billion of well and Encouragingly, private infrastructure This than we as STRUX, ever to raising quarter new new of such products quarter wealth private best private our $X and subscriptions. more we raised growth and on our over Fund. platform as Second, Private over CRDEX, our fund

fund grow Growth markets date. SPRING subscription to and Both Fund. to had their strongest SPRING, Capital in quarters Equity ] all Bench SPRIM private our our [ and We and continue subscriptions SPRIM,

included secondary fee-related the returns As fund's by amplify $XX to management to generated offer high-quality greater fee to through of earnings advisory over of of the believe beginning more earnings couple last of the XX% of loan end by at financial expenses in to investment quarters. CRDEX revenue economies than issuance have $XXX and fees over in scale and the and is the year-over-year, a private platform purchase was platforms. Shifting million We credit million the occurred We increased fund, up a we even January, and our marketability the moderated which [indiscernible] diversification, private lower transaction XX% are million on $X respectively. retroactive fee-related sellers. which $XXX billion, through This have strongest this record period results. portfolio, year. for additional and The the enhance should of the which executed CRDEX investors our as fees wealth of

revenue retroactive XX% and fee-related driven year-on-year, our structures. earnings increased growth fee-related fearing in and across by of Excluding the impact XX% respectively, fees, robust our AUM

Our was FRE the for XX% margin quarter.

our margin growth FRE record. was you now to for the turn quarter XX-month levels XX% to and the of I'll speak in the retroactive to impact If and more Mike and the exclude XX detail. months. trailing call to on quarterly margin over XX% core fees, for our asset were best fundraising

Michael McCabe

Thanks, Scott.

commingled final X. Fund. accounts commingled $XXX came We $XX close months. funds. in the Infrastructure $XX during over fund quarter, about we about AUM In items. real our Co-investment million generated managed to gross our secondaries fund came $X million from additions these for of our over debut $X inflows gross of billion separately our estate of at billion $XXX the from included inflows over and billion the focused Turning Slide Notable commingled of last fund, generated million XX

Our approximately fund. finished with of is offering which a infrastructure size largest commingled our fund billion, $X.X ever first-time

in our prior estate vintage real exceeding fund the secondaries raised and billion through $X.X estate of executing fund has million already $X December, real lending Our opportunistic market our closes fund. our anticipate fund ]. on quarters. and our We final our [ secondaries fund next lending growth remain debut We direct the with secondaries multi-strategy infrastructure couple corporate fund, equity within of in

of next evergreen also equity our have our of Fund recently co-investment which Capital the and the private We products, anticipate Venture over biggest launched nextyear. inflows fund fund, contributors outside be the multistrategy Global we to vintages our commingled will our

wealth. Turning to private

in mentioned, of of the of year. of the billion came generated over calendar end $X platform Scott the $X.X as these billion evergreen SPRING. and funds, SPRIM we As to growing from subscriptions subscriptions our Most

we in $X.X for a managed quarter managed managed it but compared distribution we distributors CRDEX account recent lighter $X current gross to continuing fee-earning accounts, billion account capital make was This our raised as over with momentum in are periods. and of of to our of is up to relatively much for which billion to recent periods, under as new quarter just We syndicate. Pivoting activated quarter. progress add inflows generated build partners a the we growth, record $X STRUX billion gross it AUM and for was additions

our of can years. lumpy. and is our fundraising billion from than $X We managed largest deployment also more our fee deployed of be accounts level our The which out of growth earning SMAs, and X in timing magnitude account nearly managed

So believe quarter-to-quarter. to as rather of is longer time appropriate than Scott periods we measure our mentioned, progress more it over

pipeline new asset AUM and class. forward, X structure Looking by for our fee remains strong. SMAs the Slide shows earning

our quarter, grew by period the we almost For growth ever. of as fearing assets best billion, $XX organic

the Our UFEC of deployment. about moderated quarter activation strong to quarter and from nearly $XX level $XX billion this billion given last

a of you XXXX. As had are the today the slide, on similar year as can of fiscal level sitting with end at see we the UFEC we

points blended Slide is of funds assets points year last drawing of a of opposed represents to generated sequentially roughly XX of UFC fee and which cycle. The remaining from mix basis our year almost grew was the activated retroactive fiscal higher with billion positive not Following UFEC the fee the private as offerings. than the shift and or $X deploy management a We up plus to a on rate fees. overwhelming We wealth our our undeployed XX% we to over the fee-earning months, from from yet and we X- a associated XX majority the ago. activations management these $XX capital. up normal rate evolution billion, fees from the this combination anticipate X-year quarter, basis XX balance billion benefited for as as prior advisory $XXX higher balance XX shows UFEC

to Before our milestone would capital David, venture I to exciting the highlight call business. for like turning over an

purchase Greenspring part was that achieving of As price on you included contingent targets. recall, September an earnout when of revenue certain we acquired in the XXXX,

is a of managed this perspective, more than accounts, superior these we've but And our and AUM. venture relationship technology the XXXX, team powerful. period XXXX impossible peak-to-trough The notable the result StepStone venture July in success funds, This validation Greenspring are during We Greenspring industry Composite through the put loan, to considering team's been the report challenges in and drop fee a included of fundraises record capital combination Index. is pleased our of went the since for a to exceeded which venture this with and the XXXX This team [ NASDAQ doubled our is deal ] capital XX% announcing targets. in that have earning SPRING. into clients. To in acquisition very the or would in includes the commingled capital achieve raising

an to of that, the are within surpassing earn-outs the shared David. tool proven private to equity to wealth, a and and classes expectations. our I'll very this in demonstrating a teams has the David to more among moment. And is Our will results effective tool asset incentive with use over across be call be turn speak effective where

David Park

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

fluctuations. quarter. quarter, by margin management average from year than million, driven a $X Fee-related year our retroactive benefited the more at million, we advisory necessarily the prior tend of were timing up AUM core quarter year fee which $XX growth The fees XX%, some basis in prior fees, margins as XXX of to structures, recur points quarter. Normalizing fees rate. that the For favorability roughly prior year XX-month advisory up and FRE FRE higher commercial trailing a versus ago. million quarter, quarterly increase was were XX% as earnings on blended $XXX basis, than was from look of the more the XXX period. well expanding strong margin The XX% points may in XX% earned basis fee-earning on versus shows for not across for up We the from expenses.

in IPO to Our would our our expect time. to over and grow margin XX-month margin since we has consistently risen continue XXXX

sequentially count. $XX X% roughly cash-based expenses in and were compensation increased expenses from million $XX million, year at million Looking head a last administrative million, about up $X ago. reflecting detail, was from quarter, General and up up $X more

incentive performance G&A a fees uptick million realized account Capital were Gross million in As This in we expect for be our expense. Annual expenses reminder, so will drawdown slight million of a net the quarter and you and month, of carry related Conference our to gross see Venture $XX $XX quarter. and funds hosting $XX managed compensation million $XX of reflects next realized fees. should this

strongest Our SPRING fiscal for annual due in third quarter period. seasonal to incentive this is our the crystallization fees period of

the is mostly represents While to a up realized realizations. partial relative $XX year million this carry still of ago,

fees, wealth. We in realizations, was real incentive strong fee-related predict. Adjusted quarter. that in in drove fees but net Noncontrolling market growth difficult to classes, and broader and and fee-related due were XX% net expansion relatively which in in estate performance activity strong estate income higher up in Particularly private very private $X.XX, interests optimistic improvement a retroactive per NCI is our real M&A performance growth growth private and will ago, outsized year infrastructure, a to were support are and pickup asset margin higher wealth by debt share fees. this the timing from the in driven quarter growth revenues, FRE capital the

the are real each to bottom businesses. portion We back excited our we line of business estate a infrastructure, buy debt StepStone's benefit growth and see as will private which year. strong increasingly across

opportunity multiple. We will is XXXX to to call interest interest team opportunity put The will a StepStone have to the the wealth at discount price step Wealth to in beginning their XXXX. prevailing call private the Private put to the be of an also in beginning have the business structured and

statement increased anticipated. higher of even GAAP than Private of requires buying in profits expectation our potential has to treatment treatment the until not was though fair of value consideration. exercised, accounting present through been the wealth buying GAAP create This call management stronger the in potential our of income. As price private has purchase our platform net to similar earnout, you income put The results our net see through statement, GAAP loss will income to in even quarter. us we why of meaningfully Wealth's is Mike regard which the flowed earn-out this Greenspring a impact change the future but of mentioned, with is accounting of the the the this progress results. This the adjusted the continue StepStone our interest may is part variety wealth which the

be ] are -- on buy-ins these hardwired accretive ANI to share. prior discussed [ these are to As calls, per

on exit. this at ready relatively of X vehicles carry to accrued of carry items years, deal-by-deal payable months. that XX% $XXX Net start Slide cash key realized net the XX% to tied waterfalls, means will Moving time with We our which view at X% to from harvest. And to XX% carry accrued up meaning these potential on than that may carry the programs investment over from last quarter up. is sourced are accrued programs net are older amount, be to that finished is over balance mature with and realizations the million sheet future performance XX. quarter as up fees as [indiscernible] over pick our convert the

the Our to of quarter we turn remarks. open ended line to investment any had our operator end. concludes commitments and questions. it This to the over the $XXX million investment own million, of I'll back at prepared programs quarter our portfolio as own now for $XXX unloaded

Operator

of JPMorgan. question first line [Operator from come Instructions] Worthington from Ken the Our will

Kenneth Worthington

about management. buildout the hear to So good always of wealth

what months? think year, look opportunities business the what you we're are terms about in highlight as you as you you accomplishments distribution to excited out quarter? hear building and -- gets new over out the like as wealth about next I'd So particularly calendar the what sort this footprint, the of this really XX management most in would we is, of wealth quarter, what And

Jason Ment

here. Ken, Thanks, Jason

for XX% the We more in X are quarter cross-sell work we continuing really We about we funds. newer proud quarter platforms as past XXX selling the platforms. are to of in syndicate add or globally build that did this funds them remains the and out high of crossed the

at understand is platforms which to the are, for asset this in building the those in channel the way easier asset institutional they in investors class, understand once additional in them really same brand X that the story StepStone are and it's So story and classes the solutions. in same looking

happy that that's very So we're with. something

progress with the eligible ticker the Second, funds.

coming U.S. ticker. CRDEX, U.S., SPRIM XX% that's ticker now on with through flows continue up what that last that's ticker So and is from quarter, the through was XX% nearly to STRUX about tick I apologize intended, coming coming

these has filling and FAs that edge off be to strategic benefit to and a the clients of that advantage standing accruing out. things are rough the So for proven the us ultimately

prepared our in about forward, we CRDEX the look transaction. remarks, we As secondary spoke

over NAV to the of that million So January. $XXX fund added in

very relevant and and will new innovate we to platforms now that about excited partners size make bit a easier how better to up And about suite for So within a for think continue our partners. and can are that we being fund sure. be to platforms product the cross-sell distribution more scaling we look

Kenneth Worthington

was a going about excellent. talk of to terms sort activity for This XX anyway. bit these of What try and and market a That levels may the have interest market particular, esoteric, looked, those versus secondaries? looking are months you you may be seeing Okay. plot I'm don't today that are discounts little Can it I in are discounts how the transactions, they to of sort how the ago? know, in X, in

Scott Hart

No. Yes.

year you it's across new I secondaries pricing another market GP-led average been slightly. your question. XXXX really a record secondaries have the seen good tick set So clearly in It's up very active think a market. and LP

about have capital, of talked discount, NAV, just I that help percentage to also things years a But expansion over include buyout about to to just was trillion put $X the equity there where and trend private So into at in the across When $X transactions powder the also about NAV asset going forward, the the part in trillion as secondaries of that the in more fast XX% just in whereas increased across areas level dry specifically, probably class. And value And of dry record market secondaries has that's significant here, or we bit X.Xx, NAV. XXXX, if GP-led net market of much there were to we seen in clock of rewind a $XX. think, somewhere we've powder clearly, about asset space, low larger it, trillion to be of to powder to of has you dramatically. XX% venture grown like still in to is ably level private dry was a the $X.X the a it's mid-XXs over space. the much today, equity call you a levels growth of include the industry unrealized separate perspective the

that me, I -- when so have where in secondary opportunity, of participate through to even those And GP secondaries secondaries, to as LP look co-investments or well. whether streams ability we'd at or the balances transactions form the sponsor-to-sponsor

get, a space really well. secondary So a record year coming at us StepStone as for here, as off it industry, look mean the it's lot of I we across but the

Operator

question of Our Budish from Barclays. come Ben next from the line

Benjamin Budish

things anything would the sort targets. based I'm look VC, stepped asset some in else a your contributing a the the to And how the of prepared talked in sort are now, a of trending of couple question, or there? kind next Greenspring remarks, of modeling quarter. up that quite driver the on number bit little that their the that quarters I In piece the be should to wanted of right not bit sequentially about legacy just exceeding little but of SPW way big maybe maybe helpful. curious, was attributable you

Jason Ment

was is retroactive the largest NCI our quarter fees secondaries Yes. David. the Sure, closed this driver non-private this of associated this with that quarter. estate real The wealth fund

absent just other that, growth would all see generally, the classes. from So of a you asset just growth natural the

Scott Hart

question. capital-related on specifically venture just And the

see -- business. acquire not business we acquired XXX% did earnings, would NCI. as As through that flowing relates fee-related carried the on it of XXX% acquired a not We interest, that but the reminder, of to legacy

Benjamin Budish

your a that data sort it. the newspeople coming kind question. higher-level sort DeepSeek, lot just about Got are investment really It's in prepared of and your of infrastructure. revisiting obviously with of your sort high peers digging calls key what you you remarks, a are areas Can of business, into guys the talked to infrastructure understand then are Helpful. center just where of the just the of there? that Scott, And thesis. maybe opportunity are on you of talk bit help level, us focused up maybe been a

Scott Hart

across of industry, you each you look, I really entire very certainly whether across business diversified asset know mean, portfolio our company. and that's our metrics get, underlying that's Yes. any think class I might is across well manager, underlying whether

for to come to co-investment were if and your in there. most would to look, as like closely others, power not in tracking I They're a recent transportation over centers specific the portfolio position, back so but last infrastructure with given venture question estate across as time infrastructure, bit categories industry there, several renewables, we, quite news going which our only and real capital include and the and the X largest in spent And companies communications, weeks. But obviously, our data at be our just well example, DeepSeek fund. of to

data well make or comments, language you spectrum. the had I of And diversified centers question about So would exposure and/or large across entire as very it though, our again, infrastructure models. relates think the been estate to real really sort venture similar similar,

Operator

Our next Goldman the Sachs. Alex from comes question Blostein of from line

Alexander Blostein

for pretty the broad-based? an as that words, there that results guys few look are saw was multiple or couple a -- I active pipelines up last Was likely next is you opportunities well. out, continue? of sectors, guess the far to And for as industries. so there larger You across activity the Was talked your In you quarters? it of multiple shaking deployment quarter, deployment How out in that or was specific anything other there about drove was quarter obviously that? shows quite

Scott Hart

Yes.

et on I it the think about it if AUM, diversified across was was over the X step there But active calendar outlier that AUM. If over if capture Mike were The strategy billion, was $X fearing of I class as that even converting the interfering which as I us. it we the the last the to conversion definitely on back, quarter to cetera. are been mentioned market, a most broader is of look was some touched would going on across not that in deployment. $X our I and was years pay what's back reminder, to asset broad-based. deployment, step very activations, going invested XXXX accounts billion figures UFEC active and a therefore related into So only mean capital for our business, despite the have really

As invested across that most active played in I we of asset the in were the private just deals ended driven the co-investments that some year size as at really having in as mentioned ratio our by up our of really seeing our XXXX. secondaries, private If earlier, of most we and equity equity second quality that active in year of well I co-investment increase in was out business the were classes. transactions we about in look our some approval the

that's X credit have interesting now in currently started talking was assets but there, fund. estate, we or in real a about, so have seen really market, have activity then I private see if opportunities in at in that I not pickup infrastructure secondaries look well. And fund seed just We of sort some with to only real our as estate that

here. been has broad-based across it asset class and So strategy really

Alexander Blostein

how calendar Great. of And in of terms kind the thinking in just for it outlook terms the 'XX? you're pipeline, about of

Scott Hart

really the where obviously, look, increase -- diversified as view now, through to rebuild would having mean wrapped back GPs, we're pipelines with in transition the those of would M&A an went and of that I our think we perhaps to will say given of step and see source I bit now really from. an source we different less some of continue just We're channels I year-end different and business if through right our capital I calendar expect we optimistic to about by process rebuilding activity. markets regulation, through the certain a continue. I mean, there's some kind again, flow would a up the I that But of of activity, that driven Yes. of really see in QX. expect variety pipelines. it, by things ability to nature

Alexander Blostein

Perfect. how supposed hit show you And a a your stock? high-class I my Can mentioned nicely. you second then from done, it that very that question, modeling a which just earn-out of little problem acquisition, is deal has the obviously know Greenspring as bit the is dynamic. cash? just obviously, statements? remind will Is us form? in in So that's up financial NCI, it it Is what when to

David Park

Yes. David here. This is

that XXX% December incash. hit now be accrued target $XX We of XX, target payable fully of a -- as million. are there the Greenspring is So will

Operator

will of from Our line next Michael Morgan the Stanley. come question from Cyprys

Michael Cyprys

see If set what the assets a I'll and Just you about about then with blending, little a there well. around private ask wanted thinking ask maybe of how context follow-up you opportunities others, make bit strategy. It's that related. into public portfolio? to a to And about maybe the you're partner opportunity could in a date could extent sense here to as that target talk

about with you're administration. update thinking you retirement the space the Just how broadly, if on new could

that how Just and curious expectations that might your play around out.

Jason Ment

here. Jason Mike, plural. Thanks the for question, Sure.

public our something having Clearly, very partnering more the about have cetera. market given convergence focus, a the opportunity public-private et would year product today conversations that's cover than we many because last portfolios, been a It's model don't whether joint year So doubt. or we aspects. we're before without

in into in ensure client product total to needed asset go, the the value, a with than blend really about or view, lens at solve can organization, to where these we what market. And that what and want you opportunities CIO because and time trying Officer, to actually look higher Risk seeking can so that that solution what that think add add rather isn't is exposures. Chief ultimately, do the demand conversations or up a value. And think through pushing want and products the there's actually look where to definitely that that owner problem want we're the product we people we are is do We they they do might they it definitely portfolio like, solve there, do all a think and we

near So report lots nothing term conversations, yes, of to on.

in highlight thing to what think the be flows to owner such ways retirement channels model where asset to I the sold relates of end, you into, or insurance be could type institutional other a retail. it think. could could right It be that smaller It that consumed, in particularly could right? As you're space be there opportunity space. It multiple space, different might portfolios in are

of would or said an last going of the we've I couple are terms for exact on returns please and we action broadly, do work And at the the these are U.S. markets the strata adviser update the retirement now. Congress the And accounts more at aggregators plan for. certainly, within corporate markets at retirement managers really I fund think action employers different on of the essence are with more is be that are couple Those endorsement think date portfolios. comfort that for both private who look net market have within legislative not the on the believe each calls at the defined said, regulatory of contribution have of greater in to active taken conversations the the a throated that think inside I Department required of by succeed these to certainly target space degree meaning on the welcome. quarters, be and we retirement In or of all through as any being Labor those the over urgency space. That been about private asset full is focused including endorsement, managed a the somewhat the conversations post election, as sponsors solutions what looking years managers,

Operator

Chris from next Oppenheimer. question from of come line the Our will Kotowski

Christoph Kotowski

And a critical transaction. try of more you a kind deal $XXX Yes. is this wondering, wondering that to on basis some guess a forward? I to fund? color us specifically, I I'm for on bit was was this mass create that route give one-shot a fundraising regular more if Or CRDEX like going could million little potential

Jason Ment

here. Thanks, Chris. Jason

more diversification, credit which was existing an or has up I first opportunity the CRDEX to things. opportunistic a grow things in decreases of in scale, platforms fundraising And SPRIM it benefit market increases was or expense us size, time make path couple It should investors. overall. as a so important. the secondary time. future. -- will a additional is or which it back the in from do the situation. the an This extremely because bit on relevance ratio year ago. in for the increased couple the of to The years not the done come a These deal did it toward wouldn't to a of per which fund It the a We we've is And in so view -- transaction se. In the these platforms, speed particular, eligible of fundraising

deal they that each sense these fund their we're investors, going In get something after. evaluate to come if basis. case-by-case to it's looking they up, terms a then on and make we're of the happy And at for as

Christoph Kotowski

the is than because of Yes. Okay. STRUX as it's interesting the No, more Xx size fund.

very know trust well. you must who somebody So

So thank you.

Operator

any questions any like would time. not turn this And at I'm to further now remarks. I showing over closing back Scott Hart it to for

Scott Hart

story. for Great. look you. time connecting Thank We with thanks, to you StepStone Well, forward as next in everyone, your interest quarter. again usual, and

Operator

today's Thank conclude you for your program. does This the conference. participation in

You have great day. now Everyone, a disconnect. may

StepStone (STEP) 6 Feb 252025 Q3 Earnings call transcript