Q3 2026 StepStone Group Inc Earnings Call Transcript
Key Points
- StepStone Group Inc (STEP) reported a 34% year-over-year growth in core fee-related earnings, demonstrating strong financial performance.
- The company achieved a record $2.4 billion in new subscriptions within its Private Wealth platform, nearly doubling its previous highest quarter.
- StepStone Group Inc (STEP) successfully launched STPEX, a pure-play private equity interval fund, which garnered over $700 million in gross subscriptions in the first 30 days.
- The company expanded its international presence with new offices in the Netherlands, Spain, South Korea, and Saudi Arabia, enhancing its global footprint.
- StepStone Group Inc (STEP) announced partnerships with Aviva and FTSE Russell, strengthening its position in the U.K. pension market and launching new private market indices.
- StepStone Group Inc (STEP) reported a GAAP net loss of $366 million, significantly larger than prior periods, due to the progress of its Private Wealth platform.
- The company's fee-related earnings declined slightly sequentially, primarily due to lower retroactive fees and advisory fees.
- General and administrative expenses increased by $2 million from the last quarter, driven by higher travel, IT, and other general operating expenses.
- The initial surge in STPEX subscriptions is not expected to be sustainable, with anticipated moderation in future quarters.
- The company faces challenges in the private markets with low distributions for three consecutive years, impacting client focus and fundraising.
Hello, and welcome to StepStone Group's Q2 2026 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 Seth Weiss, Head of Investor Relations. Please go ahead.
Thank you, and good evening. Joining me on today's call are Scott Hart, Chief Executive Officer; Jason Ment, President and Co-Chief Operating Officer; Mike McCabe, Head of Strategy; and David Park, Chief Financial Officer. During our prepared remarks, we will be referring to a presentation, which is available on our Investor Relations website at shareholders.stepstonegroup.com.
Before we begin, I'd like to remind everyone that this conference call as well as the presentation contains certain forward-looking statements regarding the company's expected operating and financial performance for future periods. Forward-looking statements reflect management's current plans, estimates and expectations and are inherently uncertain and are
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