The following is a summary of the StepStone Group LP (STEP) Q1 2025 Earnings Call Transcript:

Financial Performance:

• StepStone Group reported Q1 fiscal 2025 GAAP net income of $48 million and net income attributable to StepStone Group Incorporated was $13.3 million, or $0.20 per share.

• Adjusted net income rose to $57.2 million for the quarter, or $0.48 per share, driven by higher fee-related earnings and higher realized performance fees.

• Management and advisory fees were $179 million, up 29% from the previous year.

• Fee-related earnings increased significantly to $72 million, up 61% from the previous year, with an FRE margin of 40%.

• Realized performance fees reached $43 million.

Business Progress:

• StepStone had a record period for fundraising, with the strongest period ever for net contribution to fee earning assets, surpassing $100 billion.

• Over $800 million of private wealth subscriptions marked StepStone's strongest private wealth quarter ever, with the addition of SPRING to a second wirehouse and distribution across nearly 400 partners.

• Continued fund growth was noted with private equity secondaries funds surpassing $4 billion and venture capital secondaries funds reaching $3.3 billion, both setting new records.

• Fee-earning assets grew by $7 billion during the quarter, marking the largest quarterly addition in company history.

Opportunities:

• StepStone's robust fundraising capabilities are bolstered by diverse offerings and strong demand across asset classes, hinting at sustained growth potential.

• Continued growth in private wealth offerings presents significant opportunities.

Risks:

• Despite a very positive quarter, there was a mention about the expectation of performance fees' volatility and potential market and economic fluctuations impacting capital market activities.

More details: StepStone Group IR

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