Stepstone Group Inc. · NASDAQ:STEP
Stepstone — Investor Presentation (2026)
36 slides from Stepstone's investor presentation, 2026
Slide 1: StepStone Private Markets (SPRIM)
StepStone Private Markets (SPRIM ) ® The descriptions herein reflect Advisers’ current views and expectations and are subject to change and are qualified in their entirety by the Prospectus for the Fund. There can be no assurance that such funds will be raised or that, if raised, they achieve their
Slide 2: Important Notes
IMPORTANT NOTES Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained from StepStone Solutions at 704.215.4300. An investor should read the prospectus carefully be
Slide 3: StepStone: Worldwide, world-wise; your private markets partner
StepStone Worldwide, world-wise; your private markets partner
Slide 4: Scale that delivers
Scale that delivers Assets under $245 Opportunity management1 The capital and relationships that unlock growth BILLION Assets under Total capital Reach advisement $668 responsibility1 True global presence, deep local knowledge $913 BILLION Annual private ~ $75 Flexibility markets allocations2 BILLIO
Slide 5: Opportunity
Opportunity A strategic partner to our clients and fund managers, we listen deeply, share generously, and search diligently for new ways to address each challenge. CLIENTS Corporations A self-reinforcing STEPSTONE growth cycle of Endowments and foundations clients, capital, Family offices Asset mana
Slide 6: Reach
Reach Our presence powers possibility. Local teams with valuable regional insights collaborate across 31 cities, 19 countries and 5 continents. London Dublin Amsterdam ASIA PACIFIC Luxembourg Frankfurt $123 Zurich Chicago Milan Toronto Rome Cleveland New York Madrid Beijing San Francisco Baltimore P
Slide 7: SPI by StepStone
One platform, total insight SPI BY STEPSTONE Our view is both panoramic and precise, framed by a powerful combination of proprietary data and technology that empowers clients to act with uncommon clarity and conviction. SPI Research SPI Reporting A consolidated due diligence library Portfolio tracki
Slide 8: StepStone Private Wealth Solutions
StepStone Private Wealth Solutions Our depth. Your advantage. Distinctive deal sourcing on a global scale puts our pick of the private markets at your fingertips. Critical intelligence informs our diversified investments. A streamlined structure brings highly sophisticated opportunities. All to buil
Slide 9: Evergreen fund structure
Evergreen fund structure
Slide 10: Challenges accessing the private markets
Challenges accessing the private markets High investment K-1 complexity Illiquidity Private market and tax and unpredictable minimums and access challenges suitability reporting delays1 cash flows requirements Historically, it has been difficult for Lack of transparency, Market saturated manager acc
Slide 11: StepStone's evergreen fund value proposition
StepStone’s evergreen fund value proposition Evergreen funds seek to deliver an illiquidity premium and potential diversification benefits of private assets in a convenient, efficient and transparent product that offers repurchase opportunities at 100% of NAV.1 Challenges of J-curve effect2 Meeting
Slide 12: Evergreen fund advantages fueling adoption
Evergreen fund advantages fueling adoption Evergreen fund growth over time (Total number of funds) 800 $419 700 BILLION 600 OF NAV 500 +500 400 300 200 +120 100 0 Source: Preqin, as of June 2025. Represents the cumulative number of evergreen fund structures (excluding ELTIF and LTAF). 1. Evergreen f
Slide 13: Market opportunity
Market opportunity
Slide 14: Private wealth assets expected to grow 2x public, reaching $65T
MARKET OPPORTUNITY Private wealth assets are expected to grow by 2x public reaching $65T BY 2032 Projections are based on estimates and subject to change. Bain & Company. (2024, August 21). Private market assets to grow at more than twice the rate STEPSTONE GROUP 14 of public assets, reaching up to
Slide 15: A broader opportunity set starts in private markets
A broader opportunity set starts in private markets During the last 40 years, public equity markets have provided less and less exposure to small and mid cap businesses. Moreover, private market exposure is increasingly skewing towards large caps. Public equity investment options more limited, 13x m
Slide 16: How are sophisticated institutions investing?
How are sophisticated institutions investing? Institutional investors maintain significant private market allocations. Current target allocation to private market alternatives 37% 38% 34% 31% 28% Sovereign Wealth Funds Public Pension Funds Foundations Endowment Plans Single Family Offices For illust
Slide 17: Accessing the private markets through secondaries
Accessing the private markets through secondaries Secondary investors seek to optimize the investment lifecycle of a fund by accessing private markets at an attractive entry point, reducing blind pool risk, mitigating the J-curve, and benefiting from accelerated distributions. Primary investment per
Slide 18: Accessing the private markets through co-investing
Accessing the private markets through co-investing Co-investments involve making an equity investment directly into a single operating company, typically alongside a private equity manager who is also contributing capital to the same company. Hypothetical illustration of co-investment transactions 0
Slide 19: StepStone Private Markets Fund "SPRIM"
StepStone Private Markets Fund “SPRIM”
Slide 20: SPRIM
SPRIM StepStone Private Markets (SPRIM) is designed as a core private markets holding aiming to provide long-term capital appreciation and substantial diversification through a single investment. Opportunity Immediate Private for immediate Highly diversified Favorable fund structure private markets
Slide 21: SPRIM - Simplifying the investor experience
SPRIM - Simplifying the investor experience Distinctive deal sourcing on a global scale puts our pick of the private markets at your fingertips. Critical intelligence informs our investments. A streamlined structure seeks to bring world-class opportunities. All to build your clients’ confidence, and
Slide 22: SPRIM – Comprehensive private markets exposure
SPRIM – Comprehensive private markets exposure Diversified access Built-in liquidity opportunities Investor-friendly Established, diversified private markets portfolio Targeted risk-adjusted return profile 1.40% management fee and no incentive Exposure across private equity, real assets, and or perf
Slide 23: SPRIM – Comprehensive private markets exposure
SPRIM – Comprehensive private markets exposure ASSET CLASS1 STRATEGY1 GEOGRAPHY1 Sector composition2 July 31, 2026 5% 1% 2% Private equity 73.4% 21% 21% 18% Information Technology 18.5% Financials 12.5% Health Care 11.7% Industrials 11.2% Consumer Discretionary 8.7% Communication Services 5.7% Other
Slide 24: Why consider SPRIM?
Why consider SPRIM? Backed by StepStone’s global scale, proprietary insights, and deep manager relationships, SPRIM offers the opportunity for diversified exposure to the private markets that seeks long-term capital appreciation with the goal of enhancing returns and reducing volatility. Seeking mea
Slide 25: Our depth. Your advantage.
A globally powerful ally Put proven expertise on your side Superior deal flow Our Get our exclusive edge depth. Streamlined experience The private markets made simple Your advantage. STEPSTONE GROUP 25 20251201-5019612-15855301
Slide 26: Appendix
Appendix
Slide 27: Key Terms – SPRIM
KEY TERMS – SPRIM SPRIM’s investment objectives are to invest in a broad cross section of Private Market Assets that will enable us to, over time: Investment objective Achieve long-term capital appreciation.1 Structure Closed-end, evergreen, tender offer fund structure that is registered under the I
Slide 28: SPRIM investment case study – A
SPRIM investment case study – A Industry Communication Deal summary: exposure 20% GP-directed and off market secondary transaction alongside strategic primary Consumer discretionary commitments to the GP’s latest fund. GP contacted StepStone directly regarding the Industrials 10% transaction and use
Slide 29: SPRIM investment case study – B
SPRIM investment case study – B Industry Deal summary: exposure Consumer discretionary GP-led opportunity to invest in a global leader in the Vehicle Glass Repair and 100% Replace (“VGRR”) and Recalibration market alongside a high-quality sponsor, that views StepStone as a strategic partner given a
Slide 30: SPRIM investment case study – C
SPRIM investment case study – C Industry Deal summary: exposure Industrials SPRIM participated in a co-investment alongside a top ranked global GP to acquire 100% the second largest aviation fixed base operator (FBO) in the U.S. providing a full suite of critical services to the private aviation sec
Slide 31: Subscription processes
Subscription processes SPRIM provides investors with the flexibility of daily subscriptions, offering two convenient and efficient admittance opportunities. PAPER SUBSCRIPTION AGREEMENTS Subscription agreement Trade date Subscription agreement and Subscription agreements and funding funds submitted
Slide 32: Redemption process
Redemption process The Board of SPRIM initiates quarterly tender offers at NAV. Investors may elect to participate, subject to a limit of 5% of total shares outstanding.1 REDEMPTION PROCESS ROADMAP Share redemption offer Shareholder election Valuation date Notice to shareholders regarding next Share
Slide 33: Risks and other considerations
RISKS AND OTHER CONSIDERATIONS An investment in the Fund involves material risks. Investing in the shares may be considered Restrictions on transfer and withdrawal; illiquidity of interests; interests not registered. The speculative and involves a high degree of risk, including the risk of the loss
Slide 34: Risks and other considerations (continued)
RISKS AND OTHER CONSIDERATIONS (CONTINUED) Existing relationships. The Advisers and its principals have long-term relationships with many The Preqin data is supplied by managers that may be unaudited. The indices are not transparent private equity managers. StepStone clients may seek to invest in th
Slide 35: Glossary
GLOSSARY Capital call. A funding notice for all or a portion of capital committed by an investor under an existing Secondary purchases. Purchasing existing private market fund commitments from an investor capital commitment. Capital commitments are often funded over time in separate capital contribu
Slide 36: stepstonepw.com stepstonegroup.com
stepstonepw.com stepstonegroup.com