Stepstone Group Inc. · NASDAQ:STEP
Stepstone — Investor Presentation (March 2026)
13 slides from Stepstone's investor presentation, March 2026
Slide 1: StepStone Real Estate 2026 research outlook APAC
StepStone Real Estate 2026 research outlook APAC March 2026 20260311-5291720-16684047
Slide 2: Notes
NOTES This document is for informational purposes and is meant only to provide a broad overview for discussion purposes. Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements This document does not constitute an offer to sell, a solicitati
Slide 3: APAC remains global leader even as growth slows
APAC remains global leader even as growth slows GDP growth forecast Employment growth 5% 5% 4% 4% 3% 3% Forecast 2% 2% 1% 1% 0% 0% -1% Australia China Japan South Korea Singapore 2023 2024 2025 2026 2027 2028 2029 2030 2025 - Actual 2026 2027 Forecast as of February 2025 Australia China Japan Singap
Slide 4: Ex Japan, policy rates ease further as inflation slows
Ex Japan, policy rates ease further as inflation slows Annual CPI inflation Central bank policy rates 8% 5% 7% 4% 6% 3.60% 5% 3% 3.00% Forecast 2.50% 4% 2% 3% 1% 2% 0.75% 1% 0% 0% -1% -1% 2018 2019 2020 2021 2022 2023 2024 2025 2026 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Australia Ch
Slide 5: Transaction activity flat YoY; in line with long-term averages
Transaction activity flat YoY; in line with long-term averages APAC annual transaction volume $ in billions $250 10Y avg: $186B ('25 down 2%) LT avg: $154B ('25 up 19%) 2025: $183B $200 $150 $100 $50 $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 So
Slide 6: China and Japan slow YoY; activity improves elsewhere
China and Japan slow YoY; activity improves elsewhere Japan annual transaction volume Australia annual transaction volume $ in billions $ in billions $70 10Y avg: $46B (‘25 up 11%) $70 LT avg: $43B ('25 up 20%) 10Y avg: $30B (‘25 flat) $60 $60 LT avg: $26B ('25 up 16%) 2025: $51B $50 $50 2025: $30B
Slide 7: Property fundamentals
Property fundamentals 20260311-5291720-16684047
Slide 8: Office fundamentals
Office fundamentals Vacancy Rent growth 16% 20% 12% 15% 8% 4% 10% 0% Forecast -4% 5% -8% 0% -12% Tokyo Seoul Sydney Melbourne Singapore 2023 2024 2025 2026 2024 2025 2026F Tokyo Seoul Sydney Melbourne Singapore Source: CBRE, February 2026. STEPSTONE GROUP 8 20260311-5291720-16684047
Slide 9: Industrial fundamentals
Industrial fundamentals Vacancy Rent growth 25% 20% 20% 15% 15% 10% Forecast 10% 5% 5% 0% 0% -5% Tokyo Seoul Sydney Melbourne Singapore 2023 2024 2025 2026 As of Q4 2024 Tokyo Seoul Sydney Melbourne Singapore Source: CBRE, February 2026. STEPSTONE GROUP 9 20260311-5291720-16684047
Slide 10: Retail fundamentals
Retail fundamentals Vacancy1 Rent growth 8% 7% 7% 6% Forecast 6% 5% 4% 5% 3% 4% 2% 3% 1% 2% 0% 1% -1% 0% -2% Tokyo Sydney Melbourne Singapore 2023 2024 2025 2026 As of Q4 2024 Tokyo Sydney Melbourne Singapore Source: CBRE, February 2026. STEPSTONE GROUP 10 1. Tokyo retail vacancy at 0.0% as of Q4 20
Slide 11: Residential fundamentals
Residential fundamentals Vacancy Rent growth 4% 12% 10% 3% 8% 6% 2% 4% 2% 1% 0% -2% 0% -4% Tokyo Sydney Melbourne Brisbane Tokyo Sydney Melbourne Brisbane As of Q4 2024 As of Q4 2024 Source: JLL, Savills, February 2026. STEPSTONE GROUP 11 20260311-5291720-16684047
Slide 12: Risks and other considerations
RISKS AND OTHER CONSIDERATIONS Risks Associated with Investments. Identifying attractive investment opportunities and the right underlying fund accounts, these accounts may be in competition for investment opportunities. managers is difficult and involves a high degree of uncertainty. There is no as
Slide 13: stepstonegroup.com
stepstonegroup.com 20260311-5291720-16684047