Stepstone Group Inc. · NASDAQ:STEP
Stepstone — Investor Presentation (September 2026)
32 slides from Stepstone's investor presentation, September 2026
Slide 1: StepStone Private Venture and Growth Fund (SPRING)
StepStone Private Venture and Growth Fund (SPRING) FOR QUALIFIED CLIENT INVESTOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION. 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
Slide 2: Important Notes
IMPORTANT NOTES Before investing you should carefully consider the Fund's Primary Direct Investments involve the same types of risks investment objectives, risks, charges and expenses. This and associated with an investment in any operating company. other information is in the prospectus, a copy of
Slide 3: StepStone
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
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 WA 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
~ | J Market opportunity
Slide 14: Private wealth assets are expected to grow by 2x public reaching $65T
MARKET OPPORTUNITY Private wealth assets are expected to grow by 2x public reaching $65T BY 2032 (8 YEARS) 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, reach
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: Private companies still growing faster than publics
Private companies still growing faster than publics Private assets across different vintages have seen stronger revenue growth compared to their public peers – average spread has ranged from 5-7% annualized. Annualized revenue growth rate Median annualized growth rates by private equity company size
Slide 17: Companies are staying private longer
Companies are staying private longer… The average age at IPO has continued to increase in recent years, with the average company waiting over 12 years before going public. 2018-Present Average age at IPO (by IPO year) As of December 31, 2025 13 12 2000’s & Early 2010’s 11 9 4 2000-2009 2010-2017 201
Slide 18: Long-term historical performance
Long-term historical performance Institutional and high net worth investors are increasing allocations to private markets, where venture capital has outperformed over the long-term. 30-year horizon pooled returns As of December 31, 2025 32.5% 13.2% 6.8% Cambridge US Venture Capital Index¹ Cambridge
Slide 19: StepStone Private Venture and Growth Fund "SPRING"
StepStone Private Venture and Growth Fund “SPRING”
Slide 20: SPRING
SPRING StepStone Private Venture and Growth Fund (SPRING) is designed as a broadly diversified venture and growth strategy leveraging an open architecture approach, emphasizing secondary purchases, Immediate direct investments and primary funds. Venture Highly diversified venture capital Favorable f
Slide 21: Venture capital and growth equity
Venture capital and growth equity StepStone VC/Growth seeks to be the most valuable partner to LPs, GPs, and Founders across venture capital and growth equity via a host of flexible products and solutions $34 ~90 BILLION dedicated assets under professionals management1 All dollars are USD. Headcount
Slide 22: SPRING - Simplifying the investor experience
SPRING - 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, an
Slide 23: SPRING – Immediate venture capital and growth exposure
SPRING – Immediate venture capital and growth exposure Diversified access Built-in liquidity opportunities Investor-friendly Focused on the innovation economy—investing Targeted risk-adjusted return profile 1.50% management fee2 in dynamic companies, technologies, and sectors Monthly entry 15% incen
Slide 24: SPRING – Immediate venture capital and growth exposure
SPRING – Immediate venture capital and growth exposure ASSET CLASS1 STRATEGY1 GEOGRAPHY1 Sector composition2 8% 3% 3% July 31, 2026 20% Information Technology 58.7% Financials 17.3% 38% Industrials 10.7% Health Care 5.1% Communication Services 2.4% Consumer Discretionary 2.0% Other 3.8% 59% 80% 89%
Slide 25: Why consider SPRING?
Why consider SPRING? Backed by StepStone’s global scale, proprietary insights, and deep manager relationships, SPRING offers the opportunity for diversified exposure to the innovation economy that seeks long-term capital appreciation with the goal of enhancing returns and reducing volatility. Seekin
Slide 26: Our depth. Your advantage.
A globally powerful ally Put proven expertise on your side Superior deal flow Get our exclusive edge Streamlined experience The private markets made simple Our All to build your client’s confidence, and depth. your business. Your advantage. STEPSTONE GROUP 26
Slide 27: Appendix
wy Appendix
Slide 28: Key Terms – SPRING
KEY TERMS – SPRING Investment objective SPRING’s investment objective is to achieve long-term capital appreciation Structure Closed-end, evergreen, tender fund structure that is registered under the Securities Act of 1933 and the Investment Company Act of 1940. Eligibility Qualified client Distribut
Slide 29: Risk and other considerations
RISK AND OTHER CONSIDERATIONS An investment in the Fund involves material risks. Investing in the shares may be considered speculative and Limited diversification of investments. The investment opportunity does not have fixed guidelines for involves a high degree of risk, including the risk of the l
Slide 30: Carried interest
Carried interest. In those instances where the underlying portfolio fund managers receive carried interest over and StepStone to formulate decisions regarding RI, or StepStone's judgment regarding the same, will be reflected in the above their basic management fees, receipt of carried interest could
Slide 31: Defined benchmarks
Defined benchmarks: spanning from IPO to present day Cambridge Associates Index. The Cambridge Associates data is supplied by managers that may be unaudited. Revenue at IPO: The annual revenue of the company in the year in which they held their IPO. The indices are not transparent and cannot be inde
Slide 32: stepstonepw.com stepstonegroup.com
stepstonepw.com stepstonegroup.com
StepStone Group — Investor Presentation (September 2026) on 6ix