Stepstone Group Inc. · NASDAQ:STEP
Stepstone — Investor Presentation (September 2026)
34 slides from Stepstone's investor presentation, September 2026
Slide 1: StepStone Private Infrastructure Fund (STRUCTURE)
StepStone Private Infrastructure Fund (STRUCTURE) 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 a
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 Private Wealth Solutions at 704.215.4300 or by visiting stepstonepw.com. An in
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: One platform, total insight (SPI)
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 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 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: What is infrastructure?
What is infrastructure? Infrastructure assets are economic and social necessities that deliver services and products needed to improve society’s quality of life, social well-being and safety. The infrastructure investable universe continues to expand to include new classes such as communications and
Slide 16: Private infrastructure returns vs. public markets
Slide title Private infrastructure returns vs. public markets Private infrastructure continues to outperform listed infrastructure with lower volatility Evolution of USD invested on June 30, 2011 Quarterly returns 500 Market downturns 450 Annualized volatility Index Return quarterly returns 400 DJB
Slide 17: Significant need for infrastructure investment globally
Significant need for infrastructure investment globally A Global Infrastructure Hub (G20 Initiative) study found that from 2026 the world needs to invest $3.9T annually in infrastructure to support economic growth, with developed markets representing ~$0.9T p.a. $3.9 TRILLION Global investment requi
Slide 18: Thematic approach to infrastructure investing
Thematic approach to infrastructure investing STRUCTURE intends to take advantage of attractive industry themes focused on Transportation, Power and Data, and the diversification of their underlying investment characteristics. Transportation Power Data Toll roads Energy storage Data centers Airports
Slide 19: Why invest in infrastructure now?
Why invest in infrastructure now? Key characteristics that make infrastructure attractive for investors are even more relevant in the current market environment. • Essential services with relatively inelastic demand • Regulated activities or long-term contracted revenue Potential downside risk mitig
Slide 20: Low correlation compared to major asset classes
Low correlation compared to major asset classes Public and private market correlations 2008-2025 Global core infrastructure Global core infrastructure 1.0 Global bonds -0.1 Global equities 0.0 US core real estate 0.4 Private equity 0.2 Source: MSCI, Bloomberg, Burgiss, NCREIF, J.P. Morgan Asset Mana
Slide 21: StepStone Private Infrastructure Fund "STRUCTURE"
StepStone Private Infrastructure Fund “STRUCTURE”
Slide 22: STRUCTURE
StepStone Private Infrastructure Fund, (STRUCTURE) seeks to STRUCTURE provide current income and long-term capital appreciation by offering investors access to a global investment portfolio of Immediate private infrastructure assets. Highly diversified Favorable fund structure Private private infras
Slide 23: Infrastructure and Real Assets
Infrastructure and Real Assets StepStone Infrastructure and Real Assets seeks to provide tailored solutions to meet the needs of institutional investors at any stage of their investment programs. $153 $13 75+ 14 BILLION BILLION investment partners total capital average annual professionals responsib
Slide 24: Scaled Infrastructure and Real Assets team
Scaled Infrastructure and Real Assets team Partners (14) Senior Managing Directors (6) Global Investment Team James O’Leary* Sydney Bryan Bedard Toronto Simon Beer* Toronto Kate Budiselik* Perth Duane Cadman* Sydney Joey Wong Castillo London Sid Chandrasekaran London David Beamish* Dublin Lianne Buc
Slide 25: StepStone infrastructure competitive advantages
StepStone infrastructure competitive advantages We believe STRUCTURE is uniquely positioned to capitalize on the global mega trends that support infrastructure investments, given our market leading position, global coverage and operational expertise. Global team Sector specialists Market coverage Da
Slide 26: STRUCTURE – Immediate global infrastructure exposure
STRUCTURE – Immediate global infrastructure exposure Diversified access Built-in liquidity opportunities Investor-friendly Transportation, power, and data infrastructure Targeted risk-adjusted return profile 1.60% management fee and no incentive exposure or performance fee2 Daily entry Access via se
Slide 27: STRUCTURE – Immediate global infrastructure exposure
STRUCTURE – Immediate global infrastructure exposure ASSET CLASS1 STRATEGY1 GEOGRAPHY1 Sector composition3 July 31, 2026 Data & Communications 26.9% 100% Transport 18.5% 72% 56% 37% Renewables 15.0% Utilities 13.6% Social 6.3% Midstream 6.2% 27% Conventional Power 4.7% Diversified 2.6% Decarbonizati
Slide 28: A globally powerful ally
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 28 20251201-5019612-15855301
Slide 29: Appendix
Appendix
Slide 30: Key Terms – STRUCTURE
KEY TERMS – STRUCTURE STRUCTURE’s investment objectives are to seek current income and long-term capital appreciation by offering investors access to a global Investment objective investment portfolio of private infrastructure assets Structure Closed-end, evergreen, interval fund structure that is r
Slide 31: 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 – Social infrastructure companies/issuers are subject to government regulation and the costs of compliance with involves a high degree of risk, including the ris
Slide 32: Uncertainty due to public health crisis
Uncertainty due to public health crisis. A public health crisis, such as the recent outbreak of the COVID-19 global Carried interest. In those instances where the underlying portfolio fund managers receive carried interest over and pandemic, can have unpredictable and adverse impacts on global, nati
Slide 33: Glossary
GLOSSARY Correlation Measures the degree to which two variables move in relation to each other. A value of 1.0 implies includes both the capital appreciation of the underlying stocks in the S&P 500 Index as well as any dividends paid movement in parallel, -1.0 implies movement in opposite directions
Slide 34: stepstonepw.com stepstonegroup.com
stepstonepw.com stepstonegroup.com
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