StepStone Group’s private markets platform reached approximately $913 billion in total capital responsibility as of June 30, 2026, reflecting continued growth across assets under management, assets under advisement and its fee-generating capital base.
Total capital responsibility reached $913.2 billion, up 26% from $723.5 billion a year earlier. Assets under management increased 23% to $245.4 billion, while assets under advisement climbed 27% to $667.9 billion.
Fee-earning assets under management increased 21% to $153.6 billion from $127.2 billion. StepStone also had $39.3 billion of undeployed fee-earning capital, up 37% year-over-year. That capital consists of commitments that have not yet been invested or activated but are expected to generate management fee revenue once deployed or activated.
The growth was particularly strong in focused commingled funds. Fee-earning AUM in those funds reached $70.3 billion, up 39% year-over-year. Across asset classes, private equity fee-earning AUM rose 26% to $83.8 billion, infrastructure increased 20% to $31.3 billion and private debt increased 19% to $25.6 billion.
StepStone’s overall AUM included $127.6 billion of private equity assets, up 27%, $49.5 billion of infrastructure assets, up 24%, $47.7 billion of private debt assets, up 22%, and approximately $20.6 billion of real estate assets. Focused commingled-fund AUM increased 42% to $88.9 billion.
Management and advisory fees increased 27% year-over-year to $269.2 million. Fee revenues reached $270.9 million, while fee-related earnings increased 30% to $105.6 million. StepStone reported a fee-related earnings margin of 39%.
Adjusted net income was $60.3 million, or $0.48 per share. GAAP results included a net loss of $170.4 million for the quarter, while total performance fees were $109.7 million.
The board also declared a quarterly cash dividend of $0.33 per Class A share, payable September 15, 2026 to shareholders of record as of August 31.
