STEP StepStone Group (STEP) Q1 FY27 earnings call
StepStone Group delivered robust Q1 FY27 results, driven by strong fee-related earnings and record inflows into its Private Wealth platform, which now exceeds $21 billion in assets. The company continues to execute its growth playbook through client expansion, strategic long-term investments, and opportunistic M&A, including the planned buy-in of Private Wealth profits interest for future EPS accretion. Management expressed confidence in sustained earnings growth and capital returns, despite a GAAP loss tied to accounting for the Private Wealth buy-in.
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STEP operating KPIs by quarter
| KPI | Mar 2026 Q4 FY26 | This call Jun 2026 Q1 FY27 | Change vs prior quarter |
|---|---|---|---|
| Gross AUM additions | $13.5B+During the quarter, we generated over $13.5 billion in gross additions including $7 billion of managed account additions and over $6.5 billion of commingled fund inflows.Source: earnings call transcript | $10B+During the quarter, we generated over $10 billion in gross additions, including approximately $4.5 billion of managed account additions and $5.5 billion of commingled fund inflows.Source: earnings call transcript | — |
| Gross AUM additions Managed accounts | $7BDuring the quarter, we generated over $13.5 billion in gross additions including $7 billion of managed account additions and over $6.5 billion of commingled fund inflows.Source: earnings call transcript | ~$4.5BDuring the quarter, we generated over $10 billion in gross additions, including approximately $4.5 billion of managed account additions and $5.5 billion of commingled fund inflows.Source: earnings call transcript | — |
| Gross AUM additions Commingled funds | $6.5B+During the quarter, we generated over $13.5 billion in gross additions including $7 billion of managed account additions and over $6.5 billion of commingled fund inflows.Source: earnings call transcript | $5.5BDuring the quarter, we generated over $10 billion in gross additions, including approximately $4.5 billion of managed account additions and $5.5 billion of commingled fund inflows.Source: earnings call transcript | — |
| Assets under management (AUM) Private wealth suite | <$18BWe generated over $2.3 billion of subscriptions in our private wealth suite of offerings, growing the platform of nearly $18 billion as of the end of the quarter.Source: earnings call transcript | $21B+We generated $2.8 billion of subscriptions in our Private Wealth suite of offerings, growing the platform to over $21 billion as of the end of the quarter.Source: earnings call transcript | — |
| Fee-earning AUM plus undeployed fee-earning capital | $184B+The combination of feeding assets plus UF grew to over $184 billion, which is up more than $12 billion sequentially and is up over $38 billion from a year ago, our strongest year of growth in our history.Source: earnings call transcript | ~$193BThe combination of fee-earning assets plus UFEC grew to approximately $193 billion, which is up $9 billion sequentially and is up $37 billion from a year ago.Source: earnings call transcript | — |
| Undeployed fee-earning capital | ~$40BFor the quarter, we increased fee earning assets by nearly $5.5 billion, and we increased our undeployed fee-earning capital, or UFC, by $7 billion to roughly $40 billion, our highest level ever.Source: earnings call transcript | $39B+Even with these large activations and steady managed account deployment, we maintained a healthy balance in our undeployed fee-earning capital, or UFEC, of over $39 billion as strong fundraising in managed accounts and the first close of our venture capital secondaries fund helped to replenish the UFEC balance.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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