The firm specializes in primary, direct, fund of funds, secondary direct, and secondary indirect investments, seeking to invest across private debt, venture debt, mezzanine, distressed/vulture, and buyout investments in mature and middle market companies. StepStone achieved exceptional 31.4% revenue growth over five years, with accelerated growth of 42.8% annually over the past two years, demonstrating strong market positioning in the expanding private markets accessibility space.
Cyborg Score Rationale
StepStone manages over $100 billion in AUM with impressive 30.4% annual revenue growth and 41.4% annual earnings per share growth, indicating strong execution and market share gains. The firm is uniquely positioned within the private market value chain with tailwinds on the retail side supporting growth for many years to come. Valuation remains elevated at 27.6x forward P/E, requiring strong execution to justify.
Top Insights
Revenue growth accelerated to 42.8% annually over the past two years, well above the five-year trend of 31.4%
Global diversification across North America, Europe, Asia, Latin America with 5-40% emerging markets exposure
Retail market tailwinds provide multi-year growth opportunity as direct access to alternatives democratizes
JPMorgan raised price target to $91 from $84 in February 2026
Named Competitors
Apollo — Diversified asset manager with private equity and credit focus
Blackstone — Leading alternatives platform across PE, real estate, and infrastructure
Carlyle — Global alternatives platform with broad asset class coverage
KKR — Major alternatives asset manager with growth equity and infrastructure
Recent Developments
(February 2026) JPMorgan raises price target to $91 from $84
(October 2025) StepStone Real Estate announces partnerships for broader asset class access
(August 2025) StepStone Private Wealth Solutions achieves new milestone in wealth management
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