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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________________ to ___________________________
Commission file number 001-39510
STEPSTONE GROUP INC.
(Exact name of Registrant as specified in its charter)
Delaware84-3868757
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
450 Lexington Avenue, 31st Floor
New York, NY
10017
(Address of principal executive offices)(Zip Code)
(212) 351-6100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par value per shareSTEPThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No  
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date: As of February 8, 2022, there were 60,791,306 shares of the registrant’s Class A common stock, par value $0.001, and 47,499,673 shares of the registrant’s Class B common stock, par value $0.001, outstanding.




Table of Contents
Page
PART I - FINANCIAL INFORMATION
Condensed Consolidated Balance Sheets as of December 31, 2021 and March 31, 2021
Condensed Consolidated Statements of Income for the Three and Nine Months Ended December 31, 2021 and 2020
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended December 31, 2021 and 2020
Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended December 31, 2021 and 2020
PART II - OTHER INFORMATION

2


This Quarterly Report on Form 10-Q (“Form 10-Q”) includes certain information regarding the historical investment performance of our focused commingled funds and separately managed accounts. An investment in shares of our Class A common stock is not an investment in any StepStone Fund (as defined below). The StepStone Funds are separate, distinct legal entities that are not our subsidiaries. In the event of our bankruptcy or liquidation, you will have no claim against the StepStone Funds. In considering the performance information relating to the StepStone Funds contained herein, current and prospective Class A common stockholders should bear in mind that the performance of the StepStone Funds is not indicative of the possible performance of shares of our Class A common stock and also is not necessarily indicative of the future results of the StepStone Funds, even if fund investments were in fact liquidated on the dates indicated, and we cannot assure you that the StepStone Funds will continue to achieve, or that future StepStone Funds will achieve, comparable results.
Unless otherwise indicated or the context otherwise requires:
• “StepStone Group Inc.” or “SSG” refer solely to StepStone Group Inc., a Delaware corporation, and not to any of its subsidiaries;
• the “Partnership” refers solely to StepStone Group LP, a Delaware limited partnership, and not to any of its subsidiaries;
• “General Partner” refers to StepStone Group Holdings LLC, a Delaware limited liability company, and the sole general partner of the Partnership;
• “we,” “us,” “our,” the “Company,” “our company,” “StepStone” and similar terms refer to SSG and its consolidated subsidiaries, including the Partnership, following the Reorganization and IPO (each as defined below) and to the Partnership and its consolidated subsidiaries prior to the Reorganization and IPO;
• “StepStone Funds” or “our funds” refer to our focused commingled funds and our separately managed accounts, including acquired Greenspring funds, for which we act as both investment adviser and general partner or managing member;
• references to the “Greenspring acquisition” refer to the acquisition of Greenspring Associates, Inc. and certain of its affiliates, “Greenspring,” that was completed on September 20, 2021;
• references to “FY,” “fiscal” or “fiscal year” are to the fiscal year ended March 31 of the applicable year;
• references to the “Reorganization” refer to the series of transactions immediately before the Company’s initial public offering (“IPO”), which was completed on September 18, 2020;
• references to “private markets allocations” or “combined AUM / AUA” refer to the aggregate amount of our assets under management (“AUM”) and our assets under advisement (“AUA”);
• references to “high-net-worth” individuals refer to individuals with net worth of over $5 million, excluding primary residence; and
• references to “mass affluent” individuals refer to individuals with annual income over $200,000 or net worth between $1 million and $5 million, excluding primary residence.


3


TRADEMARKS, SERVICE MARKS AND TRADE NAMES
We own or have rights to trademarks, service marks or trade names that we use in connection with the operation of our business. In addition, our names, logos and website names and addresses are owned by us or licensed by us. We also own or have the rights to copyrights that protect the content of our solutions. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this Form 10-Q are listed without the ©, ® and ™ symbols, but we will assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks, trade names and copyrights.
FORWARD-LOOKING STATEMENTS
This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact, including statements regarding guidance, industry prospects or future results of operations or financial position made in this Form 10-Q are forward-looking. We use words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “plan” and “will” and similar expressions to identify forward-looking statements. Forward-looking statements reflect management’s current plans, estimates and expectations and are inherently uncertain. The inclusion of any forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, global and domestic market and business conditions, our successful execution of business and growth strategies and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in greater detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2021 and in our subsequent reports filed from time to time with the U.S. Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Form 10-Q and in our other periodic filings. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
4


Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
StepStone Group Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts)
As of
December 31, 2021March 31, 2021
Assets
Cash and cash equivalents$135,885 $179,886 
Restricted cash1,031 3,977 
Fees and accounts receivable32,641 32,096 
Due from affiliates11,092 7,474 
Investments:
Investments in funds98,780 74,379 
Accrued carried interest allocations1,347,448 896,523 
Legacy Greenspring investments in funds and accrued carried interest allocations(1)
1,311,475  
Deferred income tax assets18,966 89,439 
Lease right-of-use assets, net63,322  
Other assets and receivables23,619 24,715 
Intangibles, net409,174 5,491 
Goodwill583,196 6,792 
Total assets
$4,036,629 $1,320,772 
Liabilities and stockholders’ equity
Accounts payable, accrued expenses and other liabilities$60,007 $47,723 
Accrued compensation and benefits60,299 34,224 
Accrued carried interest-related compensation688,116 465,610 
Legacy Greenspring accrued carried interest-related compensation(1)
1,069,983  
Due to affiliates203,971 113,522 
Lease liabilities73,437  
Debt obligations62,762  
Total liabilities2,218,575 661,079 
Commitments and contingencies (Note 15)
Class A common stock, $0.001 par value, 650,000,000 authorized; 60,782,690 and 38,437,500 issued and outstanding as of December 31, 2021 and March 31, 2021, respectively
61 38 
Class B common stock, $0.001 par value, 125,000,000 authorized; 47,499,673 and 56,378,831 issued and outstanding as of December 31, 2021 and March 31, 2021, respectively
48 57 
Additional paid-in capital578,118 188,751 
Retained earnings197,222 60,407 
Accumulated other comprehensive income250 155 
Total StepStone Group Inc. stockholders’ equity775,699 249,408 
Non-controlling interests in subsidiaries28,571 25,885 
Non-controlling interests in legacy Greenspring entities(1)
241,493  
Non-controlling interests in the Partnership772,291 384,400 
Total stockholders’ equity1,818,054 659,693 
Total liabilities and stockholders’ equity$4,036,629 $1,320,772 
(1)Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 5 and 14 for more information.
See accompanying notes to condensed consolidated financial statements.
5


StepStone Group Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)


The following presents the portion of the condensed consolidated balances presented above attributable to consolidated variable interest entities.
As of
December 31, 2021March 31, 2021
Assets
Cash and cash equivalents$26,561 $16,833 
Restricted cash1,031 1,074 
Fees and accounts receivable28,061 25,282 
Due from affiliates3,664 3,467 
Investments in funds
19,405 13,658 
Legacy Greenspring investments in funds and accrued carried interest allocations1,311,475  
Deferred income tax assets719 671 
Lease right-of-use assets, net17,813  
Other assets and receivables3,025 4,340 
Total assets
$1,411,754 $65,325 
Liabilities
Accounts payable, accrued expenses and other liabilities$8,478 $10,370 
Accrued compensation and benefits25,365 14,705 
Legacy Greenspring accrued carried interest-related compensation1,069,983  
Due to affiliates460 1,854 
Lease liabilities17,936  
Total liabilities
$1,122,222 $26,929 
See accompanying notes to condensed consolidated financial statements.
6

StepStone Group Inc.
Condensed Consolidated Statements of Income (Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended December 31,Nine Months Ended December 31,
2021202020212020
Revenues
Management and advisory fees, net$106,384 $70,093 $268,028 $209,245 
Performance fees:
Incentive fees27 313 6,005 5,098 
Carried interest allocations:
Realized66,559 26,063 169,053 38,257 
Unrealized132,535 150,681 452,789 176,050 
Total carried interest allocations199,094 176,744 621,842 214,307 
Legacy Greenspring carried interest allocations(1)
104,960  104,960  
Total revenues410,465 247,150 1,000,835 428,650 
Expenses
Compensation and benefits:
Cash-based compensation51,665 36,732 138,217 113,858 
Equity-based compensation3,407 3,206 10,363 4,641 
Performance fee-related compensation:
Realized34,033 10,241 86,122 17,952 
Unrealized68,368 73,629 228,146 83,487 
Total performance fee-related compensation102,401 83,870 314,268 101,439 
Legacy Greenspring performance fee-related compensation(1)
104,960  104,960  
Total compensation and benefits262,433 123,808 567,808 219,938 
General, administrative and other30,299 12,624 72,049 34,487 
Total expenses292,732 136,432 639,857 254,425 
Other income (expense)
Investment income7,230 5,361 20,841 6,508 
Legacy Greenspring investment income(1)
17,890  17,890  
Interest income43 83 329 342 
Interest expense(543)(26)(637)(7,353)
Other income (loss)(273)799 (2,662)1,261 
Total other income24,347 6,217 35,761 758 
Income before income tax142,080 116,935 396,739 174,983 
Income tax expense15,787 9,546 16,065 11,585 
Net income126,293 107,389 380,674 163,398 
Less: Net income attributable to non-controlling interests in subsidiaries7,091 5,496 18,737 18,634 
Less: Net income attributable to non-controlling interests in legacy Greenspring entities(1)
17,890  17,890  
Less: Net income attributable to non-controlling interests in the Partnership52,966 76,315 191,977 119,976 
Net income attributable to StepStone Group Inc.$48,346 $25,578 $152,070 $24,788 
Earnings per share of Class A common stock:
Basic$0.84 $0.87 $3.29 $0.85 
Diluted$0.83 $0.87 $3.22 $0.84 
Weighted-average shares of Class A common stock:
Basic57,875,758 29,237,500 46,247,353 29,237,500 
Diluted61,483,233 32,704,975 50,118,482 32,664,198 
(1)Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 3, 5 and 14 for more information.
See accompanying notes to condensed consolidated financial statements.
7

StepStone Group Inc.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(in thousands)
Three Months Ended December 31,Nine Months Ended December 31,
2021202020212020
Net income$126,293 $107,389 $380,674 $163,398 
Other comprehensive income (loss):
Foreign currency translation adjustment(155)446 236 983 
Total other comprehensive income (loss)(155)446 236 983 
Comprehensive income before non-controlling interests126,138 107,835 380,910 164,381 
Less: Comprehensive income attributable to non-controlling interests in subsidiaries7,014 5,719 18,856 19,131 
Less: Comprehensive income attributable to non-controlling interests in legacy Greenspring entities17,890  17,890  
Less: Comprehensive income attributable to non-controlling interests in the Partnership52,925 76,463 192,049 120,409 
Comprehensive income attributable to StepStone Group Inc.$48,309 $25,653 $152,115 $24,841 
See accompanying notes to condensed consolidated financial statements.
8

StepStone Group Inc.
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(in thousands)
Class A Common StockClass B Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive IncomeNon-Controlling Interests in SubsidiariesNon-Controlling Interests in Legacy Greenspring EntitiesNon-Controlling Interests in the PartnershipTotal Stockholders’ Equity
Balance at September 30, 2021$56 $53 $525,118 $158,131 $268 $24,558 $219,086 $804,483 $1,731,753 
Net income— — — 48,346 — 7,091 17,890 52,966 126,293 
Other comprehensive loss— — — — (37)(77)— (41)(155)
Contributed capital— — — — — — 9,141 23 9,164 
Equity-based compensation— — 1,771 — — 4 — 1,632 3,407 
Distributions— — — — — (3,005)(4,624)(15,649)(23,278)
Dividends declared— — — (9,255)— — — — (9,255)
Exchange of Class B units for Class A common stock and redemption of corresponding Class B common shares5 (5)(5)— — — — — (5)
Deferred offering costs— — (357)— — — — (296)(653)
Equity reallocation between controlling and non-controlling interests— — 70,808 — 19  — (70,827) 
Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements(1)
— — (19,217)— — — — — (19,217)
Balance at December 31, 2021$61 $48 $578,118 $197,222 $250 $28,571 $241,493 $772,291 $1,818,054 
Balance at March 31, 2021$38 $57 $188,751 $60,407 $155 $25,885 $ $384,400 $659,693 
Net income— — — 152,070 — 18,737 17,890 191,977 380,674 
Other comprehensive income— — — — 45 119 — 72 236 
Contributed capital— — — — — — 9,141 65 9,206 
Equity-based compensation— — 4,702 — — 8 — 5,653 10,363 
Distributions— — — — — (15,590)(4,624)(58,898)(79,112)
Purchase of non-controlling interests— — (657)— — (1,502)— (887)(3,046)
Dividends declared— — — (15,255)— —   (15,255)
Vesting of RSUs1 — (1)— — — — —  
Class A common stock issued for Greenspring acquisition13 — 267,842 — — — — 290,744 558,599 
Class C Partnership units issued for Greenspring acquisition— — 64,847 — — — — 70,392 135,239 
Exchange of Class B units for Class A common stock and redemption of corresponding Class B common shares9 (9)(9)— — — — — (9)
Initial consolidation of legacy Greenspring general partner entities— — — — — — 219,086 — 219,086 
Deferred offering costs— — (357)— — — — (296)(653)
Equity reallocation between controlling and non-controlling interests— — 109,967 — 50 914 — (110,931) 
Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements(1)
— — (56,967)— — — — — (56,967)
Balance at December 31, 2021$61 $48 $578,118 $197,222 $250 $28,571 $241,493 $772,291 $1,818,054 
(1)See notes 10, 13 and 14 for more information.
See accompanying notes to condensed consolidated financial statements.
9

StepStone Group Inc.
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(in thousands)
Partners’ CapitalClass A Common StockClass B Common StockAdditional Paid-in CapitalRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive Income (Loss)Non-Controlling Interests in SubsidiariesNon-Controlling Interests in the PartnershipTotal Stockholders’ Equity / Partners’ Capital
Balance at September 30, 2020$ $29 $66 $120,278 $(790)$(22)$20,729 $284,105 $424,395 
Net income— — — — 25,578 — 5,496 76,315 107,389 
Other comprehensive income— — — — — 75 223 148 446 
Contributed capital— — — — — — — 19 19 
Equity-based compensation— — — 988 — — 3 2,215 3,206 
Distributions— — — — — — (1,318)— (1,318)
Balance at December 31, 2020$ $29 $66 $121,266 $24,788 $53 $25,133 $362,802 $534,137 
Balance at March 31, 2020$216,051 $— $— $— $— $178 $20,738 $— $236,967 
Net income prior to Reorganization and IPO45,265 — — — — — 12,428 — 57,693 
Other comprehensive income prior to Reorganization and IPO— — — — — 335 350 — 685 
Contributed capital prior to Reorganization and IPO27 — — — — —  — 27 
Equity-based compensation prior to Reorganization and IPO723 — — — — — 2 — 725 
Sale of non-controlling interests prior to Reorganization and IPO— — — — — — 3,308 — 3,308 
Purchase of non-controlling interests prior to Reorganization and IPO — — — — — (3,308)— (3,308)
Distributions prior to Reorganization and IPO(50,424)— — — — — (13,161)— (63,585)
Equity reallocation between controlling and non-controlling interests prior to Reorganization and IPO252 — — — — — (252)—  
Effect of Reorganization and purchase of units in the Partnership(211,894)9 73 23,432 — (513)— 188,893  
Issuance of Class A common stock sold in IPO, net of underwriting discounts— 20 — 337,778 — — — — 337,798 
Purchase of partnership interests with IPO net proceeds— — (7)(127,979)— — — — (127,986)
Deferred IPO costs— — — (2,981)— — — (6,686)(9,667)
Equity reallocation between controlling and non-controlling interests subsequent to Reorganization and IPO— — — (103,063)— — — 103,063  
Deferred tax effect resulting from purchase of Class B units, net of amounts payable under Tax Receivable Agreements— — — (7,128)— — — — (7,128)
Net income subsequent to Reorganization and IPO— — — — 24,788 — 6,206 74,711 105,705 
Other comprehensive income subsequent to Reorganization and IPO— — — — — 53 147 98 298 
Contributed capital subsequent to Reorganization and IPO— — — — — — — 19 19 
Equity-based compensation subsequent to Reorganization and IPO— — — 1,207 — — 5 2,704 3,916 
Distributions subsequent to Reorganization and IPO— — — — — — (1,330)— (1,330)
Balance at December 31, 2020$ $29 $66 $121,266 $24,788 $53 $25,133 $362,802 $534,137 
See accompanying notes to condensed consolidated financial statements.
10

StepStone Group Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Nine Months Ended December 31,
20212020
Cash flows from operating activities
Net income$380,674 $163,398 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization15,289 4,157 
Unrealized carried interest allocations and investment income(466,962)(178,546)
Unrealized legacy Greenspring carried interest allocations and investment income(94,714) 
Unrealized performance fee-related compensation