# Stepstone Group LP

> Stepstone Group LP is an SEC-registered investment advisory firm in La Jolla, CA, registered since 2007, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 30, 2026.

- CRD: 143635
- Filed as: STEPSTONE GROUP LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: La Jolla, CA
- Filing period: October 2026
- Form ADV filing dated: July 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/143635
- AdvisorCensus page: https://advisorcensus.com/firm/stepstone-group-lp-la-jolla-ca-143635

## Quick answers

**How is Stepstone Group LP compensated?**
On its Form ADV (Item 5.E, October 2026), Stepstone Group LP reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees.

**Where is Stepstone Group LP located?**
Stepstone Group LP's principal office is in La Jolla, CA, according to its Form ADV; the August 2026 filing also lists 9 other offices (Schedule D, Section 1.F).

**Is Stepstone Group LP registered with the SEC or a state?**
Stepstone Group LP is an SEC-registered investment advisory firm, registered since 2007. Status as filed: Approved. CRD 143635.

**How much does Stepstone Group LP manage?**
Stepstone Group LP reports $107,824,428,426 in regulatory assets under management in its Form ADV filing dated July 30, 2026 (88% discretionary).

**How have Stepstone Group LP's assets and staff changed since 2021?**
In the Form ADV data for Stepstone Group LP: Regulatory assets under management: $46,035,036,549 in the October 2021 data and $107,824,428,426 in the October 2026 data, up 134%. Total employees: 350 in October 2021 and 978 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Stepstone Group LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (413); other investment advisers (28); pension and profit sharing plans (but not the plan participants or government pension plans) (20).

**Does Stepstone Group LP report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/143635

**What changed in Stepstone Group LP's recent Form ADV filings?**
In the July 2026 filing data: Employees performing advisory functions went from 193 to 209. Regulatory assets under management went from $95,634,838,287 to $107,824,428,426 (+13%). No longer lists an office in La Jolla, CA.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $107,824,428,426
- Discretionary: $95,348,232,878
- Non-discretionary: $12,476,195,548

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 14 | Not reported |
| Banking or thrift institutions | 9 | Not reported |
| Investment companies | 18 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 413 | $107,824,428,426 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 20 | Not reported |
| Charitable organizations | 19 | Not reported |
| State or municipal government entities (including government pension plans) | 20 | Not reported |
| Other investment advisers | 28 | Not reported |
| Insurance companies | 13 | Not reported |
| Sovereign wealth funds and foreign official institutions | 4 | Not reported |
| Corporations or other businesses not listed above | 3 | Not reported |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2007 (19 years)
- Employees: 978 total, 209 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- Beijing
- London
- Mexico City
- New York, NY
- Owings Mills, MD
- Palo Alto, CA
- Rome
- Sao Paulo
- Singapore

### Websites listed on Form ADV (Item 1.I)
- spi.stepstonegroup.com
- stepstonegroup.com
- stepstonepw.com
- vimeo.com/stepstonegroup
- Facebook facebook.com
- Instagram @stepstonegroup
- Instagram @stepstonevc
- LinkedIn @stepstone-group
- LinkedIn @stepstone-private-wealth
- X @StepStoneVC
- X @stepstonegroup
- YouTube @stepstonegroup_STEP

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $46,035,036,549 | 350 | June 30, 2021 |
| October 2022 | $79,124,514,125 | 481 | June 28, 2022 |
| October 2023 | $75,405,865,130 | 585 | September 11, 2023 |
| October 2024 | $85,687,398,665 | 689 | July 30, 2024 |
| October 2025 | $95,634,838,287 | 801 | July 21, 2025 |
| October 2026 | $107,824,428,426 | 978 | July 30, 2026 |

Regulatory assets under management: $46,035,036,549 in the October 2021 data and $107,824,428,426 in the October 2026 data, up 134%.
Total employees: 350 in October 2021 and 978 in October 2026.

## Changes in the filing (last 12 months)

### July 2026
- Employees performing advisory functions went from 193 to 209.
- Regulatory assets under management went from $95,634,838,287 to $107,824,428,426 (+13%).
- No longer lists an office in La Jolla, CA.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Stepstone Group LP (CRD 143635): Form ADV filing data as of October 2026.