# Stepstone Group Private Debt LLC

> Stepstone Group Private Debt LLC is an SEC-registered investment advisory firm in La Jolla, CA, registered since 2022, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated June 29, 2026.

- CRD: 323711
- Filed as: STEPSTONE GROUP PRIVATE DEBT LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: La Jolla, CA
- Filing period: October 2026
- Form ADV filing dated: June 29, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/323711
- AdvisorCensus page: https://advisorcensus.com/firm/stepstone-group-private-debt-llc-la-jolla-ca-323711

## Quick answers

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

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

**Is Stepstone Group Private Debt LLC registered with the SEC or a state?**
Stepstone Group Private Debt LLC is an SEC-registered investment advisory firm, registered since 2022. Status as filed: Approved. CRD 323711.

**How much does Stepstone Group Private Debt LLC manage?**
Stepstone Group Private Debt LLC reports $5,791,992,870 in regulatory assets under management in its Form ADV filing dated June 29, 2026 (100% discretionary).

**How have Stepstone Group Private Debt LLC's assets and staff changed since 2023?**
In the Form ADV data for Stepstone Group Private Debt LLC: Regulatory assets under management: $38,664,569 in the October 2023 data and $5,791,992,870 in the October 2026 data, up 14880%. Total employees: 0 in October 2023 and 0 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Stepstone Group Private Debt LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (7); investment companies (1); business development companies (1).

**Does Stepstone Group Private Debt LLC 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/323711

**What changed in Stepstone Group Private Debt LLC's recent Form ADV filings?**
In the July 2026 filing data: Regulatory assets under management went from $3,246,375,373 to $5,791,992,870 (+78%).

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $5,791,992,870
- Discretionary: $5,791,992,870
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 1 | $1,055,532,787 |
| Business development companies | 1 | $2,088,932,000 |
| Pooled investment vehicles (other than investment companies and business development companies) | 7 | $2,647,528,083 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Other

### Firm details
- Registered since: 2022 (3 years)
- Employees: 0 total, 0 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 July 2026 filing
- New York, NY

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2023 | $38,664,569 | 0 | June 29, 2023 |
| October 2024 | $2,374,225,069 | 0 | July 30, 2024 |
| October 2025 | $3,246,375,373 | 0 | June 27, 2025 |
| October 2026 | $5,791,992,870 | 0 | June 29, 2026 |

Regulatory assets under management: $38,664,569 in the October 2023 data and $5,791,992,870 in the October 2026 data, up 14880%.
Total employees: 0 in October 2023 and 0 in October 2026.

## Changes in the filing (last 12 months)

### July 2026
- Regulatory assets under management went from $3,246,375,373 to $5,791,992,870 (+78%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Stepstone Group Private Debt LLC (CRD 323711): Form ADV filing data as of October 2026.