{
  "crd_number": 281695,
  "slug": "stepstone-group-real-assets-lp-la-jolla-ca-281695",
  "primary_business_name": "STEPSTONE GROUP REAL ASSETS LP",
  "legal_name": "STEPSTONE GROUP REAL ASSETS LP",
  "dbas": [],
  "city": "La Jolla",
  "state": "CA",
  "country": "United States",
  "cbsa_code": "41740",
  "metro": {
    "cbsa_code": "41740",
    "common_name": "San Diego",
    "msa_name": "San Diego-Chula Vista-Carlsbad, CA",
    "path": "/advisors/ca/san-diego"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2015-11-10",
  "years_registered": 10,
  "period": "2026-10-01",
  "filing_date": "2026-07-30",
  "carried_forward": false,
  "raum_total": 41482551889.0,
  "raum_discretionary": 22234430276.0,
  "raum_non_discretionary": 19248121613.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 94,
  "advisory_employees": 85,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": null,
      "count": 0
    },
    "charitable": {
      "raum": null,
      "count": 0
    },
    "individuals": {
      "raum": null,
      "count": 0
    },
    "banking_thrift": {
      "raum": null,
      "count": 0
    },
    "state_municipal": {
      "raum": 2279795776.0,
      "count": 2,
      "fewer_than_5": true
    },
    "insurance_companies": {
      "raum": null,
      "count": 2,
      "fewer_than_5": true
    },
    "investment_companies": {
      "raum": null,
      "count": 1
    },
    "pension_profit_sharing": {
      "raum": 4273803944.0,
      "count": 7
    },
    "other_investment_advisers": {
      "raum": null,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": null,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": 34928952169.0,
      "count": 59
    },
    "corporations_other_businesses": {
      "raum": null,
      "count": 0
    },
    "business_development_companies": {
      "raum": null,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": null,
      "count": 0
    }
  },
  "compensation_types": [
    "fixed",
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "pension_consulting",
    "portfolio_management_businesses_institutional",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [],
  "websites": [
    "https://facebook.com/profile.php?id=100079815617536",
    "https://instagram.com/stepstonegroup",
    "https://instagram.com/stepstonevc",
    "https://linkedin.com/company/stepstone-group",
    "https://linkedin.com/company/stepstone-private-wealth",
    "https://spi.stepstonegroup.com",
    "https://stepstonegroup.com",
    "https://stepstonepw.com",
    "https://vimeo.com/stepstonegroup",
    "https://x.com/StepStoneVC",
    "https://x.com/stepstonegroup",
    "https://youtube.com/@stepstonegroup_STEP"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/281695",
  "city_as_filed": "LA JOLLA",
  "url": "https://advisorcensus.com/firm/stepstone-group-real-assets-lp-la-jolla-ca-281695",
  "display_name": "Stepstone Group Real Assets LP",
  "summary": "Stepstone Group Real Assets LP is an SEC-registered investment advisory firm in La Jolla, CA, registered since 2015, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 30, 2026.",
  "citation": "AdvisorCensus. Stepstone Group Real Assets LP (CRD 281695): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "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)"
  ],
  "quick_answers": [
    {
      "q": "How is Stepstone Group Real Assets LP compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Stepstone Group Real Assets LP reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees."
    },
    {
      "q": "Where is Stepstone Group Real Assets LP located?",
      "a": "Stepstone Group Real Assets 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)."
    },
    {
      "q": "Is Stepstone Group Real Assets LP registered with the SEC or a state?",
      "a": "Stepstone Group Real Assets LP is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 281695."
    },
    {
      "q": "How much does Stepstone Group Real Assets LP manage?",
      "a": "Stepstone Group Real Assets LP reports $41,482,551,889 in regulatory assets under management in its Form ADV filing dated July 30, 2026 (54% discretionary)."
    },
    {
      "q": "How have Stepstone Group Real Assets LP's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Stepstone Group Real Assets LP: Regulatory assets under management: $16,620,770,981 in the October 2021 data and $41,482,551,889 in the October 2026 data, up 150%. Total employees: 49 in October 2021 and 94 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Stepstone Group Real Assets LP serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (59); pension and profit sharing plans (but not the plan participants or government pension plans) (7); state or municipal government entities (including government pension plans) (2)."
    },
    {
      "q": "Does Stepstone Group Real Assets LP report any disciplinary disclosures?",
      "a": "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/281695"
    },
    {
      "q": "What changed in Stepstone Group Real Assets LP's recent Form ADV filings?",
      "a": "In the July 2026 filing data: Regulatory assets under management went from $33,101,153,253 to $41,482,551,889 (+25%). Employees performing advisory functions went from 75 to 85. Added an office in San Francisco, CA."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 16620770981.0,
      "total_employees": 49,
      "filing_date": "2021-06-30"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 23620620334.0,
      "total_employees": 61,
      "filing_date": "2022-06-28"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 23806927038.0,
      "total_employees": 67,
      "filing_date": "2023-09-11"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 26336073645.0,
      "total_employees": 84,
      "filing_date": "2024-07-30"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 33101153253.0,
      "total_employees": 97,
      "filing_date": "2025-07-21"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 41482551889.0,
      "total_employees": 94,
      "filing_date": "2026-07-30"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-07-01",
      "period_label": "July 2026",
      "notes": [
        "Regulatory assets under management went from $33,101,153,253 to $41,482,551,889 (+25%).",
        "Employees performing advisory functions went from 75 to 85.",
        "Added an office in San Francisco, CA."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/stepstone-group-real-assets-lp-la-jolla-ca-281695.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 1,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 59,
      "fewer_than_5": false,
      "raum": 34928952169.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 7,
      "fewer_than_5": false,
      "raum": 4273803944.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 2,
      "fewer_than_5": true,
      "raum": 2279795776.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 2,
      "fewer_than_5": true,
      "raum": null
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/281695",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}