# Stepstone Group Real Assets LP

> 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.

- CRD: 281695
- Filed as: STEPSTONE GROUP REAL ASSETS 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/281695
- AdvisorCensus page: https://advisorcensus.com/firm/stepstone-group-real-assets-lp-la-jolla-ca-281695

## Quick answers

**How is Stepstone Group Real Assets LP compensated?**
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. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Stepstone Group Real Assets LP located?**
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).

**Is Stepstone Group Real Assets LP registered with the SEC or a state?**
Stepstone Group Real Assets LP is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 281695.

**How much does Stepstone Group Real Assets LP manage?**
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).

**How have Stepstone Group Real Assets LP's assets and staff changed since 2021?**
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.

**What types of clients does Stepstone Group Real Assets LP serve?**
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).

**Does Stepstone Group Real Assets 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/281695

**What changed in Stepstone Group Real Assets LP's recent Form ADV filings?**
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.

## 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: $41,482,551,889
- Discretionary: $22,234,430,276
- Non-discretionary: $19,248,121,613

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 1 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 59 | $34,928,952,169 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 7 | $4,273,803,944 |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 2 | $2,279,795,776 |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 2 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |
| Other | 0 | 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: 2015 (10 years)
- Employees: 94 total, 85 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
- Dublin
- Frankfurt
- La Jolla, CA
- London
- New York, NY
- Perth
- San Francisco, CA
- Sydney
- Toronto

### 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 | $16,620,770,981 | 49 | June 30, 2021 |
| October 2022 | $23,620,620,334 | 61 | June 28, 2022 |
| October 2023 | $23,806,927,038 | 67 | September 11, 2023 |
| October 2024 | $26,336,073,645 | 84 | July 30, 2024 |
| October 2025 | $33,101,153,253 | 97 | July 21, 2025 |
| October 2026 | $41,482,551,889 | 94 | July 30, 2026 |

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.

## Changes in the filing (last 12 months)

### July 2026
- 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.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Stepstone Group Real Assets LP (CRD 281695): Form ADV filing data as of October 2026.