Record Fee-Related Earnings and Growth
StepStone Group Inc. reported fee-related earnings of $94.1 million, up 85% from the prior year quarter, and achieved an FRE margin of 44%. Adjusted net income for the quarter was $80.6 million, up from $37.7 million in the previous year.
Strong Asset Management and Fundraising
The company raised over $31 billion of assets under management for the full year, translating to a fee-earning asset growth of over 29%. Total gross inflows for the quarter were $9.9 billion, the second-highest quarter on record.
Significant Expansion in Private Wealth
The private wealth platform grew from $3.4 billion to over $8 billion in assets by the end of the fiscal year, driven by new products, distribution expansion, and momentum in existing products.
Successful Launch of Infrastructure Fund
Closed on a debut infrastructure co-investment fund of over $1 billion, marking a milestone for the company's expansion into new asset classes.
Increased Dividend Payout
Declared a base quarterly dividend of $0.24 and a supplemental dividend of $0.40, bringing the full dividend payout for the fiscal year to $1.36, up from $0.99 the previous year.