0001796022-21-000102.txt : 20211112 0001796022-21-000102.hdr.sgml : 20211112 20211112085103 ACCESSION NUMBER: 0001796022-21-000102 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 94 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211112 DATE AS OF CHANGE: 20211112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: StepStone Group Inc. CENTRAL INDEX KEY: 0001796022 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 843868757 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-39510 FILM NUMBER: 211400113 BUSINESS ADDRESS: STREET 1: 450 LEXINGTON AVENUE STREET 2: 31ST FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 1-212-351-6100 MAIL ADDRESS: STREET 1: 450 LEXINGTON AVENUE STREET 2: 31ST FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 10-Q 1 step-20210930.htm 10-Q step-20210930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________________ to ___________________________
Commission file number 001-39510
STEPSTONE GROUP INC.
(Exact name of Registrant as specified in its charter)
Delaware84-3868757
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
450 Lexington Avenue, 31st Floor
New York, NY
10017
(Address of principal executive offices)(Zip Code)
(212) 351-6100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par value per shareSTEPThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No  
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date: As of November 9, 2021, there were 55,735,256 shares of the registrant’s Class A common stock, par value $0.001, and 52,393,112 shares of the registrant’s Class B common stock, par value $0.001, outstanding.




Table of Contents
Page
PART I - FINANCIAL INFORMATION
Condensed Consolidated Balance Sheets as of September 30, 2021 and March 31, 2021
Condensed Consolidated Statements of Income (Loss) for the Three and Six Months Ended September 30, 2021 and 2020
Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended September 30, 2021 and 2020
PART II - OTHER INFORMATION

2


This Quarterly Report on Form 10-Q (“Form 10-Q”) includes certain information regarding the historical investment performance of our focused commingled funds and separately managed accounts. An investment in shares of our Class A common stock is not an investment in any StepStone Fund (as defined below). The StepStone Funds are separate, distinct legal entities that are not our subsidiaries. In the event of our bankruptcy or liquidation, you will have no claim against the StepStone Funds. In considering the performance information relating to the StepStone Funds contained herein, current and prospective Class A common stockholders should bear in mind that the performance of the StepStone Funds is not indicative of the possible performance of shares of our Class A common stock and also is not necessarily indicative of the future results of the StepStone Funds, even if fund investments were in fact liquidated on the dates indicated, and we cannot assure you that the StepStone Funds will continue to achieve, or that future StepStone Funds will achieve, comparable results.
Unless otherwise indicated or the context otherwise requires:
• “StepStone Group Inc.” or “SSG” refers solely to StepStone Group Inc., a Delaware corporation, and not to any of its subsidiaries;
• the “Partnership” refers solely to StepStone Group LP, a Delaware limited partnership, and not to any of its subsidiaries;
• “General Partner” refers to StepStone Group Holdings LLC, a Delaware limited liability company, and the sole general partner of the Partnership;
• “we,” “us,” “our,” the “Company,” “our company,” “StepStone” and similar terms refer to SSG and its consolidated subsidiaries, including the Partnership, following the Reorganization and IPO (each as defined below) and to the Partnership and its consolidated subsidiaries prior to the Reorganization and IPO;
• “StepStone Funds” or “our funds” refers to our focused commingled funds and our separately managed accounts including acquired Greenspring funds, for which we act as both investment adviser and general partner or managing member;
• references to the “Greenspring acquisition” refer to the acquisition of Greenspring Associates, Inc. and certain of its affiliates, “Greenspring,” that was completed on September 20, 2021;
• references to “FY,” “fiscal” or “fiscal year” are to the fiscal year ended March 31 of the applicable year;
• references to the “Reorganization” refer to the series of transactions immediately before the Company’s initial public offering (“IPO”), which was completed on September 18, 2020;
• references to “private markets allocations” or “combined AUM / AUA” refer to the aggregate amount of our assets under management (“AUM”) and our assets under advisement (“AUA”);
• references to “high-net-worth” individuals refer to individuals with net worth of over $5 million, excluding primary residence; and
• references to “mass affluent” individuals refer to individuals with annual income over $200,000 or net worth between $1 million and $5 million, excluding primary residence.


3


TRADEMARKS, SERVICE MARKS AND TRADE NAMES
We own or have rights to trademarks, service marks or trade names that we use in connection with the operation of our business. In addition, our names, logos and website names and addresses are owned by us or licensed by us. We also own or have the rights to copyrights that protect the content of our solutions. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this Form 10-Q are listed without the ©, ® and ™ symbols, but we will assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks, trade names and copyrights.
FORWARD-LOOKING STATEMENTS
This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact, including statements regarding guidance, industry prospects or future results of operations or financial position made in this Form 10-Q are forward-looking. We use words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “plan” and “will” and similar expressions to identify forward-looking statements. Forward-looking statements reflect management’s current plans, estimates and expectations and are inherently uncertain. The inclusion of any forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, global and domestic market and business conditions, our successful execution of business and growth strategies and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in greater detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2021 and in our subsequent reports filed from time to time with the U.S. Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Form 10-Q and in our other periodic filings. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
4


Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
StepStone Group Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts)
As of
September 30, 2021March 31, 2021
Assets
Cash and cash equivalents$175,015 $179,886 
Restricted cash1,016 3,977 
Fees and accounts receivable34,264 32,096 
Due from affiliates10,236 7,474 
Investments:
Investments in funds90,325 74,379 
Accrued carried interest allocations1,215,919 896,523 
Legacy Greenspring investments in funds and accrued carried interest allocations(1)
1,208,693  
Deferred income tax assets678 89,439 
Lease right-of-use assets, net65,476  
Other assets and receivables26,760 24,715 
Intangibles, net420,132 5,491 
Goodwill582,973 6,792 
Total assets
$3,831,487 $1,320,772 
Liabilities and stockholders’ equity
Accounts payable, accrued expenses and other liabilities$69,197 $47,723 
Accrued compensation and benefits65,492 34,224 
Accrued carried interest-related compensation638,754 465,610 
Legacy Greenspring accrued carried interest-related compensation(1)
989,607  
Due to affiliates148,234 113,522 
Lease liabilities75,806  
Debt obligations112,644  
Total liabilities2,099,734 661,079 
Commitments and contingencies (Note 15)
Class A common stock, $0.001 par value, 650,000,000 authorized; 55,735,256 and 38,437,500 issued and outstanding as of September 30, 2021 and March 31, 2021, respectively
56 38 
Class B common stock, $0.001 par value, 125,000,000 authorized; 52,393,112 and 56,378,831 issued and outstanding as of September 30, 2021 and March 31, 2021, respectively
53 57 
Additional paid-in capital525,118 188,751 
Retained earnings158,131 60,407 
Accumulated other comprehensive income268 155 
Total StepStone Group Inc. stockholders’ equity683,626 249,408 
Non-controlling interests in subsidiaries24,558 25,885 
Non-controlling interests in legacy Greenspring entities(1)
219,086  
Non-controlling interests in the Partnership804,483 384,400 
Total stockholders’ equity1,731,753 659,693 
Total liabilities and stockholders’ equity$3,831,487 $1,320,772 
(1)Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 5 and 14 for more information.
See accompanying notes to condensed consolidated financial statements.
5


StepStone Group Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)


The following presents the portion of the condensed consolidated balances presented above attributable to consolidated variable interest entities.
As of
September 30, 2021March 31, 2021
Assets
Cash and cash equivalents$18,674 $16,833 
Restricted cash1,016 1,074 
Fees and accounts receivable27,829 25,282 
Due from affiliates3,045 3,467 
Investments in funds
16,216 13,658 
Legacy Greenspring investments in funds and accrued carried interest allocations(1)
1,208,693  
Deferred income tax assets678 671 
Lease right-of-use assets, net18,424  
Other assets and receivables3,551 4,340 
Total assets
$1,298,126 $65,325 
Liabilities
Accounts payable, accrued expenses and other liabilities$9,395 $10,370 
Accrued compensation and benefits24,309 14,705 
Legacy Greenspring accrued carried interest-related compensation(1)
989,607  
Due to affiliates1,059 1,854 
Lease liabilities18,536  
Total liabilities
$1,042,906 $26,929 
(1)Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 5 and 14 for more information.
See accompanying notes to condensed consolidated financial statements.
6

StepStone Group Inc.
Condensed Consolidated Statements of Income (Loss) (Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended September 30,Six Months Ended September 30,
2021202020212020
Revenues
Management and advisory fees, net$83,583 $75,652 $161,644 $139,152 
Performance fees:
Incentive fees1,796 1,196 5,978 4,785 
Carried interest allocations:
Realized52,531 8,556 102,494 12,194 
Unrealized143,855 157,509 320,254 25,369 
Total carried interest allocations196,386 166,065 422,748 37,563 
Legacy Greenspring carried interest allocations(1)
    
Total revenues281,765 242,913 590,370 181,500 
Expenses
Compensation and benefits:
Cash-based compensation43,881 37,473 86,552 77,126 
Equity-based compensation3,213 952 6,956 1,435 
Performance fee-related compensation:
Realized26,781 4,811 52,089 7,711 
Unrealized74,206 78,533 159,778 9,858 
Total performance fee-related compensation100,987 83,344 211,867 17,569 
Legacy Greenspring performance fee-related compensation(1)
    
Total compensation and benefits148,081 121,769 305,375 96,130 
General, administrative and other25,320 11,356 41,750 21,863 
Total expenses173,401 133,125 347,125 117,993 
Other income (expense)
Investment income7,187 4,325 13,611 1,147 
Legacy Greenspring investment income(1)
    
Interest income206 165 286 259 
Interest expense(88)(5,270)(94)(7,327)
Other income (loss)(1,952)242 (2,389)462 
Total other income (expense)5,353 (538)11,414 (5,459)
Income before income tax113,717 109,250 254,659 58,048 
Income tax expense (benefit)(14,145)881 278 2,039 
Net income127,862 108,369 254,381 56,009 
Less: Net income attributable to non-controlling interests in subsidiaries6,032 9,045 11,646 13,138 
Less: Net income attributable to non-controlling interests in legacy Greenspring entities(1)
    
Less: Net income attributable to non-controlling interests in the Partnership59,756 100,114 139,011 43,661 
Net income (loss) attributable to StepStone Group Inc.$62,074 $(790)$103,724 $(790)
Net income (loss) per share of Class A common stock:
Basic$1.49 $(0.03)$2.57 $(0.03)
Diluted$1.45 $(0.03)$2.50 $(0.03)
Weighted-average shares of Class A common stock:
Basic41,745,492 29,237,500 40,401,379 29,237,500 
Diluted45,908,361 29,237,500 44,405,055 29,237,500 
(1)Reflects the net effect of gross realized gains and the reversal of such amounts in unrealized gains. See notes 3, 5 and 14 for more information.
See accompanying notes to condensed consolidated financial statements.
7

StepStone Group Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in thousands)
Three Months Ended September 30,Six Months Ended September 30,
2021202020212020
Net income$127,862 $108,369 $254,381 $56,009 
Other comprehensive income:
Foreign currency translation adjustment143 275 391 537 
Total other comprehensive income143 275 391 537 
Comprehensive income before non-controlling interests128,005 108,644 254,772 56,546 
Less: Comprehensive income attributable to non-controlling interests in subsidiaries6,101 9,185 11,842 13,412 
Less: Comprehensive income attributable to non-controlling interests in legacy Greenspring entities    
Less: Comprehensive income attributable to non-controlling interests in the Partnership59,797 100,271 139,124 43,946 
Comprehensive income (loss) attributable to StepStone Group Inc.$62,107 $(812)$103,806 $(812)
See accompanying notes to condensed consolidated financial statements.
8

StepStone Group Inc.
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(in thousands)
Class A Common StockClass B Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive IncomeNon-Controlling Interests in SubsidiariesNon-Controlling Interests in Legacy Greenspring EntitiesNon-Controlling Interests in the PartnershipTotal Stockholders’ Equity
Balance at June 30, 2021$40 $55 $205,561 $99,057 $215 $26,585 $ $429,622 $761,135 
Net income— — — 62,074 — 6,032 — 59,756 127,862 
Other comprehensive income— — — — 33 69 — 41 143 
Contributed capital— — — — — — — 21 21 
Equity-based compensation— — 1,385 — —  — 1,829 3,214 
Distributions— — — — — (7,540)— (18,807)(26,347)
Purchase of non-controlling interests— — (657)— — (1,502)— (887)(3,046)
Dividends declared— — — (3,000)— — — — (3,000)
Vesting of RSUs1 — (1)— — — — —  
Class A common stock issued for Greenspring acquisition13 — 267,842 — — — — 290,744 558,599 
Class C Partnership units issued for Greenspring acquisition— — 64,847 — — — — 70,392 135,239 
Exchange of Class B units for Class A common stock and redemption of corresponding Class B common shares2 (2)(2)— — — — — (2)
Initial consolidation of legacy Greenspring general partner entities— — — — — — 219,086 — 219,086 
Equity reallocation between controlling and non-controlling interests— — 27,294 — 20 914 — (28,228) 
Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements(1)
— — (41,151)— — — — — (41,151)
Balance at September 30, 2021$56 $53 $525,118 $158,131 $268 $24,558 $219,086 $804,483 $1,731,753 
Class A Common StockClass B Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive IncomeNon-Controlling Interests in SubsidiariesNon-Controlling Interests in Legacy Greenspring EntitiesNon-Controlling Interests in the PartnershipTotal Stockholders’ Equity
Balance at March 31, 2021$38 $57 $188,751 $60,407 $155 $25,885 $ $384,400 $659,693 
Net income— — — 103,724 — 11,646 — 139,011 254,381 
Other comprehensive income— — — — 82 196 — 113 391 
Contributed capital— — — — — — — 42 42 
Equity-based compensation— — 2,931 — — 4 — 4,021 6,956 
Distributions— — — — — (12,585)— (43,249)(55,834)
Purchase of non-controlling interests— — (657)— — (1,502)— (887)(3,046)
Dividends declared— — — (6,000)— —   (6,000)
Vesting of RSUs1 — (1)— — — — —  
Class A common stock issued for Greenspring acquisition13 — 267,842 — — — — 290,744 558,599 
Class C Partnership units issued for Greenspring acquisition— — 64,847 — — — — 70,392 135,239 
Exchange of Class B units for Class A common stock and redemption of corresponding Class B common shares4 (4)(4)— — — — — (4)
Initial consolidation of legacy Greenspring general partner entities— — — — — — 219,086 — 219,086 
Equity reallocation between controlling and non-controlling interests— — 39,159 — 31 914 — (40,104) 
Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements(1)
— — (37,750)— — — — — (37,750)
Balance at September 30, 2021$56 $53 $525,118 $158,131 $268 $24,558 $219,086 $804,483 $1,731,753 
(1)See notes 10, 13 and 14 for more information.
See accompanying notes to condensed consolidated financial statements.
9

StepStone Group Inc.
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(in thousands)
Partners’ CapitalClass A Common StockClass B Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Non-Controlling Interests in SubsidiariesNon-Controlling Interests in the PartnershipTotal Stockholders’ Equity / Partners’ Capital
Balance at June 30, 2020$134,907 $— $— $— $— $306 $20,848 $— $156,061 
Net income prior to Reorganization and IPO101,718 — — — — — 8,335 — 110,053 
Other comprehensive income prior to Reorganization and IPO— — — — — 207 216 — 423 
Contributed capital prior to Reorganization and IPO12 — — — — — — — 12 
Equity-based compensation prior to Reorganization and IPO240 — — — — — 2 — 242 
Distributions prior to Reorganization and IPO(25,235)— — — — — (9,044)— (34,279)
Equity reallocation between controlling and non-controlling interests prior to Reorganization and IPO252 — — — — — (252)—  
Effect of Reorganization and purchase of units in the Partnership(211,894)9 73 23,432 — (513)— 188,893  
Issuance of Class A common stock sold in IPO, net of underwriting discounts— 20 — 337,778 — — — — 337,798 
Purchase of partnership interests with IPO net proceeds— — (7)(127,979)— — — — (127,986)
Deferred IPO costs— — — (2,981)— — — (6,686)(9,667)
Equity reallocation between controlling and non-controlling interests subsequent to Reorganization and IPO— — — (103,063)— — — 103,063  
Deferred tax effect resulting from purchase of Class B units, net of amounts payable under Tax Receivable Agreements— — — (7,128)— — — — (7,128)
Net income (loss) subsequent to Reorganization and IPO— — — — (790)— 710 (1,604)(1,684)
Other comprehensive loss subsequent to Reorganization and IPO— — — — — (22)(76)(50)(148)
Equity-based compensation subsequent to Reorganization and IPO— — — 219 — — 2 489 710 
Distributions subsequent to Reorganization and IPO— — — — — — (12)— (12)
Balance at September 30, 2020$— $29 $66 $120,278 $(790)$(22)$20,729 $284,105 $424,395 
See accompanying notes to condensed consolidated financial statements.
10

StepStone Group Inc.
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(in thousands)
Partners’ CapitalClass A Common StockClass B Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Non-Controlling Interests in SubsidiariesNon-Controlling Interests in the PartnershipTotal Stockholders’ Equity / Partners’ Capital
Balance at March 31, 2020$216,051 $— $— $— $— $178 $20,738 $— $236,967 
Net income prior to Reorganization and IPO45,265 — — — — — 12,428 — 57,693 
Other comprehensive income prior to Reorganization and IPO— — — — — 335 350 — 685 
Contributed capital prior to Reorganization and IPO27 — — — — —  — 27 
Equity-based compensation prior to Reorganization and IPO723 — — — — — 2 — 725 
Sale of non-controlling interests prior to Reorganization and IPO — — — — — 3,308 — 3,308 
Purchase of non-controlling interests prior to Reorganization and IPO — — — — — (3,308)— (3,308)
Distributions prior to Reorganization and IPO(50,424)— — — — — (13,161)— (63,585)
Equity reallocation between controlling and non-controlling interests prior to Reorganization and IPO252 — — — — — (252)—  
Effect of Reorganization and purchase of units in the Partnership(211,894)9 73 23,432 — (513)— 188,893  
Issuance of Class A common stock sold in IPO, net of underwriting discounts— 20 — 337,778 — — — — 337,798 
Purchase of partnership interests with IPO net proceeds— — (7)(127,979)— — — — (127,986)
Deferred IPO costs— — — (2,981)— — — (6,686)(9,667)
Equity reallocation between controlling and non-controlling interests subsequent to Reorganization and IPO— — — (103,063)— — — 103,063  
Deferred tax effect resulting from purchase of Class B units, net of amounts payable under Tax Receivable Agreements— — — (7,128)— — — — (7,128)
Net income (loss) subsequent to Reorganization and IPO— — — — (790)—