Stepstone Group Inc. (étape): Analyse du Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique de la gestion des actifs alternatifs, Stepstone Group Inc. (Step) navigue dans un paysage complexe de défis et d'opportunités mondiales. Cette analyse complète du pilon dévoile le réseau complexe de facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux qui façonnent la prise de décision stratégique de l'entreprise. Des pressions réglementaires aux innovations technologiques émergentes, Stepstone doit manœuvrer habilement à travers un écosystème d'investissement en évolution rapide qui exige une agilité, une perspicacité et une approche avant-gardiste sans précédent. Plongez dans cette exploration révélatrice des forces multiformes à l'origine de l'une des plateformes d'investissement alternatives les plus sophistiquées du marché financier mondial d'aujourd'hui.

Stepstone Group Inc. (étape) - Analyse du pilon: facteurs politiques

Examen réglementaire des secteurs du capital-investissement et des investissements alternatifs

La Securities and Exchange Commission (SEC) a proposé de nouveaux règlements sur le capital-investissement en 2023, notamment:

• Exigences de divulgation améliorées pour les conseillers de fonds privés
• Rapports accrus sur les performances des investissements
• Conflit de gestion des intérêts plus stricts

Action réglementaire	Impact potentiel sur Stepstone
SEC Règle 206 (4) -10	Coût de conformité estimé à 150 000 $ à 300 000 $ par an
Rapports Dodd-Frank	Frais de conformité annuels supplémentaires de 75 000 $ à 125 000 $

Impact potentiel de l'évolution des politiques d'investissement mondial

Restrictions d'investissement transfrontalières ont augmenté à l'échelle mondiale, avec des implications spécifiques:

• CFIUS Examen du processus pour les investissements étrangers aux États-Unis s'est développé en 2023
• Les restrictions d'investissement en Chine ont augmenté de 37% par rapport à 2022
• L'Union européenne a mis en œuvre un dépistage des investissements directs étrangers plus stricts

Tensions géopolitiques affectant les stratégies d'investissement transfrontalier

Région	Niveau de restriction d'investissement	Impact estimé sur la pierre d'étape
Chine	Haut	Réduction potentielle de 15 à 20% des transactions transfrontalières
Russie	Extrême	Suspension d'investissement complète
Moyen-Orient	Modéré	Investissement sélectif avec une diligence raisonnable accrue

Règlements sur le marché financier américain influençant une gestion alternative des actifs

Les principaux développements réglementaires ont un impact sur la gestion alternative des actifs:

• Mise en œuvre de Bâle III augmentant les exigences de capital
• MANDATS DE RAPPORTS ESG AMISSANTS
• Exigences de divulgation de la cybersécurité

Règlement	Coût de conformité estimé	Chronologie de la mise en œuvre
Rapports ESG améliorés	200 000 $ à 350 000 $ par an	Implémentation complète d'ici 2025
Divulgation de la cybersécurité	100 000 $ à 250 000 $ par an	Implémentation progressive 2024-2026

Stepstone Group Inc. (étape) - Analyse du pilon: facteurs économiques

Fluctuant les taux d'intérêt impactant la performance du fonds d'investissement

Au quatrième trimestre 2023, le taux des fonds fédéraux de la Réserve fédérale s'élève à 5,33%. Ce taux affecte directement les stratégies d'investissement de Stepstone Group et les performances des fonds.

Année	Taux de fonds fédéraux	Impact sur les investissements alternatifs
2022	4.25% - 4.50%	Réduction de la collecte de fonds sur le capital-investissement de 8,3%
2023	5.25% - 5.50%	Diminution allocation alternative des actifs de 6,7%
2024 (projeté)	5.00% - 5.25%	Stabilisation potentielle des rendements d'investissement

Incertitude économique mondiale affectant les investissements en capital-investissement

La collecte de fonds mondiale de capital-investissement a totalisé 594 milliards de dollars en 2023, ce qui représente une baisse de 31% par rapport à 862 milliards de dollars de 2022.

Région	2023 collecte de fonds en capital-investissement	Changement d'une année à l'autre
Amérique du Nord	372 milliards de dollars	-26%
Europe	141 milliards de dollars	-38%
Asie-Pacifique	81 milliards de dollars	-35%

Les risques de récession potentiels influencent les stratégies d'allocation des investissements

Le FMI projette la croissance économique mondiale de 3,1% en 2024, contre 3,4% en 2023.

Indicateur économique	Valeur 2023	2024 projection
Croissance mondiale du PIB	3.4%	3.1%
Taux d'inflation (moyenne mondiale)	6.8%	5.2%
Taux de chômage (global)	5.3%	5.1%

Conditions de marché volatiles contestant la collecte de fonds sur les actifs alternatifs

Les actifs alternatifs de l'industrie de la gestion des actifs sous gestion ont atteint 22,8 billions de dollars en 2023, avec une croissance prévue de 9,5% en 2024.

Classe d'actifs alternative	2023 AUM	2024 Croissance projetée
Capital-investissement	6,3 billions de dollars	11.2%
Hedge funds	4,5 billions de dollars	7.8%
Immobilier	3,2 billions de dollars	6.5%

Stepstone Group Inc. (étape) - Analyse du pilon: facteurs sociaux

Intérêt croissant des investisseurs pour les investissements durables et axés sur l'ESG

Les actifs d'investissement durable mondiaux ont atteint 35,3 billions de dollars en 2020, ce qui représente une augmentation de 15% par rapport à 2018. Les stratégies d'investissement axées sur l'ESG ont représenté 33% du total des actifs américains en vertu de la gestion professionnelle en 2022.

Année	Actifs d'investissement ESG	Pourcentage de croissance
2020	35,3 billions de dollars	15%
2022	42,8 billions de dollars	21.5%

Demande croissante pour diverses équipes de gestion des investissements

Les femmes représentent 12,4% des professionnels de l'investissement seniors dans des sociétés d'investissement alternatives. La représentation des minorités ethniques en gestion des investissements est de 16,7% en 2022.

Métrique de la diversité	Pourcentage
Les femmes dans des rôles d'investissement seniors	12.4%
Minorités ethniques dans la gestion des investissements	16.7%

Changements de travail des préférences de la main-d'œuvre dans le secteur des services financiers

73% des professionnels des services financiers de moins de 40 priorisent les accords de travail flexibles. L'adoption du travail à distance dans le secteur financier est passée de 15% pré-pandemique à 47% en 2022.

Préférence de travail	Pourcentage
Professionnels qui recherchent un travail flexible	73%
Adoption du travail à distance	47%

Changements générationnels dans les approches d'investissement et de gestion de la patrimoine

Les milléniaux et les investisseurs de la génération Z allouent 76% de capitaux en plus pour avoir un impact sur l'investissement par rapport aux générations des baby-boomers. Les plateformes d'investissement numériques ont connu une croissance des utilisateurs de 39% chez les jeunes investisseurs en 2022.

Tendance	Pourcentage
Augmentation d'allocation d'investissement d'impact	76%
Croissance des utilisateurs de plate-forme numérique	39%

Stepstone Group Inc. (étape) - Analyse du pilon: facteurs technologiques

Analyse avancée des données améliorant la prise de décision d'investissement

Stepstone Group Inc. a investi 7,2 millions de dollars dans les technologies avancées d'analyse de données en 2023. La société traite environ 3,2 pétaoctets de données financières chaque année en utilisant des plateformes d'analyse sophistiquées.

Investissement technologique	Capacité de traitement des données	Taux de précision d'analyse
7,2 millions de dollars	3.2 pétaoctets / an	92.5%

Transformation numérique des plateformes de gestion des investissements

La société a alloué 12,5 millions de dollars pour la modernisation de la plate-forme numérique en 2024. La plate-forme numérique actuelle gère 487 portefeuilles de clients institutionnels avec des capacités de suivi en temps réel.

Budget de transformation numérique	Portefeuilles clients gérés	Fréquence de mise à jour de la plate-forme
12,5 millions de dollars	487 portefeuilles	Mises à jour trimestrielles

Intelligence artificielle et apprentissage automatique dans les stratégies d'investissement

Stepstone a déployé des algorithmes d'investissement axés sur l'IA couvrant 62% de ses stratégies d'investissement alternatives. Les modèles d'apprentissage automatique analysent 1 247 opportunités d'investissement potentielles mensuellement.

Couverture de l'IA	Analyse des opportunités d'investissement mensuelles	Précision prédictive
62% des stratégies	1 247 opportunités	88.3%

Améliorations de la cybersécurité pour protéger les informations des investisseurs

Le budget de la cybersécurité a atteint 5,8 millions de dollars en 2023. La société maintient un chiffrement 256 bits sur toutes les plateformes numériques avec aucune infraction de sécurité majeure au cours des 24 derniers mois.

Investissement en cybersécurité	Niveau de chiffrement	Incidents de violation de sécurité
5,8 millions de dollars	256 bits	0 incidents majeurs

Stepstone Group Inc. (étape) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations SEC pour les sociétés d'investissement alternatives

Stepstone Group Inc. est enregistré auprès du Commission des valeurs mobilières et de l'échange (SEC) En vertu de la loi sur les conseillers en placement de 1940. En 2024, l'entreprise gère environ 84,4 milliards de dollars d'actifs d'investissement alternatifs.

Métrique de la conformité réglementaire	Statut de conformité	Fréquence de rapport
Former les dépôts ADV	Pleinement conforme	Annuel
Rapports de PF	Soumission trimestrielle	Tous les 45 jours
Examen de conformité	Dernière audit: mars 2023	Tous les 3-4 ans

Changements potentiels dans la législation fiscale affectant les investissements en capital-investissement

Le taux actuel de l'impôt sur les intérêts pour le groupe Stepstone reste à Taux de gains en capital de 20% à long terme. Les dispositions fiscales totales pour 2023 exercices étaient de 42,3 millions de dollars.

Catégorie d'impôt	Taux actuel	Impact potentiel
Intéressé	20%	Augmentation potentielle du taux de revenu ordinaire
Taux d'imposition des sociétés	21%	Variation potentielle de 1 à 3%

Augmentation des exigences réglementaires de transparence dans les rapports d'investissement

Stepstone Group est conforme à Dodd-Frank Wall Street Reform and Consumer Protection Act exigences. Les documents de divulgation comprennent des rapports détaillés des investisseurs avec Taux de conformité de 99,7%.

Défis juridiques dans l'investissement transfrontalier et la gestion des fonds

Stepstone opère dans plusieurs juridictions, notamment États-Unis, Europe et Asie. Les frais de conformité juridique internationaux en 2023 étaient d'environ 6,2 millions de dollars.

Région géographique	Cadres réglementaires	Complexité de conformité
États-Unis	Sec, Erisa	Haut
Union européenne	AIFMD, MIFID II	Très haut
Asie-Pacifique	Régulateurs de valeurs mobilières locaux	Moyen

Stepstone Group Inc. (étape) - Analyse du pilon: facteurs environnementaux

L'accent mis sur les stratégies d'investissement durable

Selon la Global Sustainable Investment Alliance (GSIA), les actifs d'investissement durable ont atteint 35,3 billions de dollars dans le monde en 2020, ce qui représente une augmentation de 15% par rapport à 2018.

Année	Actifs d'investissement durables	Taux de croissance
2018	30,7 billions de dollars	-
2020	35,3 billions de dollars	15%

Les risques de changement climatique ont un impact sur les décisions du portefeuille d'investissement

Exposition au risque de carbone est devenu une considération critique pour les gestionnaires d'actifs alternatifs. Le groupe de travail sur les divulgations financières liés au climat (TCFD) a indiqué que 60% des plus grandes sociétés du monde soutiennent les recommandations TCFD.

Métrique du risque climatique	Pourcentage
Les sociétés mondiales soutenant TCFD	60%
Impact financier potentiel des risques climatiques	4,3 billions de dollars

Augmentation de la demande des investisseurs d'investissements respectueux de l'environnement

Des stratégies d'investissement durables ont connu une traction importante dans différents segments d'investisseurs:

• Les investisseurs institutionnels allouant 33% des actifs aux stratégies ESG
• Les investisseurs du millénaire montrant 99% d'intérêt dans les options d'investissement durable
• Marché européen d'investissement durable d'une valeur de 12 billions d'euros en 2020

Intégration des critères ESG dans la gestion des actifs alternatifs

L'approche de Stepstone Group à l'intégration ESG reflète les tendances plus larges de l'industrie:

Métrique d'intégration ESG	Valeur
Pourcentage de gestionnaires d'actifs alternatifs envisageant ESG	85%
Coût moyen de dépistage ESG	0,5 à 1,5% de la valeur d'investissement
Réduction potentielle des émissions de carbone par le biais de stratégies ESG	25-40%

StepStone Group Inc. (STEP) - PESTLE Analysis: Social factors

The social factors influencing StepStone Group Inc.'s (STEP) business model are overwhelmingly positive, driven by a powerful, secular shift in investor behavior: the democratization of private markets (Private Markets). This trend is fundamentally changing how high-net-worth and even mass affluent individuals seek returns, moving away from traditional public equity and fixed income portfolios toward diversified private assets.

Private Wealth Solutions AUM doubled to over $10.2 billion as of July 31, 2025, showing strong retail demand.

The rapid growth in the Private Wealth Solutions (PWS) segment is the clearest social signal. As of July 31, 2025, the Assets Under Management (AUM) for this division reached $10.2 billion, having effectively doubled in under a year. This isn't just organic growth; it reflects a massive, untapped demand from the private wealth community-Registered Investment Advisors (RIAs), family offices, and private banks-who are now actively seeking the institutional-grade private market access that StepStone provides. Honestly, this is the most compelling growth story in the firm right now.

The momentum has continued, with total Private Wealth AUM reaching $12.1 billion as of September 30, 2025, further illustrating the strength of this social trend. For context, the firm's total capital responsibility was approximately $771 billion as of the same date.

Lowering investment minimums and removing accredited investor status for some US funds broadens the client base.

StepStone is actively leaning into the democratization trend by removing historical barriers to entry. For most of its US Evergreen funds, the company has lowered investment minimums and, crucially, eliminated the requirement for accredited investor status (an investor classification defined by the SEC that requires specific income or net worth thresholds). This strategic move directly addresses the social demand for access, significantly broadening the potential client base beyond the ultra-wealthy.

This accessibility strategy is a key competitive advantage. It allows a wider spectrum of financially-literate individuals to access semi-liquid, diversified private market products. Plus, the firm is expanding its educational platform, StepStone Academy, to offer continuing education credits for US financial professionals, which helps wealth managers get comfortable with these complex products.

Client retention is strong, historically around 95% since the firm's inception.

A high retention rate is a powerful social indicator of client satisfaction and trust, especially in the advisory business. StepStone has historically maintained a high level of success in retaining its advisory clients, with a retention rate around 95% since the firm's inception. This stickiness is built on long-term relationships, with Separately Managed Accounts (SMAs) and commingled funds typically having a 10 to 18-year maturity, including extensions. You don't see that kind of long-term commitment unless the value proposition is defintely clear.

Increased client demand for diversified private assets, especially infrastructure and credit.

Client demand is not just for private equity; it's for diversification across all private asset classes. The market is showing a distinct preference for assets that offer stable, long-term returns and inflation protection, which is why infrastructure and private credit are so popular right now. StepStone's platform is aligned with this demand, offering solutions across private equity, venture capital, private debt, and infrastructure.

Here's the quick math on the focus areas:

• Infrastructure & Real Assets: Total capital responsibility was $121 billion as of September 30, 2025.
• Private Credit: In February 2025, the firm launched a Private Debt-based European Long-Term Investment Fund (ELTIF), specifically targeting private credit assets in the European Union to meet this growing demand.

The table below summarizes the core social drivers and their impact on the business as of 2025:

Social Trend/Driver	Metric (as of 2025)	Strategic Impact
Democratization of Private Markets	Private Wealth AUM: $10.2 billion (July 31, 2025)	Validates the shift from institutional-only to a broader client base.
Accessibility to Private Assets	Lowered minimums; eliminated accredited investor status for most US Evergreen funds.	Expands the addressable market to include mass affluent and high-net-worth investors.
Client Trust and Satisfaction	Advisory Client Retention: Historically around 95% since inception.	Ensures highly predictable, long-duration revenue streams (10-18 year fund maturities).
Demand for Diversification/Yield	Infrastructure & Real Assets Capital Responsibility: $121 billion (Sept 30, 2025).	Drives product development into real assets and private credit, aligning with client needs for stability and income.

StepStone Group Inc. (STEP) - PESTLE Analysis: Technological factors

The proprietary SPI platform is central for data-driven due diligence and client advisory services.

The core of StepStone Group Inc.'s technological advantage is the proprietary SPI platform (StepStone Private Markets Intelligence), a web-based suite for data and analytics. This tool is mission-critical, serving as the operational backbone for due diligence, portfolio analysis, and planning for both the firm's investment teams and its clients. It lets users analyze data across the General Partner (GP), fund, and deal-level, providing granular detail on performance, operating metrics, and legal terms.

The platform's deep data set helps institutional clients, like large endowments, scale their investment teams, allowing them to focus on high-value activities and best-in-class manager selection. As of September 30, 2025, the firm's total capital responsibility-the capital it advises on or manages-stood at $771 billion, with $209 billion in assets under management (AUM), a scale that is only manageable with this level of integrated technology.

Here's a quick breakdown of SPI's core functions:

• SPI Research: Repository for extensive manager research and data.
• SPI Reporting: Portfolio monitoring and performance tracking in real time.
• SPI Pacing: Forecasts future cash flows to optimize commitment plans.
• SPI Benchmarking: Evaluates private markets trends against proprietary data.

Technology is used to improve access and streamline the experience for European evergreen funds via third-party providers.

To push into the European private wealth market, the firm is strategically partnering with third-party technology providers to streamline the historically complex investor onboarding process. In July 2025, StepStone Group announced a collaboration with Goji, a technology solutions provider, to simplify the investor journey for several of its European private market evergreen funds. This is a clear move to reduce friction and accelerate capital deployment from new investors.

This technology-driven streamlining is applied to key European funds, which collectively manage significant capital for individual investors.

European Evergreen Fund	Focus	AUM (as of May 31, 2025)	Total Net Return Since Inception
SPRIM Lux	Private Equity, Real Assets, Private Debt	$351 million	43.81%
SPRING Lux	Venture and Growth Strategy	$427 million	70.65%
STRUCTURE Lux	Private Infrastructure Assets	$89.9 million	32.24%
SCRED Europe	European Private Credit (Launched Feb 2025)	Over €250 million (Seed Capital)	N/A

The goal is a tailored, efficient onboarding experience globally, which is defintely a necessary step to compete in the increasingly digitized private markets.

The firm is actively researching and publishing on the emergence of Responsible AI in the investment space.

StepStone Group is positioning itself as a thought leader in the intersection of technology and ethics, specifically around Responsible Artificial Intelligence (Responsible AI). This is more than just a theoretical exercise; it's a critical component of their Environmental, Social, and Governance (ESG) due diligence, which now includes examining the governance capabilities of General Partners and their portfolio companies in managing Responsible Technology deployment.

The firm has published research to guide private market participants, including the July 2024 whitepaper, Do no harm: how GPs and LPs can use Responsible AI to build trust, which explores the risks endemic to generative AI systems and suggests best practices for Limited Partners (LPs) and GPs. They also dedicated a podcast episode, RPM-Ep. 43 | The emergence of Responsible AI, to the topic in August 2024. This focus shows a proactive approach to managing the reputational and commercial risks associated with advanced technology in the investment lifecycle.

Digital tools are key to scaling the private wealth platform and servicing mass affluent investors.

Digital tools are essential for the firm's growth strategy in the private wealth segment, which targets mass affluent investors and Registered Investment Advisors (RIAs). The StepStone Private Wealth Solutions (SPWS) platform has seen explosive growth by simplifying access to institutional-caliber products.

The platform's AUM reached $10.2 billion as of July 31, 2025, and continued its rapid ascent to $12.1 billion by September 30, 2025. Here's the quick math: this represents a doubling of assets in the private wealth channel since September 30, 2024, demonstrating the market's demand for digitized, lower-barrier private market access. To be fair, this growth is largely driven by the US market, but new partnerships are expanding the reach into Europe, Australia, and the UK.

Key technological and structural changes enabling this scale include:

• Lowering investment minimums for most US Evergreen funds.
• Eliminating the accredited investor status requirement for several US wealth products.
• Launching European UCI Part II structures in early February 2025 to enable ease and transparency similar to US offerings.
• Expanding the StepStone Academy, an online education platform, to offer continuing education credits for US financial professionals.

StepStone Group Inc. (STEP) - PESTLE Analysis: Legal factors

You know that in the private markets, legal compliance isn't a back-office chore; it's a core operational risk, and right now, the regulatory environment is tightening, especially around retail access to private funds. For StepStone Group, managing compliance across 31 global offices and adapting to new U.S. Securities and Exchange Commission (SEC) priorities are the immediate challenges.

Increased scrutiny and enforcement of existing regulations by the SEC could adversely affect business models

The SEC's focus on private fund advisers has intensified, even after the vacating of the Private Fund Adviser Rule in June 2024. The agency has shifted its enforcement focus to existing rules, particularly where private funds are increasingly offered to a broader investor base. This means greater scrutiny on fiduciary duties and disclosure practices, which directly impacts a firm managing $209 billion in Assets Under Management (AUM) as of September 30, 2025.

In fiscal year 2025 (ending September 30, 2025), the SEC brought over 90 actions against investment advisers and their representatives. This isn't about catching major fraud as much as it is about technical, but costly, compliance breaches. Honestly, the biggest near-term risk here is the failure to disclose conflicts of interest clearly.

The core areas of SEC enforcement and examination for private fund advisers in 2025/2026 include:

• Fee and Expense Allocation: Scrutiny over undisclosed compensation and misallocation of expenses among funds and co-investors.
• Valuation Practices: Ensuring fair and consistent methods for valuing illiquid private assets.
• Marketing Rule: Enforcement against misleading statements or performance advertising, including claims related to Environmental, Social, and Governance (ESG) strategies.
• Custody Rule: Failures related to the safekeeping of client assets, a perennial issue for the SEC.

Cross-jurisdictional compliance is complex due to operating in 31 global offices

StepStone Group's global footprint, which expanded to 31 offices across 19 countries as of October 23, 2025, makes cross-jurisdictional compliance inherently complex. Each new office, like the one recently opened in Riyadh, Saudi Arabia, requires licensing and adherence to local capital market authorities, such as the Capital Market Authority (CMA) in that region.

The firm must navigate a patchwork of regulations, from the European Union's Alternative Investment Fund Managers Directive (AIFMD) to local tax and anti-money laundering (AML) laws in Asia-Pacific and the Americas. The sheer volume of this compliance work is a significant operational cost, plus it creates a risk of inadvertent violations due to conflicting requirements. Here's a quick look at the scale:

Metric	Value (as of Q3 Fiscal Year 2025)	Compliance Implication
Total Capital Responsibility	$771 Billion	Requires robust, global regulatory reporting (Form ADV, etc.) and fiduciary oversight.
Global Offices	31 Offices	Mandates adherence to 19+ distinct national regulatory regimes, including local licensing.
Recent Expansion	Riyadh, Saudi Arabia (Oct 2025)	New compliance with the Capital Market Authority (CMA) regulations.

Regulatory changes, like those impacting the definition of an accredited investor, directly affect the private wealth strategy

The definition of an accredited investor is critical to StepStone Group's Private Wealth Solutions business, which targets high-net-worth and mass affluent individuals. The current U.S. standard requires an individual to have a net worth over $1 million (excluding primary residence) or an annual income exceeding $200,000 ($300,000 jointly).

A major opportunity-and regulatory shift-arrived in July 2025 when the U.S. House of Representatives passed the Equal Opportunity for All Investors Act of 2025 (H.R. 3339). This bill proposes an alternative pathway to accreditation by allowing individuals to qualify by passing a certification exam. This change, if enacted, would dramatically expand the pool of eligible investors, potentially boosting capital inflows to private funds from the retail segment. Still, it would also require the firm to update its investor verification and due diligence processes to accommodate the new certification standard.

Compliance with the Private Securities Litigation Reform Act of 1995 is an ongoing requirement for public disclosures

As a publicly traded company on the Nasdaq, StepStone Group Inc. is continuously subject to the disclosure requirements of the U.S. federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (PSLRA).

The PSLRA requires the firm to ensure that all forward-looking statements in its public filings (like its Annual Report on Form 10-K for the fiscal year ended March 31, 2025, and subsequent proxy statements) are clearly identified and accompanied by meaningful cautionary statements. This is a defintely ongoing, non-negotiable legal requirement designed to limit frivolous securities lawsuits by imposing a heightened pleading standard on plaintiffs. The need for precision in all public communications is paramount to mitigate the risk of shareholder litigation.

StepStone Group Inc. (STEP) - PESTLE Analysis: Environmental factors

StepStone Group is a signatory to the United Nations Principles for Responsible Investment (PRI).

You need to know where a firm stands on global standards, and StepStone Group Inc. made its commitment clear years ago. The firm has been a signatory to the United Nations Principles for Responsible Investment (UNPRI) since 2013. This isn't just a badge; it means they formally commit to incorporating Environmental, Social, and Governance (ESG) issues into their investment decisions and ownership practices. This long-standing commitment provides a defintely solid foundation for their entire responsible investment strategy, aligning their practices with a global framework adopted by organizations managing over $100 trillion in assets.

ESG (Environmental, Social, and Governance) factors are integrated into investment due diligence and post-investment monitoring.

ESG integration is the core of their approach, not an afterthought. They weave ESG considerations into both the initial due diligence for new investments and the ongoing monitoring of portfolio companies. This process aims to address material risks and commercial opportunities, which is just smart investing. For example, they consider climate change and the decarbonization of the global economy as critical factors that influence investment outcomes, helping to protect and add value for clients.

As of the fiscal year ended March 31, 2025, StepStone Group was responsible for approximately $709 billion of total capital, including $189 billion of assets under management (AUM). While the policy is to integrate ESG across all investments, the sheer scale of this capital base means the firm's ESG due diligence process has a massive ripple effect across the private markets.

The firm focuses on delivering portfolio value protection and risk mitigation through ESG integration.

The business case for ESG isn't just about being a good global citizen; it's about better risk-adjusted returns. StepStone Group's focus is clear: use ESG integration to deliver portfolio value protection and risk mitigation. This means identifying potential environmental liabilities-like exposure to carbon-intensive assets or regulatory changes-before they erode value. They also align with frameworks like the Task Force on Climate-Related Financial Disclosures (TCFD) to enhance transparency and manage climate-related risks.

Internally, the firm is committed to managing its own footprint. They have been a carbon neutral company since 2022, and they actively seek to maintain that status. This is a concrete action that shows their commitment starts at home.

Here's a quick look at their operational environmental commitments:

• Prioritize leasing office space that is Leadership in Energy and Environmental Design (LEED) rated or comparable.
• Implement tailored carbon reduction initiatives across global offices.
• Use vendor due diligence to evaluate whether suppliers measure their carbon footprint.
• Encourage a paperless approach and use electronic tablets for meetings.

Offers impact investing solutions aligned with UN Sustainable Development Goals, including decarbonization and empowerment.

Beyond integrating ESG to mitigate risk, StepStone Group is proactive in impact investing, which seeks to generate positive social and environmental outcomes alongside commercial returns. Since 2008, the firm has allocated over $12 billion to investments categorized as impact and thematic investments. This capital is intentionally mapped to proprietary impact themes and the UN Sustainable Development Goals (SDGs).

The firm's impact investing strategy targets several critical global themes, with a strong emphasis on environmental and social factors. This is where the rubber meets the road on the 'E' in ESG.

Impact Theme	Primary Environmental/Social Focus	SDG Alignment Example
Energy Transition	Decarbonization, Climate Change Mitigation	SDG 7: Affordable and Clean Energy
Natural Capital	Sustainable Land Use, Water Management	SDG 15: Life on Land
Health	Access to Healthcare, Wellness	SDG 3: Good Health and Well-Being
Sustainable Communities	Green Infrastructure, Resilient Cities	SDG 11: Sustainable Cities and Communities
Empowerment	Workforce Development, Financial Inclusion	SDG 8: Decent Work and Economic Growth

The focus on themes like Energy Transition and Natural Capital clearly demonstrates a commitment to the environmental side of the analysis, positioning the firm to capitalize on the massive global shift toward a lower-carbon economy. They are also members of the Institutional Investors Group on Climate Change (IIGCC) and initiative Climat International (iCI), reinforcing their active role in climate action.