StepStone Group Inc-A 2024年度报告

ÈANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended March 31, 2025or ‘TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission file number 001-39510STEPSTONE GROUP INC. (Exact name of Registrant as specified in its charter) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesÈNo‘Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes‘NoÈIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required tofile such reports), and (2) has been subject to such filing requirements for the past 90 days. YesÈNo‘ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files). YesÈNo‘ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting 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 filerNon-accelerated filerEmerging growth companyIf 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 has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.ÈIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.‘ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to§240.10D-1(b).‘Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes‘NoÈ The aggregate market value of Class A common stock held by non-affiliates of the registrant on September 30, 2024, the lastbusiness day of the registrant’s most recently completed second fiscal quarter, was approximately $3,805.2 million, based onthe closing price of $56.83 as reported by the Nasdaq Stock Market. As of May 21, 2025, there were 76,761,399 shares of theregistrant’s Class A common stock and 39,656,954 shares of the registrant’s Class B common stock, issued and outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement relating to its 2025 annual meeting of stockholders (the“2025 Proxy Statement”) are incorporated by reference into Part III of this annual report on Form 10-K where indicated. The2025 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of thefiscal year to which this report relates. Table of Contents This annual report on Form 10-K (“Form 10-K”) includes certain information regarding the historicalinvestment performance of our focused commingled funds and separately managed accounts. An investment inshares of our Class A common stock is not an investment in any StepStone Fund (as defined below). The StepStoneFunds 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 theStepStone Funds contained herein, current and prospective Class A common stockholders should bear in mind thatthe performance of the StepStone Funds is not indicative of the possible performance of shares of our Class Acommon stock and also is not necessarily indicative of the future results of the StepStone Funds, even if fundinvestments were in fact liquidated on the dates indicated, and we cannot assure you that the StepStone Funds willcontinue to achieve, or that future StepStone Funds will achieve, comparable results. Unless otherwise indicated or the context otherwise requires: