StepStone Group lost $71 million last quarter but saw a 61% jump in fee-related earnings and raised over $11 billion.

Nov 5, 2026, 6:54 PM ETResultsRead the original at Benzinga

Good for STEP

StepStone's fee-related earnings rose 61% to $126 million, and it raised over $11 billion. Its $71 million reported loss came from buy-in accounting, and it plans to retain capital for that purchase, but fee growth supports a positive read.

STEP · StepStone Group

AI read · Good for STEP

The AI's read

The fee business still grew after excluding retroactive fees: core fee-related earnings rose 56%, and its margin reached 42%, up 6 percentage points from a year earlier. Adjusted net income also rose to $83 million from $67 million. The reported loss came from an accounting change for the private-wealth buy-in. StepStone plans to keep capital for that purchase, and slower capital returns were discussed, but fee growth and fundraising were strong.

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