StepStone Group Reports Fourth Quarter and Fiscal Year 2024 Results

Core Insights - StepStone Group Inc. reported its financial results for the fourth quarter and fiscal year ended March 31, 2024, highlighting significant growth in revenues and net income compared to the previous year [1][16]. Financial Performance - Management and advisory fees, net for the fourth quarter reached $153.41 million, an increase of 16% year-over-year [8]. - Total revenues for the fourth quarter were $356.81 million, up 107% from $172.37 million in the same quarter last year [8]. - Total performance fees surged to $203.40 million, a 411% increase compared to $39.80 million in the prior year [8]. - Net income for the fourth quarter was $82.54 million, representing a 45% increase from $56.82 million in the same quarter of the previous year [8]. Dividends - The Board of Directors declared a quarterly cash dividend of $0.21 per share and a supplemental dividend of $0.15 per share, both payable on June 28, 2024 [1]. Assets Under Management - As of March 31, 2024, StepStone managed approximately $678 billion in total capital, including $157 billion in assets under management [5]. Client Base - StepStone's clients include large public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations, family offices, and high-net-worth individuals [5]. Key Business Metrics - Fee-related earnings (FRE) for the fiscal year were $189.79 million, a 22% increase from the previous year [8]. - Adjusted net income (ANI) for the fiscal year was $139.39 million, reflecting a 2% decrease compared to $142.66 million in the prior year [8]. - The FRE margin for the fiscal year was 32%, consistent with the previous year [8].