StepStone C1Q26 A Healthy FRE Driven Beat Backed By Management Fee Growth, Record Quarterly Fundraising Contributes To A Record F2026 Of Capital Collections

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StepStone C1Q26 A Healthy FRE Driven Beat Backed By Management Fee Growth, Record Quarterly Fundraising Contributes To A Record F2026 Of Capital Collections

J P M O R G A N North America Equity Research

21 May 2026

StepStone

C1Q26 A Healthy FRE Driven Beat Backed By Overweight

Management Fee Growth, Record Quarterly STEP, STEP US

Fundraising Contributes To A Record F2026 Of Capital Price (20 May 26):$52.00

Collections ▼Price Target (Dec-26):$79.00 Prior (Dec-26):$91.00

StepStone reported C1Q26 ANI / Sh of $0.57, handily topping Bloomberg

consensus of $0.50 and also beating our more optimistic $0.54 estimates. The beat Brokers, Asset Managers &

Exchangeswas FRE driven, with actuals of $105mm topping JPMe of $94mm. Stronger

management fees from Commingled Funds (CFs) of $161mm (vs. JPMe $152mm) Kenneth B. Worthington, CFA AC

were the key driver of upside. Retro fees of $4mm were generally in line with our (1-212) 622-6613

kenneth.b.worthington@jpmorgan.com

estimates. The stronger CF management fees were in part driven by stronger CF

fundraising, with C1Q26 actuals of $4.5bn well ahead of our $2.6bn estimate. Michael Cho

(1-212) 622-3619

STEP held a large first close of $2.2bn for the latest PE Secondaries Flagship during michael.cho@jpmchase.com

the quarter. We were expecting a first close in C2Q26. CF management fees were

Alexander Bernstein

also benefitted from the activation of the second Infra Co-Invest fund, which now (1-212) 622 0369

sits at ~$1bn of capital, already around the size of the inaugural vintage. Strong alexander.x.bernstein@jpmorgan.com

fundraising continued to be a highlight for the StepStone story, with $13.5bn of Madeline Daleiden

gross capital commitments in C1Q26 ($7bn in SMAs, $6.5bn in CFs) representing (1-212) 622-4911