StepStone Diving into StepStone’s Acquisition of StepStone Private Wealth — We View the Acquisition Structure / Valuation as Attractive, with Some Risk

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StepStone Diving into StepStone’s Acquisition of StepStone Private Wealth — We View the Acquisition Structure / Valuation as Attractive, with Some Risk

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

09 July 2026

StepStone

Diving into StepStone’s Acquisition of StepStone Overweight

Private Wealth — We View the Acquisition Structure / STEP, STEP US

Valuation as Attractive, with Some Risk Price (08 Jul 26):$42.51

▼Price Target (Dec-26):$69.00

Prior (Dec-26):$79.00

We are revisiting the outlook for StepStone’s potential future acquisition of the

StepStone Private Wealth profits interest, given market concerns over financing Brokers, Asset Managers &

Exchangesand the valuation of a transaction. We continue to view StepStone’s acquisition of

the Private Wealth profits interest as a positive for shareholders with a valuation Kenneth B. Worthington, CFA AC

at current StepStone price levels attractive. While the purchase price will be (1-212) 622-6613

kenneth.b.worthington@jpmorgan.com

elevated by the positive impact SPRING’s SpaceX investment will have on fund J.P. Morgan Securities LLC

returns and incentive fees, thus weighing on the potential accretion of this

transaction, we continue to see a deal as smartly accretive, attractively valued, and

a positive for the growth outlook for StepStone. We maintain our Overweight Key Changes (FYE Mar)

rating on StepStone and see the dip in the shares as an attractive longer term buying Prev Cur Δ

opportunity in what we see as a great franchise. Adj. EPS - 27E ($) 2.87 2.68 -6.6%

• StepStone to pay a big value for Private Wealth profits interest. Stepstone Quarterly Forecasts (FYE Mar)

has contracted to buyout the Private Wealth profit interests from SPW’s Adj. EPS ($)