0001796022-22-000056 | 10-Q | XBRL Viewer

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Variable Interest Entity [Line Items]
Assets	$ 3,575,594	$ 4,188,125
Liabilities	1,934,485	2,363,795
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	1,101,817	1,435,245
Liabilities	$ 871,669	$ 1,181,238

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ Details

Investments - Equity Method Investments (Details) - USD ($)
$ in Thousands

Sep. 30, 2022

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in funds

$ 106,977

$ 107,045

Accrued carried interest allocations

1,189,323

1,480,515

Legacy Greenspring investments in funds and accrued carried interest allocations

^[1]

991,116

1,334,581

Investments in funds

2,287,416

2,922,141

Legacy Greenspring investments in funds

173,400

194,500

Legacy Greenspring accrued carried interest allocations

$ 817,700

$ 1,140,100

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 5 and 14 for more information.

Fair Value Measurements - Schedule of Changes in the Fair Value of Level III Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period:	$ 31,121	$ 1,306	$ 28,025	$ 1,541
Additions	0	17,769	0	17,769
Change in fair value	4,704	0	7,960	0
Settlements	(169)	(224)	(329)	(459)
Balance, end of period:	35,656	18,851	35,656	18,851
Changes in unrealized losses included in earnings related to financial liabilities still held at the reporting date	$ 4,704	$ 0	$ 7,960	$ 0

Revenues - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 20.8	$ 19.0
Deferred revenue, revenue recognized	$ 4.9

Business Combinations - Pro Forma Effect (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Revenues	$ 552,671	$ 1,079,820
Net income attributable to StepStone Group Inc.	$ 40,068	$ 88,179

Investments - Narrative (Details) - USD ($)
$ in Thousands

Sep. 30, 2022

Mar. 31, 2022

Product Information [Line Items]

Accrued carried interest-related compensation

$ 625,360

$ 769,988

Legacy Greenspring investments in funds and accrued carried interest allocations

^[1]

991,116

1,334,581

Legacy Entities

Product Information [Line Items]

Non-controlling interests

^[1]

173,443

194,480

Non-controlling interest holders

Product Information [Line Items]

Accrued carried interest-related compensation

625,400

770,000

Legacy Greenspring investments in funds and accrued carried interest allocations

$ 817,700

$ 1,140,100

Revenue Benchmark | Separately Managed Account Concentration Risk | Two Investments

Product Information [Line Items]

Equity method investment, total accrued carried interest allocation percentage

23.00%

25.00%

Revenue Benchmark | Comingled Funds Concentration Risk | Three Investments

Product Information [Line Items]

Equity method investment, total accrued carried interest allocation percentage

37.00%

39.00%

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 5 and 14 for more information.

Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Liabilities

The following tables provide details regarding the classification of these liabilities within the fair value hierarchy as of the dates presented:


	As of September 30, 2022
	Level I		Level II		Level III		Total








Liabilities
Contingent consideration obligations	$	—	$	—	$	35,656	$	35,656
Total liabilities	$	—	$	—	$	35,656	$	35,656


	As of March 31, 2022
	Level I		Level II		Level III		Total








Liabilities
Contingent consideration obligations	$	—	$	—	$	28,025	$	28,025
Total liabilities	$	—	$	—	$	28,025	$	28,025

Schedule of Changes in the Fair Value of Level III Financial Instruments

The changes in the fair value of Level III financial instruments are set forth below:


	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
Contingent Consideration Liability
Balance, beginning of period:	$	31,121	$	1,306	$	28,025	$	1,541
Additions	—		17,769		—		17,769
Change in fair value	4,704		—		7,960		—
Settlements	(169)		(224)		(329)		(459)
Balance, end of period:	$	35,656	$	18,851	$	35,656	$	18,851

Changes in unrealized losses included in earnings related to financial liabilities still held at the reporting date	$	4,704	$	—	$	7,960	$	—

Revenues - Schedule of Disaggregation of Revenue by Product Offering (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Management and advisory fees, net

Disaggregation of Revenue [Line Items]

Revenues

$ 119,121

$ 83,583

$ 235,853

$ 161,644

Focused commingled funds

Disaggregation of Revenue [Line Items]

Revenues

51,553

28,500

104,295

52,650

SMAs

Disaggregation of Revenue [Line Items]

Revenues

52,179

42,510

102,639

83,115

Advisory and other services

Disaggregation of Revenue [Line Items]

Revenues

13,788

12,380

26,772

25,635

Fund reimbursement revenues

Disaggregation of Revenue [Line Items]

Revenues

1,601

193

2,147

244

Total incentive fees

Disaggregation of Revenue [Line Items]

Revenues

5,365

1,796

5,365

5,978

SMAs

Disaggregation of Revenue [Line Items]

Revenues

5,365

1,793

5,365

5,905

Focused commingled funds

Disaggregation of Revenue [Line Items]

Revenues

Carried interest allocations

Disaggregation of Revenue [Line Items]

Total carried interest allocations

(154,309)

196,386

(194,652)

422,748

Carried interest allocations, SMAs

Disaggregation of Revenue [Line Items]

Total carried interest allocations

(120,451)

129,829

(158,576)

302,622

Carried interest allocation, focused commingled funds

Disaggregation of Revenue [Line Items]

Total carried interest allocations

(33,858)

66,557

(36,076)

120,126

Legacy Greenspring carried interest allocations

Disaggregation of Revenue [Line Items]

Total carried interest allocations

^[1]

(128,672)

(282,279)

Legacy carried interest allocation, SMAs

Disaggregation of Revenue [Line Items]

Total carried interest allocations

Legacy carried interest allocation, focused comingled funds

Disaggregation of Revenue [Line Items]

Total carried interest allocations

(128,672)

$ 0

(282,279)

$ 0

Legacy gross carried interest allocation, focused comingled funds

Disaggregation of Revenue [Line Items]

Total carried interest allocations

$ 3,000

$ 10,600

$ 40,100

[1]

Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. The three and six months ended September 30, 2021 reflect the net effect of gross realized gains and the reversal of such amounts in unrealized gains. See notes 3, 5 and 14 for more information.

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Mar. 31, 2022
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	650,000,000	650,000,000
Common stock, shares issued (in shares)	62,061,427	61,141,306
Common stock, shares outstanding (in shares)	62,061,427	61,141,306
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares issued (in shares)	46,716,897	47,149,673
Common stock, shares outstanding (in shares)	46,716,897	47,149,673

Business Combinations

6 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Business Combinations

Greenspring Acquisition

On September 20, 2021, the Company completed the acquisition of 100% of the equity of Greenspring Associates, Inc. and certain of its affiliates (collectively, “Greenspring”) in exchange for (i) cash consideration of approximately $185 million, net of an agreed upon adjustment based upon Greenspring’s net working capital balance at the closing date, (ii) 12,686,756 shares of Class A common stock and (iii) 3,071,519 newly issued Class C units of the Partnership (the “Greenspring acquisition”), in each case subject to certain adjustments (including customary adjustments for cash, debt, debt-like items, transaction expenses and net working capital at closing). The transaction agreement also provides for the payment of an earn-out of up to $75 million that is payable in 2025 subject to the achievement of certain management fee revenue targets for calendar year 2024. The results of Greenspring’s operations have been included in the condensed consolidated financial statements effective September 20, 2021. The acquisition of Greenspring expanded the Company’s leadership in private markets solutions, providing added scale in venture capital and growth equity, and offering clients expanded access to the global innovation economy.

The aggregate purchase price for the acquisition of Greenspring and the estimated fair values of the assets acquired and liabilities assumed at the acquisition date were as follows:


Acquisition date fair value of consideration transferred:
Cash consideration	$	186,577
Class A common stock	558,598
Class C units of the Partnership	135,239
Contingent consideration	17,769
Total purchase price	$	898,183

Estimated fair value of assets acquired and liabilities assumed:
Cash and short-term receivables	$	5,725
Legacy Greenspring investments in funds and accrued carried interest allocations(1)	1,203,299
Lease right-of-use assets, net	2,585
Other assets and receivables	2,146
Finite-lived intangible assets—contractual rights: management contracts	310,944
Finite-lived intangible assets—client relationships	96,650
Finite-lived intangible assets—contractual rights: service agreements	9,537
Goodwill	573,750
Deferred income taxes	(95,884)
Accrued expenses and other liabilities	(4,685)
Legacy Greenspring accrued carried interest-related compensation(1)	(1,045,157)
Lease liabilities	(2,585)
Non-controlling interests in legacy Greenspring entities(1)	(158,142)
Total	$	898,183

_______________________________

(1)Represents investments in funds and carried interest allocations attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. Such amounts are attributable to employees and therefore have been reflected as non-controlling interests in legacy Greenspring entities and legacy Greenspring accrued carried interest-related compensation, respectively.

For the three and six months ended September 30, 2021, the Company incurred $10.3 million and $13.8 million, respectively, of acquisition-related costs that were expensed as incurred and included in general, administrative and other expenses in the condensed consolidated statements of income.

The Company allocated $320.5 million and $96.7 million of the purchase price to the fair value of contractual rights and client relationships, respectively, which is being amortized over a weighted-average amortization period of 10.0 years. The $573.8 million of goodwill primarily related to Greenspring’s assembled workforce and business synergies expected to be realized from the transaction. This goodwill is not deductible for tax purposes.

The amount of revenues and net income of Greenspring (including amounts attributable to legacy Greenspring entities) from the acquisition date of September 20, 2021 to September 30, 2021 were approximately $2.3 million and $1.0 million, respectively.

The following supplemental unaudited pro forma information assumes the Greenspring acquisition, as well as the Reorganization and IPO, had been consummated as of April 1, 2020:


	Three Months Ended September 30, 2021		Six Months Ended September 30, 2021

Revenues	$	552,671		$	1,079,820
Net income attributable to StepStone Group Inc.	40,068			88,179

The Company’s fiscal year ends on March 31, and prior to the transaction, Greenspring’s fiscal year ended on December 31. To comply with SEC rules and regulations for companies with different fiscal year ends, the pro forma condensed combined financial information has been prepared utilizing periods that differ by less than 93 days. The unaudited pro forma information for the three and six months ended September 30, 2021 combines the Company’s historical unaudited condensed consolidated statements of income for the three and six months ended September 30, 2021, and Greenspring’s historical unaudited condensed combined statements of income for the three and six months ended June 30, 2021.

The supplemental unaudited pro forma information is based on estimates and assumptions believed reasonable and are not necessarily indicative of the Company’s consolidated results in future periods or the results that actually would have been realized had the Greenspring acquisition been completed to create a combined entity during the periods presented. The pro forma amounts have been calculated after reflecting the following adjustments that were directly attributable to the Reorganization, IPO, Greenspring acquisition and the related debt issuance used to fund a portion of the cash consideration, as if the transactions were consummated on April 1, 2020:

Reorganization and IPO

•adjustments to include compensation expense associated with the 2.5 million RSUs issued in connection with the IPO;

•adjustments on interest expense to reflect the repayment of outstanding debt using a portion of the IPO proceeds;

•adjustments to include federal and state income taxes for the Company’s share of taxable income generated by the Partnership; and

•adjustments to reflect the pro-rata economic ownership attributable to the Company.

Debt Financing

•adjustments to include interest expense related to the Revolver used to fund a portion of the cash consideration.

Greenspring Acquisition

•adjustments to include the impact of additional amortization of acquired intangible assets that would have been charged;

•adjustments to include the issuance of Class A common stock of the Company and Class C units of the Partnership as consideration for the transaction;

•adjustments to reflect the pro-rata economic ownership attributable to the Company;

•adjustments to reflect the tax effects of the Greenspring acquisition and including Greenspring in the Company’s results; and

•adjustments to include acquisition-related transaction costs in earnings for the six months ended September 30, 2020.

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Accounting Policies [Abstract]
Incentive fees as percentage of profits			10.00%
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment of finite-lived intangible assets \| $	$ 0	$ 0	$ 0	$ 0
Number of operating segments			1
Number of reportable segments			1
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible assets, estimated useful lives			8 years
Carried interest allocation as percentage of cumulative fund or account performance			5.00%
Revenue, carried interest allocation, minimum return levels required			5.00%
Legacy carried interest allocation as percentage of cumulative fund or account performance			5.00%
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible assets, estimated useful lives			10 years
Carried interest allocation as percentage of cumulative fund or account performance			15.00%
Revenue, carried interest allocation, minimum return levels required			10.00%
Legacy carried interest allocation as percentage of cumulative fund or account performance			20.00%

Earnings Per Share (Tables)

6 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Reconciliations of Basic and Diluted Earnings Per Share of Class A Common Stock

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:


	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
(in thousands, except share and per share amounts)
Numerator:
Net income (loss) attributable to StepStone Group Inc. – Basic	$	(29,221)	$	62,074	$	(40,261)	$	103,724
Incremental income from assumed vesting of RSUs	—		1,856		—		2,797
Incremental income from assumed vesting and exchange of Class B2 units	—		2,693		—		4,519
Net income (loss) attributable to StepStone Group Inc. – Diluted	$	(29,221)	$	66,623	$	(40,261)	$	111,040

Denominator:
Weighted-average shares of Class A common stock outstanding – Basic	61,407,834		41,745,492		61,276,707		40,401,379
Assumed vesting of RSUs	—		1,691,661		—		1,523,631
Assumed vesting and exchange of Class B2 units	—		2,471,208		—		2,480,045
Weighted-average shares of Class A common stock outstanding – Diluted	61,407,834		45,908,361		61,276,707		44,405,055

Net income (loss) per share of Class A common stock:
Basic	$	(0.48)	$	1.49	$	(0.66)	$	2.57
Diluted	$	(0.48)	$	1.45	$	(0.66)	$	2.50

Equity-Based Compensation - Narrative (Details) $ in Millions	6 Months Ended
	Sep. 30, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized non-cash compensation, period of recognition	3 years 1 month 6 days
Class B2 units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion basis	1
Outstanding (in shares)	2,566,566
Forfeited (in shares)	0
Unvested awards (in shares)	1,048,014
Vested (in shares)	1,518,552
Unrecognized non-cash compensation \| $	$ 33.2

Equity-Based Compensation

6 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

The change in unvested RSUs is as follows:


	Number of RSUs	Weighted-Average Grant-Date Fair Value Per RSU
Balance as of March 31, 2022	2,087,324	$	20.40
Granted	16,429	$	28.91
Vested	(597,698)	$	(18.49)
Forfeited	(33,891)	$	(21.91)
Balance as of September 30, 2022	1,472,164	$	21.36

Unvested Partnership Units

All Class B2 units will automatically convert into Class B units upon final vesting in 2024 and unitholders will be entitled to purchase from the Company one share of Class B common stock for each Class B unit at its par value. Prior to vesting, holders of Class B2 units do not have the right to receive any distributions from the Partnership, other than tax-related distributions.

As of September 30, 2022, there were 2,566,566 Class B2 units outstanding. During the six months ended September 30, 2022, none of the outstanding Class B2 units were forfeited. As of September 30, 2022, 1,048,014 Class B2 units were unvested and 1,518,552 Class B2 units were vested.

As of September 30, 2022, $33.2 million of unrecognized non-cash compensation expense in respect of RSUs and Class B2 units remained to be recognized over a weighted-average period of approximately 3.1 years.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income (loss)	$ (88,536)	$ 254,381
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	23,245	3,626
Unrealized performance fee-related compensation	(140,679)	159,778
Amortization of deferred financing costs	236	0
Equity-based compensation	7,497	6,956
Change in deferred income taxes	(13,113)	(3,700)
Fair value adjustment for acquisition-related contingent consideration	7,960	0
Gain on remeasurement of lease liabilities	(2,709)	0
Other non-cash activities	17	1,852
Changes in operating assets and liabilities:
Fees and accounts receivable	(203)	(1,897)
Due from affiliates	5,853	(2,357)
Other assets and receivables	(9,285)	2,788
Accounts payable, accrued expenses and other liabilities	(2,250)	(1,514)
Accrued compensation and benefits	35,500	31,268
Accrued carried interest-related compensation	(3,485)	13,367
Due to affiliates	(570)	(34)
Lease right-of-use assets, net and lease liabilities	(692)	17
Net cash provided by operating activities	145,714	135,500
Cash flows from investing activities
Cash paid for Greenspring acquisition, net of cash acquired	0	(181,529)
Purchases of property and equipment	(2,095)	(1,321)
Other investing activities	0	31
Net cash used in investing activities	(17,312)	(189,997)
Cash flows from financing activities
Proceeds from capital contributions from non-controlling interests	17	42
Proceeds from revolving credit facility	0	185,000
Deferred financing costs	0	(2,356)
Purchase of non-controlling interests	0	(3,046)
Payment of deferred offering costs	0	(1,079)
Payments on revolving credit facility	0	(70,000)
Dividends paid to common stockholders	(24,507)	(5,646)
Payments for employee taxes related to net settlement of RSUs	(2,707)	0
Payments to related parties under Tax Receivable Agreements	(4,790)	(606)
Other financing activities	0	(4)
Net cash provided by (used in) financing activities	(102,849)	46,471
Effect of foreign currency exchange rate changes	1,481	194
Net increase (decrease) in cash, cash equivalents and restricted cash	27,034	(7,832)
Cash, cash equivalents and restricted cash at beginning of period	117,449	183,863
Cash, cash equivalents and restricted cash at end of period	144,483	176,031
Non-cash operating, investing, and financing activities:
Accrued dividends	803	354
Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements	(3,381)	(37,750)
Establishment of lease liabilities in exchange for lease right-of-use assets	25,269	79,478
Remeasurement of lease liabilities	(18,166)	0
Class A common stock issued for Greenspring acquisition	0	558,598
Class C Partnership units issued for Greenspring acquisition	0	135,239
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	143,562	175,015
Restricted cash	921	1,016
Total cash, cash equivalents and restricted cash	144,483	176,031
Subsidiaries
Cash flows from financing activities
Distributions to non-controlling interests	(73,786)	(55,834)
Legacy Entities
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized carried interest allocations and investment (income) loss	349,763	0
Unrealized performance fee-related compensation	(322,428)	0
Cash flows from investing activities
Contributions to investments	(8,785)	0
Distributions received from investments	2,486	0
Cash flows from financing activities
Proceeds from capital contributions from non-controlling interests	8,785	0
Distributions to non-controlling interests	(5,861)	0
Consolidated Entities, Excluding Legacy Entities
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized carried interest allocations and investment (income) loss	299,593	(329,031)
Unrealized performance fee-related compensation	(140,679)	159,778
Cash flows from investing activities
Contributions to investments	(12,392)	(10,927)
Distributions received from investments	$ 3,474	$ 3,749

Debt Obligations

6 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt Obligations

In September 2021, the Company entered into a credit agreement with various lenders (the “Credit Agreement”) in connection with the Greenspring acquisition. The Credit Agreement was arranged by JPMorgan Chase Bank, N.A., as the administrative agent, and provides for a $225.0 million multicurrency revolving credit facility (the “Revolver”) with a five-year maturity. As of September 30, 2022, the Company had $63.1 million outstanding on the Revolver, net of debt issuance costs.

The Company’s debt obligations consist of the following:


	As of
	September 30, 2022		March 31, 2022
Revolver	$	65,000	$	65,000
Less: Debt issuance costs	(1,885)		(2,121)
Total debt obligations	$	63,115	$	62,879

Borrowings under the Revolver bear interest at a variable rate per annum. The Company may designate each borrowing as (i) in the case of any borrowing in U.S. dollars, a base rate loan or a LIBOR rate loan, (ii) in the case of any borrowing denominated in Euros, a EURIBOR rate loan, (iii) in the case of any borrowing denominated in British Pounds Sterling, a Sterling Overnight Index Average (“SONIA”) loan, (iv) in the case of any borrowing denominated in Swiss Francs, a Swiss Average Rate Overnight (“SARON”) loan, and (v) in the case of any borrowing denominated in Australian dollars, an AUD rate loan. Borrowings bear interest equal to (i) in the case of base rate loans, 1.00% plus the greatest of (a) the Prime Rate, (b) the New York Federal Reserve Bank Rate plus 0.50% and (c) the 1 month LIBOR, multiplied by the Statutory Reserve Rate (as defined in the Credit Agreement), plus 1.00%, (ii) in the case of a LIBOR rate loan, the LIBOR rate multiplied by the Statutory Reserve Rate plus 2.00%, (iii) in the case of a EURIBOR rate loan, the EURIBOR rate multiplied by the Statutory Reserve Rate plus 2.00%, (iv) in the case of a SONIA loan, the Sterling Overnight Index Average plus 2.03%, (v) in the case of a SARON loan, the Swiss Average Rate Overnight plus 2.00%, and (vi) in the case of an AUD rate loan, the AUD Screen Rate (as defined in the Credit Agreement) multiplied by the Statutory Reserve Rate plus 2.20%. The weighted-average interest rate in effect for the Revolver as of September 30, 2022 was 5.13%.

Borrowings under the Revolver may be repaid at any time during the term of the Credit Agreement and, subject to certain terms and conditions, may be reborrowed prior to the maturity date. Any outstanding principal amounts, together with any accrued interest thereon, shall be due and payable on the maturity date. The maturity date for the Revolver is September 20, 2026.

The Revolver bears a fee on undrawn commitments equal to 0.25% per annum if total utilization of revolving commitments is equal to or greater than 50% and 0.35% per annum if total utilization of revolving commitments is less than 50%.

The carrying value of the Revolver approximates fair value, as the loan is subject to variable interest rates that adjust with changes in market rates and market conditions and the current interest rate approximates that which would be available under similar financial arrangements.

Under the terms of the Credit Agreement, certain of the Company’s assets serve as pledged collateral. In addition, the Credit Agreement contains covenants that, among other things: limit the Company’s ability to incur indebtedness; create, incur or allow liens; transfer or dispose of assets; merge with other companies; make certain investments; pay dividends or make distributions; engage in new or different lines of business; and engage in transactions with affiliates. The Credit Agreement also contains financial covenants requiring the Company to maintain a total net leverage ratio and a minimum total of fee-earning assets under management. As of September 30, 2022, the Company was in compliance with the total net leverage ratio and minimum fee-earning assets under management covenants.

The Company can use available funding capacity under the Revolver to satisfy letters of credit in amounts up to $10.0 million. Amounts used to satisfy the letters of credit reduce the available capacity under the Revolver. As of September 30, 2022, the Company had outstanding letters of credit totaling $2.6 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Variable Interest Entities (Tables)

6 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Carrying Value of the Assets and Liabilities of the Company's Variable Interest Entities

The carrying value of the assets and liabilities recognized in the condensed consolidated balance sheets with respect to the Company’s interests in VIEs that were not consolidated is set forth below:


	As of
	September 30, 2022		March 31, 2022
Investments in funds	$	106,977	$	107,045
Legacy Greenspring investments in funds	173,443		194,480
Due from affiliates, net	12,426		18,830
Less: Amounts attributable to non-controlling interests in subsidiaries	15,601		13,832
Less: Amounts attributable to non-controlling interests in legacy Greenspring entities	173,443		194,480
Maximum exposure to loss	$	103,802	$	112,043

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Debt Obligations (Tables)

6 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The Company’s debt obligations consist of the following:


	As of
	September 30, 2022		March 31, 2022
Revolver	$	65,000	$	65,000
Less: Debt issuance costs	(1,885)		(2,121)
Total debt obligations	$	63,115	$	62,879

Fair Value Measurements - Schedule of Fair Value of Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligations	$ 35,656	$ 28,025
Total liabilities	35,656	28,025
Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligations	0	0
Total liabilities	0	0
Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligations	0	0
Total liabilities	0	0
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligations	35,656	28,025
Total liabilities	$ 35,656	$ 28,025

Subsequent Events (Details)	Nov. 03, 2022 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends payable (in dollars per share)	$ 0.20

Commitment and Contingencies - Components of Lease Expense and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 368	$ 2,686	$ 3,412	$ 5,360
Variable lease cost	273	210	497	469
Sublease income	(443)	(426)	(789)	(856)
Total lease cost	$ 198	$ 2,470	3,120	4,973
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases			$ 4,557	$ 4,342
Weighted-average remaining lease term for operating leases	7 years 10 months 24 days	8 years	7 years 10 months 24 days	8 years
Weighted-average discount rate for operating leases	3.40%	2.70%	3.40%	2.70%

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Sep. 20, 2021	Sep. 30, 2022	Sep. 30, 2022	Mar. 31, 2022	Sep. 18, 2020
Business Acquisition [Line Items]
Goodwill		$ 580,542	$ 580,542	$ 580,542
Restricted Stock Units (RSUs)
Business Acquisition [Line Items]
Unvested awards (in shares)		1,472,164	1,472,164	2,087,324	2,500,000
Greenspring
Business Acquisition [Line Items]
Ownership percentage acquired	100.00%
Cash consideration, net of working capital adjustment	$ 185,000
Earn-out (up to)	75,000
Acquisition-related costs		$ 10,300	$ 13,800
Goodwill	573,750
Revenue since acquisition date			2,300
Earnings since acquisition date			$ 1,000
Greenspring \| Contractual rights
Business Acquisition [Line Items]
Finite-lived intangible assets	$ 320,500
Weighted-average amortization period	10 years
Greenspring \| Client relationships
Business Acquisition [Line Items]
Finite-lived intangible assets	$ 96,650
Greenspring \| Class A Common Stock
Business Acquisition [Line Items]
Stock issued for acquisition (in shares)	12,686,756
Greenspring \| Class C Common Stock
Business Acquisition [Line Items]
Stock issued for acquisition (in shares)	3,071,519

Intangibles and Goodwill - Schedule of Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Less: Accumulated amortization	$ (81,804)	$ (60,063)
Intangibles, net	376,385	398,126
Management contracts
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	352,002	352,002
Client relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	96,650	96,650
Service agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 9,537	$ 9,537

Intangibles and Goodwill - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 10,900,000	$ 1,900,000	$ 21,700,000	$ 2,500,000
Goodwill	580,542,000		580,542,000		$ 580,542,000
Goodwill, impairment loss	$ 0		$ 0		$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income (loss) attributable to StepStone Group Inc. – Basic	$ (29,221)	$ 62,074	$ (40,261)	$ 103,724
Net income (loss) attributable to StepStone Group Inc. – Diluted	$ (29,221)	$ 66,623	$ (40,261)	$ 111,040
Denominator:
Weighted-average shares of Class A common stock outstanding – Basic (in shares)	61,407,834	41,745,492	61,276,707	40,401,379
Weighted-average shares of Class A common stock outstanding - Diluted (in shares)	61,407,834	45,908,361	61,276,707	44,405,055
Net income (loss) per share of Class A common stock:
Basic (in dollars per share)	$ (0.48)	$ 1.49	$ (0.66)	$ 2.57
Diluted (in dollars per share)	$ (0.48)	$ 1.45	$ (0.66)	$ 2.50
Restricted Stock Units (RSUs)
Numerator:
Incremental income from assumed vesting and exchange of restricted share units and Class B units	$ 0	$ 1,856	$ 0	$ 2,797
Denominator:
Assumed vesting of RSUs and exchange of Class B2 units (in shares)	0	1,691,661	0	1,523,631
Class B2 units
Numerator:
Incremental income from assumed vesting and exchange of restricted share units and Class B units	$ 0	$ 2,693	$ 0	$ 4,519
Denominator:
Assumed vesting of RSUs and exchange of Class B2 units (in shares)	0	2,471,208	0	2,480,045

Business Combinations (Tables)

6 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Aggregate Purchase Price and Estimated Fair Values of Assets Acquired and Liabilities Assumed

The aggregate purchase price for the acquisition of Greenspring and the estimated fair values of the assets acquired and liabilities assumed at the acquisition date were as follows:


Acquisition date fair value of consideration transferred:
Cash consideration	$	186,577
Class A common stock	558,598
Class C units of the Partnership	135,239
Contingent consideration	17,769
Total purchase price	$	898,183

Estimated fair value of assets acquired and liabilities assumed:
Cash and short-term receivables	$	5,725
Legacy Greenspring investments in funds and accrued carried interest allocations(1)	1,203,299
Lease right-of-use assets, net	2,585
Other assets and receivables	2,146
Finite-lived intangible assets—contractual rights: management contracts	310,944
Finite-lived intangible assets—client relationships	96,650
Finite-lived intangible assets—contractual rights: service agreements	9,537
Goodwill	573,750
Deferred income taxes	(95,884)
Accrued expenses and other liabilities	(4,685)
Legacy Greenspring accrued carried interest-related compensation(1)	(1,045,157)
Lease liabilities	(2,585)
Non-controlling interests in legacy Greenspring entities(1)	(158,142)
Total	$	898,183

_______________________________

Pro Forma Effect

The following supplemental unaudited pro forma information assumes the Greenspring acquisition, as well as the Reorganization and IPO, had been consummated as of April 1, 2020:


	Three Months Ended September 30, 2021		Six Months Ended September 30, 2021

Revenues	$	552,671		$	1,079,820
Net income attributable to StepStone Group Inc.	40,068			88,179

Related Party Disclosures - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Legacy gross carried interest allocation, focused comingled funds
Related Party Transaction [Line Items]
Total carried interest allocations	$ 3.0	$ 10.6		$ 40.1
Management and advisory fees, net \| StepStone Funds
Related Party Transaction [Line Items]
Revenue from related parties		78.1	$ 51.0	157.5	$ 96.9
Carried interest allocations \| StepStone Funds
Related Party Transaction [Line Items]
Revenue from related parties		(154.3)	196.4	(194.7)	422.7
Carried interest allocation revenues, no economic interest \| StepStone Funds
Related Party Transaction [Line Items]
Revenue from related parties		(128.7)	0.0	(282.3)	0.0
Tax Receivable Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Expenses to related parties		$ 0.0	$ 0.0	$ 4.8	$ 0.6

Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Variable Interest Entity [Line Items]
Investments in funds	$ 106,977	$ 107,045
Legacy Greenspring investments in funds	173,400	194,500
Due from affiliates	13,516	19,369
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in funds	106,977	107,045
Legacy Greenspring investments in funds	173,443	194,480
Due from affiliates	12,426	18,830
Maximum exposure to loss	103,802	112,043
Variable Interest Entity, Not Primary Beneficiary, Subsidiaries
Variable Interest Entity [Line Items]
Less: Amounts attributable to non-controlling interests	15,601	13,832
Variable Interest Entity, Not Primary Beneficiary, Legacy Entities
Variable Interest Entity [Line Items]
Less: Amounts attributable to non-controlling interests	$ 173,443	$ 194,480

- Definition

For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

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Revenues - Schedule of Disaggregation of Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ (158,495)	$ 281,765	$ (235,713)	$ 590,370
United States
Disaggregation of Revenue [Line Items]
Total revenues	(91,647)	60,985	(198,597)	111,640
Non-U.S. countries
Disaggregation of Revenue [Line Items]
Total revenues	$ (66,848)	$ 220,780	$ (37,116)	$ 478,730

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Related Party Transaction [Line Items]
Due from affiliates	$ 13,516	$ 19,369
Due to affiliates	196,410	199,355
Legacy Funds
Related Party Transaction [Line Items]
Due to affiliates	194,792	197,204
StepStone Funds
Related Party Transaction [Line Items]
Due from affiliates	12,503	19,027
Due to affiliates	77	198
Certain employee equity holders
Related Party Transaction [Line Items]
Due from affiliates	1,013	342
Due to affiliates	$ 1,541	$ 1,953

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For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.

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Carrying amount as of the balance sheet date of obligations due all related parties.

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+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income were as follows:


	As of
	September 30, 2022		March 31, 2022
Foreign currency translation adjustments	$	349	$	331
Unrealized gain on defined benefit plan, net	322		327
Accumulated other comprehensive income	$	671	$	658

Intangibles and Goodwill (Tables)

6 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consists of the following:


	As of
	September 30, 2022		March 31, 2022
Management contracts	$	352,002	$	352,002
Client relationships	96,650		96,650
Service agreements	9,537		9,537
Less: Accumulated amortization	(81,804)		(60,063)
Intangible assets, net	$	376,385	$	398,126

Schedule of Future Amortization of Finite-lived Intangible Assets

At September 30, 2022, the expected future amortization of finite-lived intangible assets is as follows:


Remainder of FY2023	$	21,741
FY2024	42,645
FY2025	41,955
FY2026	41,764
FY2027	41,730
Thereafter	186,550
Total	$	376,385

Commitment and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) city	Sep. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)
Other Commitments [Line Items]
Number of cities for leased offices \| city		24
Gain on remeasurement of lease liabilities	$ 2,700	$ 2,709	$ 0
Unfunded capital commitments	84,900	84,900		$ 68,200
Carried interest, contingent repayment obligations	252,600	252,600
Legacy Funds
Other Commitments [Line Items]
Unfunded capital commitments	$ 39,000	$ 39,000		$ 40,500

Stockholders' Equity

6 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The Company has two classes of common stock outstanding, Class A common stock and Class B common stock. Holders of Class A common stock and Class B common stock generally vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval. Holders of Class A common stock are entitled to receive dividends when and if declared by the board of directors. Holders of the Class B common stock are not entitled to dividends in respect of their shares of Class B common stock.

In connection with the Greenspring acquisition, the limited partnership agreement of the Partnership was amended to create new Class C limited partnership interests and to admit the new limited partners that received Class C units as consideration for the Greenspring acquisition. The Class C limited partnership interests of the Partnership have substantially the same rights and obligations as are applicable to the existing holders of Class B units of the Partnership. The Company has no ownership interest in the Class C units, which are held by certain employees of the Company. The Company has also entered into an agreement with the Class C limited partners of the Partnership to allow for the exchange of Class C units to shares of Class A common stock of the Company on a one-for-one basis, subject to certain restrictions.

The following table shows a rollforward of the Company’s shares of common stock outstanding since March 31, 2022:


	Class A Common Stock	Class B Common Stock
March 31, 2022	61,141,306	47,149,673

Class A common stock issued in exchange for Class B partnership units	432,776	(432,776)

Class A common stock issued for vesting of RSUs, net of shares withheld for employee taxes	487,345	—
September 30, 2022	62,061,427	46,716,897

The Company has 25,000,000 authorized shares of preferred stock, par value of $0.001 per share, and as of September 30, 2022, no shares of preferred stock were issued or outstanding.

In September 2022, the Company issued 175,000 shares of Class A common stock to certain limited partners of the Partnership in exchange for 175,000 Class B units in accordance with the elective exchange notices submitted pursuant to an agreement with the Class B limited partners (the “Class B Exchange Agreement”) to allow for exchange of Class B units of the Partnership to shares of Class A common stock of the Company on a one-for-one basis, subject to certain restrictions. A corresponding number of shares of Class B common stock were automatically redeemed at par value and canceled in connection with such exchange and a corresponding number of Class A units of the Partnership were issued to the Company.

In June 2022, the Company issued 257,776 shares of Class A common stock to certain limited partners of the Partnership in exchange for 257,776 Class B units in accordance with the elective exchange notices submitted pursuant to the Class B Exchange Agreement. A corresponding number of shares of Class B common stock were automatically redeemed at par value and canceled in connection with such exchange and a corresponding number of Class A units of the Partnership were issued to the Company.

The reallocation adjustment between SSG stockholders’ equity, non-controlling interests in the Partnership and non-controlling interests in subsidiaries relates to the impact of changes in economic ownership percentages during the period and adjusting previously recorded equity transactions to the economic ownership percentage as of the end of each reporting period.

Dividends and distributions are reflected in the condensed consolidated statements of stockholders’ equity when declared by the board of directors. Dividends are made to Class A common stockholders and distributions are made to limited partners of the Partnership and holders of non-controlling interests in subsidiaries.

On August 4, 2022, the Company announced a quarterly cash dividend of $0.20 per share of Class A common stock, which was paid on September 15, 2022 to holders of record at the close of business on August 31, 2022.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments

6 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments

The Company’s investments consist of equity method investments primarily related to investments in the StepStone Funds for which it serves as general partner or managing member but does not have a controlling financial interest. The Company’s equity interest typically does not exceed 1% in each fund. The Company’s share of the underlying net income or loss attributable to its equity interest in the funds is recorded in investment income in the condensed consolidated statements of income. Investment income attributable to investments in certain legacy Greenspring funds for which the Company has no direct economic interests are recorded in legacy Greenspring investment income in the condensed consolidated statements of income.

The Company’s equity method investments consist of the following:


	As of
	September 30, 2022		March 31, 2022
Investments in funds	$	106,977	$	107,045
Accrued carried interest allocations	1,189,323		1,480,515
Legacy Greenspring investments in funds and accrued carried interest allocations(1)	991,116		1,334,581
Total investments	$	2,287,416	$	2,922,141

_______________________________

(1)Reflects investments in funds of $173.4 million and $194.5 million and carried interest allocations of $817.7 million and $1,140.1 million as of September 30, 2022 and March 31, 2022, respectively.

The Company recognized equity method income (loss) of the following:


	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
Carried interest allocations	$	(154,309)	$	196,386	$	(194,652)	$	422,748
Investment income (loss)	(3,691)		7,187		(4,792)		13,611
Legacy Greenspring carried interest allocations	(128,672)		—		(282,279)		—
Legacy Greenspring investment loss	(15,357)		—		(23,961)		—
Total equity method income (loss)	$	(302,029)	$	203,573	$	(505,684)	$	436,359

The decrease in carried interest allocations for the three and six months ended September 30, 2022 as compared to the three and six months ended September 30, 2021 was primarily attributable to unrealized depreciation in the fair value of the underlying investments in the Company’s private equity funds. See note 2 for a discussion of the Company’s accounting policy for investments on a three-month lag.

As of September 30, 2022 and March 31, 2022, the Company’s investments in two SMAs each individually represented 10% or more of the total accrued carried interest allocations balance, and in the aggregate represented approximately 23% and 25%, respectively, of the total accrued carried interest allocations balance as of those dates. As of September 30, 2022 and March 31, 2022, the Company’s investments in three commingled funds each individually represented 10% or more of the total legacy Greenspring accrued carried interest allocations balance, and in the aggregate represented approximately 37% and 39%, respectively, of the total legacy Greenspring accrued carried interest allocations balances as of those dates.

Of the total accrued carried interest allocations balance as of September 30, 2022 and March 31, 2022, $625.4 million and $770.0 million, respectively, were payable to affiliates and is included in accrued carried interest-related compensation in the condensed consolidated balance sheets. Of the total legacy Greenspring investments in funds and accrued carried interest allocations balance as of September 30, 2022 and March 31, 2022, $817.7 million and $1,140.1 million, respectively, were payable to employees who are considered affiliates of the Company and is included in legacy Greenspring accrued carried interest-related compensation in the condensed consolidated balance sheets and $173.4 million and $194.5 million, respectively, are reflected as non-controlling interests in legacy Greenspring entities in the condensed consolidated balance sheets.

The Company evaluates each of its equity method investments to determine if any are considered significant as defined by the SEC. As of September 30, 2022 and March 31, 2022 and for the three and six months ended September 30, 2022 and 2021, no individual equity method investment held by the Company met the significance criteria. As a result, the Company is not required to provide separate financial statements for any of its equity method investments.

Related Party Disclosures (Tables)

6 Months Ended

Sep. 30, 2022

Schedule of Related Party Transactions

Due from affiliates in the condensed consolidated balance sheets consists primarily of fees and accounts receivable from the StepStone Funds, advances made on behalf of the StepStone Funds for the payment of certain organization and operating costs and expenses for which the Company is subsequently reimbursed, and amounts due from employees, as set forth below.


	As of
	September 30, 2022		March 31, 2022
Amounts receivable from StepStone Funds	$	12,503	$	19,027
Amounts receivable from employees	1,013		342
Total due from affiliates	$	13,516	$	19,369

Due to affiliates in the condensed consolidated balance sheets consists primarily of amounts payable to certain non-controlling interest holders in connection with the Tax Receivable Agreements, amounts payable to the StepStone Funds and distributions payable to certain employee equity holders of consolidated subsidiaries, as set forth below.


	As of
	September 30, 2022		March 31, 2022
Amounts payable to non-controlling interest holders in connection with Tax Receivable Agreements	$	194,792	$	197,204
Amounts payable to StepStone Funds	77		198
Distributions payable to certain employee equity holders of consolidated subsidiaries	1,541		1,953
Total due to affiliates	$	196,410	$	199,355

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended March 31, 2022 filed with the Securities and Exchange Commission (“SEC”). Certain of the StepStone Funds are investment companies that follow specialized accounting under GAAP and reflect their investments at estimated fair value. Accordingly, the carrying value of the Company’s equity method investments in such entities retains the specialized accounting.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current period presentation. Payments to related parties under Tax Receivable Agreements has been presented separately within cash flows from financing activities in the condensed consolidated statements of cash flows, and was previously included within due to affiliates within cash flows from operating activities.
Consolidation	Consolidation The Company consolidates all entities that it controls through a majority voting interest or as the primary beneficiary of a variable interest entity (“VIE”). Under the VIE model, management first assesses whether the Company has a variable interest in an entity. In evaluating whether the Company holds a variable interest, fees received as a decision maker or in exchange for services (including management fees, incentive fees and carried interest allocations) that are customary and commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable interests. If the Company has a variable interest in an entity, management further assesses whether that entity is a VIE, and if so, whether the Company is the primary beneficiary under the VIE model. Entities that do not qualify as VIEs are assessed for consolidation under the voting interest model. The consolidation analysis can generally be performed qualitatively; however, in certain situations a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective StepStone Funds that are VIEs could affect the entity’s status as a VIE or the determination of the primary beneficiary. Under the VIE model, an entity is deemed to be the primary beneficiary of a VIE if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly affect the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Management determines whether the Company is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. When assessing whether the Company is the primary beneficiary of a VIE, management evaluates whether the Company’s involvement, through holding interests directly or indirectly in an entity or contractually through other variable interests, would give the Company a controlling financial interest. This analysis includes an evaluation of the Company’s control rights, as well as the economic interests that the Company holds in the VIE, including indirectly through related parties. The Company provides investment advisory services to the StepStone Funds, which have third-party clients. These funds are investment companies and are typically organized as limited partnerships or limited liability companies for which the Company, through its operating subsidiaries, acts as the general partner or managing member. A limited partnership or similar entity is a VIE if the unaffiliated limited partners or members do not have substantive rights to terminate or liquidate the fund or remove the general partner or substantive rights to participate. Certain StepStone Funds are VIEs because they have not granted unaffiliated limited partners or members substantive rights to terminate the fund or remove the general partner or substantive rights to participate. The Company does not consolidate these StepStone Funds because it is not the primary beneficiary of those funds, primarily because it does not hold an interest in those funds that is considered more than insignificant and its fee arrangements are considered customary and commensurate. The Company has determined that certain of its operating subsidiaries, StepStone Group Real Assets LP (“SRA”), StepStone Group Real Estate LP (“SRE”) and Swiss Capital Alternative Investments AG (“Swiss Capital”), are VIEs, and that the Company is the primary beneficiary of each entity because it has a controlling financial interest in each entity; accordingly, the Company consolidates these entities. The assets and liabilities of the consolidated VIEs are presented gross in the condensed consolidated balance sheets. The assets of the consolidated VIEs may only be used to settle obligations of the consolidated VIEs. See note 4 for more information on both consolidated and unconsolidated VIEs. In connection with the Greenspring acquisition, the Company, indirectly through its subsidiaries, became the sole and/or managing member of certain entities, each of which is the general partner of an investment fund (“legacy Greenspring general partner entities”). The Company did not acquire any direct economic interests attributable to the legacy Greenspring general partner entities, including legacy Greenspring investments in funds and carried interest allocations. However, certain arrangements negotiated as part of the acquisition represent variable interests that could be significant. The Company determined that the legacy Greenspring general partner entities are VIEs and it is the primary beneficiary of each such entity because it has a controlling financial interest in each entity. As a result, the Company consolidates these entities.
Non-Controlling Interests	Non-Controlling Interests Non-controlling interests (“NCI”) reflect the portion of income or loss and the corresponding equity attributable to third-party equity holders and employees in certain consolidated subsidiaries that are not 100% owned by the Company. Non-controlling interests are presented as separate components of stockholders’ equity on the Company’s condensed consolidated balance sheets to clearly distinguish between the Company’s interests and the economic interests of third parties and employees in those entities. Net income (loss) attributable to SSG, as reported in the condensed consolidated statements of income, is presented net of the portion of net income (loss) attributable to holders of non-controlling interests. See note 13 for more information on ownership interests in the Company. Non-controlling interests in subsidiaries represent the economic interests in SRA, SRE, and Swiss Capital (the variable interest entities included in the Company’s condensed consolidated financial statements) held by third parties and employees in those entities. Non-controlling interests in subsidiaries are allocated a share of income or loss in the respective consolidated subsidiary in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss. Non-controlling interests in legacy Greenspring entities represent the economic interests in the legacy Greenspring general partner entities. The Company did not acquire any direct economic interests in the legacy Greenspring general partner entities. As a result, all of the net income or loss related to the legacy Greenspring general partner entities is allocated to non-controlling interests in legacy Greenspring entities. Non-controlling interests in the Partnership represent the economic interests related to the Class B and Class C units of the Partnership which are not owned by SSG. Non-controlling interests in the Partnership are allocated a share of income or loss in the Partnership in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.
Accounting for Differing Fiscal Periods	Accounting for Differing Fiscal Periods The StepStone Funds primarily have a fiscal year end as of December 31. The Company accounts for its investments in the StepStone Funds on a three-month lag due to the timing of receipt of financial information from the investments held by the StepStone Funds. The StepStone Funds primarily invest in private markets funds that generally require at least 90 days following the calendar year end to provide audited financial statements. As a result, the Company uses the December 31 audited financial statements of the StepStone Funds, which reflect the underlying private markets funds as of December 31, to record its investments (including any carried interest allocated by those investments) for its fiscal year-end consolidated financial statements as of March 31. The Company further adjusts the reported carrying values of its investments in the StepStone Funds for its share of capital contributions to and distributions from the StepStone Funds during the three-month lag period. For this interim period ending September 30, 2022, the Company used the June 30, 2022 unaudited financial statements of the StepStone Funds, which reflect the underlying private market funds as of June 30, 2022, to record its investments (including any carried interest allocated by those investments), as adjusted for capital contributions and distributions during the three-month lag period ended September 30, 2022. The Company does not account for management and advisory fees or incentive fees on a three-month lag. To the extent that management becomes aware of any material events that affect the StepStone Funds during the three-month lag period, the effect of the events would be disclosed in the notes to the condensed consolidated financial statements.
Current Events	Current Events The Company is continuing to closely monitor developments related to COVID-19, inflation, rising interest rates and the ongoing Russia-Ukraine conflict, and assess the impact on financial markets and the Company’s business. The Company’s future results may be adversely affected by slowdowns in fundraising activity and the pace of capital deployment, which could result in delayed or decreased management fees. Further, if fund managers are unable or less able to profitably exit existing investments, such conditions could result in delayed or decreased performance fee revenues. It is currently not possible to predict the ultimate effects of these events on the financial markets, overall economy and the Company’s condensed consolidated financial statements.
Fair Value Measurements	Fair Value Measurements GAAP establishes a hierarchical disclosure framework, which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace – including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and therefore a lesser degree of judgment is used in measuring their fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of their fair values, as follows: •Level I – Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. •Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date, and fair value is determined through the use of models or other valuation methodologies. The types of financial instruments classified in this category include less liquid securities traded in active markets and securities traded in other than active markets. •Level III – Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the financial instrument. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors including, for example, the type of instrument, whether the instrument has recently been issued, whether the instrument is traded on an active exchange or in the secondary market, and current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for financial instruments categorized in Level III. The variability and availability of the observable inputs affected by the factors described above may result in transfers between Levels I, II, and III. The Company considers its cash, cash equivalents, restricted cash, fees and accounts receivable, accounts payable, investments, revolving credit facility and contingent consideration balances to be financial instruments. The carrying amounts of cash, cash equivalents, restricted cash, fees and accounts receivable and accounts payable equal or approximate their fair values due to their nature and/or the relatively short period over which they are held. See notes 6 and 8 for additional details regarding the fair value of the Company’s contingent consideration and revolving credit facility balances, respectively.
Restricted Cash	Restricted Cash Restricted cash consists of cash that the Company is contractually obligated to maintain to secure its letters of credit used primarily related to its office facilities and other obligations.
Investments	Investments Investments primarily include the Company’s ownership interests in the StepStone Funds, as general partner or managing member of such funds. The Company accounts for all investments in which it has or is otherwise presumed to have significant influence, but not control, including the StepStone Funds, using the equity method of accounting. The carrying value of these equity method investments is determined based on amounts invested by the Company, adjusted for the Company’s share in the earnings or losses of each investee, after consideration of contractual arrangements that govern allocations of income or loss (including carried interest allocations), less distributions received. Investments include the Company’s cumulative accrued carried interest allocations from the StepStone Funds, which primarily represent performance-based capital allocations, assuming the StepStone Funds were liquidated as of each reporting date in accordance with the funds’ governing documents. Legacy Greenspring investments in funds and accrued carried interest allocations represent the economic interests held by the legacy Greenspring general partner entities in certain funds for which the Company does not have any direct economic interests. All of the economics in respect of such interests are payable to employees and are therefore reflected as non-controlling interests in legacy Greenspring entities and legacy Greenspring performance fee-related compensation. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Management's determination of fair value for investments in the underlying funds includes various valuation techniques. These techniques may include a market approach, recent transaction price, net asset value approach, or discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA, revenue multiples, discount rates, weighted average cost of capital, exit multiples, or terminal growth rates.
Leases	Leases The Company determines whether an arrangement contains a lease at inception of the arrangement. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines the classification as either an operating or finance lease. The Company’s identified leases primarily consist of operating lease agreements for office space and certain equipment, as the lessee. Operating leases are included in lease right-of-use-assets, net and lease liabilities in the condensed consolidated balance sheets. Certain leases include lease and non-lease components, which the Company accounts for as a single lease component. Lease right-of-use (“ROU”) assets and lease liabilities are measured based on the present value of future minimum lease payments over the lease term at the commencement date. Lease ROU assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. The Company uses its incremental borrowing rate in determining the present value of future minimum lease payments. The Company’s lease terms may include options to extend or terminate the lease, which are included in the measurement of ROU assets and lease liabilities when it is reasonably certain that the Company will exercise those options. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term in general, administrative and other expenses in the condensed consolidated statements of income. Minimum lease payments for leases with an initial term of twelve months or less are not recorded in the condensed consolidated balance sheets.
Business Combinations	Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of an acquisition is allocated to the assets acquired and liabilities assumed based on their fair values, as determined by management at the acquisition date. Contingent consideration obligations that are elements of consideration transferred are recognized at the acquisition date as part of the fair value transferred in exchange for the acquired business. Contingent consideration arrangements are revalued to fair value each reporting period. Examples of critical estimates in valuing certain of the intangible assets acquired include, but are not limited to, future expected cash inflows and outflows, future fundraising assumptions, expected useful life, discount rates and income tax rates. Acquisition-related costs incurred in connection with a business combination are expensed as incurred and are included in general, administrative and other expenses in the condensed consolidated statements of income.
Intangibles and Goodwill	Intangibles and Goodwill The Company’s finite-lived intangible assets consist of acquired contractual rights to earn future management and advisory fee income and client relationships. Finite-lived intangible assets are amortized over their estimated useful lives, which range from 8 to 10 years. The Company did not have any intangible assets that were deemed to have an indefinite life as of September 30, 2022. Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. There were no impairment charges related to the Company’s finite-lived intangible assets during the three and six months ended September 30, 2022 and 2021. Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets. Goodwill is assessed for impairment at least annually using a qualitative and, if necessary, a quantitative approach. The Company performs its annual goodwill impairment test as of January 1, or more frequently, if events and circumstances indicate that an impairment may exist. Goodwill is tested for impairment at the reporting unit level. The initial assessment for impairment under the qualitative approach is to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, a quantitative assessment is performed to measure the amount of impairment loss, if any. The quantitative assessment includes comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized equal to the lesser of (a) the difference between the carrying amount of the reporting unit and its fair value and (b) the total carrying amount of the reporting unit’s goodwill.
Revenues	Revenues The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Revenue is recognized in a manner that depicts the transfer of promised goods or services to customers and for an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The application of ASC 606 requires an entity to identify its contract(s) with a customer, identify the performance obligations in a contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, variable consideration is included only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The Company has elected to apply the variable consideration allocation exception for its fee arrangements with its customers. Management and Advisory Fees, Net The Company earns management fees for services provided to its SMAs and focused commingled funds. The Company earns advisory fees for services provided to advisory clients where the Company does not have discretion over investment decisions. The Company considers its performance obligations in its customer contracts from which it earns management and advisory fees to be one or more of the following, based on the services promised: asset management services, advisory services and/or the arrangement of administrative services. The Company recognizes revenues from asset management services and advisory services when control of the promised services is transferred to customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. SMAs are generally contractual arrangements involving an investment management agreement between the Company and a single client, and are typically structured as a partnership or limited liability company for which a subsidiary of SSG serves as the general partner or managing member. Focused commingled funds are structured as limited partnerships or limited liability companies with multiple clients, for which a subsidiary of the Company serves as the general partner or managing member. The Company determined that the individual client or single limited partner or member is the customer with respect to SMAs and advisory clients, while the investment fund is generally considered to be the customer for arrangements with focused commingled funds. When asset management services and the arrangement of administrative services are the performance obligations promised in a contract, the Company satisfies these performance obligations over time because the customer simultaneously receives and consumes the benefits of the services as they are performed. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer. Management fees earned from these contracts where the Company has discretion over investment decisions are generally calculated based on a percentage of unaffiliated committed capital or net invested capital, and these amounts are typically billed quarterly. For certain investment funds, management fees are initially based on committed capital during the investment period and on net invested capital through the remainder of the fund’s term. In addition, the management fee rate charged may also be reduced for certain investment funds depending on the contractual arrangement. The management fee basis is subject to factors outside of the Company’s control. Therefore, estimates of future period management fees are not included in the transaction price because those estimates would be considered constrained. Advisory fees from contracts where the Company does not have discretion over investment decisions are generally based on fixed amounts and typically billed quarterly. Management fees generally exclude reimbursements for expenses paid by the Company on behalf of its customers, including amounts related to certain professional fees and other fund administrative expenses pursuant to the fund’s governing documents. For professional and administrative services that the Company arranges to be performed by third parties on behalf of investment funds, management has concluded that the nature of its promise is to arrange for the services to be provided and, accordingly, the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the reimbursements for these professional fees paid on behalf of the investment funds are generally presented on a net basis. The Company and certain investment funds that it manages have distribution and service agreements with third-party financial institutions, whereby the Company pays a portion of the fees it receives to such institutions for ongoing distribution and servicing of customer accounts. Management has concluded that the Company does not act as principal for the third-party services, as the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the management fees are recorded net of these service fees. The Company may incur certain costs in connection with satisfying its performance obligations for investment management services – primarily employee travel costs and certain professional fees – for which it receives reimbursements from its customers. For reimbursable employee travel costs and certain professional fees, the Company concluded it controls the services provided by its employees and other parties and, therefore, is acting as principal. Accordingly, the Company records the reimbursement for these costs incurred on a gross basis – that is, as revenue in management and advisory fees, net and expense in general, administrative and other expenses in the condensed consolidated statements of income. For reimbursable costs incurred in connection with satisfying its performance obligations for administration services, the Company concluded it does not control the services provided by its employees and other parties and, therefore, is acting as agent. Accordingly, the Company records the reimbursement for these costs incurred on a net basis. Performance Fees The Company earns two types of performance fee revenues: incentive fees and carried interest allocations, as described below. Incentive fees are generally calculated as a percentage of the profits (up to 10%) earned in respect of certain accounts for which the Company is the investment adviser, subject to the achievement of minimum return levels or performance benchmarks. Incentive fees are a form of variable consideration and represent contractual fee arrangements in the Company’s contracts with its customers. Incentive fees are typically subject to reversal until the end of a defined performance period, as these fees are affected by changes in the fair value of the assets under management or advisement over such performance period. Moreover, incentive fees that are received prior to the end of the defined performance period are typically subject to clawback, net of tax. The Company recognizes incentive fee revenue only when these amounts are realized and no longer subject to significant risk of reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period (i.e., crystallization). However, clawback terms for incentive fees received prior to crystallization only require the return of amounts on a net of tax basis. Accordingly, the tax-related portion of incentive fees received in advance of crystallization is not subject to clawback and is therefore recognized as revenue immediately upon receipt. Incentive fees received in advance of crystallization that remain subject to clawback are recorded as deferred incentive fee revenue and included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. Carried interest allocations include the allocation of performance-based fees, commonly referred to as carried interest, to the Company from unaffiliated limited partners in the StepStone Funds in which the Company holds an equity interest. The Company is entitled to a carried interest allocation (typically 5% to 15%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. These carried interest allocations are subject to the achievement of minimum return levels (typically 5% to 10%) in accordance with the terms set forth in each respective fund’s governing documents. The Company accounts for its investment balances in the StepStone Funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, carried interest allocations are not deemed to be within the scope of ASC 606. Legacy Greenspring carried interest allocations reflect the allocation of carried interest to legacy Greenspring general partner entities from limited partners in certain legacy Greenspring funds in which the legacy Greenspring general partner entities hold an equity interest. The legacy Greenspring general partner entities are entitled to a carried interest allocation (typically 5% to 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. The Company accounts for the investment balances in the legacy Greenspring funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, legacy Greenspring carried interest allocations are not deemed to be within the scope of ASC 606. The Company does not hold any direct economic interests in the legacy Greenspring general partner entities and thus is not entitled to any carried interest allocation from the legacy funds. All of the carried interest allocations in respect of the legacy Greenspring funds are payable to employees who are considered affiliates of the Company and are therefore reflected as legacy Greenspring performance fee-related compensation in the condensed consolidated statements of income. The Company recognizes revenue attributable to carried interest allocations from a fund based on the amount that would be due to the Company pursuant to the fund’s governing documents, assuming the fund was liquidated based on the current fair value of its underlying investments as of that date. Accordingly, the amount recognized as carried interest allocation revenue reflects the Company’s share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period. The Company records the amount of carried interest allocated to the Company as of each period end as accrued carried interest allocations receivable, which is included as a component of investments in the condensed consolidated balance sheets. Management's determination of fair value for investments in the underlying funds includes various valuation techniques. These techniques may include a market approach, recent transaction price, net asset value approach, or discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA, revenue multiples, discount rates, weighted average cost of capital, exit multiples, or terminal growth rates. Carried interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates, as defined in the applicable governing documents. Carried interest is subject to reversal to the extent that the amount received to date exceeds the amount due to the Company based on cumulative results. As such, a liability is accrued for potential clawback obligations if amounts previously distributed to the Company would require repayment to a fund if such fund were to be liquidated based on the current fair value of their underlying investments as of the reporting date. Actual repayment obligations generally do not become realized until the end of a fund’s life. As of September 30, 2022 and March 31, 2022, no material amounts for potential clawback obligations had been accrued.
Equity-Based Compensation	Equity-Based Compensation The Company accounts for grants of equity-based awards, including restricted stock units (“RSUs”), to certain employees and directors at fair value as of the grant date. The Company recognizes non-cash compensation expense attributable to these grants on a straight-line basis over the requisite service period, which is generally the vesting period. Expense related to grants of equity-based awards is recognized as equity-based compensation expense in the condensed consolidated statements of income. The fair value of RSUs is determined by the closing stock price on the grant date. Forfeitures of equity-based awards are recognized as they occur. See note 9 for additional information regarding the Company’s accounting for equity-based awards.
Income Taxes	Income Taxes SSG is a corporation for U.S. federal income tax purposes and therefore is subject to U.S. federal and state income taxes on its share of taxable income generated by the Partnership. The Partnership is treated as a pass-through entity for U.S. federal and state income tax purposes. As such, income generated by the Partnership flows through to its limited partners, including SSG, and is generally not subject to U.S. federal or state income tax at the Partnership level. The Partnership’s non-U.S. subsidiaries generally operate as corporate entities in non-U.S. jurisdictions, with certain of these entities subject to non-U.S. income taxes. Additionally, certain subsidiaries are subject to local jurisdiction taxes at the entity level, which are reflected within income tax expense in the condensed consolidated statements of income. As a result, the Partnership does not record U.S. federal and state income taxes on income in the Partnership or its subsidiaries, except for certain local and foreign income taxes discussed above. Taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period when the change is enacted. Deferred tax liabilities are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. The principal items giving rise to temporary differences are certain basis differences resulting from exchanges of Partnership units. See Tax Receivable Agreements below. Deferred tax assets are reduced by a valuation allowance when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent on the amount, timing and character of the Company’s future taxable income. When evaluating the realizability of deferred tax assets, all evidence – both positive and negative – is considered. This evidence includes, but is not limited to, expectations regarding future earnings, future reversals of existing temporary tax differences and tax planning strategies. The Company is subject to the provisions of ASC Subtopic 740-10, Accounting for Uncertainty in Income Taxes. This standard establishes consistent thresholds as it relates to accounting for income taxes. It defines the threshold for recognizing the benefits of tax return positions in the financial statements as more-likely-than-not to be sustained by the relevant taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50% likely to be realized. If upon performance of an assessment pursuant to this subtopic, management determines that uncertainties in tax positions exist that do not meet the minimum threshold for recognition of the related tax benefit, a liability is recorded in the condensed consolidated financial statements. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as interest expense and general, administrative and other expenses, respectively, in the condensed consolidated statements of income.
Tax Receivable Agreements	Tax Receivable AgreementsSSG has entered into an Exchanges Tax Receivable Agreement (the “Exchanges Tax Receivable Agreement”) with the partners of the Partnership as of the date of the IPO and a Reorganization Tax Receivable Agreement with certain pre-IPO institutional investors (together, with the Exchanges Tax Receivable Agreement, the “Tax Receivable Agreements”). The Tax Receivable Agreements provide for payment by SSG to such partners and pre-IPO institutional investors of the Partnership of 85% of the amount of the net cash tax savings, if any, that SSG realizes (or, under certain circumstances, is deemed to realize) as a result of increases in tax basis (and utilization of certain other tax benefits) resulting from (i) SSG’s acquisition of such partners’ and institutional investors’ Partnership units and (ii) in the case of the Exchanges Tax Receivable Agreement, any payments SSG makes under the Exchanges Tax Receivable Agreement (including tax benefits related to imputed interest). SSG will retain the benefit of the remaining 15% of these net cash tax savings under both Tax Receivable Agreements. In connection with the Greenspring acquisition, the sellers receiving Class C units of the Partnership became parties to the Exchanges Tax Receivable Agreement.
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive IncomeThe Company’s accumulated other comprehensive income consists of foreign currency translation adjustments and unrealized gains and losses on the defined benefit plan sponsored by one of its subsidiaries.
Segments	Segments The Company operates as one business, a fully-integrated private markets solution provider. The Company’s chief operating decision maker, who is the Company’s chief executive officer, utilizes a consolidated approach to assess the performance of and allocate resources to the business. Accordingly, management has concluded that the Company consists of a single operating segment and single reportable segment for accounting and financial reporting purposes.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs issued during the current period not listed below were assessed and determined to either be not applicable to the Company, or not expected to have a material impact on the condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which amends current guidance to provide optional practical expedients and exceptions, if certain criteria are met, for applying GAAP to contracts, hedging relationships and other transactions that are affected by the reference rate reform. The expedients and exceptions in this update apply only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”), but do not apply to contract modifications or hedging relationships entered into after December 31, 2022. This guidance is effective for adoption anytime after March 12, 2020, but must be adopted prior to December 31, 2022. The Company is currently evaluating the impact on the condensed consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The Company adopted this guidance on April 1, 2022 under the modified retrospective approach. The Company has changed its accounting policy to reflect the updated equity classification of contracts in an entity’s own equity, and has accounted for freestanding instruments that are indexed to and settled in the Company’s own equity at fair value with changes in fair value recognized in earnings. Adoption of this guidance did not have a material effect on the condensed consolidated financial statements. In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments, which modifies ASC 842 to amend the lease classification requirements for lessors to align with practice under ASC Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if the lease would have been classified as a sales-type lease or a direct financing lease under ASC 842, and the lessor would have otherwise recognized a day-one loss on the investment in the lease. This guidance is effective for annual periods beginning after December 15, 2021 and interim periods within those annual periods. The Company adopted this guidance on April 1, 2022. Adoption of this guidance did not have a material effect on the condensed consolidated financial statements. In November 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which modifies ASC 805 to require an acquiring entity in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. Under current GAAP, an acquirer generally recognizes such items at fair value on the acquisition date. This guidance is effective for annual and interim periods beginning after December 15, 2022, with early adoption permitted. The Company adopted this guidance on April 1, 2022, and will apply the guidance prospectively to business combinations that occur after this date. The guidance had no effect on the condensed consolidated financial statements.

Revenues (Tables)

6 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount:


	Three Months Ended September 30,				Six Months Ended September 30,
Management and Advisory Fees, Net	2022		2021		2022		2021
Focused commingled funds	$	51,553	$	28,500	$	104,295	$	52,650
SMAs	52,179		42,510		102,639		83,115
Advisory and other services	13,788		12,380		26,772		25,635
Fund reimbursement revenues	1,601		193		2,147		244
Total management and advisory fees, net	$	119,121	$	83,583	$	235,853	$	161,644


	Three Months Ended September 30,				Six Months Ended September 30,
Incentive Fees	2022		2021		2022		2021
SMAs	$	5,365	$	1,793	$	5,365	$	5,905
Focused commingled funds	—		3		—		73
Total incentive fees	$	5,365	$	1,796	$	5,365	$	5,978


	Three Months Ended September 30,				Six Months Ended September 30,
Carried Interest Allocations	2022		2021		2022		2021
SMAs	$	(120,451)	$	129,829	$	(158,576)	$	302,622
Focused commingled funds	(33,858)		66,557		(36,076)		120,126
Total carried interest allocations	$	(154,309)	$	196,386	$	(194,652)	$	422,748


	Three Months Ended September 30,				Six Months Ended September 30,
Legacy Greenspring Carried Interest Allocations	2022		2021		2022		2021
SMAs	$	—	$	—	$	—	$	—
Focused commingled funds(1)	(128,672)		—		(282,279)		—
Total legacy Greenspring carried interest allocations	$	(128,672)	$	—	$	(282,279)	$	—

_______________________________

(1)The three and six months ended September 30, 2022 reflect the net effect of gross realized carried interest allocations of $10.6 million and $40.1 million, respectively, and the reversal of such amounts in unrealized carried interest allocations for such periods. The three and six months ended September 30, 2021 reflect the net effect of gross realized carried interest allocations of $3.0 million and the reversal of such amounts in unrealized carried interest allocations for the period from September 20, 2021 to September 30, 2021.

Revenue from External Customers by Geographic Areas

The table below presents the Company’s revenues by geographic location:


	Three Months Ended September 30,				Six Months Ended September 30,
Revenues(1)	2022		2021		2022		2021
United States	$	(91,647)	$	60,985	$	(198,597)	$	111,640
Non-U.S. countries	(66,848)		220,780		(37,116)		478,730

_______________________________

(1)Revenues are attributed to countries based on client location for SMAs and advisory and other services, or location of investment vehicle for focused commingled funds.

Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Debt Disclosure [Abstract]
Revolver	$ 65,000	$ 65,000
Less: Debt issuance costs	(1,885)	(2,121)
Total debt obligations	$ 63,115	$ 62,879

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt Obligations - Narrative (Details) - USD ($)	1 Months Ended	6 Months Ended
Debt Obligations - Narrative (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2022	Mar. 31, 2022
Line of Credit Facility [Line Items]
Debt obligations outstanding		$ 63,115,000	$ 62,879,000
Credit Agreement
Line of Credit Facility [Line Items]
Letters of credit outstanding		2,600,000
Revolving credit facility \| Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 225,000,000
Term	5 years
Debt obligations outstanding		$ 63,100,000
Base interest rate		1.00%
Interest rate in effect		5.13%
Spread on base commitment fee percentage if utilization greater than 50%		0.25%
Spread on base commitment fee percentage if utilization less than 50%		0.35%
Revolving credit facility \| Credit Agreement \| New York Federal Reserve Bank Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		0.50%
Revolving credit facility \| Credit Agreement \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		1.00%
Revolving credit facility \| Credit Agreement \| LIBOR Rate Multiplied By Statutory Reserve Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		2.00%
Revolving credit facility \| Credit Agreement \| EURIBOR Rate Multiplied By Statutory Reserve Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		2.00%
Revolving credit facility \| Credit Agreement \| Sterling Overnight Index Average
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		2.03%
Revolving credit facility \| Credit Agreement \| Swiss Average Rate Overnight
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		2.00%
Revolving credit facility \| Credit Agreement \| AUD Screen Rate Multiplied By Statutory Reserve Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		2.20%
Letters of credit \| Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 10,000,000

Subsequent Events	6 Months Ended
Subsequent Events	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On November 3, 2022, the Company announced a quarterly cash dividend of $0.20 per share of Class A common stock, payable on December 15, 2022 to holders of record as of the close of business on November 30, 2022. In November 2022, the Company entered into new arrangements with an entity named Conversus Holdings LLC (“CH”), which arrangements are intended to update the legacy Conversus compensation structure to better incentivize the Conversus team to grow the platform, while ensuring the platform will remain part of StepStone going forward. Conversus is the platform established by the Company to expand access to the private markets for high-net-worth and accredited investors, and in connection with the new arrangements, both the platform and its associated retail funds are expected to be rebranded as StepStone Private Wealth. At the establishment of the platform, the Conversus management team, through CH, were provided an ability to acquire the platform from the Company in exchange for an amount which would have provided the Company a return of its initial investment plus an equity return. As part of the new arrangements, the private wealth team will receive a profits interest in StepStone Conversus LLC (to be renamed StepStone Group Private Wealth LLC) and has entered into an option agreement which provides that, (i) StepStone has the right to acquire the profits interest at the end of any fiscal quarter after June 30, 2027, in exchange for payment of a call price and (ii) CH has the right to put the profits interest to StepStone on June 30, 2026 or at the end of any fiscal quarter after, in exchange for payment of a put price. The applicable call or put price is, in certain circumstances, subject to an earnout or earndown. The call or put price will be payable in cash unless the Company elects to pay a portion of the consideration in units of the Partnership, each to be exchangeable into shares of the Company’s Class A Common Stock, and, in either case, rights under one or more tax receivable agreements.

Stockholders' Equity - Shares of Stock Outstanding (Details)	6 Months Ended
	Sep. 30, 2022 shares
Class A Common Stock
Schedule of Common Stock Outstanding [Roll Forward]
Common stock, shares outstanding, beginning balance (in shares)	61,141,306
Class A common stock issued for vesting of RSUs, net of shares withheld for employee taxes (in shares)	487,345
Common stock, shares outstanding, ending balance (in shares)	62,061,427
Class A Common Stock \| Class B Partnership Unit
Schedule of Common Stock Outstanding [Roll Forward]
Class A common stock issued in exchange for Class B and Class C partnership units (in shares)	432,776
Class B Common Stock
Schedule of Common Stock Outstanding [Roll Forward]
Common stock, shares outstanding, beginning balance (in shares)	47,149,673
Class A common stock issued for vesting of RSUs, net of shares withheld for employee taxes (in shares)	0
Common stock, shares outstanding, ending balance (in shares)	46,716,897
Class B Common Stock \| Class B Partnership Unit
Schedule of Common Stock Outstanding [Roll Forward]
Class A common stock issued in exchange for Class B and Class C partnership units (in shares)	(432,776)

Related Party Transactions

6 Months Ended

Sep. 30, 2022

Related Party Transactions

The Company considers its senior executives, employees and equity method investments to be related parties. A substantial portion of the Company’s management and advisory fees and carried interest allocations is earned from various StepStone Funds that are considered equity method investments. The Company earned net management and advisory fees from the StepStone Funds of $78.1 million and $51.0 million for the three months ended September 30, 2022 and 2021, respectively, and $157.5 million and $96.9 million for the six months ended September 30, 2022 and 2021, respectively. Carried interest allocation revenues earned from the StepStone Funds totaled $(154.3) million and $196.4 million for the three months ended September 30, 2022 and 2021, respectively, and $(194.7) million and $422.7 million for the six months ended September 30, 2022 and 2021, respectively. Legacy Greenspring carried interest allocation revenues earned from certain legacy Greenspring funds for which the Company has no direct economic interests totaled $(128.7) million and $(282.3) million for the three and six months ended September 30, 2022, respectively, and $0 million for both the three and six months ended September 30, 2021. The three and six months ended September 30, 2021 reflect the net effect of gross realized carried interest allocations of $3.0 million and the reversal of such amounts in unrealized carried interest allocations for the period from September 20, 2021 to September 30, 2021.


	As of
	September 30, 2022		March 31, 2022
Amounts receivable from StepStone Funds	$	12,503	$	19,027
Amounts receivable from employees	1,013		342
Total due from affiliates	$	13,516	$	19,369


	As of
	September 30, 2022		March 31, 2022
Amounts payable to non-controlling interest holders in connection with Tax Receivable Agreements	$	194,792	$	197,204
Amounts payable to StepStone Funds	77		198
Distributions payable to certain employee equity holders of consolidated subsidiaries	1,541		1,953
Total due to affiliates	$	196,410	$	199,355

The Company made no payments during the three months ended September 30, 2022 and 2021 and $4.8 million and $0.6 million for the six months ended September 30, 2022 and 2021, respectively, under the Tax Receivable Agreements.

Fair Value Measurements - Narrative (Details) $ in Thousands		3 Months Ended
	Sep. 20, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022
Greenspring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration	$ 17,769	$ 17,800
Measurement Input, Discount Rate \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input			8
Measurement Input, Discount Rate \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input			10

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands

Sep. 30, 2022

Mar. 31, 2022

Assets

Cash and cash equivalents

$ 143,562

$ 116,386

Restricted cash

921

1,063

Fees and accounts receivable

34,344

34,141

Due from affiliates

13,516

19,369

Investments:

Investments in funds

106,977

107,045

Accrued carried interest allocations

1,189,323

1,480,515

Legacy Greenspring investments in funds and accrued carried interest allocations

^[1]

991,116

1,334,581

Deferred income tax assets

39,500

27,866

Lease right-of-use assets, net

62,768

61,065

Other assets and receivables

36,640

27,426

Intangibles, net

376,385

398,126

Goodwill

580,542

Total assets

3,575,594

4,188,125

Liabilities and stockholders’ equity

Accounts payable, accrued expenses and other liabilities

84,377

80,541

Accrued compensation and benefits

75,466

39,966

Accrued carried interest-related compensation

625,360

769,988

Legacy Greenspring accrued carried interest-related compensation

^[1]

817,673

1,140,101

Due to affiliates

196,410

199,355

Lease liabilities

72,084

70,965

Debt obligations

63,115

62,879

Total liabilities

1,934,485

2,363,795

Commitments and contingencies (Note 15)

Additional paid-in capital

596,355

587,243

Retained earnings

164,044

229,615

Accumulated other comprehensive income

671

658

Total StepStone Group Inc. stockholders’ equity

761,179

817,625

Total stockholders’ equity

1,641,109

1,824,330

Total liabilities and stockholders’ equity

3,575,594

4,188,125

Subsidiaries

Liabilities and stockholders’ equity

Non-controlling interests

28,922

32,063

Legacy Entities

Liabilities and stockholders’ equity

Non-controlling interests

^[1]

173,443

194,480

Partnership

Liabilities and stockholders’ equity

Non-controlling interests

677,565

780,162

Variable Interest Entity, Primary Beneficiary

Assets

Cash and cash equivalents

25,554

19,386

Restricted cash

921

1,063

Fees and accounts receivable

30,882

29,060

Due from affiliates

5,262

5,252

Investments:

Investments in funds

26,282

22,808

Legacy Greenspring investments in funds and accrued carried interest allocations

991,116

1,334,581

Deferred income tax assets

316

301

Lease right-of-use assets, net

16,403

17,206

Other assets and receivables

5,081

5,588

Total assets

1,101,817

1,435,245

Liabilities and stockholders’ equity

Accounts payable, accrued expenses and other liabilities

14,246

8,548

Accrued compensation and benefits

23,767

14,806

Legacy Greenspring accrued carried interest-related compensation

817,673

1,140,101

Due to affiliates

190

Lease liabilities

15,907

17,593

Total liabilities

871,669

1,181,238

Class A Common Stock

Liabilities and stockholders’ equity

Common stock

Class B Common Stock

Liabilities and stockholders’ equity

Common stock

$ 47

$ 48

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 5 and 14 for more information.

Intangibles and Goodwill

6 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles and Goodwill

Intangible assets consist of management contracts providing economic rights to management and advisory fees and client relationships related to future fundraising, as obtained through the Company’s acquisitions of other businesses.

Intangible assets, net consists of the following:


	As of
	September 30, 2022		March 31, 2022
Management contracts	$	352,002	$	352,002
Client relationships	96,650		96,650
Service agreements	9,537		9,537
Less: Accumulated amortization	(81,804)		(60,063)
Intangible assets, net	$	376,385	$	398,126

Amortization expense related to intangible assets was $10.9 million and $1.9 million for the three months ended September 30, 2022 and 2021, respectively, and $21.7 million and $2.5 million for the six months ended September 30, 2022 and 2021, respectively. These amounts are included in general, administrative and other expenses in the condensed consolidated statements of income.

At September 30, 2022, the expected future amortization of finite-lived intangible assets is as follows:


Remainder of FY2023	$	21,741
FY2024	42,645
FY2025	41,955
FY2026	41,764
FY2027	41,730
Thereafter	186,550
Total	$	376,385

The carrying value of goodwill was $580.5 million as of September 30, 2022 and $580.5 million as of March 31, 2022. The Company determined there was no indication of goodwill impairment as of September 30, 2022 and March 31, 2022.

Income Taxes (Details) - USD ($)	2 Months Ended	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Increase in deferred tax assets	$ 900,000
Increase (decrease) in valuation allowance	(500,000)
Increase in due to related parties, tax receivable agreements	$ 900,000
Payments to related parties under Tax Receivable Agreements		$ 0	$ 0	$ 4,790,000	$ 606,000
Due to related parties, tax receivable agreements		$ 194,800,000		$ 194,800,000
Effective tax rate		10.00%	(12.40%)	6.50%	0.10%
Business Acquisition [Line Items]
Benefit from release of valuation allowance			$ 25,300,000
Benefit from release of valuation allowance, percent		22.20%		9.90%
Unrecognized tax benefits		$ 0		$ 0
Changes to uncertain tax positions		$ 0		$ 0

Commitment and Contingencies

6 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Litigation

In the ordinary course of business, and from time to time, the Company may be subject to various legal, regulatory and/or administrative proceedings. The Company accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such proceedings, based on information known by management, the Company does not expect a potential liability related to any current legal proceedings or claims that would individually or in the aggregate materially affect its condensed consolidated financial statements as of September 30, 2022.

Lease Commitments

The Company leases offices in 24 cities in the North America, South America, Europe, Asia and Australia, and certain equipment subject to operating lease agreements expiring through 2032, some of which may include options to extend or terminate the lease. As of September 30, 2022, there were no finance leases outstanding.

The components of lease expense included in general, administrative and other expenses in the condensed consolidated statements of income were as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
Operating lease cost(1)(2)	$	368	$	2,686	$	3,412	$	5,360
Variable lease cost	273		210		497		469
Sublease income	(443)		(426)		(789)		(856)
Total lease cost	$	198	$	2,470	$	3,120	$	4,973

_______________________________

(1)Operating lease cost includes an immaterial amount of short-term leases.

(2)The three and six months ended September 30, 2022 include a gain of $2.7 million related to lease remeasurement adjustments due to a reduction in lease terms.

Supplemental cash flow information related to leases was as follows:


	Six Months Ended September 30,
	2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	4,557		$	4,342
Weighted-average remaining lease term for operating leases (in years)	7.9			8.0
Weighted-average discount rate for operating leases	3.4		%	2.7		%

As of September 30, 2022, maturities of operating lease liabilities were as follows:



Remainder of FY2023	$	6,045
FY2024	12,522
FY2025	9,702
FY2026	9,553
FY2027	8,706
Thereafter	35,157
Total lease liabilities	81,685
Less: Imputed interest	(9,601)
Total operating lease liabilities	$	72,084

Unfunded Capital Commitments

As of September 30, 2022 and March 31, 2022, the Company, generally in its capacity as general partner or managing member of the StepStone Funds, had unfunded commitments totaling $84.9 million and $68.2 million, respectively. The $84.9 million and $68.2 million of unfunded commitments as of September 30, 2022 and March 31, 2022, respectively, exclude $39.0 million and $40.5 million, respectively, related to commitments held by the legacy Greenspring general partner entities in legacy Greenspring funds for which the Company does not hold any direct economic interests.

Carried Interest Allocations

Carried interest allocations are subject to reversal in the event of future losses, to the extent of the cumulative revenues recognized by the Company in income to date. Additionally, if the Company has received net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Company may be obligated to repay previously distributed carried interest that exceeds the amounts to which the Company is ultimately entitled. In these situations, a liability is accrued for the potential clawback obligation if amounts previously distributed to the Company would require repayment to a fund if such fund were to be liquidated based on the current fair value of their underlying investments as of the reporting date. Actual repayment obligations generally do not become realized until the end of a fund’s life. As of September 30, 2022 and March 31, 2022, no material amounts for potential clawback obligations had been accrued. This contingent obligation is normally reduced by income taxes that the Company has paid related to the carried interest allocations. As of September 30, 2022, the maximum amount of carried interest allocations (excluding legacy Greenspring carried interest allocations) attributable to the Company subject to contingent repayment was an estimated $252.6 million, net of tax, assuming the fair value of all investments was zero, a possibility that the Company views as remote.

Indemnification Arrangements

In the normal course of business and consistent with standard business practices, the Company has provided general indemnifications to its limited partners, officers and directors when they act in good faith in the performance of their duties for the Company. The terms of these indemnities vary from contract to contract. The Company’s maximum exposure under these arrangements cannot be determined as these indemnities relate to future claims that may be made against the Company or related parties, but which have not yet occurred. No liability related to these indemnities has been recorded in the condensed consolidated balance sheets as of September 30, 2022 and March 31, 2022. Based on past experience, management believes that the risk of loss related to these indemnities is remote.

Business Combinations - Aggregate Purchase Price (Details) - Greenspring - USD ($) $ in Thousands		3 Months Ended
	Sep. 20, 2021	Sep. 30, 2021
Acquisition date fair value of consideration transferred:
Cash consideration	$ 186,577
Contingent consideration	17,769	$ 17,800
Total purchase price	898,183
Class A common stock
Acquisition date fair value of consideration transferred:
Common stock and units	558,598
Class C Common Stock
Acquisition date fair value of consideration transferred:
Common stock and units	$ 135,239

Stockholders' Equity - Narrative (Details)		1 Months Ended		6 Months Ended
Stockholders' Equity - Narrative (Details)	Aug. 04, 2022 $ / shares	Sep. 30, 2022 classOfStock $ / shares shares	Jun. 30, 2022 shares	Sep. 30, 2022 classOfStock $ / shares shares
Equity [Abstract]
Number of classes of common stock outstanding \| classOfStock		2		2
Preferred stock, shares authorized (in shares)		25,000,000		25,000,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.001		$ 0.001
Preferred stock, shares issued (in shares)		0		0
Preferred stock, shares outstanding (in shares)		0		0
Subsidiary, Sale of Stock [Line Items]
Dividend (in dollars per share) \| $ / shares	$ 0.20
Class C Common Stock
Subsidiary, Sale of Stock [Line Items]
Conversion basis				1
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares issued (in shares)		175,000	257,776
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares exchanged (in shares)		175,000	257,776

Equity-Based Compensation - Unvested RSUs (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of RSUs
Beginning balance (in shares) \| shares	2,087,324
Granted (in shares) \| shares	16,429
Vested (in shares) \| shares	(597,698)
Forfeited (in shares) \| shares	(33,891)
Ending balance (in shares) \| shares	1,472,164
Weighted-Average Grant-Date Fair Value Per RSU
Beginning balance (in dollars per share) \| $ / shares	$ 20.40
Granted (in dollars per share) \| $ / shares	28.91
Vested (in dollars per share) \| $ / shares	(18.49)
Forfeited (in dollars per share) \| $ / shares	(21.91)
Ending balance (in dollars per share) \| $ / shares	$ 21.36

Intangibles and Goodwill - Schedule of Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of FY2023	$ 21,741
FY2024	42,645
FY2025	41,955
FY2026	41,764
FY2027	41,730
Thereafter	186,550
Intangibles, net	$ 376,385	$ 398,126

Investments (Tables)

6 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The Company’s equity method investments consist of the following:


	As of
	September 30, 2022		March 31, 2022
Investments in funds	$	106,977	$	107,045
Accrued carried interest allocations	1,189,323		1,480,515
Legacy Greenspring investments in funds and accrued carried interest allocations(1)	991,116		1,334,581
Total investments	$	2,287,416	$	2,922,141

_______________________________

The Company recognized equity method income (loss) of the following:


	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
Carried interest allocations	$	(154,309)	$	196,386	$	(194,652)	$	422,748
Investment income (loss)	(3,691)		7,187		(4,792)		13,611
Legacy Greenspring carried interest allocations	(128,672)		—		(282,279)		—
Legacy Greenspring investment loss	(15,357)		—		(23,961)		—
Total equity method income (loss)	$	(302,029)	$	203,573	$	(505,684)	$	436,359

Commitment and Contingencies (Tables)

6 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Components of Lease Expense and Supplemental Cash Flow Information

The components of lease expense included in general, administrative and other expenses in the condensed consolidated statements of income were as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
Operating lease cost(1)(2)	$	368	$	2,686	$	3,412	$	5,360
Variable lease cost	273		210		497		469
Sublease income	(443)		(426)		(789)		(856)
Total lease cost	$	198	$	2,470	$	3,120	$	4,973

_______________________________

(1)Operating lease cost includes an immaterial amount of short-term leases.

(2)The three and six months ended September 30, 2022 include a gain of $2.7 million related to lease remeasurement adjustments due to a reduction in lease terms.

Supplemental cash flow information related to leases was as follows:


	Six Months Ended September 30,
	2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	4,557		$	4,342
Weighted-average remaining lease term for operating leases (in years)	7.9			8.0
Weighted-average discount rate for operating leases	3.4		%	2.7		%

Schedule of Maturities of Operating Lease Liabilities

As of September 30, 2022, maturities of operating lease liabilities were as follows:



Remainder of FY2023	$	6,045
FY2024	12,522
FY2025	9,702
FY2026	9,553
FY2027	8,706
Thereafter	35,157
Total lease liabilities	81,685
Less: Imputed interest	(9,601)
Total operating lease liabilities	$	72,084

Cover Page - shares	6 Months Ended
Cover Page - shares	Sep. 30, 2022	Nov. 03, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-39510
Entity Registrant Name	STEPSTONE GROUP INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-3868757
Entity Address, Address Line One	450 Lexington Avenue
Entity Address, Address Line Two	31st Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	351-6100
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	STEP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001796022
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		62,061,427
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		46,716,897

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Carried interest allocations:

Total revenues

$ (158,495)

$ 281,765

$ (235,713)

$ 590,370

Compensation and benefits:

Cash-based compensation

59,501

43,881

119,562

86,552

Equity-based compensation

3,783

3,213

7,497

6,956

Performance fee-related compensation:

Realized

13,630

26,781

55,365

52,089

Unrealized

(86,126)

74,206

(140,679)

159,778

Total performance fee-related compensation

(72,496)

100,987

(85,314)

211,867

Legacy Greenspring performance fee-related compensation

^[1]

(128,672)

(282,279)

Total compensation and benefits

(137,884)

148,081

(240,534)

305,375

General, administrative and other

33,733

25,320

67,965

41,750

Total expenses

(104,151)

173,401

(172,569)

347,125

Other income (expense)

Investment income (loss)

(3,691)

7,187

(4,792)

13,611

Legacy Greenspring investment loss

^[1]

(15,357)

(23,961)

Interest income

356

206

367

286

Interest expense

(817)

(88)

(1,404)

(94)

Other loss

(634)

(1,952)

(1,738)

(2,389)

Total other income (expense)

(20,143)

5,353

(31,528)

11,414

Income (loss) before income tax

(74,487)

113,717

(94,672)

254,659

Income tax expense (benefit)

(7,422)

(14,145)

(6,136)

278

Net income (loss)

(67,065)

127,862

(88,536)

254,381

Net income (loss) attributable to StepStone Group Inc.

$ (29,221)

$ 62,074

$ (40,261)

$ 103,724

Net income (loss) per share of Class A common stock:

Basic (in dollars per share)

$ (0.48)

$ 1.49

$ (0.66)

$ 2.57

Diluted (in dollars per share)

$ (0.48)

$ 1.45

$ (0.66)

$ 2.50

Weighted-average shares of Class A common stock:

Basic (in shares)

61,407,834

41,745,492

61,276,707

40,401,379

Diluted (in shares)

61,407,834

45,908,361

61,276,707

44,405,055

Subsidiaries

Other income (expense)

Less: Net income attributable to non-controlling interests

$ 8,690

$ 6,032

$ 16,261

$ 11,646

Legacy Entities

Performance fee-related compensation:

Unrealized

(322,428)

Other income (expense)

Less: Net income attributable to non-controlling interests

^[1]

(15,357)

(23,961)

Partnership

Other income (expense)

Less: Net income attributable to non-controlling interests

(31,177)

59,756

(40,575)

139,011

Management and advisory fees, net

Revenues

Service fees

119,121

83,583

235,853

161,644

Incentive fees

Revenues

Service fees

5,365

1,796

5,365

5,978

Carried interest allocations

Carried interest allocations:

Total carried interest allocations

(154,309)

196,386

(194,652)

422,748

Realized

Carried interest allocations:

Total carried interest allocations

22,469

52,531

96,076

102,494

Unrealized

Carried interest allocations:

Total carried interest allocations

(176,778)

143,855

(290,728)

320,254

Legacy Greenspring carried interest allocations

Carried interest allocations:

Total carried interest allocations

^[1]

$ (128,672)

$ 0

$ (282,279)

$ 0

[1]

Organization (Details)			6 Months Ended
Organization (Details)	Sep. 20, 2021 shares	Sep. 18, 2020 vote	Sep. 30, 2022
Greenspring
Subsidiary, Sale of Stock [Line Items]
Ownership percentage acquired	100.00%
Partnership
Subsidiary, Sale of Stock [Line Items]
Economic interest			55.60%
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, number of votes \| vote		1
Class A Common Stock \| Greenspring
Subsidiary, Sale of Stock [Line Items]
Stock issued for acquisition (in shares) \| shares	12,686,756
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, number of votes \| vote		5
Class C Common Stock
Subsidiary, Sale of Stock [Line Items]
Conversion basis			1
Class C Common Stock \| Greenspring
Subsidiary, Sale of Stock [Line Items]
Stock issued for acquisition (in shares) \| shares	3,071,519
Conversion basis	1
General Partner \| Partnership
Subsidiary, Sale of Stock [Line Items]
Membership ownership percentage		100.00%

Revenues

6 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenues

The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount:


	Three Months Ended September 30,				Six Months Ended September 30,
Management and Advisory Fees, Net	2022		2021		2022		2021
Focused commingled funds	$	51,553	$	28,500	$	104,295	$	52,650
SMAs	52,179		42,510		102,639		83,115
Advisory and other services	13,788		12,380		26,772		25,635
Fund reimbursement revenues	1,601		193		2,147		244
Total management and advisory fees, net	$	119,121	$	83,583	$	235,853	$	161,644


	Three Months Ended September 30,				Six Months Ended September 30,
Incentive Fees	2022		2021		2022		2021
SMAs	$	5,365	$	1,793	$	5,365	$	5,905
Focused commingled funds	—		3		—		73
Total incentive fees	$	5,365	$	1,796	$	5,365	$	5,978


	Three Months Ended September 30,				Six Months Ended September 30,
Carried Interest Allocations	2022		2021		2022		2021
SMAs	$	(120,451)	$	129,829	$	(158,576)	$	302,622
Focused commingled funds	(33,858)		66,557		(36,076)		120,126
Total carried interest allocations	$	(154,309)	$	196,386	$	(194,652)	$	422,748


	Three Months Ended September 30,				Six Months Ended September 30,
Legacy Greenspring Carried Interest Allocations	2022		2021		2022		2021
SMAs	$	—	$	—	$	—	$	—
Focused commingled funds(1)	(128,672)		—		(282,279)		—
Total legacy Greenspring carried interest allocations	$	(128,672)	$	—	$	(282,279)	$	—

_______________________________

The decrease in carried interest allocations for the three and six months ended September 30, 2022 and 2021 was primarily attributable to net unrealized depreciation in the fair value of certain underlying fund investments. See note 2 for a discussion of the Company’s accounting policy for investments on a three-month lag.

The Company derives revenues from clients located in both the United States and other countries. The table below presents the Company’s revenues by geographic location:


	Three Months Ended September 30,				Six Months Ended September 30,
Revenues(1)	2022		2021		2022		2021
United States	$	(91,647)	$	60,985	$	(198,597)	$	111,640
Non-U.S. countries	(66,848)		220,780		(37,116)		478,730

_______________________________

(1)Revenues are attributed to countries based on client location for SMAs and advisory and other services, or location of investment vehicle for focused commingled funds.

For the three and six months ended September 30, 2022 and 2021, no individual client represented 10% or more of the Company’s net management and advisory fees.

As of September 30, 2022 and March 31, 2022, the Company had $20.8 million and $19.0 million, respectively, of deferred revenues, which is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. During the six months ended September 30, 2022, the Company had recognized $4.9 million as revenue from amounts included in the deferred revenue balance as of March 31, 2022.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Summary of Significant Accounting Policies

6 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended March 31, 2022 filed with the Securities and Exchange Commission (“SEC”).

Certain of the StepStone Funds are investment companies that follow specialized accounting under GAAP and reflect their investments at estimated fair value. Accordingly, the carrying value of the Company’s equity method investments in such entities retains the specialized accounting.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current period presentation. Payments to related parties under Tax Receivable Agreements has been presented separately within cash flows from financing activities in the condensed consolidated statements of cash flows, and was previously included within due to affiliates within cash flows from operating activities.

Consolidation

The Company consolidates all entities that it controls through a majority voting interest or as the primary beneficiary of a variable interest entity (“VIE”). Under the VIE model, management first assesses whether the Company has a variable interest in an entity. In evaluating whether the Company holds a variable interest, fees received as a decision maker or in exchange for services (including management fees, incentive fees and carried interest allocations) that are customary and commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable interests. If the Company has a variable interest in an entity, management further assesses whether that entity is a VIE, and if so, whether the Company is the primary beneficiary under the VIE model. Entities that do not qualify as VIEs are assessed for consolidation under the voting interest model. The consolidation analysis can generally be performed qualitatively; however, in certain situations a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective StepStone Funds that are VIEs could affect the entity’s status as a VIE or the determination of the primary beneficiary.

Under the VIE model, an entity is deemed to be the primary beneficiary of a VIE if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly affect the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Management determines whether the Company is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. When assessing whether the Company is the primary beneficiary of a VIE, management evaluates whether the Company’s involvement, through holding interests directly or indirectly in an entity or contractually through other variable interests, would give the Company a controlling financial interest. This analysis includes an evaluation of the Company’s control rights, as well as the economic interests that the Company holds in the VIE, including indirectly through related parties.

The Company provides investment advisory services to the StepStone Funds, which have third-party clients. These funds are investment companies and are typically organized as limited partnerships or limited liability companies for which the Company, through its operating subsidiaries, acts as the general partner or managing member. A limited partnership or similar entity is a VIE if the unaffiliated limited partners or members do not have substantive rights to terminate or liquidate the fund or remove the general partner or substantive rights to participate. Certain StepStone Funds are VIEs because they have not granted unaffiliated limited partners or members substantive rights to terminate the fund or remove the general partner or substantive rights to participate. The Company does not consolidate these StepStone Funds because it is not the primary beneficiary of those funds, primarily because it does not hold an interest in those funds that is considered more than insignificant and its fee arrangements are considered customary and commensurate.

The Company has determined that certain of its operating subsidiaries, StepStone Group Real Assets LP (“SRA”), StepStone Group Real Estate LP (“SRE”) and Swiss Capital Alternative Investments AG (“Swiss Capital”), are VIEs, and that the Company is the primary beneficiary of each entity because it has a controlling financial interest in each entity; accordingly, the Company consolidates these entities. The assets and liabilities of the consolidated VIEs are presented gross in the condensed consolidated balance sheets. The assets of the consolidated VIEs may only be used to settle obligations of the consolidated VIEs. See note 4 for more information on both consolidated and unconsolidated VIEs.

In connection with the Greenspring acquisition, the Company, indirectly through its subsidiaries, became the sole and/or managing member of certain entities, each of which is the general partner of an investment fund (“legacy Greenspring general partner entities”). The Company did not acquire any direct economic interests attributable to the legacy Greenspring general partner entities, including legacy Greenspring investments in funds and carried interest allocations. However, certain arrangements negotiated as part of the acquisition represent variable interests that could be significant. The Company determined that the legacy Greenspring general partner entities are VIEs and it is the primary beneficiary of each such entity because it has a controlling financial interest in each entity. As a result, the Company consolidates these entities.

Non-Controlling Interests

Non-controlling interests (“NCI”) reflect the portion of income or loss and the corresponding equity attributable to third-party equity holders and employees in certain consolidated subsidiaries that are not 100% owned by the Company. Non-controlling interests are presented as separate components of stockholders’ equity on the Company’s condensed consolidated balance sheets to clearly distinguish between the Company’s interests and the economic interests of third parties and employees in those entities. Net income (loss) attributable to SSG, as reported in the condensed consolidated statements of income, is presented net of the portion of net income (loss) attributable to holders of non-controlling interests. See note 13 for more information on ownership interests in the Company.

Non-controlling interests in subsidiaries represent the economic interests in SRA, SRE, and Swiss Capital (the variable interest entities included in the Company’s condensed consolidated financial statements) held by third parties and employees in those entities. Non-controlling interests in subsidiaries are allocated a share of income or loss in the respective consolidated subsidiary in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

Non-controlling interests in legacy Greenspring entities represent the economic interests in the legacy Greenspring general partner entities. The Company did not acquire any direct economic interests in the legacy Greenspring general partner entities. As a result, all of the net income or loss related to the legacy Greenspring general partner entities is allocated to non-controlling interests in legacy Greenspring entities.

Non-controlling interests in the Partnership represent the economic interests related to the Class B and Class C units of the Partnership which are not owned by SSG. Non-controlling interests in the Partnership are allocated a share of income or loss in the Partnership in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

Accounting for Differing Fiscal Periods

The StepStone Funds primarily have a fiscal year end as of December 31. The Company accounts for its investments in the StepStone Funds on a three-month lag due to the timing of receipt of financial information from the investments held by the StepStone Funds. The StepStone Funds primarily invest in private markets funds that generally require at least 90 days following the calendar year end to provide audited financial statements. As a result, the Company uses the December 31 audited financial statements of the StepStone Funds, which reflect the underlying private markets funds as of December 31, to record its investments (including any carried interest allocated by those investments) for its fiscal year-end consolidated financial statements as of March 31. The Company further adjusts the reported carrying values of its investments in the StepStone Funds for its share of capital contributions to and distributions from the StepStone Funds during the three-month lag period. For this interim period ending September 30, 2022, the Company used the June 30, 2022 unaudited financial statements of the StepStone Funds, which reflect the underlying private market funds as of June 30, 2022, to record its investments (including any carried interest allocated by those investments), as adjusted for capital contributions and distributions during the three-month lag period ended September 30, 2022.

The Company does not account for management and advisory fees or incentive fees on a three-month lag.

To the extent that management becomes aware of any material events that affect the StepStone Funds during the three-month lag period, the effect of the events would be disclosed in the notes to the condensed consolidated financial statements.

Current Events

The Company is continuing to closely monitor developments related to COVID-19, inflation, rising interest rates and the ongoing Russia-Ukraine conflict, and assess the impact on financial markets and the Company’s business. The Company’s future results may be adversely affected by slowdowns in fundraising activity and the pace of capital deployment, which could result in delayed or decreased management fees. Further, if fund managers are unable or less able to profitably exit existing investments, such conditions could result in delayed or decreased performance fee revenues. It is currently not possible to predict the ultimate effects of these events on the financial markets, overall economy and the Company’s condensed consolidated financial statements.

Fair Value Measurements

GAAP establishes a hierarchical disclosure framework, which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace – including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and therefore a lesser degree of judgment is used in measuring their fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of their fair values, as follows:

•Level I – Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.

•Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date, and fair value is determined through the use of models or other valuation methodologies. The types of financial instruments classified in this category include less liquid securities traded in active markets and securities traded in other than active markets.

•Level III – Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the financial instrument.

The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors including, for example, the type of instrument, whether the instrument has recently been issued, whether the instrument is traded on an active exchange or in the secondary market, and current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for financial instruments categorized in Level III. The variability and availability of the observable inputs affected by the factors described above may result in transfers between Levels I, II, and III.

The Company considers its cash, cash equivalents, restricted cash, fees and accounts receivable, accounts payable, investments, revolving credit facility and contingent consideration balances to be financial instruments. The carrying amounts of cash, cash equivalents, restricted cash, fees and accounts receivable and accounts payable equal or approximate their fair values due to their nature and/or the relatively short period over which they are held. See notes 6 and 8 for additional details regarding the fair value of the Company’s contingent consideration and revolving credit facility balances, respectively.

Restricted Cash

Restricted cash consists of cash that the Company is contractually obligated to maintain to secure its letters of credit used primarily related to its office facilities and other obligations.

Investments

Investments primarily include the Company’s ownership interests in the StepStone Funds, as general partner or managing member of such funds. The Company accounts for all investments in which it has or is otherwise presumed to have significant influence, but not control, including the StepStone Funds, using the equity method of accounting. The carrying value of these equity method investments is determined based on amounts invested by the Company, adjusted for the Company’s share in the earnings or losses of each investee, after consideration of contractual arrangements that govern allocations of income or loss (including carried interest allocations), less distributions received. Investments include the Company’s cumulative accrued carried interest allocations from the StepStone Funds, which primarily represent performance-based capital allocations, assuming the StepStone Funds were liquidated as of each reporting date in accordance with the funds’ governing documents. Legacy Greenspring investments in funds and accrued carried interest allocations represent the economic interests held by the legacy Greenspring general partner entities in certain funds for which the Company does not have any direct economic interests. All of the economics in respect of such interests are payable to employees and are therefore reflected as non-controlling interests in legacy Greenspring entities and legacy Greenspring performance fee-related compensation. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.

Management's determination of fair value for investments in the underlying funds includes various valuation techniques. These techniques may include a market approach, recent transaction price, net asset value approach, or discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA, revenue multiples, discount rates, weighted average cost of capital, exit multiples, or terminal growth rates.

Leases

The Company determines whether an arrangement contains a lease at inception of the arrangement. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines the classification as either an operating or finance lease. The Company’s identified leases primarily consist of operating lease agreements for office space and certain equipment, as the lessee. Operating leases are included in lease right-of-use-assets, net and lease liabilities in the condensed consolidated balance sheets. Certain leases include lease and non-lease components, which the Company accounts for as a single lease component. Lease right-of-use (“ROU”) assets and lease liabilities are measured based on the present value of future minimum lease payments over the lease term at the commencement date. Lease ROU assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. The Company uses its incremental borrowing rate in determining the present value of future minimum lease payments. The Company’s lease terms may include options to extend or terminate the lease, which are included in the measurement of ROU assets and lease liabilities when it is reasonably certain that the Company will exercise those options.

Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term in general, administrative and other expenses in the condensed consolidated statements of income. Minimum lease payments for leases with an initial term of twelve months or less are not recorded in the condensed consolidated balance sheets. See note 15 for more information.

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of an acquisition is allocated to the assets acquired and liabilities assumed based on their fair values, as determined by management at the acquisition date. Contingent consideration obligations that are elements of consideration transferred are recognized at the acquisition date as part of the fair value transferred in exchange for the acquired business. Contingent consideration arrangements are revalued to fair value each reporting period. Examples of critical estimates in valuing certain of the intangible assets acquired include, but are not limited to, future expected cash inflows and outflows, future fundraising assumptions, expected useful life, discount rates and income tax rates. Acquisition-related costs incurred in connection with a business combination are expensed as incurred and are included in general, administrative and other expenses in the condensed consolidated statements of income.

Intangibles and Goodwill

The Company’s finite-lived intangible assets consist of acquired contractual rights to earn future management and advisory fee income and client relationships. Finite-lived intangible assets are amortized over their estimated useful lives, which range from 8 to 10 years. The Company did not have any intangible assets that were deemed to have an indefinite life as of September 30, 2022.

Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. There were no impairment charges related to the Company’s finite-lived intangible assets during the three and six months ended September 30, 2022 and 2021.

Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets. Goodwill is assessed for impairment at least annually using a qualitative and, if necessary, a quantitative approach. The Company performs its annual goodwill impairment test as of January 1, or more frequently, if events and circumstances indicate that an impairment may exist. Goodwill is tested for impairment at the reporting unit level. The initial assessment for impairment under the qualitative approach is to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, a quantitative assessment is performed to measure the amount of impairment loss, if any. The quantitative assessment includes comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized equal to the lesser of (a) the difference between the carrying amount of the reporting unit and its fair value and (b) the total carrying amount of the reporting unit’s goodwill.

Revenues

The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Revenue is recognized in a manner that depicts the transfer of promised goods or services to customers and for an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The application of ASC 606 requires an entity to identify its contract(s) with a customer, identify the performance obligations in a contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, variable consideration is included only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The Company has elected to apply the variable consideration allocation exception for its fee arrangements with its customers.

Management and Advisory Fees, Net

The Company earns management fees for services provided to its SMAs and focused commingled funds. The Company earns advisory fees for services provided to advisory clients where the Company does not have discretion over investment decisions. The Company considers its performance obligations in its customer contracts from which it earns management and advisory fees to be one or more of the following, based on the services promised: asset management services, advisory services and/or the arrangement of administrative services.

The Company recognizes revenues from asset management services and advisory services when control of the promised services is transferred to customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. SMAs are generally contractual arrangements involving an investment management agreement between the Company and a single client, and are typically structured as a partnership or limited liability company for which a subsidiary of SSG serves as the general partner or managing member. Focused commingled funds are structured as limited partnerships or limited liability companies with multiple clients, for which a subsidiary of the Company serves as the general partner or managing member. The Company determined that the individual client or single limited partner or member is the customer with respect to SMAs and advisory clients, while the investment fund is generally considered to be the customer for arrangements with focused commingled funds.

When asset management services and the arrangement of administrative services are the performance obligations promised in a contract, the Company satisfies these performance obligations over time because the customer simultaneously receives and consumes the benefits of the services as they are performed. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer. Management fees earned from these contracts where the Company has discretion over investment decisions are generally calculated based on a percentage of unaffiliated committed capital or net invested capital, and these amounts are typically billed quarterly. For certain investment funds, management fees are initially based on committed capital during the investment period and on net invested capital through the remainder of the fund’s term. In addition, the management fee rate charged may also be reduced for certain investment funds depending on the contractual arrangement. The management fee basis is subject to factors outside of the Company’s control. Therefore, estimates of future period management fees are not included in the transaction price because those estimates would be considered constrained. Advisory fees from contracts where the Company does not have discretion over investment decisions are generally based on fixed amounts and typically billed quarterly.

Management fees generally exclude reimbursements for expenses paid by the Company on behalf of its customers, including amounts related to certain professional fees and other fund administrative expenses pursuant to the fund’s governing documents. For professional and administrative services that the Company arranges to be performed by third parties on behalf of investment funds, management has concluded that the nature of its promise is to arrange for the services to be provided and, accordingly, the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the reimbursements for these professional fees paid on behalf of the investment funds are generally presented on a net basis.

The Company and certain investment funds that it manages have distribution and service agreements with third-party financial institutions, whereby the Company pays a portion of the fees it receives to such institutions for ongoing distribution and servicing of customer accounts. Management has concluded that the Company does not act as principal for the third-party services, as the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the management fees are recorded net of these service fees.

The Company may incur certain costs in connection with satisfying its performance obligations for investment management services – primarily employee travel costs and certain professional fees – for which it receives reimbursements from its customers. For reimbursable employee travel costs and certain professional fees, the Company concluded it controls the services provided by its employees and other parties and, therefore, is acting as principal. Accordingly, the Company records the reimbursement for these costs incurred on a gross basis – that is, as revenue in management and advisory fees, net and expense in general, administrative and other expenses in the condensed consolidated statements of income. For reimbursable costs incurred in connection with satisfying its performance obligations for administration services, the Company concluded it does not control the services provided by its employees and other parties and, therefore, is acting as agent. Accordingly, the Company records the reimbursement for these costs incurred on a net basis.

Performance Fees

The Company earns two types of performance fee revenues: incentive fees and carried interest allocations, as described below.

Incentive fees are generally calculated as a percentage of the profits (up to 10%) earned in respect of certain accounts for which the Company is the investment adviser, subject to the achievement of minimum return levels or performance benchmarks. Incentive fees are a form of variable consideration and represent contractual fee arrangements in the Company’s contracts with its customers. Incentive fees are typically subject to reversal until the end of a defined performance period, as these fees are affected by changes in the fair value of the assets under management or advisement over such performance period. Moreover, incentive fees that are received prior to the end of the defined performance period are typically subject to clawback, net of tax.

The Company recognizes incentive fee revenue only when these amounts are realized and no longer subject to significant risk of reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period (i.e., crystallization). However, clawback terms for incentive fees received prior to crystallization only require the return of amounts on a net of tax basis. Accordingly, the tax-related portion of incentive fees received in advance of crystallization is not subject to clawback and is therefore recognized as revenue immediately upon receipt. Incentive fees received in advance of crystallization that remain subject to clawback are recorded as deferred incentive fee revenue and included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets.

Carried interest allocations include the allocation of performance-based fees, commonly referred to as carried interest, to the Company from unaffiliated limited partners in the StepStone Funds in which the Company holds an equity interest. The Company is entitled to a carried interest allocation (typically 5% to 15%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. These carried interest allocations are subject to the achievement of minimum return levels (typically 5% to 10%) in accordance with the terms set forth in each respective fund’s governing documents. The Company accounts for its investment balances in the StepStone Funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, carried interest allocations are not deemed to be within the scope of ASC 606.

Legacy Greenspring carried interest allocations reflect the allocation of carried interest to legacy Greenspring general partner entities from limited partners in certain legacy Greenspring funds in which the legacy Greenspring general partner entities hold an equity interest. The legacy Greenspring general partner entities are entitled to a carried interest allocation (typically 5% to 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. The Company accounts for the investment balances in the legacy Greenspring funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, legacy Greenspring carried interest allocations are not deemed to be within the scope of ASC 606. The Company does not hold any direct economic interests in the legacy Greenspring general partner entities and thus is not entitled to any carried interest allocation from the legacy funds. All of the carried interest allocations in respect of the legacy Greenspring funds are payable to employees who are considered affiliates of the Company and are therefore reflected as legacy Greenspring performance fee-related compensation in the condensed consolidated statements of income.

The Company recognizes revenue attributable to carried interest allocations from a fund based on the amount that would be due to the Company pursuant to the fund’s governing documents, assuming the fund was liquidated based on the current fair value of its underlying investments as of that date. Accordingly, the amount recognized as carried interest allocation revenue reflects the Company’s share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period. The Company records the amount of carried interest allocated to the Company as of each period end as accrued carried interest allocations receivable, which is included as a component of investments in the condensed consolidated balance sheets. Management's determination of fair value for investments in the underlying funds includes various valuation techniques. These techniques may include a market approach, recent transaction price, net asset value approach, or discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA, revenue multiples, discount rates, weighted average cost of capital, exit multiples, or terminal growth rates.

Carried interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates, as defined in the applicable governing documents. Carried interest is subject to reversal to the extent that the amount received to date exceeds the amount due to the Company based on cumulative results. As such, a liability is accrued for potential clawback obligations if amounts previously distributed to the Company would require repayment to a fund if such fund were to be liquidated based on the current fair value of their underlying investments as of the reporting date. Actual repayment obligations generally do not become realized until the end of a fund’s life. As of September 30, 2022 and March 31, 2022, no material amounts for potential clawback obligations had been accrued.

Equity-Based Compensation

The Company accounts for grants of equity-based awards, including restricted stock units (“RSUs”), to certain employees and directors at fair value as of the grant date. The Company recognizes non-cash compensation expense attributable to these grants on a straight-line basis over the requisite service period, which is generally the vesting period. Expense related to grants of equity-based awards is recognized as equity-based compensation expense in the condensed consolidated statements of income. The fair value of RSUs is determined by the closing stock price on the grant date. Forfeitures of equity-based awards are recognized as they occur. See note 9 for additional information regarding the Company’s accounting for equity-based awards.

Income Taxes

SSG is a corporation for U.S. federal income tax purposes and therefore is subject to U.S. federal and state income taxes on its share of taxable income generated by the Partnership. The Partnership is treated as a pass-through entity for U.S. federal and state income tax purposes. As such, income generated by the Partnership flows through to its limited partners, including SSG, and is generally not subject to U.S. federal or state income tax at the Partnership level. The Partnership’s non-U.S. subsidiaries generally operate as corporate entities in non-U.S. jurisdictions, with certain of these entities subject to non-U.S. income taxes. Additionally, certain subsidiaries are subject to local jurisdiction taxes at the entity level, which are reflected within income tax expense in the condensed consolidated statements of income. As a result, the Partnership does not record U.S. federal and state income taxes on income in the Partnership or its subsidiaries, except for certain local and foreign income taxes discussed above.

Taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period when the change is enacted. Deferred tax liabilities are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. The principal items giving rise to temporary differences are certain basis differences resulting from exchanges of Partnership units. See Tax Receivable Agreements below.

Deferred tax assets are reduced by a valuation allowance when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent on the amount, timing and character of the Company’s future taxable income. When evaluating the realizability of deferred tax assets, all evidence – both positive and negative – is considered. This evidence includes, but is not limited to, expectations regarding future earnings, future reversals of existing temporary tax differences and tax planning strategies.

The Company is subject to the provisions of ASC Subtopic 740-10, Accounting for Uncertainty in Income Taxes. This standard establishes consistent thresholds as it relates to accounting for income taxes. It defines the threshold for recognizing the benefits of tax return positions in the financial statements as more-likely-than-not to be sustained by the relevant taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50% likely to be realized. If upon performance of an assessment pursuant to this subtopic, management determines that uncertainties in tax positions exist that do not meet the minimum threshold for recognition of the related tax benefit, a liability is recorded in the condensed consolidated financial statements. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as interest expense and general, administrative and other expenses, respectively, in the condensed consolidated statements of income. See note 10 for more information.

Tax Receivable Agreements

SSG has entered into an Exchanges Tax Receivable Agreement (the “Exchanges Tax Receivable Agreement”) with the partners of the Partnership as of the date of the IPO and a Reorganization Tax Receivable Agreement with certain pre-IPO institutional investors (together, with the Exchanges Tax Receivable Agreement, the “Tax Receivable Agreements”). The Tax Receivable Agreements provide for payment by SSG to such partners and pre-IPO institutional investors of the Partnership of 85% of the amount of the net cash tax savings, if any, that SSG realizes (or, under certain circumstances, is deemed to realize) as a result of increases in tax basis (and utilization of certain other tax benefits) resulting from (i) SSG’s acquisition of such partners’ and institutional investors’ Partnership units and (ii) in the case of the Exchanges Tax Receivable Agreement, any payments SSG makes under the Exchanges Tax Receivable Agreement (including tax benefits related to imputed interest). SSG will retain the benefit of the remaining 15% of these net cash tax savings under both Tax Receivable Agreements. In connection with the Greenspring acquisition, the sellers receiving Class C units of the Partnership became parties to the Exchanges Tax Receivable Agreement. See notes 13 and 14 for more information.

Accumulated Other Comprehensive Income

The Company’s accumulated other comprehensive income consists of foreign currency translation adjustments and unrealized gains and losses on the defined benefit plan sponsored by one of its subsidiaries. The components of accumulated other comprehensive income were as follows:


	As of
	September 30, 2022		March 31, 2022
Foreign currency translation adjustments	$	349	$	331
Unrealized gain on defined benefit plan, net	322		327
Accumulated other comprehensive income	$	671	$	658

Segments

The Company operates as one business, a fully-integrated private markets solution provider. The Company’s chief operating decision maker, who is the Company’s chief executive officer, utilizes a consolidated approach to assess the performance of and allocate resources to the business. Accordingly, management has concluded that the Company consists of a single operating segment and single reportable segment for accounting and financial reporting purposes.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs issued during the current period not listed below were assessed and determined to either be not applicable to the Company, or not expected to have a material impact on the condensed consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which amends current guidance to provide optional practical expedients and exceptions, if certain criteria are met, for applying GAAP to contracts, hedging relationships and other transactions that are affected by the reference rate reform. The expedients and exceptions in this update apply only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”), but do not apply to contract modifications or hedging relationships entered into after December 31, 2022. This guidance is effective for adoption anytime after March 12, 2020, but must be adopted prior to December 31, 2022. The Company is currently evaluating the impact on the condensed consolidated financial statements.

In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The Company adopted this guidance on April 1, 2022 under the modified retrospective approach. The Company has changed its accounting policy to reflect the updated equity classification of contracts in an entity’s own equity, and has accounted for freestanding instruments that are indexed to and settled in the Company’s own equity at fair value with changes in fair value recognized in earnings. Adoption of this guidance did not have a material effect on the condensed consolidated financial statements.

In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments, which modifies ASC 842 to amend the lease classification requirements for lessors to align with practice under ASC Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if the lease would have been classified as a sales-type lease or a direct financing lease under ASC 842, and the lessor would have otherwise recognized a day-one loss on the investment in the lease. This guidance is effective for annual periods beginning after December 15, 2021 and interim periods within those annual periods. The Company adopted this guidance on April 1, 2022. Adoption of this guidance did not have a material effect on the condensed consolidated financial statements.

In November 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which modifies ASC 805 to require an acquiring entity in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. Under current GAAP, an acquirer generally recognizes such items at fair value on the acquisition date. This guidance is effective for annual and interim periods beginning after December 15, 2022, with early adoption permitted. The Company adopted this guidance on April 1, 2022, and will apply the guidance prospectively to business combinations that occur after this date. The guidance had no effect on the condensed consolidated financial statements.

Investments - Equity Method Income (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Schedule of Equity Method Investments [Line Items]

Investment income (loss)

$ (3,691)

$ 7,187

$ (4,792)

$ 13,611

Legacy Greenspring investment loss

^[1]

(15,357)

(23,961)

Total equity method income (loss)

(302,029)

203,573

(505,684)

436,359

Carried interest allocations

Schedule of Equity Method Investments [Line Items]

Total carried interest allocations

(154,309)

196,386

(194,652)

422,748

Legacy Greenspring carried interest allocations

Schedule of Equity Method Investments [Line Items]

Total carried interest allocations

^[1]

$ (128,672)

$ 0

$ (282,279)

$ 0

[1]

Earnings Per Share

6 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Basic and diluted earnings per share of Class A common stock are presented for the three and six months ended September 30, 2022 and 2021. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:


	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
(in thousands, except share and per share amounts)
Numerator:
Net income (loss) attributable to StepStone Group Inc. – Basic	$	(29,221)	$	62,074	$	(40,261)	$	103,724
Incremental income from assumed vesting of RSUs	—		1,856		—		2,797
Incremental income from assumed vesting and exchange of Class B2 units	—		2,693		—		4,519
Net income (loss) attributable to StepStone Group Inc. – Diluted	$	(29,221)	$	66,623	$	(40,261)	$	111,040

Denominator:
Weighted-average shares of Class A common stock outstanding – Basic	61,407,834		41,745,492		61,276,707		40,401,379
Assumed vesting of RSUs	—		1,691,661		—		1,523,631
Assumed vesting and exchange of Class B2 units	—		2,471,208		—		2,480,045
Weighted-average shares of Class A common stock outstanding – Diluted	61,407,834		45,908,361		61,276,707		44,405,055

Net income (loss) per share of Class A common stock:
Basic	$	(0.48)	$	1.49	$	(0.66)	$	2.57
Diluted	$	(0.48)	$	1.45	$	(0.66)	$	2.50

Diluted earnings per share of Class A common stock is computed by dividing net income (loss) attributable to SSG, giving consideration to the reallocation of net income between holders of Class A common stock and non-controlling interests, by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities, if any.

Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to SSG and therefore are not participating securities. As a result, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included.

The calculation of diluted earnings per share excludes 46,716,897 Class B units and 2,928,824 Class C units of the Partnership outstanding as of September 30, 2022, and 52,393,112 Class B units and 3,071,519 Class C units of the Partnership outstanding as of September 30, 2021, which are exchangeable into Class A common stock under the if-converted method, as the inclusion of such shares would be anti-dilutive.

The calculation of diluted earnings per share for the three and six months ended September 30, 2022 excludes 1,472,164 shares of Class A common stock, 2,566,566 Class B2 units and 23,418 Class B units issuable pursuant to anti-dilution rights in connection with the vesting of Class B2 units that are convertible into Class A common stock under the if-converted method, as the inclusion of such shares would be anti-dilutive.

Summary of Significant Accounting Policies - AOCI (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	$ 1,641,109	$ 1,749,375	$ 1,824,330	$ 1,731,753	$ 761,135	$ 659,693
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	349		331
Unrealized gain on defined benefit plan, net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	322		327
Accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	$ 671	$ 586	$ 658	$ 268	$ 215	$ 155

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

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+ Details

Fair Value Measurements

6 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company measures certain liabilities at fair value on a recurring basis. The following tables provide details regarding the classification of these liabilities within the fair value hierarchy as of the dates presented:


	As of September 30, 2022
	Level I		Level II		Level III		Total








Liabilities
Contingent consideration obligations	$	—	$	—	$	35,656	$	35,656
Total liabilities	$	—	$	—	$	35,656	$	35,656


	As of March 31, 2022
	Level I		Level II		Level III		Total








Liabilities
Contingent consideration obligations	$	—	$	—	$	28,025	$	28,025
Total liabilities	$	—	$	—	$	28,025	$	28,025

For the liabilities presented in the tables above, there were no changes in fair value hierarchy levels during the three and six months ended September 30, 2022 and 2021.

The changes in the fair value of Level III financial instruments are set forth below:


	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
Contingent Consideration Liability
Balance, beginning of period:	$	31,121	$	1,306	$	28,025	$	1,541
Additions	—		17,769		—		17,769
Change in fair value	4,704		—		7,960		—
Settlements	(169)		(224)		(329)		(459)
Balance, end of period:	$	35,656	$	18,851	$	35,656	$	18,851

Changes in unrealized losses included in earnings related to financial liabilities still held at the reporting date	$	4,704	$	—	$	7,960	$	—

In connection with the Greenspring acquisition, the Company recorded a contingent consideration liability of $17.8 million during the three months ended September 30, 2021. See note 14 for more information.

The fair value of the contingent consideration liabilities are based on a discounted cash flow analysis using a probability-weighted average estimate of certain performance targets, including revenue levels. The assumptions used in the analysis are inherently subjective; therefore, the ultimate amount of the contingent consideration liability may differ materially from the current estimate. The significant unobservable inputs required to value the contingent consideration liabilities primarily relate to the future expected revenues and the discount rates applied to the expected future revenues and payments of obligations, which ranged from 8% to 10% as of September 30, 2022. The contingent consideration liabilities are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. Changes in the fair value of the liabilities are included in general, administrative and other expenses in the condensed consolidated statements of income. In February 2022, the Company amended the contingent consideration arrangement in respect of the Greenspring acquisition whereby a portion of the contingent consideration liability otherwise payable to the sellers will be used to fund compensation arrangements with certain employees of the Company, which will be payable following the end of the earn-out period. As a result, the contingent consideration liability is recorded net of the fair value of amounts payable to certain employees.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Organization	6 Months Ended
Organization	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization StepStone Group Inc. (“SSG”) was incorporated in the state of Delaware on November 20, 2019. The company was formed for the purpose of completing an initial public offering (“IPO”) in order to conduct the business of StepStone Group LP (the “Partnership”) as a publicly-traded entity. SSG is the sole managing member of StepStone Group Holdings LLC (the “General Partner”), the general partner of the Partnership. Unless otherwise specified, “StepStone” or the “Company” refers to SSG and its consolidated subsidiaries, including the Partnership, throughout the remainder of these notes to the condensed consolidated financial statements. The Company is a global private markets investment firm focused on providing customized investment solutions and advisory, data and administrative services to its clients. The Company’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, including high-net-worth and mass affluent individuals. The Company partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes. These portfolios utilize several types of synergistic investment strategies with third-party fund managers, including commitments to funds (“primaries”), acquiring stakes in existing funds on the secondary market (“secondaries”) and investing directly into companies (“co-investments”). The Company, through its subsidiaries, acts as the investment advisor and general partner or managing member to separately managed accounts (“SMAs”) and focused commingled funds, including acquired Greenspring funds (collectively, the “StepStone Funds”). SSG is a holding company whose principal asset is a controlling financial interest in the Partnership through its ownership of all of the Partnership’s Class A units and 100% of the membership interests in the General Partner of the Partnership. SSG acts as the sole managing member of the General Partner of the Partnership and, as a result, indirectly operates and controls all of the Partnership’s business and affairs. As a result, SSG consolidates the financial results of the Partnership and reports non-controlling interests related to the Class B and Class C units of the Partnership which are not owned by SSG. The assets and liabilities of the Partnership represent substantially all of SSG’s consolidated assets and liabilities, with the exception of certain deferred income taxes and payables due to affiliates pursuant to tax receivable agreements (see note 10). Each share of Class A common stock is entitled to one vote and each share of Class B common stock is entitled to five votes. As of September 30, 2022, SSG held approximately 55.6% of the economic interest in the Partnership. As the Partnership’s limited partners exchange their Class B and Class C units into SSG’s Class A common stock in the future, SSG’s economic interest in the Partnership will increase relative to that of the Class B and Class C unitholders. Greenspring Acquisition On September 20, 2021, the Company completed the acquisition of 100% of the equity of Greenspring Associates, Inc. and certain of its affiliates (collectively, “Greenspring”). The results of Greenspring’s operations have been included in the condensed consolidated financial statements effective September 20, 2021. In connection with the Greenspring acquisition, the Company issued 12,686,756 shares of its Class A common stock and the Partnership issued 3,071,519 newly created Class C units of the Partnership, with each such unit exchangeable into one share of Class A common stock, subject to certain adjustments and restrictions. See notes 13 and 14 for more information.

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands

Total

Class A Common Stock

Class C Common Stock

Common Stock

Class A Common Stock

Common Stock

Class B Common Stock

Additional Paid-in Capital

Class A Common Stock

Additional Paid-in Capital

Class C Common Stock

Retained Earnings

Accumulated Other Comprehensive Income

Noncontrolling Interest

Subsidiaries

Noncontrolling Interest

Legacy Entities

Noncontrolling Interest

Partnership

Noncontrolling Interest

Class A Common Stock

Partnership

Noncontrolling Interest

Class C Common Stock

Partnership

Total stockholders' equity, beginning balance at Mar. 31, 2021

$ 659,693

$ 38

$ 57

$ 188,751

$ 60,407

$ 155

$ 25,885

$ 0

$ 384,400

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

254,381

103,724

11,646

139,011

Other comprehensive income

391

196

113

Contributed capital

Equity-based compensation

6,956

2,931

4,021

Distributions

(55,834)

(12,585)

(43,249)

Purchase of non-controlling interests

(3,046)

(657)

(1,502)

(887)

Dividends declared

(6,000)

Vesting of RSUs

(1)

Common stock/units issued for Greenspring acquisition

558,599

267,842

290,744

Class C Partnership units issued for Greenspring acquisition

$ 135,239

$ 64,847

$ 70,392

Exchange of Class B units for Class A common stock and redemption of corresponding Class B common shares

(4)

Initial consolidation of legacy Greenspring general partner entities

219,086

Equity reallocation between controlling and non-controlling interests

39,159

914

(40,104)

Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements

^[1]

(37,750)

Total stockholders' equity, ending balance at Sep. 30, 2021

1,731,753

525,118

158,131

268

24,558

219,086

804,483

Total stockholders' equity, beginning balance at Jun. 30, 2021

761,135

205,561

99,057

215

26,585

429,622

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

127,862

62,074

6,032

59,756

Other comprehensive income

143

Contributed capital

Equity-based compensation

3,213

1,385

1,828

Distributions

(26,346)

(7,540)

(18,806)

Purchase of non-controlling interests

(3,046)

(657)

(1,502)

(887)

Dividends declared

(3,000)

Vesting of RSUs

(1)

Common stock/units issued for Greenspring acquisition

$ 558,599

$ 135,239

$ 267,842

$ 64,847

$ 290,744

$ 70,392

Exchange of Class B units for Class A common stock and redemption of corresponding Class B common shares

(2)

Initial consolidation of legacy Greenspring general partner entities

219,086

Equity reallocation between controlling and non-controlling interests

27,294

914

(28,228)

Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements

(41,151)

^[1]

(41,151)

^[2]

Total stockholders' equity, ending balance at Sep. 30, 2021

1,731,753

525,118

158,131

268

24,558

219,086

804,483

Total stockholders' equity, beginning balance at Mar. 31, 2022

1,824,330

587,243

229,615

658

32,063

194,480

780,162

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(88,536)

(40,261)

16,261

(23,961)

(40,575)

Other comprehensive income

Contributed capital

8,802

8,785

Equity-based compensation

7,497

4,126

3,363

Distributions

(79,647)

(19,440)

(5,861)

(54,346)

Dividends declared

(25,310)

Vesting of RSUs, net of shares withheld for employee taxes

(2,707)

(1,504)

(1,203)

Exchange of Class B units for Class A common stock and redemption of corresponding Class B common shares

(1)

Equity reallocation between controlling and non-controlling interests

9,871

(4)

(9,867)

Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements

(3,381)

^[1]

(3,381)

^[2]

Total stockholders' equity, ending balance at Sep. 30, 2022

1,641,109

596,355

164,044

671

28,922

173,443

677,565

Total stockholders' equity, beginning balance at Jun. 30, 2022

1,749,375

593,159

205,946

586

31,829

187,365

730,381

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(67,065)

(29,221)

8,690

(15,357)

(31,177)

Other comprehensive income

286

141

Contributed capital

3,815

3,798

Equity-based compensation

3,783

2,087

1,692

Distributions

(30,952)

(11,742)

(2,363)

(16,847)

Dividends declared

(12,681)

Vesting of RSUs, net of shares withheld for employee taxes

(2,707)

(1,504)

(1,203)

Exchange of Class B units for Class A common stock and redemption of corresponding Class B common shares

(1)

Equity reallocation between controlling and non-controlling interests

5,358

(5,363)

Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements

(2,745)

^[1]

(2,745)

^[2]

Total stockholders' equity, ending balance at Sep. 30, 2022

$ 1,641,109

$ 62

$ 47

$ 596,355

$ 164,044

$ 671

$ 28,922

$ 173,443

$ 677,565

[1]	See notes 10, 13 and 14 for more information.
[2]	See notes 10, 13 and 14 for more information.

Variable Interest Entities

6 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Consolidated VIEs

The Company consolidates certain VIEs for which it is the primary beneficiary. Such VIEs consist of certain operating entities not wholly-owned by the Company (e.g., Swiss Capital, SRA and SRE) and legacy Greenspring general partner entities. See note 2 for more information on the Company’s accounting policies related to the consolidation of VIEs. The assets of the consolidated VIEs totaled $1,101.8 million and $1,435.2 million as of September 30, 2022 and March 31, 2022, respectively. The liabilities of the consolidated VIEs totaled $871.7 million and $1,181.2 million as of September 30, 2022 and March 31, 2022, respectively. The assets of the consolidated VIEs may only be used to settle obligations of the same VIE. In addition, there is no recourse to the Company for the consolidated VIEs’ liabilities, except for certain entities in which there could be a clawback of previously distributed carried interest. As of September 30, 2022 and March 31, 2022, no material amounts previously distributed have been accrued for clawback liabilities.

Unconsolidated VIEs

The Company holds variable interests in the form of direct equity interests in certain VIEs that are not consolidated because the Company is not the primary beneficiary. The Company’s maximum exposure to loss is limited to the potential loss of assets recognized by the Company relating to these unconsolidated entities. The carrying value of the assets and liabilities recognized in the condensed consolidated balance sheets with respect to the Company’s interests in VIEs that were not consolidated is set forth below:


	As of
	September 30, 2022		March 31, 2022
Investments in funds	$	106,977	$	107,045
Legacy Greenspring investments in funds	173,443		194,480
Due from affiliates, net	12,426		18,830
Less: Amounts attributable to non-controlling interests in subsidiaries	15,601		13,832
Less: Amounts attributable to non-controlling interests in legacy Greenspring entities	173,443		194,480
Maximum exposure to loss	$	103,802	$	112,043

Income Taxes	6 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In connection with the exchanges of Class B units of the Partnership for Class A common stock by certain limited partners of the Partnership, the Company recorded an increase to deferred tax assets of $0.9 million, and a net increase in the valuation allowance of $0.5 million. Additionally, in connection with the exchange transactions, the Company recorded a corresponding Tax Receivable Agreements liability of $0.9 million, representing 85% of the incremental net cash tax savings for the Company due to the exchanging limited partners. The Company made no payments during the three months ended September 30, 2022 and 2021, and $4.8 million and $0.6 million during the six months ended September 30, 2022 and 2021, respectively, under the Tax Receivable Agreements. As of September 30, 2022, the Company’s total Tax Receivable Agreements liability was $194.8 million. See note 12 for more information. The Company’s effective tax rate was 10.0% and (12.4)% for the three months ended September 30, 2022 and 2021, respectively, and 6.5% and 0.1% for the six months ended September 30, 2022 and 2021, respectively. The Company’s overall effective tax rate in each of the periods described above is less than the statutory rate. The primary rate difference for the three and six months ended September 30, 2022 and 2021 relates to a portion of income that was allocated to non-controlling interests, as the tax liability on such income is borne by the holders of such non-controlling interests. Additionally, during the three and six months ended September 30, 2021, the Company recorded a benefit of $25.3 million, or 22.2% and 9.9%, respectively, related to the full release of the valuation allowance as a result of the deferred tax liability recorded in connection with the Greenspring acquisition. The Company evaluates the realizability of its deferred tax assets on a quarterly basis and adjusts the valuation allowance when it is more-likely-than-not that all or a portion of the deferred tax assets may not be realized. As of September 30, 2022, the Company has not recorded any unrecognized tax benefits and does not expect there to be any material changes to uncertain tax positions within the next 12 months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Earnings Per Share - Narrative (Details) - shares	3 Months Ended	6 Months Ended
Earnings Per Share - Narrative (Details) - shares	Sep. 30, 2022	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021
Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,472,164	1,472,164
Class B2 units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,566,566	2,566,566
Common Class B Member, Issuable In Connection With Vesting Of Class B2 Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	23,418	23,418
Class B units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)	46,716,897	46,716,897	47,149,673	52,393,112
Class C Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)	2,928,824	2,928,824		3,071,519

Business Combinations - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022	Sep. 20, 2021
Estimated fair value of assets acquired and liabilities assumed:
Goodwill	$ 580,542	$ 580,542
Greenspring
Estimated fair value of assets acquired and liabilities assumed:
Cash and short-term receivables			$ 5,725
Legacy Greenspring investments in funds and accrued carried interest allocations			1,203,299
Lease right-of-use assets, net			2,585
Other assets and receivables			2,146
Goodwill			573,750
Deferred income taxes			(95,884)
Accrued expenses and other liabilities			(4,685)
Legacy Greenspring accrued carried interest-related compensation			(1,045,157)
Lease liabilities			(2,585)
Non-controlling interests in legacy Greenspring entities			(158,142)
Total			898,183
Greenspring \| Contractual rights: management contracts
Estimated fair value of assets acquired and liabilities assumed:
Finite-lived intangible assets			310,944
Greenspring \| Client relationships
Estimated fair value of assets acquired and liabilities assumed:
Finite-lived intangible assets			96,650
Greenspring \| Contractual rights: service agreements
Estimated fair value of assets acquired and liabilities assumed:
Finite-lived intangible assets			$ 9,537

Equity-Based Compensation (Tables)

6 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Unvested Restricted Stock Units Activity

The change in unvested RSUs is as follows:


	Number of RSUs	Weighted-Average Grant-Date Fair Value Per RSU
Balance as of March 31, 2022	2,087,324	$	20.40
Granted	16,429	$	28.91
Vested	(597,698)	$	(18.49)
Forfeited	(33,891)	$	(21.91)
Balance as of September 30, 2022	1,472,164	$	21.36

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income (loss)	$ (67,065)	$ 127,862	$ (88,536)	$ 254,381
Other comprehensive income:
Foreign currency translation adjustment	286	143	61	391
Total other comprehensive income	286	143	61	391
Comprehensive income (loss) before non-controlling interests	(66,779)	128,005	(88,475)	254,772
Comprehensive income (loss) attributable to StepStone Group Inc.	(29,141)	62,107	(40,244)	103,806
Subsidiaries
Other comprehensive income:
Less: Comprehensive income attributable to non-controlling interests	8,831	6,101	16,291	11,842
Legacy Entities
Other comprehensive income:
Less: Comprehensive income attributable to non-controlling interests	(15,357)	0	(23,961)	0
Partnership
Other comprehensive income:
Less: Comprehensive income attributable to non-controlling interests	$ (31,112)	$ 59,797	$ (40,561)	$ 139,124

Commitment and Contingencies - Operating Lease Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Remained of FY2023	$ 6,045
FY2024	12,522
FY2025	9,702
FY2026	9,553
FY2027	8,706
Thereafter	35,157
Total lease liabilities	81,685
Less: Imputed interest	(9,601)
Total operating lease liabilities	$ 72,084	$ 70,965

Stockholders' Equity (Tables)

6 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of Rollforward of the Company's Shares of Common Stock Outstanding Since IPO

The following table shows a rollforward of the Company’s shares of common stock outstanding since March 31, 2022:


	Class A Common Stock	Class B Common Stock
March 31, 2022	61,141,306	47,149,673

Class A common stock issued in exchange for Class B partnership units	432,776	(432,776)

Class A common stock issued for vesting of RSUs, net of shares withheld for employee taxes	487,345	—
September 30, 2022	62,061,427	46,716,897

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details