0001796022-23-000033 | 10-K | XBRL Viewer

$ 497,179

$ 380,257

$ 285,462

Focused commingled funds

227,003

148,725

97,223

Advisory and other services

210,187

174,318

135,784

Fund reimbursement revenues

56,244

55,523

52,217

3,745

1,691

238

Incentive Fees

9,663

11,593

5,474

6,606

11,441

5,446

Focused commingled funds

Carried Interest Allocations

3,057

152

(122,253)

786,569

496,780

(110,020)

555,449

359,703

Focused commingled funds

Legacy Greenspring Carried Interest Allocations

(12,233)

231,120

137,077

^[1]

(452,163)

187,106

Legacy carried interest allocation, focused comingled funds

Legacy gross carried interest allocation, focused comingled funds

(452,163)

187,106

$ 0

Components of provision for income taxes

$ 74,700

$ 92,200

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 3, 5 and 15 for more information.

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Net income (loss)	$ (45,275)	$ 484,281	$ 314,593
Other comprehensive income (loss):
Foreign currency translation adjustment	(181)	329	1,619
Unrealized gain (loss) on defined benefit plan, net	(506)	1,365	(244)
Total other comprehensive income (loss)	(687)	1,694	1,375
Comprehensive income (loss) before non-controlling interests	(45,962)	485,975	315,968
Less: Comprehensive income attributable to redeemable non-controlling interests in Consolidated Funds	1,776	0	0
Comprehensive income (loss) attributable to StepStone Group Inc.	(18,594)	194,334	62,752
Non-Controlling Interests in Subsidiaries
Other comprehensive income (loss):
Less: Comprehensive income attributable to non-controlling interests	34,856	27,446	23,877
Non-Controlling Interests in Legacy Greenspring Entities
Other comprehensive income (loss):
Less: Comprehensive income attributable to non-controlling interests	(44,075)	32,586	0
Non-Controlling Interests in the Partnership
Other comprehensive income (loss):
Less: Comprehensive income attributable to non-controlling interests	$ (19,925)	$ 231,609	$ 229,339

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income before income tax

The Company’s income (loss) before income tax consisted of the following:


	Year Ended March 31,
	2023		2022		2021
Domestic income (loss) before income tax	$	(102,560)	$	471,247	$	307,396
Foreign income before income tax	61,106		41,334		30,453
Total income (loss) before income tax	$	(41,454)	$	512,581	$	337,849

The following table presents the components of the Company’s provision for income taxes:


	Year Ended March 31,
	2023		2022		2021
Current:
Federal	$	6,933	$	13,340	$	2,929
State and local	1,726		2,714		1,141
Foreign	7,653		6,383		3,381
Total current income tax expense	16,312		22,437		7,451

Deferred:
Federal	(10,570)		4,897		14,752
State and local	(1,921)		966		1,074
Foreign	—		—		(21)
Total deferred income tax expense (benefit)	(12,491)		5,863		15,805
Total income tax expense	$	3,821	$	28,300	$	23,256

Reconciliation of the U.S. federal statutory income tax rate to the effective tax rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows:


	Year Ended March 31,
	2023		2022		2021
Federal tax at statutory rate	21.0	%	21.0	%	21.0	%
State and local income tax	0.8		0.8		0.6
Income passed through to limited partners	(13.6)		(11.9)		(15.7)
Foreign income tax	(18.5)		1.2		1.0
Valuation allowance	4.7		(5.3)		0.0
Return to provision	(3.7)		(0.1)		0.0
Other	0.1		(0.2)		0.0
Effective tax rate	(9.2)	%	5.5	%	6.9	%

Components of deferred tax assets and liabilities

The following table presents the components of the Company’s deferred income tax assets and liabilities:


	As of March 31,
	2023		2022
Deferred tax assets:
Investment in the Partnership	$	54,941	$	39,720
Other	1,769		1,568
Total deferred tax assets before valuation allowance	56,710		41,288
Valuation allowance	(12,352)		(13,422)
Total net deferred tax assets	44,358		27,866
Deferred tax liabilities:
Total deferred tax liabilities	353		1,529
Net deferred tax assets	$	44,005	$	26,337

Change in valuation allowance

A summary of the change in valuation allowance by year is as follows:


	Valuation Allowance
Balance at March 31, 2021	$	30,537
Income tax decrease	(27,413)
Equity decrease	(5,006)
Equity increase	15,304
Balance at March 31, 2022	13,422
Income tax decrease	(1,975)

Equity increase	905
Balance at March 31, 2023	$	12,352

Subsequent Events	12 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn May 24, 2023, the Company announced a quarterly cash dividend of $0.20 per share of Class A common stock and a supplemental cash dividend of $0.25 per share of Class A common stock, both payable on June 30, 2023 to holders of record as of the close of business on June 15, 2023.

Commitment and Contingencies

12 Months Ended

Mar. 31, 2023

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 consolidated financial statements as of March 31, 2023.

Lease Commitments

The Company leases offices in 25 cities in North America, South America, Europe, Asia and Australia, and certain equipment subject to operating lease agreements expiring through 2039, some of which may include options to extend or terminate the lease. As of March 31, 2023, there were no finance leases outstanding.

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


	Year Ended March 31,
	2023		2022
Operating lease cost(1)(2)	$	10,983	$	11,098
Variable lease cost	1,375		957
Sublease income	(1,778)		(1,679)
Total lease cost	$	10,580	$	10,376

_______________________________

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

(2)The year ended March 31, 2023 includes a gain of $2.7 million related to lease remeasurement adjustments due to a reduction in lease terms.

Occupancy expense related to office facility operating leases totaled $9.3 million for the year ended March 31, 2021.

Supplemental cash flow information related to leases was as follows:


	Year Ended March 31,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	10,613		$	10,319
Weighted-average remaining lease term for operating leases (in years)	12.1			7.7
Weighted-average discount rate for operating leases	4.6		%	2.7		%

As of March 31, 2023, maturities of operating lease liabilities were as follows:



FY2024	$	12,337
FY2025	14,062
FY2026	15,179
FY2027	14,362
FY2028	12,474
Thereafter	96,504
Total lease liabilities	164,918
Less: Imputed interest	(43,694)
Total operating lease liabilities	$	121,224

Unfunded Capital Commitments

As of March 31, 2023 and 2022, the Company, generally in its capacity as general partner or managing member of the StepStone Funds, had unfunded commitments totaling $88.7 million and $68.2 million, respectively. The $88.7 million and $68.2 million of unfunded commitments as of March 31, 2023 and 2022, respectively, excludes $50.6 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 March 31, 2023 and 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 March 31, 2023, the maximum amount of carried interest allocations (excluding legacy Greenspring carried interest allocations) attributable to the Company subject to contingent repayment was an estimated $264.1 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 consolidated balance sheets as of March 31, 2023 and 2022. Based on past experience, management believes that the risk of loss related to these indemnities is remote.

Intangibles and Goodwill (Tables)

12 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consists of the following:


	As of March 31,
	2023		2022
Management contracts	$	352,002	$	352,002
Client relationships	96,650		96,650
Service agreements	9,537		9,537
Less: Accumulated amortization	(103,544)		(60,063)
Intangible assets, net	$	354,645	$	398,126

Schedule of Future Amortization of Finite-lived Intangible Assets

The expected future amortization of finite-lived intangible assets is as follows:


Fiscal year ending March 31,
2024	$	42,645
2025	41,955
2026	41,764
2027	41,730
2028	41,713
Thereafter	144,838
Total	$	354,645

Debt Obligations

12 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt Obligations

The Company is party to a credit agreement with various lenders (the “Credit Agreement”) that 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 March 31, 2023, the Company had $98.4 million outstanding on the Revolver, net of debt issuance costs.

The Company’s debt obligations consist of the following:


	As of March 31,
	2023		2022
Revolver	$	100,000	$	65,000
Less: Debt issuance costs	(1,649)		(2,121)
Total debt obligations	$	98,351	$	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 March 31, 2023 was 6.86%.

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 March 31, 2023, 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 March 31, 2023, the Company had outstanding letters of credit totaling $7.8 million.

In April 2023, the Company amended the Credit Agreement such that any request for borrowing of, continuation of, or conversion to a Eurocurrency Loan, as applicable, shall be deemed to be a request for borrowing of, continuation of, or conversion to, as applicable, a loan bearing interest at the adjusted term Secured Overnight Financing Rate (“SOFR”). All Eurocurrency Loans outstanding as of March 31, 2023 shall continue to bear interest at the adjusted LIBOR Rate (as defined in the Credit Agreement) and remain outstanding as Eurocurrency Loans until the expiration of the current interest period (as defined in the Credit Agreement).

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.

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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

Subsequent Events (Details) - Subsequent Event	May 24, 2023 $ / shares
Subsequent Event [Line Items]
Dividends (in dollars per share)	$ 0.20
Supplemental annual cash dividend (in dollars per share)	$ 0.25

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Mar. 31, 2023	May 23, 2023	Sep. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--03-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,195.5
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement relating to its 2023 annual meeting of stockholders (the “2023 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2023 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0001796022
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		62,834,791
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		46,420,141

Audit Information	12 Months Ended
Audit Information	Mar. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, CA

Fair Value Measurements

12 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

Financial Instruments of the Company


	As of March 31, 2023
	Level I		Level II		Level III		Total








Liabilities
Contingent consideration obligations	$	—	$	—	$	36,745	$	36,745

Total liabilities	$	—	$	—	$	36,745	$	36,745


	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 years ended March 31, 2023 and 2022.

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


	Year Ended March 31,
Contingent consideration obligations	2023		2022

Balance, beginning of year:	$	28,025		$	1,541
Additions	—			17,769
Change in fair value	9,361			9,600
Settlements	(641)			(885)
Balance, end of year:	$	36,745		$	28,025

Changes in unrealized losses included in earnings related to financial liabilities still held at the reporting date	$	9,361		$	9,600

Contingent Consideration

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 15 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 March 31, 2023. The contingent consideration liabilities are included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets. Changes in the fair value of the liabilities are included in general, administrative and other expenses in the 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.

Financial Instruments of Consolidated Funds


	As of March 31, 2023
	Level I		Level II		Level III		Total
Assets
Partnership and LLC interests	$	—	$	—	$	6,901	$	6,901
Total assets	$	—	$	—	$	6,901	$	6,901

Investment Funds

The Company generally values its investment funds, which are organized as partnership and LLC interests, using the NAV per share equivalent calculated by the investment manager as a practical expedient in determining an independent fair value. The Company does not categorize within the fair value hierarchy investments where fair value is measured using the net asset value per share practical expedient. As of March 31, 2023, investments with a combined fair value of $23.7 million are excluded from presentation in the fair value hierarchy as the fair value of these investments were measured at net asset value. As of March 31, 2023, investments with a combined fair value of $6.9 million were classified as level III investments that were purchased during fiscal 2023. There were no unrealized gains or losses related to these investments as of March 31, 2023. The significant unobservable input used to value these investments are the discounts to recent transaction prices. For these investments, there were no changes in fair value hierarchy levels during the year ended March 31, 2023. There were no financial instruments held by Consolidated Funds as of March 31, 2022.

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.

Commitment and Contingencies - Components of Lease Expense and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 10,983	$ 11,098
Variable lease cost	1,375	957
Sublease income	(1,778)	(1,679)
Total lease cost	10,580	10,376
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$ 10,613	$ 10,319
Weighted-average remaining lease term for operating leases (in years)	12 years 1 month 6 days	7 years 8 months 12 days
Weighted-average discount rate for operating leases	4.60%	2.70%

Income Taxes

12 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s income (loss) before income tax consisted of the following:


	Year Ended March 31,
	2023		2022		2021
Domestic income (loss) before income tax	$	(102,560)	$	471,247	$	307,396
Foreign income before income tax	61,106		41,334		30,453
Total income (loss) before income tax	$	(41,454)	$	512,581	$	337,849

The following table presents the components of the Company’s provision for income taxes:


	Year Ended March 31,
	2023		2022		2021
Current:
Federal	$	6,933	$	13,340	$	2,929
State and local	1,726		2,714		1,141
Foreign	7,653		6,383		3,381
Total current income tax expense	16,312		22,437		7,451

Deferred:
Federal	(10,570)		4,897		14,752
State and local	(1,921)		966		1,074
Foreign	—		—		(21)
Total deferred income tax expense (benefit)	(12,491)		5,863		15,805
Total income tax expense	$	3,821	$	28,300	$	23,256

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows:


	Year Ended March 31,
	2023		2022		2021
Federal tax at statutory rate	21.0	%	21.0	%	21.0	%
State and local income tax	0.8		0.8		0.6
Income passed through to limited partners	(13.6)		(11.9)		(15.7)
Foreign income tax	(18.5)		1.2		1.0
Valuation allowance	4.7		(5.3)		0.0
Return to provision	(3.7)		(0.1)		0.0
Other	0.1		(0.2)		0.0
Effective tax rate	(9.2)	%	5.5	%	6.9	%

The Company’s effective tax rate is dependent on many factors, including the estimated amount of income subject to tax. Consequently, the effective tax rate can vary from period to period. The Company’s overall effective tax rate in each of the periods above is less than the statutory rate primarily because a portion of income is allocated to non-controlling interests, as the tax liability on such income is borne by the holders of such non-controlling interests.

The following table presents the components of the Company’s deferred income tax assets and liabilities:


	As of March 31,
	2023		2022
Deferred tax assets:
Investment in the Partnership	$	54,941	$	39,720
Other	1,769		1,568
Total deferred tax assets before valuation allowance	56,710		41,288
Valuation allowance	(12,352)		(13,422)
Total net deferred tax assets	44,358		27,866
Deferred tax liabilities:
Total deferred tax liabilities	353		1,529
Net deferred tax assets	$	44,005	$	26,337

In connection with the exchanges of Class B units and Class C units of the Partnership for Class A common stock by certain limited partners of the Partnership during fiscal 2023, the Company recorded an overall increase to deferred tax assets as of March 31, 2023 of $6.5 million, and a net decrease in the valuation allowance of $0.2 million. Additionally, in connection with the exchange transactions, the Company recorded a corresponding Tax Receivable Agreements liability of $8.5 million, representing 85% of the incremental net cash tax savings for the Company due to the exchanging limited partners. The Company made payments of $6.0 million and $0.8 million during the years ended March 31, 2023 and 2022, respectively, under the Tax Receivable Agreements. No payments were made under the Tax Receivable Agreements during the year ended March 31, 2021. As of March 31, 2023, the Company’s total Tax Receivable Agreements liability was $199.3 million. See notes 13 and 14 for more information.

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. The total ending valuation allowance for the year ended March 31, 2023 was $12.4 million. Apart from the valuation allowance, the Company believes that the remaining deferred tax assets will be realized in full.

A summary of the change in valuation allowance by year is as follows:


	Valuation Allowance
Balance at March 31, 2021	$	30,537
Income tax decrease	(27,413)
Equity decrease	(5,006)
Equity increase	15,304
Balance at March 31, 2022	13,422
Income tax decrease	(1,975)

Equity increase	905
Balance at March 31, 2023	$	12,352

As of March 31, 2023, 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.

The Company files income tax returns as required by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company may be subject to examination by U.S. federal and certain state and local tax authorities. Management has analyzed the Company’s tax positions taken with respect to all applicable income tax issues, for all open tax years, and for all jurisdictions in which the Company is required to file tax returns and has concluded that no provision for income taxes related to uncertain tax positions is required in the Company’s consolidated financial statements for the years ended March 31, 2023, 2022 and 2021.

The Company files U.S. federal, state, local and foreign tax returns on a calendar-year basis. With limited exception, returns filed prior to 2019 are no longer subject to examination by the applicable taxing authorities. There are currently no material examinations being conducted of the Company by tax authorities.

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.

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Property, Plant and Equipment [Abstract]

Property and Equipment - Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 28,717	$ 22,040
Less: Accumulated depreciation	(12,876)	(9,278)
Property and equipment, net	15,841	12,762
Office furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,053	6,217
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,418	3,517
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 17,246	$ 12,306

Equity-Based Compensation - Unvested RSUs (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Number of RSUs
RSUs, beginning balance (in shares)	2,087,324
Granted (in shares)	384,200
Vested (in shares)	(660,796)
Forfeited (in shares)	(34,996)
RSUs, ending balance (in shares)	1,775,732	2,087,324
Weighted-Average Grant-Date Fair Value Per RSU
Beginning balance (in dollars per share)	$ 20.40
Granted (in dollars per share)	28.97	$ 35.18	$ 18.53
Vested (in dollars per share)	(20.03)
Forfeited (in dollars per share)	(22.06)
Ending balance (in dollars per share)	$ 22.46	$ 20.40

Income Taxes - Components of Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Current:
Federal	$ 6,933	$ 13,340	$ 2,929
State and local	1,726	2,714	1,141
Foreign	7,653	6,383	3,381
Total current income tax expense	16,312	22,437	7,451
Deferred:
Federal	(10,570)	4,897	14,752
State and local	(1,921)	966	1,074
Foreign	0	0	(21)
Total deferred income tax expense (benefit)	(12,491)	5,863	15,805
Total income tax expense	$ 3,821	$ 28,300	$ 23,256

Investments - Schedule of Consolidated Funds (Details)	12 Months Ended
Investments - Schedule of Consolidated Funds (Details)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments of consolidated funds, cost	$ 21,300,000	$ 0
Investments of Consolidated Funds	$ 30,595,000	$ 0
Investments of consolidated funds, percent of total investments	1	0
Net Realized Gains on Investments	$ 3,000
Net Unrealized Gains on Investments	9,312,000
Partnership and LLC Interests
Schedule of Equity Method Investments [Line Items]
Investments of Consolidated Funds	$ 30,595,000	$ 0
Investments of consolidated funds, percent of total investments	1	0
Net Realized Gains on Investments	$ 3,000
Net Unrealized Gains on Investments	$ 9,312,000

Equity-Based Compensation - Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
	Nov. 30, 2022	Jun. 30, 2018	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Apr. 18, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)			1,817,984
Unrecognized non-cash compensation			$ 41,100,000
Unrecognized non-cash compensation, period of recognition			3 years 9 months 18 days
Tax benefits related to equity-based awards			$ 1,800,000	$ 7,400,000	$ 0
Equity-based compensation			$ 24,940,000	$ 13,996,000	$ 7,899,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	6 years		4 years
Weighted-average grant-date fair value of awards granted (in dollars per share)			$ 28.97	$ 35.18	$ 18.53
Partnership interests grant date fair value (in dollars)	$ 6,100,000
Fair value of awards vested			$ 16,500,000	$ 27,500,000	$ 0
Forfeited (in shares)			34,996
Unvested (in shares)			1,775,732	2,087,324		2,500,000
Class A2 Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		6 years
Profits interests percent		5.20%
Class A2 Interests \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		0.00%
Class A2 Interests \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		30.00%
Class A2 Interests \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		5.80%
Liability classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			$ 8,600,000
Amounts paid to settle liability classified awards			$ 0	$ 0	$ 0
Class B2 units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock, conversion basis (in shares)			1
Class B2 units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding (in shares)			2,566,566
Forfeited (in shares)			0
Unvested (in shares)			748,582
LTIP \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)			17,644,444

Property and Equipment (Tables)

12 Months Ended

Mar. 31, 2023

Property and equipment

Property and equipment is included in other assets and receivables in the consolidated balance sheets and consists of the following:


	As of March 31,
Property and equipment:	2023		2022
Office furniture	$	7,053	$	6,217
Computer equipment and software	4,418		3,517
Leasehold improvements	17,246		12,306
Property and equipment, gross	28,717		22,040
Less: Accumulated depreciation	(12,876)		(9,278)
Property and equipment, net	$	15,841	$	12,762

Intangibles and Goodwill - Narrative (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 43,500,000	$ 24,500,000	$ 3,300,000
Goodwill	580,542,000	580,542,000
Goodwill, impairment loss	$ 0	$ 0

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.

Employee Benefits (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefits (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Retirement Benefits [Abstract]
Non-discretionary contributions	$ 4.6	$ 4.3	$ 3.2
Plan assets	27.4	23.8
Underfunded pension obligation	2.8	2.2
Net periodic benefit cost	$ 0.5	$ 1.1	$ 0.9

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

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

Commitment and Contingencies - Operating Lease Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
FY2024	$ 12,337
FY2025	14,062
FY2026	15,179
FY2027	14,362
FY2028	12,474
Thereafter	96,504
Total lease liabilities	164,918
Less: Imputed interest	(43,694)
Total operating lease liabilities	$ 121,224	$ 70,965

Stockholders' Equity and Redeemable Interests (Tables)

12 Months Ended

Mar. 31, 2023

Equity [Abstract]

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	729,532	(729,532)
Class A common stock issued in exchange for Class C Partnership units	414,739	—
Class A common stock issued for vesting of RSUs, net of shares withheld for employee taxes	549,214	—
March 31, 2023	62,834,791	46,420,141

Schedule of Dividends

The following table presents information regarding quarterly dividends on Class A common shares for the periods indicated:

Quarterly Fiscal Period1

Dividend Payment Date

Dividend Per Share of Class A Common Stock

First quarter

N/A

Second quarter

N/A

Third quarter

N/A

Fourth quarter

March 12, 2021

0.07

Total dividends paid in FY2021

0.07

First quarter

July 15, 2021

0.07

Second quarter

September 15, 2021

0.07

Third quarter

December 15, 2021

0.15

Fourth quarter

March 15, 2022

0.15

Total dividends paid in FY2022

0.44

First quarter

June 30, 2022

0.20

Second quarter

September 15, 2022

0.20

Third quarter

December 15, 2022

0.20

Fourth quarter

March 15, 2023

0.20

Total dividends paid in FY2023

0.80

_______________________________

(1)Prior to the Company’s IPO on September 16, 2020, it was a wholly-owned subsidiary of the Partnership, had a single class of common stock and did not pay dividends. As such, there is no quarterly dividend information reported for the quarter ended September 30, 2020 or any periods prior. Dividends paid, as reported in this table, relate to the preceding quarterly period in which they were earned.

Redeemable Noncontrolling Interest

The following table summarizes the activities associated with the redeemable non-controlling interests in Consolidated Funds:


	Year Ended March 31, 2023

Beginning balance	$	—

Contributions	22,754

Net income	1,776
Ending balance	$	24,530

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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Partners' capital, beginning balance at Mar. 31, 2020

Stockholders' Equity and Redeemable Interests - Dividends (Details) - $ / shares										12 Months Ended
	Mar. 15, 2023	Dec. 15, 2022	Sep. 15, 2022	Jun. 30, 2022	Mar. 15, 2022	Dec. 15, 2021	Sep. 15, 2021	Jul. 15, 2021	Mar. 12, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Dividend per share of Class A common stock (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.15	$ 0.15	$ 0.07	$ 0.07	$ 0.07	$ 0.80	$ 0.44	$ 0.07

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

Total

Class A Common Stock

Class C common stock

Partners’ Capital

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

Non-Controlling Interests in Subsidiaries

Noncontrolling Interest

Non-Controlling Interests in Legacy Greenspring Entities

Noncontrolling Interest

Non-Controlling Interests in the Partnership

Noncontrolling Interest

Class A Common Stock

Non-Controlling Interests in the Partnership

Noncontrolling Interest

Class C common stock

Non-Controlling Interests in the Partnership

$ 236,967

$ 216,051

$ 178

$ 20,738

Increase (Decrease) in Partners' Capital [Roll Forward]

Partners' capital, ending balance at Mar. 31, 2021

1,375

$ 0

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

314,593

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

1,375

659,693

$ 38

$ 57

$ 188,751

$ 60,407

155

25,885

$ 0

$ 384,400

Increase (Decrease) in Partners' Capital [Roll Forward]

Net income

484,281

193,885

26,608

32,586

231,202

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

1,694

449

838

407

484,281

Equity-based compensation

1,694

449

838

407

Contributed capital

15,161

15,078

13,996

6,686

7,298

Distributions prior to Reorganization and IPO

(118,796)

(20,692)

(11,326)

(86,778)

Distributions

(118,796)

(20,692)

(11,326)

(86,778)

Purchase of non-controlling interests

(3,046)

(657)

(1,502)

(887)

Deferred offering costs

(653)

(357)

(296)

Dividends declared

(24,677)

Vesting of RSUs, net of shares withheld for employee taxes

(1)

Stock/units issued for Greenspring acquisition

$ 558,598

$ 135,239

$ 267,842

$ 64,847

$ 290,743

$ 70,392

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

(9)

Initial consolidation of legacy Greenspring general partner entities

158,142

Equity reallocation between controlling and non-controlling interests

115,434

914

(116,402)

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

^[1]

(55,293)

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

1,824,330

587,243

229,615

658

32,063

194,480

780,162

Increase (Decrease) in Partners' Capital [Roll Forward]

Net income

(47,051)

(18,398)

35,194

(44,075)

(19,772)

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

(687)

(196)

(338)

(153)

(45,275)

Equity-based compensation

(687)

(196)

(338)

(153)

Contributed capital

13,566

142

13,387

16,389

8,889

388

7,112

Distributions prior to Reorganization and IPO

(120,643)

(31,070)

(11,134)

(78,439)

Distributions

(120,643)

(31,070)

(11,134)

(78,439)

Dividends declared

(50,787)

Vesting of RSUs, net of shares withheld for employee taxes

(2,743)

(1,524)

(1,219)

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

(1)

(2)

(1)

Equity reallocation between controlling and non-controlling interests

19,546

(1)

(19,546)

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

^[1]

(3,586)

Total stockholders' equity, ending balance at Mar. 31, 2023

$ 1,628,787

$ 63

$ 46

$ 610,567

$ 160,430

$ 461

$ 36,380

$ 152,658

$ 668,182

[1]	See notes 11, 14 and 15 for more information.

Business Combinations - Pro Forma Effect (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Revenues	$ 1,866,986	$ 1,362,067
Net income attributable to StepStone Group Inc.	$ 168,653	$ 80,743

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Liabilities and Assets

Financial Instruments of the Company


	As of March 31, 2023
	Level I		Level II		Level III		Total








Liabilities
Contingent consideration obligations	$	—	$	—	$	36,745	$	36,745

Total liabilities	$	—	$	—	$	36,745	$	36,745


	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

Financial Instruments of Consolidated Funds


	As of March 31, 2023
	Level I		Level II		Level III		Total
Assets
Partnership and LLC interests	$	—	$	—	$	6,901	$	6,901
Total assets	$	—	$	—	$	6,901	$	6,901

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

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


	Year Ended March 31,
Contingent consideration obligations	2023		2022

Balance, beginning of year:	$	28,025		$	1,541
Additions	—			17,769
Change in fair value	9,361			9,600
Settlements	(641)			(885)
Balance, end of year:	$	36,745		$	28,025

Changes in unrealized losses included in earnings related to financial liabilities still held at the reporting date	$	9,361		$	9,600

Revenues

12 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

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


	Year Ended March 31,
Management and Advisory Fees, Net	2023		2022		2021
Focused commingled funds	$	227,003	$	148,725	$	97,223
SMAs	210,187		174,318		135,784
Advisory and other services	56,244		55,523		52,217
Fund reimbursement revenues	3,745		1,691		238
Total management and advisory fees, net	$	497,179	$	380,257	$	285,462


	Year Ended March 31,
Incentive Fees	2023		2022		2021
SMAs	$	6,606	$	11,441	$	5,446
Focused commingled funds	3,057		152		28
Total incentive fees	$	9,663	$	11,593	$	5,474


	Year Ended March 31,
Carried Interest Allocations	2023		2022		2021
SMAs	$	(110,020)	$	555,449	$	359,703
Focused commingled funds	(12,233)		231,120		137,077
Total carried interest allocations	$	(122,253)	$	786,569	$	496,780


	Year Ended March 31,
Legacy Greenspring Carried Interest Allocations	2023		2022		2021
SMAs	$	—	$	—	$	—
Focused commingled funds(1)	(452,163)		187,106		—
Total legacy Greenspring carried interest allocations	$	(452,163)	$	187,106	$	—

_______________________________

(1)The years ended March 31, 2023 and 2022 reflect the net effect of gross realized carried interest allocations of $74.7 million and $92.2 million, respectively, and the reversal of such amounts in unrealized carried interest allocations for the period.

The decrease in carried interest allocations and legacy Greenspring carried interest allocations for the year ended March 31, 2023 as compared to the year ended March 31, 2022 was primarily attributable to net unrealized depreciation in the fair value of certain underlying fund investments. The increase in carried interest allocations for the year ended March 31, 2022 as compared to the year ended March 31, 2021 was primarily attributable to net unrealized appreciation 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:


	Year Ended March 31,
Revenues(1)	2023		2022		2021
United States	$	(238,441)	$	428,282	$	166,719
Non-U.S. countries	170,867		937,243		620,997

_______________________________

(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 years ended March 31, 2023, 2022 and 2021, no individual client represented 10% or more of the Company’s net management and advisory fees.

As of March 31, 2023 and 2022, the Company had $21.6 million and $19.0 million, respectively, of deferred revenues, which is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets. During the year ended March 31, 2023, the Company had recognized $4.9 million as revenue from amounts included in the deferred revenue balance as of March 31, 2022.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	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)	62,834,791	61,141,306
Common stock, shares outstanding (in shares)	62,834,791	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)	46,420,141	47,149,673
Common stock, shares outstanding (in shares)	46,420,141	47,149,673

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Deferred tax assets:
Investment in the Partnership	$ 54,941	$ 39,720
Other	1,769	1,568
Total deferred tax assets before valuation allowance	56,710	41,288
Valuation allowance	(12,352)	(13,422)	$ (30,537)
Total net deferred tax assets	44,358	27,866
Deferred tax liabilities:
Total deferred tax liabilities	353	1,529
Net deferred tax assets	$ 44,005	$ 26,337

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

12 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Accrued carried interest-related compensation

$ 644,517

$ 763,557

Legacy Greenspring investments in funds and accrued carried interest allocations

^[1]

770,652

1,334,581

Non-Controlling Interests in Legacy Greenspring Entities

152,658

194,480

Affiliated Entity

Accrued carried interest-related compensation

644,500

763,600

Legacy Greenspring investments in funds and accrued carried interest allocations

$ 618,000

$ 1,140,100

Revenue Benchmark | Separately Managed Account Concentration Risk | Two Investments

Equity method investment, total accrued carried interest allocation percentage

24.00%

25.00%

Revenue Benchmark | Comingled Funds Concentration Risk | Two Investments

Equity method investment, total accrued carried interest allocation percentage

24.00%

Revenue Benchmark | Comingled Funds Concentration Risk | Three Investments

Equity method investment, total accrued carried interest allocation percentage

39.00%

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 5 and 15 for more information.

Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Revolver	$ 100,000	$ 65,000
Less: Debt issuance costs	(1,649)	(2,121)
Debt obligations	$ 98,351	$ 62,879

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

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2023

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	384,200	$	28.97
Vested	(660,796)	$	(20.03)
Forfeited	(34,996)	$	(22.06)
Balance as of March 31, 2023	1,775,732	$	22.46

Fair Value Measurements - Schedule of Changes in the Fair Value of Level III Financial Instruments (Details) - Contingent consideration obligations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period:	$ 28,025	$ 1,541
Additions	0	17,769
Change in fair value	9,361	9,600
Settlements	(641)	(885)
Balance, end of period:	36,745	28,025
Changes in unrealized losses included in earnings related to financial liabilities still held at the reporting date	$ 9,361	$ 9,600

Commitment and Contingencies - Narrative (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2023 USD ($) city	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Other Commitments [Line Items]
Number of cities for leased offices \| city	25
Gain on remeasurement of lease liabilities	$ 2,709	$ 0	$ 0
Occupancy expense			$ 9,300
Unfunded capital commitments	88,700	68,200
Carried interest, contingent repayment obligations	264,100
Legacy Funds
Other Commitments [Line Items]
Unfunded capital commitments	$ 50,600	$ 40,500

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Sep. 20, 2021	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2023	Apr. 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)		2,087,324	2,087,324	1,775,732	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			$ 13,800
Goodwill	573,750
Revenue since acquisition date		$ 230,000
Earnings since acquisition date		$ 54,000
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

Employee Benefits	12 Months Ended
Employee Benefits	Mar. 31, 2023
Retirement Benefits [Abstract]
Employee Benefits	Employee Benefits The Company provides defined contribution plans covering employees subject to minimum age and service guidelines. Eligible employees may contribute a percentage of their annual compensation subject to statutory guidelines. The Company makes non-discretionary contributions to the plans, which amounted to $4.6 million, $4.3 million and $3.2 million for the years ended March 31, 2023, 2022 and 2021, respectively, and are included in cash-based compensation in the consolidated statements of income. One of the Company’s subsidiaries with non-U.S. operations maintains a defined benefit pension plan (the “Plan”). The Plan covers certain non-U.S. employees and provides benefits to such employees upon retirement, disability and/or death. As of March 31, 2023 and 2022, the Plan’s assets totaled $27.4 million and $23.8 million, respectively. As of March 31, 2023 and 2022, the underfunded pension obligation, based on the latest actuarial determination, was $2.8 million and $2.2 million, respectively, and is included in accrued compensation and benefits in the consolidated balance sheets. Net period benefit cost recognized was $0.5 million, $1.1 million and $0.9 million for the years ended March 31, 2023, 2022 and 2021, respectively, which is included in cash-based compensation in the consolidated statements of income.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Equity Method Investments and Joint Ventures [Abstract]

Investments (Tables)

12 Months Ended

Mar. 31, 2023

Equity method investments

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


	As of March 31,
	2023		2022


Investments in funds(1)	115,187		107,045
Accrued carried interest allocations	1,227,173		1,480,515
Legacy Greenspring investments in funds and accrued carried interest allocations(2)	770,652		1,334,581
Total equity method investments	2,113,012		2,922,141
Total investments	$	2,143,607	$	2,922,141

_______________________________

(1)The Company’s investments in funds was $147.5 million as of March 31, 2023. The consolidation of the Consolidated Funds results in the elimination of the Company’s investments in such funds. No funds were consolidated as of March 31, 2022.

(2)Reflects investments in funds of $152.7 million and $194.5 million and carried interest allocations of $618.0 million and $1,140.1 million as of March 31, 2023 and 2022, respectively.

Equity Method Investments

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


	Year Ended March 31,
	2023		2022		2021
Carried interest allocations	$	(122,253)	$	786,569	$	496,780
Investment income (loss)	(2,509)		26,160		16,407
Legacy Greenspring carried interest allocations	(452,163)		187,106		—
Legacy Greenspring investment income (loss)	(44,075)		32,586		—
Total equity method income (loss)	$	(621,000)	$	1,032,421	$	513,187

Summarized financial information for the Company’s equity method investments reflected below represents the financial position as of March 31, 2023 and 2022, and the results of operations for the years ended March 31, 2023, 2022 and 2021, which are reported on a three-month lag. Assets are primarily comprised of the investments held by the StepStone Funds.


	As of March 31,
	2023		2022
Assets	$	65,536,494	$	62,297,224
Liabilities	1,806,252		944,519
Equity	$	63,730,242	$	61,352,705


	Year Ended March 31,
	2023		2022		2021
Investment income	$	115,092	$	84,279	$	46,889
Expenses	(446,413)		(382,704)		(224,611)
Net realized and unrealized gain (loss) on investments	(4,966,901)		16,868,454		6,369,649
Income tax expense	(12,261)		(10,875)		(5,994)
Net income (loss)	$	(5,310,483)	$	16,559,154	$	6,185,933

Schedule of Consolidated Funds

Investments held by the Consolidated Funds are summarized below:


	Fair Value as of March 31,				Percentage of Total Investments as of March 31,
	2023		2022		2023		2022

Investments of Consolidated Funds:
Partnership and LLC interests (cost of $21.3 million and $— million as of March 31, 2023 and 2022, respectively)	$	30,595	$	—	100	%	—	%


Total investments of Consolidated Funds	$	30,595	$	—	100	%	—	%

The following table summarizes net gains from investment activities of the Consolidated Funds:


	Year Ended March 31, 2023

	Net Realized Gains on Investments		Net Unrealized Gains on Investments
Investments of Consolidated Funds:

Partnership and LLC interests	$	3	$	9,312


Total investments of Consolidated Funds	$	3	$	9,312

Earnings Per Share

12 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per ShareBasic and diluted earnings per share of Class A common stock are presented for the years ended March 31, 2023 and 2022, and from September 16, 2020 through March 31, 2021, the period following the Reorganization and IPO. There were no shares of Class A common stock outstanding prior to September 16, 2020, therefore no earnings per share information has been presented for any period prior to that date.

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:


	Year Ended March 31, 2023		Year Ended March 31, 2022		Period from IPO date to March 31, 2021
(in thousands, except share and per share amounts)
Numerator:
Net income (loss) attributable to StepStone Group Inc. – Basic	$	(18,398)	$	193,885	$	62,634
Incremental income from assumed vesting of RSUs	—		4,043		1,854
Incremental income from assumed vesting and exchange of Class B2 units	—		7,689		3,923
Net income (loss) attributable to StepStone Group Inc. – Diluted	$	(18,398)	$	205,617	$	68,411

Denominator:
Weighted-average shares of Class A common stock outstanding – Basic	61,884,671		49,833,760		29,657,805
Assumed vesting of RSUs	—		1,289,809		1,151,579
Assumed vesting and exchange of Class B2 units	—		2,476,681		2,465,420
Weighted-average shares of Class A common stock outstanding – Diluted	61,884,671		53,600,250		33,274,804

Net income (loss) per share of Class A common stock:
Basic	$	(0.30)	$	3.89	$	2.11
Diluted	$	(0.30)	$	3.84	$	2.06

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 46,420,141 Class B units and 2,514,085 Class C units of the Partnership outstanding as of March 31, 2023, 47,149,673 Class B units and 2,928,824 Class C units of the Partnership outstanding as of March 31, 2022, and 56,378,831 shares of Class B units of the Partnership outstanding as of March 31, 2021, which are exchangeable into Class A common stock under the if-converted method, as the inclusion of such shares would be anti-dilutive.

As the Company was in a net loss position for the year ended March 31, 2023, the calculation of diluted earnings per share excludes potential shares of Class A common stock for 1,775,732 outstanding RSUs, 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.

Related Party Disclosures - Narrative (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Management and advisory fees, net \| Stepstone Funds
Related Party Transaction [Line Items]
Revenue from related parties	$ 335,600,000	$ 241,000,000	$ 171,000,000
Carried interest allocation revenues \| Stepstone Funds
Related Party Transaction [Line Items]
Revenue from related parties	(122,300,000)	786,600,000	496,800,000
Carried interest allocations, no economic interest \| Stepstone Funds
Related Party Transaction [Line Items]
Revenue from related parties	(452,200,000)	187,100,000	0
Tax Receivable Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Payments to related parties	$ 6,000,000	$ 800,000	$ 0

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

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Revenues - Schedule of Disaggregation of Revenue by Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ (67,574)	$ 1,365,525	$ 787,716
United States
Disaggregation of Revenue [Line Items]
Total revenues	(238,441)	428,282	166,719
Non-U.S. countries
Disaggregation of Revenue [Line Items]
Total revenues	$ 170,867	$ 937,243	$ 620,997

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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Income Taxes - Narrative (Details) - USD ($)		12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Decrease in valuation allowance recognized through equity			$ 5,006,000
Decrease in valuation allowance, income tax benefit		$ 1,975,000	27,413,000
Increase in deferred tax assets		6,500,000
Decrease in valuation allowance		200,000
Increase in due to related parties, tax receivable agreements	$ 8,500,000
Due to related parties, tax receivable agreements		199,300,000
Deferred tax assets, valuation allowance		12,352,000	$ 13,422,000	$ 30,537,000
Unrecognized tax benefits		0
Changes to uncertain tax positions		$ 0

Stockholders' Equity and Redeemable Interests - Narrative (Details)	1 Months Ended
	Dec. 31, 2022 shares	Sep. 30, 2022 shares	Jun. 30, 2022 shares	Mar. 31, 2023 classOfStock $ / shares shares
Equity [Abstract]
Number of classes of common stock outstanding \| classOfStock				2
Preferred stock, authorized (in shares)				25,000,000
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.001
Preferred stock, issued (in shares)				0
Preferred stock, outstanding (in shares)				0
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)	296,756
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Shares exchanged (in shares)	296,756
Exchange One \| Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)	414,739
Exchange One \| Class C common stock
Subsidiary, Sale of Stock [Line Items]
Shares exchanged (in shares)	414,739
Exchange Two \| Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)		175,000
Exchange Two \| Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Shares exchanged (in shares)		175,000
Exchange Three \| Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)			257,776
Exchange Three \| Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Shares exchanged (in shares)			257,776

Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Variable Interest Entity [Line Items]
Investments in funds	$ 115,187	$ 107,045
Legacy Greenspring investments in funds	152,700	194,500
Due from affiliates	54,322	19,369
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in funds	115,187	107,045
Legacy Greenspring investments in funds	152,658	194,480
Due from affiliates	29,017	18,830
Maximum exposure to loss	124,772	112,043
Variable Interest Entity, Not Primary Beneficiary, Subsidiaries
Variable Interest Entity [Line Items]
Less: Amounts attributable to non-controlling interests in subsidiaries	19,432	13,832
Variable Interest Entity, Not Primary Beneficiary, Legacy Entities
Variable Interest Entity [Line Items]
Less: Amounts attributable to non-controlling interests in subsidiaries	$ 152,658	$ 194,480

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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Fees and accounts receivable

Fair Value Measurements - Schedule of Fair Value of Liabilities and Assets (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	$ 30,595,000	$ 0
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	6,900,000
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligations	36,745,000	28,025,000
Total liabilities	36,745,000	28,025,000
Partnership and LLC interests	6,901,000
Total assets	6,901,000
Fair Value, Recurring \| Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligations	0	0
Total liabilities	0	0
Partnership and LLC interests	0
Total assets	0
Fair Value, Recurring \| Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligations	0	0
Total liabilities	0	0
Partnership and LLC interests	0
Total assets	0
Fair Value, Recurring \| Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligations	36,745,000	28,025,000
Total liabilities	36,745,000	$ 28,025,000
Partnership and LLC interests	6,901,000
Total assets	$ 6,901,000

Stockholder's Equity and Redeemable Interests - Redeemable Non-Controlling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 0
Contributions	22,754
Net income	1,776	$ 0	$ 0
Ending balance	$ 24,530	$ 0

Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2023

Mar. 31, 2022

Assets

Restricted cash

$ 955

$ 1,063

44,450

34,141

Due from affiliates

54,322

19,369

Accrued carried interest allocations

Investments in funds

115,187

107,045

1,227,173

1,480,515

Legacy Greenspring investments in funds and accrued carried interest allocations

^[1]

770,652

1,334,581

Deferred income tax assets

44,358

27,866

Lease right-of-use assets, net

101,130

61,065

Intangibles, net

354,645

398,126

Goodwill

580,542

Total assets

3,497,403

4,188,125

Accrued compensation and benefits

66,614

46,397

Accrued carried interest-related compensation

644,517

763,557

Legacy Greenspring accrued carried interest-related compensation

^[1]

617,994

1,140,101

Due to affiliates

205,424

199,355

Lease liabilities

121,224

70,965

Debt obligations

98,351

62,879

Total liabilities

1,844,086

2,363,795

Commitments and contingencies (Note 16)

Redeemable non-controlling interests in Consolidated Funds

24,530

Additional paid-in capital

610,567

587,243

Retained earnings

160,430

229,615

Accumulated other comprehensive income

461

658

Total StepStone Group Inc. stockholders’ equity

771,567

817,625

Total stockholders’ equity

1,628,787

1,824,330

Total liabilities and stockholders’ equity

3,497,403

4,188,125

Consolidated Entity, Excluding Consolidated VIE

Assets

Cash and cash equivalents

102,565

116,386

Other assets and receivables

44,060

27,426

Accounts payable, accrued expenses and other liabilities

89,396

80,541

Consolidated funds

Assets

Restricted cash

955

1,063

Fees and accounts receivable

39,996

29,060

Due from affiliates

14,061

5,252

Legacy Greenspring investments in funds and accrued carried interest allocations

Investments in funds

31,569

22,808

770,652

1,334,581

Deferred income tax assets

451

301

Lease right-of-use assets, net

15,084

17,206

Total assets

964,192

1,435,245

Accrued compensation and benefits

29,869

14,806

Legacy Greenspring accrued carried interest-related compensation

617,994

1,140,101

Due to affiliates

4,962

190

Lease liabilities

15,883

17,593

Total liabilities

682,718

1,181,238

Consolidated funds | Consolidated Funds

Assets

Cash and cash equivalents

25,997

Investments, at fair value

30,595

Other assets and receivables

772

Consolidated funds | Excluding Consolidated Funds

Other liabilities

566

Assets

Cash and cash equivalents

25,959

19,386

Other assets and receivables

8,101

5,588

Accounts payable, accrued expenses and other liabilities

13,444

8,548

Non-Controlling Interests in Subsidiaries

Non-Controlling Interests in Legacy Greenspring Entities

36,380

32,063

Non-Controlling Interests in the Partnership

152,658

194,480

Class A common stock, $0.001 par value, 650,000,000 authorized; 62,834,791 and 61,141,306 issued and outstanding as of March 31, 2023 and 2022, respectively

668,182

780,162

Class B common stock, $0.001 par value, 125,000,000 authorized; 46,420,141 and 47,149,673 issued and outstanding as of March 31, 2023 and 2022, respectively

Common stock

Summary of Significant Accounting Policies

Common stock

$ 46

$ 48

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 5 and 15 for more information.

Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The 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.

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.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management’s estimates and assumptions are based on historical experience and other factors, and these estimates and assumptions require management to exercise judgment in the process of applying the Company’s accounting policies. Factors that may affect or influence management’s estimates and assumptions could include expectations related to future events that management has deemed reasonable under the circumstances. Assumptions and estimates related to the valuation of investments, which directly affect carried interest allocations, carried interest related compensation, and the carrying amount of the Company’s equity in affiliated companies, involve a higher degree of judgment and complexity, and these assumptions and estimates may significantly affect the consolidated financial statements. Actual results could differ from these estimates and those differences may be material.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current period presentation. Amounts relating to unpaid realized carried interest-related compensation that were previously reported within accrued carried interest-related compensation have been presented within accrued compensation and benefits in the consolidated balance sheets. In addition, payments to related parties under Tax Receivable Agreements has been presented separately within cash flows from financing activities in the 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”), Swiss Capital Alternative Investments AG (“Swiss Capital”), and StepStone Group Private Wealth LLC (“SPW”) and certain StepStone Funds 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 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.

The Company and its subsidiaries manages or controls certain entities that constitute client investment funds that have been consolidated in the accompanying consolidated financial statements (“Consolidated Funds”). Including the results of the Consolidated Funds increases the reported amounts of the assets, liabilities, expenses and cash flows in the accompanying consolidated financial statements, and amounts related to economic interests held by third-party investors are reflected as redeemable non-controlling interests in Consolidated Funds. The revenues earned by the Company as investment manager of the Consolidated Funds are eliminated in consolidation and generally have no direct effect on the net income attributable to SSG or to Stockholders' Equity.

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 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 consolidated statements of income, is presented net of the portion of net income (loss) attributable to holders of non-controlling interests. See note 14 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 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.

Redeemable non-controlling interests in Consolidated Funds represent the economic interests in the Consolidated Funds which are not held by SSG, but are held by the client investors in the funds. These interests are presented as redeemable non-controlling interests in Consolidated Funds within the consolidated balance sheets, outside of permanent capital as the investors in these funds generally have the right to withdraw their capital, subject to the terms of the respective contractual agreements. Redeemable non-controlling interests in Consolidated Funds are allocated a share of income or loss in the respective fund 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.

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 consolidated financial statements.

Current Events

In 2022, financial markets experienced increased volatility amid rising interest rates, slowing economic growth, persistently high inflation and the ongoing Russia-Ukraine conflict. Central banks around the world pursued monetary policy tightening in an effort to bring down inflation to target rates, stoking recession fears. In the first quarter of 2023, signs of slowing inflation coupled with a strong labor market contributed to a rebound in financial markets despite the banking system volatility as recession fears receded in anticipation that interest rates may not rise as much as previously expected.

The Company is continuing to closely monitor developments related to COVID-19, inflation, rising interest rates, the ongoing Russia-Ukraine conflict and the banking crisis, and assess the impact on financial markets and the Company’s business. The Company’s results and the overall industry results have been and may continue to be adversely affected by slowdowns in fundraising activity and the pace of capital deployment, which have resulted in, and may continue to result in, delayed or decreased management fees. Further, fund managers have been unable or less able to profitably exit existing investments, such conditions have resulted in, and may continue to 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 consolidated financial statements.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash held in banks, money market funds and highly-liquid investments with original maturities of three months or less at the time of purchase.

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.

Fees and Accounts Receivable

Fees and accounts receivable represent contractual amounts due to the Company for management, advisory and incentive fees, net of allowances as applicable. The Company considers fees and accounts receivable to be fully collectible. Accordingly, no allowance for doubtful accounts has been established as of March 31, 2023 and 2022. If any accounts or portion thereof are deemed uncollectible, such amounts are expensed when that determination is made.

Due from Affiliates

Due from affiliates primarily relates to 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, amounts due from employees and loans due from affiliated entities. See note 13 for further disclosure of related party transactions.

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 obligation 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 note 6 for additional details regarding the fair value of the Company’s contingent consideration obligations balance and note 9 for additional details regarding the fair value of the Company’s revolving credit facility balance.

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.

Investments of Consolidated Funds

The Company’s Consolidated Funds are investment companies under GAAP and reflect their investments at estimated fair value. The Company has retained the specialized investment company accounting for the Consolidated Funds under GAAP. Investments of the Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in fair value is recognized in the consolidated statements of income. In addition, the Consolidated Funds do not consolidate their majority-owned and controlled investments in underlying portfolio companies.

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 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 consolidated statements of income. Minimum lease payments for leases with an initial term of 12 months or less are not recorded in the consolidated balance sheets. See note 16 for more information.

Property and Equipment

Property and equipment primarily consist of leasehold improvements, furniture, equipment, computer hardware and software and are stated at cost, less accumulated depreciation and amortization, with the net carrying amount included in other assets and receivables in the consolidated balance sheets. Property and equipment are depreciated over their estimated useful lives using the straight-line method, and the corresponding depreciation expense is included in general, administrative and other expenses in the consolidated statements of income. Property and equipment are depreciated over a period of five to seven years. Leasehold improvements are amortized over the shorter of their useful lives or remaining lease terms.

Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. The Company did not recognize any impairment charges related to property and equipment during each of the fiscal years ended March 31, 2023, 2022 and 2021.

Foreign Currency

The Company consolidates certain entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated using the exchange rates prevailing at the end of each reporting period and income and expenses are translated using the weighted-average exchange rate for each reporting period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated entities are included in other comprehensive income (loss) within the consolidated financial statements until realized. Gains and losses resulting from foreign-currency transactions denominated in a currency other than an entity’s functional currency are reported in other income (loss) in the consolidated statements of income. These transaction gains and (losses) totaled $(1.6) million, $(1.1) million and $0.6 million for the years ended March 31, 2023, 2022 and 2021, respectively.

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 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 March 31, 2023.

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 years ended March 31, 2023, 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. The Company performed annual goodwill impairment assessments as of January 1, 2023 and 2022 and determined that there was no impairment of goodwill as of either date.

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 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 15%) earned in respect of certain accounts, including certain permanent capital vehicles, 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 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 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 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 March 31, 2023 and 2022, no material amounts for potential clawback obligations had been accrued.

Compensation and Benefits

Cash-based compensation expense primarily includes salaries, bonuses, employee benefits and employer-related payroll taxes. Bonuses are accrued over the service period in which they are earned.

Equity-based compensation represents grants of equity-based awards or arrangements to certain employees and directors. 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 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. Awards classified as liabilities are remeasured at the end of each reporting period until settlement. See note 10 for additional information regarding the Company’s accounting for equity-based awards.

Performance fee-related compensation represents the portion of carried interest allocation revenue and incentive fees that have been awarded to employees as a form of long-term incentive compensation. Performance fee-related compensation is generally tied to the investment performance of the StepStone Funds. Approximately 50% of carried interest allocation revenue is awarded to employees as part of the Company’s long-term incentive compensation plan. Carried interest-related compensation is accounted for as compensation expense in conjunction with the related carried interest allocation revenue and, until paid, is recorded as a component of accrued carried interest-related compensation in the consolidated balance sheets. Carried interest-related compensation expense also includes the portion of net carried interest allocation revenue attributable to equity holders of the Company’s consolidated subsidiaries that are not 100% owned. Amounts presented as realized indicate the amounts paid or payable to employees based on the receipt of carried interest allocation revenue from realized investment activity. Carried interest-related compensation expense may be subject to reversal to the extent that the related carried interest allocation revenue is reversed. Carried interest-related compensation paid to employees may be subject to clawback on an after-tax basis under certain scenarios. To date, no material amounts of realized carried interest-related compensation have been reversed. Incentive fee-related compensation is accrued as compensation expense when it is probable and estimable that payment will be made in accordance with the applicable governing agreement.

Legacy Greenspring performance fee-related compensation represents the legacy Greenspring carried interest allocations, which is entirely payable to certain employees. Legacy Greenspring carried interest-related compensation is accounted for as compensation expense in conjunction with the related legacy Greenspring carried interest allocation revenue and, until paid, is recorded as a component of legacy Greenspring accrued carried interest-related compensation in the consolidated balance sheets. Legacy Greenspring carried interest-related compensation expense may be subject to reversal to the extent that the related legacy Greenspring carried interest allocation revenue is reversed. However, none of the legacy Greenspring carried interest allocation revenue is attributable to the Company.

General, Administrative and Other

General, administrative and other includes occupancy, travel and related costs, insurance, legal and other professional fees, depreciation, amortization of intangible assets, system-related costs, and other general costs associated with operating the Company’s business.

Other Income (Expense)

Investment income (loss) primarily represents the share of earnings (losses) from the investments the Company makes in its SMAs and focused commingled funds. The Company, either directly or through its subsidiaries, generally has a general partner interest in the StepStone Funds, which invest in primary funds, secondary funds and co-investment funds, or a combination thereof. Investment income will increase or decrease based on the earnings of the StepStone Funds, which are primarily driven by net realized and unrealized gains (losses) on the underlying investments held by the funds. The Company’s co-investment funds invest in underlying portfolio companies and therefore their valuation changes from period to period are more influenced by individual companies than the Company’s primary and secondary funds, which have exposures across multiple portfolio companies in underlying private markets funds. The Company’s SMAs and focused commingled funds invest across various industries, strategies and geographies. Consequently, the Company’s general partner investments do not include any significant concentrations in a specific sector or geography outside the United States. Investment income excludes carried interest allocations, which are presented as revenues as described above.

Legacy Greenspring investment income (loss) represents the share of earnings (losses) from the investments the Company makes in certain legacy Greenspring funds through the legacy Greenspring general partner entities. The Company has no direct economic interests in the legacy Greenspring general partner entities. As a result, all such income is reflected as non-controlling interests in legacy Greenspring entities. Legacy Greenspring investment income will increase or decrease based on the earnings of such legacy Greenspring funds, which are primarily driven by net realized and unrealized gains (losses) on the underlying investments held by the funds.

Interest income consists of income earned on cash, cash equivalents, restricted cash and certificates of deposit. Beginning in the quarter ended December 31, 2022, interest income includes amounts associated with the Consolidated Funds.

Interest expense primarily consists of the interest expense on the Revolver and the Company’s previously outstanding term loan, as well as the related amortization of deferred financing costs and amortization of original issue discount. The year ended March 31, 2021 includes a $3.5 million charge related to the write-off of unamortized debt issuance costs and discount in connection with the full repayment of the Company’s outstanding term loan in connection with the IPO in September 2020.

Other income (loss) includes foreign currency transaction gains and losses and non-operating activities. Beginning in the quarter ended December 31, 2022, other income (loss) includes amounts associated with the Consolidated Funds.

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 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 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 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 consolidated statements of income. See note 11 for more information.

The Company has elected to account for global intangible low-taxed income (“GILTI”) earned by foreign subsidiaries in the period the tax is incurred.

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 14 and 15 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 March 31,
	2023		2022
Foreign currency translation adjustments	$	280	$	331
Unrealized gain on defined benefit plan, net	181		327
Accumulated other comprehensive income	$	461	$	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.

Concentrations of Risk

Financial instruments that potentially subject the Company to concentrations of credit risk or other risks consist principally of cash, cash equivalents, restricted cash, investments and fees receivable. The majority of the Company’s cash, cash equivalents and restricted cash is held in large, high credit quality financial institutions. Substantially all cash amounts on deposit with these large financial institutions exceeded federally insured limits at March 31, 2023 and 2022. The Company actively monitors its banking relationships and periodically performs an assessment of the financial condition and the reputations of these financial institutions. Based on these results, management believes that the Company’s exposure to credit risk is remote. The concentration of credit risk related to fees receivable is generally reduced by the relatively short payment terms extended to the Company’s clients.

Amounts due to the Company in the form of carried interest allocations, which are reported as a component of investments in the consolidated balance sheets, remain subject to investment performance risk. In certain cases, carried interest allocations that have been distributed to the Company may remain subject to clawback, pursuant to the terms of the governing documents of the related funds. Refer to the discussion of carried interest above in this note 2 for additional details regarding the investment performance and clawback risk associated with carried interest allocations that have been recognized in income by the Company and/or recorded as accrued carried interest allocations in the consolidated balance sheets.

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 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”). Initially the update did not apply to contract modifications or hedging relationships entered into after December 31, 2022, but in December 2022, the FASB issued ASU 2022-06, which defers the sunset date for applying reference rate reform relief in ASC 848 to December 31, 2024. This guidance is effective for adoption anytime after March 12, 2020, but must be adopted prior to December 31, 2024. The Company is currently evaluating the impact on the 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 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 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 consolidated financial statements.

Intangibles and Goodwill

12 Months Ended

Mar. 31, 2023

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 March 31,
	2023		2022
Management contracts	$	352,002	$	352,002
Client relationships	96,650		96,650
Service agreements	9,537		9,537
Less: Accumulated amortization	(103,544)		(60,063)
Intangible assets, net	$	354,645	$	398,126

Amortization expense related to intangible assets was $43.5 million, $24.5 million and $3.3 million for the years ended March 31, 2023, 2022 and 2021, respectively. These amounts are included in general, administrative and other expenses in the consolidated statements of income.

The expected future amortization of finite-lived intangible assets is as follows:


Fiscal year ending March 31,
2024	$	42,645
2025	41,955
2026	41,764
2027	41,730
2028	41,713
Thereafter	144,838
Total	$	354,645

The carrying value of goodwill was $580.5 million as of March 31, 2023 and 2022. The Company determined there was no indication of goodwill impairment as of March 31, 2023 and 2022.

Investments

12 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments

The Company’s investments consist of equity method investments primarily related to (i) investments in the StepStone Funds for which it serves as general partner or managing member but does not have a controlling financial interest and (ii) investments of Consolidated Funds. The Company’s equity interest in its equity method investments in the StepStone Funds 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 consolidated statements of income. Investment income attributable to the Consolidated Funds is recorded in investment income of Consolidated Funds. 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 consolidated statements of income.

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


	As of March 31,
	2023		2022


Investments in funds(1)	115,187		107,045
Accrued carried interest allocations	1,227,173		1,480,515
Legacy Greenspring investments in funds and accrued carried interest allocations(2)	770,652		1,334,581
Total equity method investments	2,113,012		2,922,141
Total investments	$	2,143,607	$	2,922,141

_______________________________

(2)Reflects investments in funds of $152.7 million and $194.5 million and carried interest allocations of $618.0 million and $1,140.1 million as of March 31, 2023 and 2022, respectively.

Equity Method Investments

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


	Year Ended March 31,
	2023		2022		2021
Carried interest allocations	$	(122,253)	$	786,569	$	496,780
Investment income (loss)	(2,509)		26,160		16,407
Legacy Greenspring carried interest allocations	(452,163)		187,106		—
Legacy Greenspring investment income (loss)	(44,075)		32,586		—
Total equity method income (loss)	$	(621,000)	$	1,032,421	$	513,187

The decrease in carried interest allocations for the year ended March 31, 2023 as compared to the prior year periods 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 March 31, 2023 and 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 24% and 25%, respectively, of the total accrued carried interest allocations balance as of those dates. As of March 31, 2023 and 2022, the Company’s investments in two and three, respectively, commingled funds each individually represented 10% or more of the total legacy Greenspring accrued carried interest allocations balance, and in the aggregate represented approximately 24% 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 March 31, 2023 and 2022, $644.5 million and $763.6 million, respectively, were payable to affiliates and is included in accrued carried interest-related compensation in the consolidated balance sheets. Of the total legacy Greenspring investments in funds and accrued carried interest allocations balance as of March 31, 2023 and 2022, $618.0 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 consolidated balance sheets and $152.7 million and $194.5 million, respectively, are reflected as non-controlling interests in legacy Greenspring entities in the 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 March 31, 2023 and 2022 and for the years ended March 31, 2023, 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.


	As of March 31,
	2023		2022
Assets	$	65,536,494	$	62,297,224
Liabilities	1,806,252		944,519
Equity	$	63,730,242	$	61,352,705


	Year Ended March 31,
	2023		2022		2021
Investment income	$	115,092	$	84,279	$	46,889
Expenses	(446,413)		(382,704)		(224,611)
Net realized and unrealized gain (loss) on investments	(4,966,901)		16,868,454		6,369,649
Income tax expense	(12,261)		(10,875)		(5,994)
Net income (loss)	$	(5,310,483)	$	16,559,154	$	6,185,933

Investments of Consolidated Funds

The Company consolidates funds and entities when it is deemed to hold a controlling financial interest. Beginning in the quarter ended December 31, 2022, the Company consolidated one investment fund for which it is deemed to have a controlling financial interest. The activity of the Consolidated Funds is reflected within the consolidated financial statements.

Investments held by the Consolidated Funds are summarized below:


	Fair Value as of March 31,				Percentage of Total Investments as of March 31,
	2023		2022		2023		2022

Investments of Consolidated Funds:
Partnership and LLC interests (cost of $21.3 million and $— million as of March 31, 2023 and 2022, respectively)	$	30,595	$	—	100	%	—	%


Total investments of Consolidated Funds	$	30,595	$	—	100	%	—	%

As of March 31, 2023 and 2022, no individual investment had a fair value greater than 5% of the Company’s total assets.

The following table summarizes net gains from investment activities of the Consolidated Funds:


	Year Ended March 31, 2023

	Net Realized Gains on Investments		Net Unrealized Gains on Investments
Investments of Consolidated Funds:

Partnership and LLC interests	$	3	$	9,312


Total investments of Consolidated Funds	$	3	$	9,312

Debt Obligations - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
Debt Obligations - Narrative (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2023	Mar. 31, 2022
Line of Credit Facility [Line Items]
Debt obligations outstanding		$ 98,351,000	$ 62,879,000
Credit Agreement
Line of Credit Facility [Line Items]
Letters of credit outstanding		7,800,000
Revolving credit facility \| Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 225,000,000
Term	5 years
Debt obligations outstanding		$ 98,400,000
Base interest rate		1.00%
Interest rate in effect		6.86%
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

Intangibles and Goodwill - Schedule of Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 42,645
2025	41,955
2026	41,764
2027	41,730
2028	41,713
Thereafter	144,838
Intangible assets, net	$ 354,645	$ 398,126

Business Combinations (Tables)

12 Months Ended

Mar. 31, 2023

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

_______________________________

(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.

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:


	Year Ended March 31,
	2022		2021
Revenues	$	1,866,986	$	1,362,067
Net income attributable to StepStone Group Inc.	168,653		80,743

Intangibles and Goodwill - Schedule of Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Less: Accumulated amortization	$ (103,544)	$ (60,063)
Intangible assets, net	354,645	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

Revenues (Tables)

12 Months Ended

Mar. 31, 2023

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:


	Year Ended March 31,
Management and Advisory Fees, Net	2023		2022		2021
Focused commingled funds	$	227,003	$	148,725	$	97,223
SMAs	210,187		174,318		135,784
Advisory and other services	56,244		55,523		52,217
Fund reimbursement revenues	3,745		1,691		238
Total management and advisory fees, net	$	497,179	$	380,257	$	285,462


	Year Ended March 31,
Incentive Fees	2023		2022		2021
SMAs	$	6,606	$	11,441	$	5,446
Focused commingled funds	3,057		152		28
Total incentive fees	$	9,663	$	11,593	$	5,474


	Year Ended March 31,
Carried Interest Allocations	2023		2022		2021
SMAs	$	(110,020)	$	555,449	$	359,703
Focused commingled funds	(12,233)		231,120		137,077
Total carried interest allocations	$	(122,253)	$	786,569	$	496,780


	Year Ended March 31,
Legacy Greenspring Carried Interest Allocations	2023		2022		2021
SMAs	$	—	$	—	$	—
Focused commingled funds(1)	(452,163)		187,106		—
Total legacy Greenspring carried interest allocations	$	(452,163)	$	187,106	$	—

_______________________________

Revenue from External Customers by Geographic Areas

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:


	Year Ended March 31,
Revenues(1)	2023		2022		2021
United States	$	(238,441)	$	428,282	$	166,719
Non-U.S. countries	170,867		937,243		620,997

_______________________________

(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.

Fair Value Measurements - Narrative (Details)		3 Months Ended	12 Months Ended
Fair Value Measurements - Narrative (Details)	Sep. 20, 2021 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in fair value hierarchy levels			$ 0	$ 0
Investments of Consolidated Funds			30,595,000	$ 0
Changes in fair value hierarchy levels			0
Fair Value Measured at Net Asset Value Per Share
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments of Consolidated Funds			23,700,000
Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments of Consolidated Funds			$ 6,900,000
Greenspring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration	$ 17,769,000	$ 17,800,000
Measurement Input, Discount Rate \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input			0.08
Measurement Input, Discount Rate \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input			0.10

Stockholders' Equity and Redeemable Interests

12 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity and Redeemable Interests

Stockholders’ Equity and Redeemable Interests

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 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	729,532	(729,532)
Class A common stock issued in exchange for Class C Partnership units	414,739	—
Class A common stock issued for vesting of RSUs, net of shares withheld for employee taxes	549,214	—
March 31, 2023	62,834,791	46,420,141

The Company has 25,000,000 authorized shares of preferred stock, par value of $0.001 per share, and as of March 31, 2023, no shares of preferred stock were issued or outstanding.

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

In December 2022, the Company issued 296,756 shares of Class A common stock to certain limited partners of the Partnership in exchange for 296,756 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. On the same date, the Company also issued 414,739 shares of Class A common stock to certain limited partners of the Partnership in exchange for 414,739 Class C units in accordance with the elective exchange notices submitted pursuant to an agreement with the Class C limited partners (the “Class C Exchange Agreement”) to allow for exchange of Class C units of the Partnership to shares of Class A common stock of the Company on a one-for-one basis, subject to certain restrictions.

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 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.

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.

Dividends and Distributions

Dividends and distributions are reflected in the 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.

The following table presents information regarding quarterly dividends on Class A common shares for the periods indicated:

Quarterly Fiscal Period1

Dividend Payment Date

Dividend Per Share of Class A Common Stock

First quarter

N/A

Second quarter

N/A

Third quarter

N/A

Fourth quarter

March 12, 2021

0.07

Total dividends paid in FY2021

0.07

First quarter

July 15, 2021

0.07

Second quarter

September 15, 2021

0.07

Third quarter

December 15, 2021

0.15

Fourth quarter

March 15, 2022

0.15

Total dividends paid in FY2022

0.44

First quarter

June 30, 2022

0.20

Second quarter

September 15, 2022

0.20

Third quarter

December 15, 2022

0.20

Fourth quarter

March 15, 2023

0.20

Total dividends paid in FY2023

0.80

_______________________________

Redeemable Non-Controlling Interests

The following table summarizes the activities associated with the redeemable non-controlling interests in Consolidated Funds:


	Year Ended March 31, 2023

Beginning balance	$	—

Contributions	22,754

Net income	1,776
Ending balance	$	24,530

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.

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Business Combination and Asset Acquisition [Abstract]

Income Taxes - Reconciliation To Effective Tax Rate (Details)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Federal tax at statutory rate	21.00%	21.00%	21.00%
State and local income tax	0.80%	0.80%	0.60%
Income passed through to limited partners	(13.60%)	(11.90%)	(15.70%)
Foreign income tax	(18.50%)	1.20%	1.00%
Valuation allowance	4.70%	(5.30%)	0.00%
Return to provision	(3.70%)	(0.10%)	0.00%
Other	0.10%	(0.20%)	0.00%
Effective tax rate	(9.20%)	5.50%	6.90%

Business Combinations

12 Months Ended

Mar. 31, 2023

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”). 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 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

_______________________________

For the year ended March 31, 2022, the Company incurred $13.8 million of acquisition-related costs that were expensed as incurred and included in general, administrative and other expenses in the 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 March 31, 2022 were approximately $230 million and $54 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:


	Year Ended March 31,
	2022		2021
Revenues	$	1,866,986	$	1,362,067
Net income attributable to StepStone Group Inc.	168,653		80,743

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 combined financial information has been prepared utilizing periods that differ by less than 93 days. The unaudited pro forma information for the year ended March 31, 2022 combines the Company’s historical audited consolidated statement of income for the year ended March 31, 2022 and Greenspring’s historical unaudited combined statement of income for the 12 months ended March 31, 2022. The unaudited pro forma information for the year ended March 31, 2021 combines the Company’s historical audited consolidated statement of income for the year ended March 31, 2021 and Greenspring’s historical audited combined statement of income for the fiscal year ended December 31, 2020.

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 year ended March 31, 2021.

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

12 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Mar. 31, 2021

Schedule of Equity Method Investments [Line Items]

Investment income (loss)

$ (2,509)

$ 26,160

$ 16,407

Legacy Greenspring investment income (loss)

^[1]

(44,075)

32,586

Total equity method income (loss)

(621,000)

1,032,421

513,187

Carried Interest Allocations

Schedule of Equity Method Investments [Line Items]

Legacy Greenspring Carried Interest Allocations

(122,253)

786,569

496,780

Schedule of Equity Method Investments [Line Items]

^[1]

$ (452,163)

$ 187,106

$ 0

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 3, 5 and 15 for more information.

Summary of Significant Accounting Policies - AOCI (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	$ 1,628,787	$ 1,824,330	$ 659,693
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	280	331
Unrealized gain on defined benefit plan, net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	181	327
Accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	$ 461	$ 658	$ 155

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.

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Share-Based Payment Arrangement [Abstract]

Income Taxes - Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Valuation Allowance [Roll Forward]
Beginning balance	$ 13,422	$ 30,537
Income tax decrease	(1,975)	(27,413)
Equity decrease		(5,006)
Equity increase	905	15,304
Ending balance	$ 12,352	$ 13,422

Equity-Based Compensation

12 Months Ended

Mar. 31, 2023

Equity-Based Compensation

2020 Long-Term Incentive Plan

The Company has adopted its 2020 Long-Term Incentive Plan (“LTIP”), which allows for the granting of stock options, stock appreciation rights, restricted stock awards, RSUs and performance stock awards to employees, directors and consultants. As of March 31, 2023, there were 17,644,444 shares of Class A common stock available to grant under the LTIP.

Restricted Stock Units

RSUs represent the right to receive payment on the date of vesting in the form of one share of Class A common stock for each RSU. Holders of unvested RSUs do not have the right to vote with the underlying shares of Class A common stock, but are entitled to accrue dividend equivalents which are generally paid in cash when such RSUs vest. The RSUs granted generally vest over four years in equal annual installments. Upon vesting, the Company will typically withhold or cause the participant to sell the number of shares to satisfy the statutory withholding tax obligation and deliver the net number of resulting shares vested.

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	384,200	$	28.97
Vested	(660,796)	$	(20.03)
Forfeited	(34,996)	$	(22.06)
Balance as of March 31, 2023	1,775,732	$	22.46

The weighted-average grant-date fair value of RSUs granted during the years ended March 31, 2023, 2022, and 2021 was $28.97, $35.18, and $18.53, respectively. The total fair value as of the respective vesting dates of RSUs vested during the years ended March 31, 2023 and 2022 was $16.5 million and $27.5 million. No RSUs vested during the year ended March 31, 2021.

In November 2022, one the Company’s non-wholly owned subsidiaries issued new partnership interests to certain employees with a grant date fair value of $6.1 million, vesting over six years. The issuance did not impact the Company’s fully diluted interest in the subsidiary.

Unvested Partnership Units

In June 2018, the Company issued an aggregate of 5.2% of profits interests (the “Class B2 Interests”) in the Company to certain key employees. These Class B2 Interests provide the recipients with an opportunity to participate in the profits of the Company and proceeds of certain capital events. The Class B2 Interests vest over a period of six years from the grant date, subject to an employee’s continuous service with the Company through the applicable vesting date. Under the terms of the Fifth Amended and Restated Limited Partnership Agreement dated March 8, 2018, the vesting of the awards will occur as follows: (i) 0% during the first three years from the date of issuance, (ii) 30.0% on the third anniversary of the date of issuance, and (iii) 5.8% for each fiscal quarter after the third anniversary of the date of issuance (fully vested on the sixth anniversary of the date of issuance, or June 2024). Upon the final vesting date, all of the Class B2 units will automatically convert into Class B units 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.

The Class B2 Interests are classified as equity-based awards, and the associated equity-based compensation expense is recognized on a straight-line basis over the vesting period, with a corresponding increase to stockholders’ equity in the Company’s consolidated balance sheets.

As of March 31, 2023, there were 2,566,566 Class B2 units outstanding. During the year ended March 31, 2023, none of the outstanding Class B2 units were forfeited. As of March 31, 2023, 748,582 Class B2 units were unvested and 1,817,984 Class B2 units were vested.

As of March 31, 2023, $41.1 million of unrecognized non-cash compensation expense in respect of equity-based awards remained to be recognized over a weighted-average period of approximately 3.8 years.

The Company recognized tax benefits related to equity-based awards of $1.8 million and $7.4 million for the years ended March 31, 2023 and 2022, respectively. No tax benefits were recognized for the year ended March 31, 2021.

Liability Classified Awards

In November 2022, the Company issued a profits interest in SPW to certain employees of the SPW team and concurrently 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) the SPW management team, through an entity named CH Equity Partners, LLC (formerly known as Conversus Holdings LLC), has the right to put the profits interest to StepStone on June 30, 2026 or at the end of any fiscal quarter thereafter, in exchange for payment of a put price. The applicable call or put price is, in certain circumstances, subject to an earn-out or earn-down. 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.

The Company accounted for the profits interest and option agreement as a single unit of account as a liability classified equity-based award. There are no vesting provisions or service requirements related to the award. For the year ended March 31, 2023, the Company recognized $8.6 million of expense related to the fair value of the liability classified awards within equity-based compensation expense in the consolidated statements of income. For the years ended March 31, 2023, 2022 and 2021, no amounts were paid related to settlement for liability classified awards.

Variable Interest Entities (Tables)

12 Months Ended

Mar. 31, 2023

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 consolidated balance sheets with respect to the Company’s interests in VIEs that were not consolidated is set forth below:


	As of March 31,
	2023		2022
Investments in funds	$	115,187	$	107,045
Legacy Greenspring investments in funds	152,658		194,480
Due from affiliates, net	29,017		18,830
Less: Amounts attributable to non-controlling interests in subsidiaries	19,432		13,832
Less: Amounts attributable to non-controlling interests in legacy Greenspring entities	152,658		194,480
Maximum exposure to loss	$	124,772	$	112,043

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.

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
Earnings Per Share - Narrative (Details) - shares	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,775,732
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
Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	23,418
Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)	46,420,141	47,149,673	56,378,831
Class C common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)	2,514,085	2,928,824

Investments - Summarized Financial Information (Details) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Financial Position
Assets		$ 3,497,403	$ 4,188,125
Liabilities		1,844,086	2,363,795
Equity	$ 659,693	1,628,787	1,824,330	$ 659,693
Results of Operations
Expenses		67,077	(913,163)	(459,547)
Income tax expense		(3,821)	(28,300)	(23,256)
Net income (loss)	$ 256,900	(45,275)	484,281	314,593
Equity method investments
Financial Position
Assets		65,536,494	62,297,224
Liabilities		1,806,252	944,519
Equity		63,730,242	61,352,705
Results of Operations
Investment income		115,092	84,279	46,889
Expenses		(446,413)	(382,704)	(224,611)
Net realized and unrealized gain (loss) on investments		(4,966,901)	16,868,454	6,369,649
Income tax expense		(12,261)	(10,875)	(5,994)
Net income (loss)		$ (5,310,483)	$ 16,559,154	$ 6,185,933

Label	Element	Value
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	$ 11,221,000
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	7,174,000
Partners' Capital Account, Reallocation Between Controlling And Non-Controlling Interest	step_PartnersCapitalAccountReallocationBetweenControllingAndNonControllingInterest	0
Partners' Capital Account, Reallocation Between Controlling And Non-Controlling Interest	step_PartnersCapitalAccountReallocationBetweenControllingAndNonControllingInterest	0
Partners' Capital Account, Contributions	us-gaap_PartnersCapitalAccountContributions	27,000
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	63,585,000
Adjustments To Additional Paid In Capital, Deferred Tax Effect	step_AdjustmentsToAdditionalPaidInCapitalDeferredTaxEffect	2,596,000
Dividends	us-gaap_Dividends	2,227,000
Partners' Capital Account, Sale of Units	us-gaap_PartnersCapitalAccountSaleOfUnits	3,308,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	34,091,000
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	0
Partners' Capital Account, Unit-Based Payment Arrangement, Amount	us-gaap_PartnersCapitalAccountUnitBasedCompensation	725,000
Stock Issued During Period, Value, Exchange Of Securities And New Issues	step_StockIssuedDuringPeriodValueExchangeOfSecuritiesAndNewIssues	(9,000)
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	337,798,000
Adjustments To Additional Paid In Capital, Purchase Of Partnership Interests	step_AdjustmentsToAdditionalPaidInCapitalPurchaseOfPartnershipInterests	127,986,000
Noncontrolling Interest, Increase From Contributions	step_NoncontrollingInterestIncreaseFromContributions	2,749,000
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest	57,693,000
Partners' Capital Account, Treasury Units, Purchased	us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases	3,308,000
Partners' Capital [Member]
Partners' Capital Account, Reallocation Between Controlling And Non-Controlling Interest	step_PartnersCapitalAccountReallocationBetweenControllingAndNonControllingInterest	252,000
Partners' Capital Account, Contributions	us-gaap_PartnersCapitalAccountContributions	27,000
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	50,424,000
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	(211,894,000)
Partners' Capital Account, Unit-Based Payment Arrangement, Amount	us-gaap_PartnersCapitalAccountUnitBasedCompensation	723,000
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest	45,265,000
Additional Paid-in Capital [Member]
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	3,611,000
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	2,239,000
Partners' Capital Account, Reallocation Between Controlling And Non-Controlling Interest	step_PartnersCapitalAccountReallocationBetweenControllingAndNonControllingInterest	(40,503,000)
Adjustments To Additional Paid In Capital, Deferred Tax Effect	step_AdjustmentsToAdditionalPaidInCapitalDeferredTaxEffect	2,596,000
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	23,432,000
Stock Issued During Period, Value, Exchange Of Securities And New Issues	step_StockIssuedDuringPeriodValueExchangeOfSecuritiesAndNewIssues	(9,000)
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	337,778,000
Adjustments To Additional Paid In Capital, Purchase Of Partnership Interests	step_AdjustmentsToAdditionalPaidInCapitalPurchaseOfPartnershipInterests	127,979,000
AOCI Attributable to Parent [Member]
Partners' Capital Account, Reallocation Between Controlling And Non-Controlling Interest	step_PartnersCapitalAccountReallocationBetweenControllingAndNonControllingInterest	37,000
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	335,000
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	118,000
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	(513,000)
Retained Earnings [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	62,634,000
Dividends	us-gaap_Dividends	2,227,000
Partnership Of Subsidiary [Member] \| Noncontrolling Interest [Member]
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	7,610,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	183,518,000
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	4,923,000
Partners' Capital Account, Reallocation Between Controlling And Non-Controlling Interest	step_PartnersCapitalAccountReallocationBetweenControllingAndNonControllingInterest	40,466,000
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	221,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	26,051,000
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	188,893,000
Noncontrolling Interest, Increase From Contributions	step_NoncontrollingInterestIncreaseFromContributions	40,000
Subsidiaries [Member] \| Noncontrolling Interest [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	10,748,000
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	12,000
Partners' Capital Account, Reallocation Between Controlling And Non-Controlling Interest	step_PartnersCapitalAccountReallocationBetweenControllingAndNonControllingInterest	(252,000)
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	13,161,000
Partners' Capital Account, Sale of Units	us-gaap_PartnersCapitalAccountSaleOfUnits	3,308,000
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	350,000
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	351,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	8,040,000
Partners' Capital Account, Unit-Based Payment Arrangement, Amount	us-gaap_PartnersCapitalAccountUnitBasedCompensation	2,000
Noncontrolling Interest, Increase From Contributions	step_NoncontrollingInterestIncreaseFromContributions	2,709,000
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest	12,428,000
Partners' Capital Account, Treasury Units, Purchased	us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases	3,308,000
Common Class A [Member] \| Common Stock [Member]
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	9,000
Stock Issued During Period, Value, Exchange Of Securities And New Issues	step_StockIssuedDuringPeriodValueExchangeOfSecuritiesAndNewIssues	9,000
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	20,000
Common Class B [Member] \| Common Stock [Member]
Stockholders' Equity, Effect Of Reorganization	step_StockholdersEquityEffectOfReorganization	73,000
Stock Issued During Period, Value, Exchange Of Securities And New Issues	step_StockIssuedDuringPeriodValueExchangeOfSecuritiesAndNewIssues	(9,000)
Adjustments To Additional Paid In Capital, Purchase Of Partnership Interests	step_AdjustmentsToAdditionalPaidInCapitalPurchaseOfPartnershipInterests	$ 7,000

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Variable Interest Entity [Line Items]
Assets	$ 3,497,403	$ 4,188,125
Liabilities	1,844,086	2,363,795
Consolidated funds
Variable Interest Entity [Line Items]
Assets	964,192	1,435,245
Liabilities	$ 682,718	$ 1,181,238

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
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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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Schedule of Accumulated Other Comprehensive Income (Loss)

Revenues - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 21.6	$ 19.0
Deferred revenue, revenue recognized	$ 4.9

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

The components of accumulated other comprehensive income were as follows:


	As of March 31,
	2023		2022
Foreign currency translation adjustments	$	280	$	331
Unrealized gain on defined benefit plan, net	181		327
Accumulated other comprehensive income	$	461	$	658

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Due from affiliates	$ 54,322	$ 19,369
Due to affiliates	205,424	199,355
Stepstone Funds
Related Party Transaction [Line Items]
Due from affiliates	33,813	19,027
Due to affiliates	4,796	198
Employees
Related Party Transaction [Line Items]
Due from affiliates	7,016	342
Due to affiliates	1,321	1,953
Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliates	13,493	0
Due to affiliates	$ 199,307	$ 197,204

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

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

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Equity Method Investments and Joint Ventures [Abstract]

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

Mar. 31, 2023

Mar. 31, 2022

Investments of Consolidated Funds

$ 30,595,000

$ 0

Equity method investments:

Investments in funds

115,187,000

107,045,000

Accrued carried interest allocations

1,227,173,000

1,480,515,000

Legacy Greenspring investments in funds and accrued carried interest allocations

^[1]

770,652,000

1,334,581,000

Total equity method investments

2,113,012,000

2,922,141,000

Total investments

2,143,607,000

2,922,141,000

Investment in fund, before eliminations

147,500,000

Legacy Greenspring investments in funds

152,700,000

194,500,000

Legacy Greenspring accrued carried interest allocations

$ 618,000,000

$ 1,140,100,000

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 5 and 15 for more information.

Earnings Per Share (Tables)

12 Months Ended

Mar. 31, 2023

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:


	Year Ended March 31, 2023		Year Ended March 31, 2022		Period from IPO date to March 31, 2021
(in thousands, except share and per share amounts)
Numerator:
Net income (loss) attributable to StepStone Group Inc. – Basic	$	(18,398)	$	193,885	$	62,634
Incremental income from assumed vesting of RSUs	—		4,043		1,854
Incremental income from assumed vesting and exchange of Class B2 units	—		7,689		3,923
Net income (loss) attributable to StepStone Group Inc. – Diluted	$	(18,398)	$	205,617	$	68,411

Denominator:
Weighted-average shares of Class A common stock outstanding – Basic	61,884,671		49,833,760		29,657,805
Assumed vesting of RSUs	—		1,289,809		1,151,579
Assumed vesting and exchange of Class B2 units	—		2,476,681		2,465,420
Weighted-average shares of Class A common stock outstanding – Diluted	61,884,671		53,600,250		33,274,804

Net income (loss) per share of Class A common stock:
Basic	$	(0.30)	$	3.89	$	2.11
Diluted	$	(0.30)	$	3.84	$	2.06

Organization (Details) $ / shares in Units, $ in Thousands				12 Months Ended
Organization (Details) $ / shares in Units, $ in Thousands	Mar. 31, 2022	Sep. 20, 2021 shares	Sep. 18, 2020 USD ($) vote $ / shares shares	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Subsidiary, Sale of Stock [Line Items]
Shares redeemed (in shares)			100
Offering costs \| $				$ 0	$ 1,732	$ 10,142
Purchase of non-controlling interests \| $				$ 0	$ 3,046	$ 131,294
Greenspring
Subsidiary, Sale of Stock [Line Items]
Ownership percentage acquired		100.00%
Conversion of Class B Units to Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Conversion of stock (in shares)			1
Blocker Entities \| Owners
Subsidiary, Sale of Stock [Line Items]
Ownership percentage			100.00%
Partnership
Subsidiary, Sale of Stock [Line Items]
Membership ownership percentage	56.20%
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]
Shares issued in acquisition (in shares)		12,686,756
Class A Common Stock \| Non-Controlling Interests in the Partnership
Subsidiary, Sale of Stock [Line Items]
Purchase of non-controlling interests \| $			$ 209,800
Number of partnership units acquired (in shares)			12,500,000
Class A Common Stock \| Blocker Entities \| Owners
Subsidiary, Sale of Stock [Line Items]
Number of shares owned after all transactions (in shares)			9,112,500
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, number of votes \| vote			5
Class B Common Stock \| Non-Controlling Interests in the Partnership
Subsidiary, Sale of Stock [Line Items]
Purchase of non-controlling interests \| $			$ 128,000
Number of partnership units acquired (in shares)			7,625,000
Class C common stock
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, conversion basis (in shares)		1
Class C common stock \| Greenspring
Subsidiary, Sale of Stock [Line Items]
Shares issued in acquisition (in shares)		3,071,519
Conversion of stock, conversion basis (in shares)		1
General Partner \| Partnership
Subsidiary, Sale of Stock [Line Items]
Membership ownership percentage			100.00%
IPO
Subsidiary, Sale of Stock [Line Items]
Net proceeds from stock offering \| $			$ 337,800
Offering costs \| $			24,500
IPO \| Partnership
Subsidiary, Sale of Stock [Line Items]
Offering costs \| $			$ 9,700
IPO \| Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Shares sold in offering (in shares)			20,125,000
Offering price per share (in dollars per share) \| $ / shares			$ 18.00

Income Taxes - Income Before Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Domestic income (loss) before income tax	$ (102,560)	$ 471,247	$ 307,396
Foreign income before income tax	61,106	41,334	30,453
Total income (loss) before income tax	$ (41,454)	$ 512,581	$ 337,849

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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

12 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Mar. 31, 2021

Equity-based compensation

Total revenues

$ (67,574)

$ 1,365,525

$ 787,716

Compensation and benefits:

Cash-based compensation

252,180

197,482

157,123

24,940

13,996

7,899

Performance fee-related compensation:

Realized

79,846

91,208

30,532

Unrealized

(119,039)

312,903

215,508

Total performance fee-related compensation

(39,193)

404,111

246,040

Legacy Greenspring performance fee-related compensation

^[1]

(452,163)

187,106

Total compensation and benefits

(214,236)

802,695

411,062

General, administrative and other

147,159

110,468

48,485

Total expenses

(67,077)

913,163

459,547

Legacy Greenspring investment income (loss)

Investment income (loss)

(2,509)

26,160

16,407

^[1]

(44,075)

32,586

Unrealized investment income of Consolidated Funds

9,315

Interest income

1,921

337

413

Interest expense

(4,189)

(1,113)

(7,360)

Other income (loss)

(1,420)

2,249

220

Total other income (expense)

(40,957)

60,219

9,680

Total income (loss) before income tax

(41,454)

512,581

337,849

Income tax expense

3,821

28,300

23,256

Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds

(45,275)

484,281

314,593

1,776

Net income (loss) attributable to StepStone Group Inc.

$ (18,398)

$ 193,885

$ 62,634

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

Basic (in dollars per share)

$ (0.30)

$ 3.89

$ 2.11

Diluted (in dollars per share)

$ (0.30)

$ 3.84

$ 2.06

Weighted-average shares of Class A common stock:

Basic (in shares)

61,884,671

49,833,760

29,657,805

Diluted (in shares)

61,884,671

53,600,250

33,274,804

Dividends declared per share of Class A common stock (in dollars per share)

$ 0.80

$ 0.44

$ 0.07

Non-Controlling Interests in Subsidiaries

Less: Net income attributable to non-controlling interests

$ 35,194

$ 26,608

$ 23,176

Non-Controlling Interests in Legacy Greenspring Entities

Performance fee-related compensation:

Unrealized

(526,837)

94,944

Less: Net income attributable to non-controlling interests

^[1]

(44,075)

32,586

Non-Controlling Interests in the Partnership

Less: Net income attributable to non-controlling interests

(19,772)

231,202

228,783

Management and advisory fees, net

Revenues

Service fees

497,179

380,257

285,462

Incentive fees

Revenues

Service fees

9,663

11,593

5,474

Carried Interest Allocations

(122,253)

786,569

496,780

Realized

131,089

200,718

62,953

Unrealized

Legacy Greenspring Carried Interest Allocations

(253,342)

585,851

433,827