StepStone is a global private markets investment firm that helps institutional and individual investors build and manage portfolios across four asset classes: private equity, infrastructure, private debt, and real estate. The company uses three investment strategies: primaries, secondaries, and co-investments. StepStone delivers these strategies through customized separately managed accounts, commingled funds, and non-discretionary advisory and data services. The business model generates two primary revenue streams: recurring management and advisory fees and variable performance fees. Management fees are typically based on committed or invested capital within long-duration vehicles, while performance fees represent a share of investment profits above specific return hurdles. StepStone is growing its private wealth platform, which offers evergreen, semi-liquid products to individual investors through wirehouses and advisors. Additionally, the company earns money from its SPI data platform by licensing private markets research and analytics to external partners. StepStone's strategy focuses on expanding existing client relationships, capturing new institutional mandates in international markets, and using its global-local operating model across its network of 31 cities.