StepStone Group Inc. announced a partnership with CrowdStreet that will place three of its evergreen private‑market funds—SPRIM, SPRING, and CRDEX—on the CrowdStreet platform, giving accredited investors direct access to private equity, secondaries, co‑investments, real assets and private credit opportunities.
The SPRIM fund offers a broad private‑markets solution, SPRING focuses on venture and growth equity, and CRDEX provides private‑credit income. By listing these funds on CrowdStreet, StepStone extends its private‑wealth offering to a mass‑affluent audience that has historically been excluded from private‑market investments.
StepStone’s private‑wealth platform has accelerated from $3.4 billion in assets under management (AUM) at the start of 2024 to over $15 billion by early 2026. A November 2025 report noted $12.1 billion in AUM, and a February 2026 update confirmed $15 billion, underscoring the rapid growth that the new partnership is expected to sustain.
In its most recent earnings, StepStone reported earnings per share of $0.65, beating consensus estimates of $0.60 by $0.05. Revenue of $241.1 million fell short of the $363.92 million expected, while a negative net margin of 30.66% reflected higher operating costs and a shift in fee income mix. The EPS beat was driven by disciplined cost management and the continued demand for StepStone’s fee‑generating private‑wealth products, whereas the revenue miss was largely attributable to higher operating expenses and a temporary slowdown in new subscription inflows.
The partnership is positioned to accelerate subscription growth and broaden StepStone’s reach beyond its traditional institutional client base of pension funds, sovereign wealth funds, insurance companies, endowments and foundations. CEO Scott Hart highlighted the firm’s $15 billion AUM milestone and the strong demand for the SPRING evergreen fund, indicating confidence in the expanded distribution model. The move aligns with industry trends toward semi‑liquid, evergreen structures that appeal to accredited investors seeking private‑market exposure.
By combining CrowdStreet’s distribution network with StepStone’s product suite, the firm is poised to capture a growing segment of the private‑market market while maintaining robust fee income and reinforcing its position as a leading global private‑markets investment manager.
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