StepStone Group announced a partnership with Utmost on February 12, 2026 that will give Utmost’s UK clients access to StepStone’s evergreen private‑markets strategies, including private equity, venture capital & growth, private credit, and private infrastructure.
The deal builds on StepStone’s recent growth, with its private‑wealth assets under management tripling over the past fifteen months as demand for evergreen funds and new investment solutions rises. By integrating StepStone’s funds into Utmost’s unit‑linked wealth products, the alliance expands StepStone’s reach into the UK wealth‑management market and deepens its distribution channels.
Bob Long, CEO of StepStone Private Wealth Solutions, said, “We’re delighted to announce this partnership with Utmost, which will provide its clients with access to a broad range of private markets strategies that support the flexibility and diversification that modern portfolios demand. This comes at a time when interest from UK Wealth Managers in Private Markets continues to grow, with the time horizon of the unit‑linked insurance policies offered by Utmost closely aligned with the longer‑term investment horizons of our evergreen semi‑liquid fund range.” Stephen Atkinson, Global Head of Sales and Marketing at Utmost, added, “We are pleased to be partnering with Stepstone to provide our clients with access to its suite of evergreen products. As more of our clients are looking to the private market to diversify their portfolios, we are committed to supporting access to complex assets through our unit‑linked wealth solutions. This partnership marks an important step in our ambition to broaden the range of high‑quality investment opportunities available to advisers and policyholders.”
Utmost is a leading global provider of insurance‑based wealth solutions, managing £107.1 bn of assets under administration as of June 30 2025. StepStone Group manages $811 bn of total capital responsibility and $220 bn of assets under management as of December 31 2025. The partnership aligns with broader UK initiatives encouraging investment in unlisted equities and private markets.
StepStone reported strong Q4 2025 results, with revenue of $494.5 m, up 103 % YoY, and adjusted EPS of $0.65, beating estimates. In Q3 2026, adjusted net income rose to $80 m, or $0.65 per share, reflecting continued growth in fee‑related earnings and successful fundraising of over $34 bn in new assets in the prior year.
The partnership positions StepStone to accelerate its private‑wealth growth trajectory, leveraging its evergreen fund platform to meet the long‑term investment needs of UK wealth managers and policyholders, while Utmost expands its product offering to deliver higher‑quality private‑market exposure.
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