StepStone Group

This week, Taylor Benson, Managing Director at StepStone, moderated a panel discussion at DCALTA's July General Session, "Stable Value Meets Private Credit," bringing together industry experts to share thoughtful perspectives on the evolving intersection of capital preservation, income generation, and private market investing. Key takeaways from the discussion included: • Stable Value has been an important asset class in the DC ecosystem for over 40 years, evolving through continued innovation. The latest example is the thoughtful consideration of whether a small allocation to privates could improve the outcomes to participants • Over the years, stable value has delivered meaningful benefits for participants and plan sponsors, but it took a tremendous amount of collaboration across stakeholders. As we continue to think about how private markets can help improve participant outcomes, we need to take a page from the stable value playbook and recognize the importance of collaboration to delivering effective solutions for the DC ecosystem. Thank you to DCALTA - Defined Contribution Alternatives Association and the panel participants, Nick Gage, CFA, Lacey Lockward and Kerry Bandow, CFA, for a thoughtful discussion on an important topic for the retirement ecosystem.

We're proud to share that StepStone has been named a Top 20 Overall Excellence Winner in Abode's inaugural Early-Career Engagement Awards, with recognition across all five award categories: mentorship, keep-warm programming, community building, renege prevention, and intern-to-full-time conversion. A special thank you to our Early Careers team, whose hard work and thoughtful approach help foster a supportive and engaging experience for early-career talent. Learn more about our program here: https://lnkd.in/egYSa8X3

Private markets can offer insurers attractive yield, diversification, and long-term asset-liability alignment. Our latest paper explores ICOLI and IDFs as another way for insurers to access private markets, with favorable capital and tax treatment as supporting benefits. Read here: https://lnkd.in/eRW4FTYr

While the era of easy money may be over, the qualities that drive strong performance haven’t changed. In a guest commentary for PEI's Private Take column, StepStone Group CEO Scott Hart explores what investors can learn from the past decade, and why today’s market is bringing private equity’s fundamentals back into focus. A few key takeaways: - Favorable market conditions masked important differences in manager quality and investment discipline. - Investors should expect greater performance dispersion across managers and strategies going forward. - Long-term success will increasingly depend on foundational principles: patience, execution, and value creation. Read the full commentary below.

A strong first half of 2026 for StepStone Private Equity Secondaries. In London, we welcomed nearly 200 investors to our UK Investor Conference, including our panel discussion, Secondaries in the Spotlight: The GP-led Revolution. In New York, we brought together more than 40 LPs and sponsors for an evening of networking and discussion with members of our broader private equity team. Philippe Ferneini represented StepStone at SuperReturn Berlin, participating in a panel on GP-led transactions and meeting with more than 30 investors from around the world. While perspectives differed, there was remarkable alignment on where the market stands today and where it's heading. Four themes stood out from the conversations throughout the week: 1. GP-led activity is increasingly driven by conviction — sponsors electing to retain their highest-quality assets through the next phase of growth, with secondary capital enabling continuity rather than a premature exit. 2. Value creation remains critical, with investors increasingly expecting sponsors to deliver operational improvements over longer hold periods. 3. LP engagement continues to increase, driving greater transparency and stakeholder alignment across transactions. 4. As the buyer universe broadens, relationships and access are becoming increasingly important in sourcing the highest-quality opportunities. As interest in private equity secondaries continues to grow, success will increasingly depend on access, experience, and the ability to identify and support high-quality businesses through their next phase of growth. We're energized by the conversations we're having and the opportunities ahead. More to come.

What factors are shaping activity in today's real estate secondaries market? PERE recently spoke with Jeff Giller, Partner and Head of StepStone Real Estate, about his perspective on the evolving landscape. Read the full piece.

Last week, our Summer Series continued with a conversation on the practical use of AI in the workplace, led by Managing Director Yasmine Uzmez. The session explored how AI can improve quality, efficiency, and clarity at work, while underscoring the importance of judgment, accuracy, transparency, and responsible use. Interns had the opportunity to ask questions, share perspectives, and discuss where AI can add value, and where human expertise remains essential. Many thanks to Yasmine for sharing her time and perspective!

StepStone is proud to sponsor The Investment Diversity Exchange (TIDE) Spark 2026, bringing together leaders from across the alternatives industry for discussions on the evolving private markets landscape. Be sure to catch sessions featuring StepStone's Tom Hester, Tod Trabocco, CFA, Janice Ince, and Erin Driscoll. We look forward to the conversations and connections this week.

StepStone Partner Andrew Callahan, CAIA will be joining a panel at Pension Bridge Private Equity Exclusive in Chicago on July 14. His session, "Constructing venture capital portfolios for a world without easy exits," examines how the current environment is reshaping the way LPs approach venture—including shifts in portfolio construction, pacing, and liquidity planning.

Jeff Giller, Partner and Head of StepStone Real Estate, recently sat down with PERE for a keynote interview on real estate secondaries. He discusses how the growing debt maturity wall, extended hold periods, and fundraising dynamics are driving demand for GP-led secondaries and continuation vehicles as flexible liquidity solutions. Read the full interview below.