Stepstone Group Inc. · NASDAQ:STEP
Stepstone — StepStone Private Venture and Growth Fund (SPRING) — Investor Presentation (January 2026)
27 slides from Stepstone's investor presentation, Jan 12, 2026
Slide 1: StepStone Private Venture and Growth Fund (SPRING)
StepStone Private Venture and Growth Fund (SPRING) FOR QUALIFIED CLIENT INVESTOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION. The descriptions herein reflect Advisers’ current views and expectations and are subject to change and are qualified in their entirety by the Prospectus for the Fund. There can be
Slide 2: Important Notes
IMPORTANT NOTES Before investing you should carefully consider the Fund's Primary Direct Investments involve the same types of risks investment objectives, risks, charges and expenses. This and associated with an investment in any operating company. other information is in the prospectus, a copy of
Slide 3: SPRING
SPRING StepStone Private Venture and Growth Fund (SPRING) is designed as a broadly diversified venture and growth strategy leveraging an open architecture approach, emphasizing secondary purchases, Immediate direct investments and primary funds. Venture Highly diversified venture capital Favorable f
Slide 4: Extended opportunities for private market value capture
Extended opportunities for private market value capture Average time to liquidity: initial funding to IPO1 Average lifespan of PE/VC Funds3 US venture-backed companies 10 Avg. time: initial funding to IPO 8 7.3 6 4 3 13.1 Years 2 0 Two-Year Period Ending Two-Year Period Ending 12/31/2000 12/31/2024
Slide 5: Rapid acceleration of venture capital investments
Rapid acceleration of venture capital investments Since 2009, US venture investment increased by a factor of over 12x through 2021, and the global pandemic accelerated the adoption of technology across all sectors. While pacing has slowed since the 2021 highs, we have witnessed a small rebound in 20
Slide 6: Outcomes have become larger and more global
Outcomes have become larger and more global VC-backed unicorns around the world. These unicorns account 491 563 for over 959 2019 2020 2021 $5.9 TRILLION …in unrealized value (as of June 2025) 2024 2023 2022 1,271 1,299 1,217 Unicorn: Privately held startup company with a valuation of over $1B Infor
Slide 7: Great companies are created in all market cycles
Great companies are created in all market cycles VC-backed companies valued over $1B, founded by year As of June 2025 140 120 100 80 60 40 20 0 >$1B VC-Backed Companies Founded As of June 2025. Source: Pitchbook. Logos represent $1 billion private and public venture-backed companies based on foundin
Slide 8: Attractive historical performance
Attractive historical performance Institutional and high net worth investors are increasing allocations to private markets, where venture capital has outperformed over the long-term. 30-year horizon pooled returns As of December 31 2024 36.9% 13.4% 7.0% Cambridge US Venture Capital Index Cambridge U
Slide 9: Access and selection are crucial to performance
Access and selection are crucial to performance While potentially rewarding, venture capital funds exhibit a wide performance disparity, stressing the need for access and meaningful allocation to promising managers. Return dispersion 15-year return - quartile analysis (1981-2018 vintage years) 25% U
Slide 10: Scale that delivers
Scale that delivers Assets under management1 $209 Opportunity BILLION The capital and relationships that unlock growth Assets under $562 Total capital Reach advisement responsibility1 True global presence, deep local knowledge $771 BILLION Annual private $70+ Flexibility markets allocations2 BILLION
Slide 11: Venture capital & growth equity
Venture capital & growth equity StepStone’s venture capital and growth equity platform offers broad venture capital and growth equity solutions to our clients. $27 300+ 140+ BILLION Manager Dedicated Assets under relationships professionals management1 Data includes metrics of entities acquired by S
Slide 12: Reach
Reach Our presence powers possibility. Local teams with valuable regional insights collaborate across 31 cities, 19 countries and 5 continents. London Dublin Amsterdam ASIA PACIFIC Luxembourg Frankfurt Zurich $112 Chicago Milan Toronto Rome Cleveland New York Madrid Beijing San Francisco Baltimore P
Slide 13: Opportunity
Opportunity A strategic partner to our clients and fund managers, we listen deeply, share generously, and search diligently for new ways to address each challenge. CLIENTS Corporations A self-reinforcing STEPSTONE growth cycle of Endowments and foundations clients, capital, Family offices Asset mana
Slide 14: The flywheel effect
The flywheel effect StepStone’s strong relationships with venture capitalists and their funds is the source of direct and secondary deal flow, which powers our investment platform. Fund investments Direct investments Secondary investments For illustrative purposes only. Manager logos shown represent
Slide 15: Differentiated sourcing capabilities
Differentiated sourcing capabilities Seek to identify Proprietary database companies backed by and mining capabilities top-performing GPS StepStone’s investment platform is well Proactive outreach by Focus on companies with equipped to hone in on senior leadership a path to success and what we consi
Slide 16: Risk-mitigated approach
Risk-mitigated approach SPRING will target companies with innovative technologies with what we believe are sustainable business models potentially providing an opportunity for attractive risk-adjusted returns. Technology risk “Will this idea work?” Product SPRING market-fit risk strike zone Risk “Is
Slide 17: SPRING strategy
SPRING strategy Broadly diversified venture and growth strategy leveraging an open architecture approach, emphasizing the most attractive opportunities across the “innovation economy” via secondary purchases, direct investments, and to a lesser extent primary funds. Target investment strategy exposu
Slide 18: SPRING – Current portfolio construction
SPRING – Current portfolio construction The SPRING portfolio is tracking well against its target asset allocation, leveraging the potential advantages of secondaries, direct investments, and primary funds. PRIMARY DIRECT INVESTMENTS 36% Directly investing into portfolio companies alongside SECONDARI
Slide 19: Simplifying the investor experience
Simplifying the investor experience CHALLENGES OF VENTURE CAPITAL ASSET CLASS1 SPRING APPROACH 1 Manager & Asset Volatility • Focus on growth stage assets with potentially lower risk • Direct Investments, Secondaries and Seasoned Primaries significantly reduce blind pool risk 1 Scalability • Open ar
Slide 20: SPRING snapshot
SPRING snapshot Immediate, comprehensive Targeted risk adjusted returns Convenient and attractive exposure to private markets + quarterly redemptions fee structure Focused on the “innovation economy”, Evergreen fund accepting capital monthly 1.50% management fee2 including investments in the most dy
Slide 21: Flexibility: accessing venture capital and growth equity
Flexibility: accessing venture capital and growth equity StepStone Private Wealth was formed to convert the advantages of private markets enjoyed by institutional investors into potential opportunities for high-net-worth investors and smaller institutions. SPRING Venture capital + growth equity INVE
Slide 22: Key Terms – SPRING
KEY TERMS – SPRING Investment objective SPRING’s investment objective is to achieve long-term capital appreciation Venture and growth strategy, predominantly emphasizing shorter duration, higher internal rate of return (“IRR”)1 opportunities via secondaries, later stage Investment strategy direct in
Slide 23: Appendix
Appendix 20260112-5112482-16114575
Slide 24: Risk and other considerations
RISK AND OTHER CONSIDERATIONS An investment in the Fund involves material risks. Investing in the shares may be considered speculative and Limited diversification of investments. The investment opportunity does not have fixed guidelines for involves a high degree of risk, including the risk of the l
Slide 25: Carried interest and ESG considerations
Carried interest. In those instances where the underlying portfolio fund managers receive carried interest over and regarding ESG, or StepStone's judgment regarding the same, will be reflected in the beliefs or values of any above their basic management fees, receipt of carried interest could create
Slide 26: Defined benchmarks
Defined benchmarks: spanning from IPO to present day Cambridge Associates Index. The Cambridge Associates data is supplied by managers that may be unaudited. Revenue at IPO: The annual revenue of the company in the year in which they held their IPO. The indices are not transparent and cannot be inde
Slide 27: stepstonepw.com stepstonegroup.com
stepstonepw.com stepstonegroup.com 20260112-5112482-16114575
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