Barclays Raises StepStone Group PT to $62 on Robust Private Wealth Growth

On Tuesday, Barclays analyst Benjamin Budish increased the price target for StepStone Group Inc. (NASDAQ:STEP) to $62 from $48, while maintaining an Equal Weight rating on the shares. This adjustment follows the company's recent FQ4 2025 report, which prompted Barclays to update its financial model for Stepstone Group.

In FQ4, the company generated $295.86 million in revenue, which was up 66.82% year-over-year, particularly driven by StepStone Group's private wealth platform. The assets within this segment more than doubled and increased from $3.4 billion at the end of FY2024 to over $8 billion by the end of FY2025. This growth was fueled by the introduction of new products, an expansion of distribution channels, and increasing momentum of existing products through existing distribution partners.

StepStone expanded its distribution partners from ~300 unique platforms a year ago to ~500 platforms today, and also broadened its offerings outside the US. The company introduced CredX to its private wealth suite and now offers evergreen funds across credit, infrastructure, venture, growth equity, and its S Prime fund. The private wealth platform generated over $1.2 billion in evergreen subscriptions in FQ4 and marked its best quarter ever. This strong fundraising contributed to an increase in fee-earning assets under management to over $121 billion, up $7.2 billion sequentially.

StepStone Group Inc. (NASDAQ:STEP) is a private equity and venture capital firm that specializes in primary, direct, fund of funds, secondary direct, and secondary indirect investments.

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Disclosure: None. This article is originally published at Insider Monkey.