FTSE Russell and StepStone Group launch global fund-level daily private market indices

Rhea-AI Summary

FTSE Russell and StepStone Group (Nasdaq: STEP) launched the FTSE StepStone Global Private Market Indices on October 30, 2025. The indices combine StepStone’s fund-level dataset with FTSE Russell’s index engineering to deliver a daily benchmark series for private markets intended to reduce reporting lags and fragmented datasets.

The initial suite includes Daily Cash-Adjusted Indices and Daily Market Indices, designed to support portfolio benchmarking and the development of index-tracking private market products.

Insights

Index Strategist

Daily, fund-level private market indices improve benchmark timeliness and enable portfolio integration across public and private assets.

These indices pair FTSE Russell index engineering with StepStone fund-level daily data to deliver two methodologies: a Daily Cash-Adjusted series that rolls reported NAVs forward using real-time flows and currency moves, and a Daily Market series that adds mark-to-market estimates calibrated to public market indices.

The practical effect is clearer: asset owners gain higher-frequency, rules-based comparators for private funds, which lowers the friction in combining private allocations with liquid benchmarks. Key dependencies include the stability and coverage of StepStone’s proprietary dataset and the transparency of the index rules; any gaps in fund-level reporting or methodology disclosure would weaken utility.

Watch adoption and product plumbing over the next 6–18 months: look for licensing announcements for index-tracking vehicles, published methodology docs, and uptake among allocators and custodians after Oct. 30, 2025.

Private Markets Data Scientist

Daily mark-to-market estimates at fund level materially increase signal frequency but hinge on estimation model robustness.

The Daily Market indices introduce estimated mark-to-market valuations derived from relationships between private strategies and relevant public market indices, which converts intermittent NAVs into continuous series suitable for back-testing and risk analytics.

The main risk is model error: calibration choices, selection of public proxies, and historical relationship stability drive estimation bias. Users should demand full methodology, out-of-sample validation, and error metrics before relying on these series for valuation-sensitive processes.

Concrete items to monitor over the next 3–12 months include released validation reports, example factor/proxy mappings in methodology, and any third-party audit or independent replication studies following the launch on Oct. 30, 2025.

• FTSE StepStone Global Private Market Indices combines StepStone’s proprietary and institutional-grade fund-level data with FTSE Russell’s indexing expertise, to deliver one clear, daily index series for private markets
• First global benchmark providing a more granular, timely and accurate reflection of private market performance, including daily estimates on mark-to-market valuations
• Designed to set the groundwork for establishing index-tracking investment products
  
  

LONDON and NEW YORK, Oct. 30, 2025 (GLOBE NEWSWIRE) -- FTSE Russell, the global index provider, and StepStone Group (Nasdaq: STEP), a global private market investment firm, today announced the launch of the FTSE StepStone Global Private Market Indices. This series of innovative fund-level indices represents the first true market barometer for global private markets performance, utilizing daily data from StepStone.

There is increasing customer demand for clear, daily, private market benchmarks that address the historical challenges caused by reporting lags or fragmented datasets. These new indices will enable investors to monitor private market trends with more agility and precision than benchmarks based on quarterly valuations. These indices set the foundation for total portfolio benchmarking when integrated with FTSE Russell’s liquid index range across public asset classes.

The initial cohort of FTSE StepStone Global Private Market Indices are now available in key strategies and regions under two methodologies:

• Daily Cash-Adjusted Indices – a daily benchmark following industry standards in private markets by rolling forward reported NAVs using real-time contribution, distribution, and currency movements.
• Daily Market Indices – a daily, market-calibrated benchmark that extends the cash-adjusted indices by incorporating estimated mark-to-market valuations derived from relevant public market indices and their historical relationships with private market strategies.
  
  

Gerald Toledano, Global Head of Equity and Multi Assets at FTSE Russell, comments:

“Today’s launch reinforces FTSE Russell’s position as a leader in alternative asset class indexing by delivering next-generation private market benchmarks. By integrating StepStone’s proprietary private markets data, alongside our index engineering capabilities, we’re setting a new standard for rules-based and consistent benchmarking in this growing asset class. The new indices transform how private assets are benchmarked, giving asset owners faster insights on their portfolios, and creating the ideal set of benchmarks for evergreen fund managers and investors.”

Tyler Johnson, Partner and Chief Technology Officer at StepStone, says:

“The convergence of public and private markets is accelerating the demand for timelier insights into private markets. These new indices deliver daily mark-to-market estimates for private markets funds – an innovation we pioneered in our semiliquid solutions. By leveraging the vast dataset within our proprietary SPI by StepStone platform and combining it with FTSE Russell’s deep expertise in index creation and management, we’re enabling novel benchmarking, valuation, and modeling capabilities for all market participants. This collaboration creates a new standard for how investors can integrate private markets into their total portfolio view with greater precision.”

To find out more, please visit FTSE Russell.

In June 2025, FTSE Russell and StepStone announced a proposed partnership to jointly develop private market indices, data, and analytics products. Press release can be viewed here: FTSE Russell and StepStone announce proposed partnership | LSEG

About FTSE Russell, an LSEG business
FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $18.1 trillion is benchmarked to FTSE Russell indexes. Leading asset owners, asset managers, ETF providers and investment banks choose FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by LSEG.

For more information, visit FTSE Russell.

About LSEG

LSEG (London Stock Exchange Group) is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world’s financial system.

With our open approach, trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing and risk management across multiple asset classes. 

LSEG is headquartered in the United Kingdom, with significant operations in 65 countries across EMEA, North America, Latin America and Asia Pacific. We employ over 26,000 people globally, more than half located in Asia Pacific.

LSEG’s ticker symbol is LSEG.

About StepStone Group

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of June 30, 2025, StepStone was responsible for approximately $723 billion of total capital, including $199 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

Contacts

LSEG Press Office
Hayley Fewster / Simon Henrick
+44 (0)20 7797 1222
newsroom@lseg.com

www.lseg.com

Shareholder Relations:
Seth Weiss
shareholders@stepstonegroup.com
1-212-351-6106

Media:
Brian Ruby / Chris Gillick / Matt Lettiero, ICR
StepStonePR@icrinc.com
1-203-682-8268

FAQ

What did FTSE Russell and StepStone announce on October 30, 2025 regarding private market indices (STEP)?

They launched the FTSE StepStone Global Private Market Indices, a daily fund-level index series for private markets.

How do the new FTSE StepStone indices estimate daily valuations for private funds (STEP)?

They offer Daily Cash-Adjusted Indices using rolled-forward NAVs and Daily Market Indices that add estimated mark-to-market valuations tied to public markets.

Will the FTSE StepStone Global Private Market Indices (STEP) support index-tracking products?

Yes; the launch is designed to set the groundwork for establishing index-tracking investment products and total portfolio benchmarking.

What data source powers the FTSE StepStone private market indices (STEP)?

The indices use StepStone’s proprietary fund-level dataset integrated with FTSE Russell’s index engineering.

Which index methodologies are included in the FTSE StepStone launch on October 30, 2025 (STEP)?

The initial methodologies are Daily Cash-Adjusted Indices and Daily Market Indices under multiple strategies and regions.

How do the new indices address private market reporting lags for investors in STEP?

By providing daily benchmarks that reduce reliance on quarterly valuations and enable timelier portfolio insights.