StepStone Group partners with Utmost

Rhea-AI Summary

StepStone Group (Nasdaq: STEP) announced a partnership with Utmost to give UK-based clients access to StepStone’s evergreen private markets strategies across private equity, venture & growth, private credit, and private infrastructure.

The agreement aims to broaden UK savers’ portfolio diversification and aligns with government-backed initiatives to boost investment in unlisted equities. StepStone said its private wealth AUM tripled in the past fifteen months.

Positive

• Access for Utmost UK clients to StepStone’s full evergreen private markets suite
• AUM tripled in private wealth over the past fifteen months, indicating rapid growth
• Strategy breadth across private equity, venture & growth, private credit, and infrastructure

Negative

• None.

Market Reality Check

Price: $56.57 Vol: Volume 831,113 is slightl...

normal vol

$56.57 Last Close

Volume Volume 831,113 is slightly below the 20-day average of 901,490, suggesting no unusual trading ahead of this news. normal

Technical Shares at $59.30 are trading below the 200-day MA of $61.83 and about 23.77% under the 52-week high.

Peers on Argus

STEP fell 4.55% while peers were mixed: HLNE -4.28%, BXSL -1.63%, JHG -0.19%, AM...

STEP fell 4.55% while peers were mixed: HLNE -4.28%, BXSL -1.63%, JHG -0.19%, AMG +1.08%, OBDC 0%. The pattern points more to stock-specific factors than a unified sector move.

Previous Partnership Reports

1 past event · Latest: Oct 01 (Positive)

Same Type Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
Oct 01	Strategic partnership	Positive	+1.0%	New UK pension partnership to expand access to global private markets.

Pattern Detected

Previous partnership news generated a modest positive price reaction, suggesting incremental but not dramatic stock responses to such collaborations.

Recent Company History

Over the past few months, StepStone has combined strategic initiatives with growing investor access to private markets. A prior UK-focused partnership on Oct 01, 2025 produced a 0.97% gain, indicating that collaboration announcements have historically been received positively but moderately. Compared with that backdrop, the new Utmost partnership extends the same theme of broadening private markets access for UK savers, reinforcing an existing strategic trajectory rather than shifting it.

Historical Comparison

+1.0% avg move · In the past year, STEP reported one prior partnership-related announcement, which saw an average mov...

partnership

+1.0%

Average Historical Move partnership

In the past year, STEP reported one prior partnership-related announcement, which saw an average move of 0.97%. The Utmost deal follows a similar pattern of expanding UK access to private markets.

Partnership strategy shows progression in the UK, moving from pension-focused access with Aviva to broader wealth and insurance-based solutions with Utmost.

Market Pulse Summary

This announcement extends StepStone’s strategy of widening access to private markets, giving UK save...

Analysis

This announcement extends StepStone’s strategy of widening access to private markets, giving UK savers exposure across private equity, venture, credit and infrastructure via Utmost’s unit-linked products. A prior UK partnership on Oct 01, 2025 drew a modestly positive reaction, suggesting such deals are seen as incremental positives. Against recent filings showing higher revenues but persistent losses, key items to watch include asset growth in these evergreen strategies and any updates on profitability and capital structure.

Key Terms

private credit, private infrastructure, evergreen, unit-linked insurance policies, +2 more

6 terms

private credit financial

"across Private Equity, Venture Capital & Growth, Private Credit, and Private Infrastructure."

Private credit is a form of borrowing where companies or organizations obtain loans directly from private lenders rather than traditional banks or financial markets. It often involves customized financing arrangements that are not traded publicly, making it a way for businesses to access funding outside of standard channels. For investors, private credit offers the potential for higher returns, but typically comes with increased risk and less liquidity compared to more conventional investments.

private infrastructure financial

"Venture Capital & Growth, Private Credit, and Private Infrastructure."

Private infrastructure are physical systems—like power plants, water systems, toll roads, telecom networks and data centers—owned and operated by private companies or investment funds instead of government bodies. Investors care because these assets often generate steady, long-term cash flows similar to owning a rental property or a toll bridge, but they also carry specific risks such as heavy upfront costs, regulatory changes and limited liquidity that affect returns and portfolio stability.

evergreen financial

"access to StepStone’s entire suite of evergreen global private markets strategies"

An evergreen financing arrangement is a credit or funding setup that automatically renews or remains available over time instead of ending after a fixed term, like a library card that stays active as long as you follow the rules. It matters to investors because it provides companies with predictable access to cash, reducing the risk of sudden funding gaps that can hurt operations, borrowing costs and share value.

unit-linked insurance policies financial

"time horizon of the unit-linked insurance policies offered by Utmost closely aligned"

A unit-linked insurance policy is a combined life insurance and investment product where part of your premium buys insurance coverage and the rest buys units in one or more investment funds; the policy’s cash value rises and falls with the market value of those units. Investors should care because returns are not guaranteed, fees and fund choices affect performance, and the product mixes long-term protection with market risk much like holding a life insurance policy and mutual funds together.

semi-liquid financial

"longer-term investment horizons of our evergreen semi-liquid fund range"

An asset described as semi-liquid can be converted to cash, but not instantly or without some friction — for example it may require notice, limited buyers, a waiting period, or a discount to sell quickly. For investors, semi-liquidity matters because it affects how fast and how much cash you can realistically get from the holding; think of it like a specialty car that’s sellable but needs time or a price cut to find the right buyer.

unit-linked wealth solutions financial

"supporting access to complex assets through our unit-linked wealth solutions."

Unit-linked wealth solutions are financial products that combine an investment account with an insurance wrapper, where the value you hold moves up or down based on the performance of chosen investment funds or ‘units’. Think of it like a shopping basket of mutual funds inside an insurance policy: investors get exposure to markets while the policy can add features such as life cover or tax handling. They matter because returns, fees, and risk are driven by the underlying investments rather than a guaranteed payout, so investors should watch fund choices, costs, and any policy rules that affect access to money.

AI-generated analysis. Not financial advice.

Unlocking private market diversification and growth potential for British savers

LONDON, Feb. 12, 2026 (GLOBE NEWSWIRE) -- StepStone Group (Nasdaq: STEP), a leading global private markets investment firm, announced today it is partnering with Utmost, a leading global provider of insurance-based wealth solutions. This provides Utmost’s UK-based clients with access to StepStone’s entire suite of evergreen global private markets strategies across Private Equity, Venture Capital & Growth, Private Credit, and Private Infrastructure.

StepStone leverages a global perspective on private markets and relationships with a range of experienced investment managers across different investment strategies. Through this partnership, UK investors will be able to diversify their portfolios and have the ability to improve their long-term financial outcomes. This will support not only their own goals but also broader government-backed initiatives designed to encourage investment in unlisted equities and private markets.

“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,” said Bob Long, CEO at StepStone Private Wealth Solutions.

Stephen Atkinson, Global Head of Sales and Marketing at Utmost, said: “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.”

StepStone continues to build on strong momentum in its private wealth business, tripling its AUM in the past fifteen months, driven by growing global demand for evergreen funds and new investment solutions.

Contacts

Media:
Julia Wright, Edelman
StepStoneWealth@EdelmanSmithfield.com
+44 (0) 7900227672

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 December 31, 2025, StepStone was responsible for approximately $811 billion of total capital, including $220 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.

For more information, visit StepStone Group.

About Utmost
Utmost is a leading global provider of insurance-based wealth solutions with assets under administration of £107.1bn as at 30 June 2025. Utmost provides trusted, unit-linked offerings designed to help clients manage and preserve their wealth globally.

FAQ

What did StepStone (STEP) announce on February 12, 2026 with Utmost?

StepStone announced a partnership giving Utmost’s UK clients access to its evergreen private markets strategies. According to the company, this covers private equity, venture & growth, private credit and private infrastructure, aimed at expanding private market access for UK savers and advisers.

How does the StepStone–Utmost deal affect UK investors and advisers?

It provides UK investors and advisers access to a broader private markets menu via unit-linked solutions. According to the company, the partnership is intended to improve long-term diversification for policyholders and support government-backed initiatives to encourage unlisted equity investment.

What strategies from StepStone will Utmost clients access under the partnership?

Utmost clients will access StepStone’s evergreen strategies across private equity, venture & growth, private credit and private infrastructure. According to the company, the offering spans its entire suite of global private markets strategies tailored for longer-term unit-linked policies.

Is there any disclosed financial size or fee detail for the StepStone and Utmost partnership?

No transaction value or fee schedule was disclosed in the announcement. According to the company, the announcement focuses on product access and client reach rather than specific commercial terms or pricing details.

What recent growth metric did StepStone report for its private wealth business?

StepStone reported that private wealth assets under management tripled in the past fifteen months. According to the company, this growth was driven by rising demand for evergreen funds and new private market investment solutions.