[Form 4] StepStone Group Inc. Insider Trading Activity

Rhea-AI Filing Summary

StepStone Group Inc. (STEP) director Anne L. Raymond was granted 3,281 shares of Class A Common Stock as restricted stock units on 09/09/2025. Following the grant, Ms. Raymond beneficially owned 27,237 shares. The award vests in full on the earlier of the first anniversary of the grant date or the issuer's next annual meeting of stockholders, subject to continued service. The Form 4 was signed by an attorney-in-fact on 09/10/2025. The filing discloses director compensation in the form of equity and the post-grant beneficial ownership total; no derivative transactions or exercise prices are reported.

Insights

Corporate Governance Expert

TL;DR: Routine director equity grant aligns director incentives with shareholders; vesting within a year encourages continued service.

The Form 4 reports a standard restricted stock unit grant to a board director for service. The vesting condition—earlier of one year or next annual meeting—creates a relatively short service-based retention period. The disclosure is straightforward: 3,281 RSUs were issued and the director now beneficially owns 27,237 Class A shares. This is a customary governance practice to compensate and align non-employee directors with shareholder interests. The filing contains no unusual indemnities, acceleration clauses, or derivative instruments.

Securities Analyst

TL;DR: The transaction is a routine equity grant with limited immediate market impact and provides incremental insider alignment.

The Form 4 shows a non-derivative issuance of 3,281 Class A shares to a director as compensation. There are no sales, purchases for cash, or option exercises reported. The post-grant beneficial ownership is disclosed as 27,237 shares. From a securities-disclosure perspective, this is a required, routine filing that informs investors of insider holdings and potential future share distribution upon vesting. No material financing, change in control, or derivative exposure is indicated.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Raymond Anne L

(Last) (First) (Middle)

C/O STEPSTONE GROUP INC.

277 PARK AVENUE, 45TH FLOOR

(Street)

NEW YORK NY 10172

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
StepStone Group Inc. [ STEP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/09/2025		A		3,281(1)	A	(1)	27,237	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents the number of shares of Class A Common Stock issued to the Reporting Person pursuant to an award of restricted stock units as compensation for the Reporting Person's service on the Issuer's board of directors. The award vests in full on the earlier of the first anniversary of the grant date or the Issuer's next annual meeting of stockholders, subject to the Reporting Person's continued service to the Issuer.

Remarks:

	/s/ Jennifer Ishiguro, Attorney-in-Fact for Anne L. Raymond	09/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Anne L. Raymond report on the Form 4 for STEP?

She reported receiving 3,281 RSUs of Class A Common Stock on 09/09/2025 and now beneficially owns 27,237 shares.

When do the restricted stock units granted to Anne L. Raymond vest?

The award vests in full on the earlier of the first anniversary of the grant date or the issuer's next annual meeting, subject to continued service.

Does the Form 4 report any derivative transactions for Anne L. Raymond at STEP?

No. Table II for derivative securities shows no entries; only a non-derivative RSU grant is reported.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Jennifer Ishiguro, Attorney-in-Fact for Anne L. Raymond, on 09/10/2025.