[Form 4] StepStone Group Inc. Insider Trading Activity

Rhea-AI Filing Summary

Jose A. Fernandez reported a transaction on 09/30/2025 in which he exchanged 200,000 Class B Units of StepStone Group LP for 200,000 shares of Class A Common Stock. The exchange triggered an automatic redemption and cancellation of 200,000 shares of Class B Common Stock. The Form 4 shows beneficial ownership after the transactions including 211,210 shares of Class A Common Stock (indirect, by trust), 3,216,601 shares of Class B Common Stock (indirect, by trust), and 1,605,500 shares of Class B Common Stock (indirect, by Santaluz Capital Partners, LLC). The filing was signed by an attorney-in-fact on 10/01/2025 and includes the issuer ticker STEP.

Positive

• Executed a one-for-one exchange of 200,000 Class B Units for 200,000 Class A Common Stock, increasing Class A holdings
• Updated beneficial ownership disclosed, showing holdings via a trust and via Santaluz Capital Partners, LLC

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider converted 200,000 partnership units into Class A shares; reported holdings updated accordingly.

The Form 4 documents a non-derivative exchange: 200,000 Class B Units of the partnership were exchanged one-for-one for 200,000 Class A shares, with the related 200,000 Class B common shares automatically redeemed and cancelled. The filing lists updated indirect holdings via a trust and via Santaluz Capital Partners, LLC. This disclosure is a routine Section 16 reporting of insider conversions and resulting ownership balances; it does not include compensation, open-market trades, or cash proceeds beyond the $0.001 redemption price noted for the cancelled Class B shares.

Corporate Governance Expert

TL;DR: Transaction is an exchange mechanism tied to partnership units; form updates beneficial ownership and cancellation of Class B shares.

The filing clarifies the mechanics of exchangeable partnership units and the automatic redemption of corresponding Class B common stock. The reporting person is both a director and an officer (Co-Chief Operating Officer), and the filing was made individually. The disclosure fulfills Section 16 obligations by reporting the conversion and the post-transaction ownership positions; there is no indication of unusual timing or non-routine disposition in the document itself.

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

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

1. Name and Address of Reporting Person^*

Fernandez Jose A

(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
X	Officer (give title below)		Other (specify below)
	Co-Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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	09/30/2025		C(1)		200,000	A	(1)	211,210	I	By Trust
Class B Common Stock	09/30/2025		D(1)		200,000	D	$0.001	3,216,601	I	By Trust
Class A Common Stock								11,676	D
Class B Common Stock								1,605,500	I	By Santaluz Capital Partners, LLC

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
Class B Units	(2)	09/30/2025		C(1)			200,000(1)	(2)	(2)	Class A Common Stock	200,000	(1)	3,216,601	I	By Trust
Class B Units	(2)							(2)	(2)	Class A Common Stock	1,605,500		1,605,500	I	By Santaluz Capital Partners, LLC

Explanation of Responses:

1. On September 30, 2025, the Reporting Person exchanged 200,000 Class B Units of StepStone Group LP (the "Partnership") for 200,000 shares of Class A Common Stock. In connection with the exchange, 200,000 shares of Class B Common Stock were automatically redeemed and cancelled.

2. The Class B Units of the Partnership are exchangeable, on a one-for-one basis, for shares of Class A Common Stock of the Issuer. Upon exchange of a Class B Unit, the corresponding share of Class B Common Stock of the Issuer will be automatically redeemed and cancelled.

Remarks:

	/s/ Jennifer Ishiguro, Attorney-in-fact for Jose A. Fernandez	10/01/2025
	** 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 transaction did Jose A. Fernandez report on Form 4 for STEP?

He reported exchanging 200,000 Class B Units of the partnership for 200,000 Class A Common Stock on 09/30/2025.

Were any Class B shares cancelled or redeemed in the STEP filing?

Yes. The filing states that 200,000 shares of Class B Common Stock were automatically redeemed and cancelled in connection with the exchange.

What beneficial ownership amounts are shown after the reported STEP transactions?

The Form 4 lists 211,210 Class A shares (indirect, by trust), 3,216,601 Class B shares (indirect, by trust), and 1,605,500 Class B shares (indirect, by Santaluz Capital Partners, LLC) as reported post-transaction.

What role does the reporting person hold at StepStone Group Inc. (STEP)?

The form indicates the reporting person is a Director and an Officer with the title Co-Chief Operating Officer.

When was the Form 4 signed and filed for this STEP transaction?

The signature on the form is dated 10/01/2025; the earliest transaction date reported is 09/30/2025.