[SCHEDULE 13D/A] StepStone Group Inc. SEC Filing

Rhea-AI Filing Summary

StepStone Group insiders amended a Schedule 13D to report changes in beneficial ownership tied to the dissolution of the Class B Committee. The six reporting persons — Monte Brem, Scott Hart, Jason Ment, Jose Fernandez, Michael McCabe and Thomas Keck — previously were deemed to beneficially own 42,227,381 votes via the Class B Committee but, effective 12:01 a.m. on September 18, 2025, the Committee disbanded and that committee-based beneficial ownership ceased. The filing lists each individual’s direct beneficial holdings in Class A common stock, ranging from 1.4% (Ment) to 6.0% (Fernandez) of Class A outstanding, based on 78,563,710 shares. The amendment also discloses a 10b5-1 sale plan by Mr. Fernandez for up to 211,210 shares and two open-market sales by Mr. Hart totaling 20,000 shares in July–August 2025.

Positive

• Clear disclosure of individual beneficial ownership with exact share counts and percentages based on 78,563,710 shares outstanding
• Transparent reporting of Mr. Fernandez’s 10b5-1 sale plan for up to 211,210 shares and Mr. Hart’s open-market sales (20,000 shares)
• Explicit statement that the Class B Committee disbanded and the joint filing agreement terminated, removing committee-based ownership aggregation

Negative

• Loss of committee-based aggregated control: 42,227,381 committee-attributed votes ceased to be aggregated as of September 18, 2025
• Several reporting persons no longer exceed 5% ownership via committee role (only Fernandez and Keck remained above 5% as of September 18, 2025)
• Insider sales disclosed (Hart sold 20,000 shares; Fernandez has an authorized plan to sell up to 211,210 shares), which may reduce insider-held liquidity

Insights

Corporate Governance Expert

TL;DR: Dissolution of the Class B Committee ends collective voting control from the committee but individuals retain material direct stakes.

The Schedule 13D/A shows a governance shift: the Class B Committee ceased to exist as of September 18, 2025, removing the committee-based aggregation of 42.2 million votes. That change terminates the joint filing agreement and any committee-level beneficial ownership attribution. However, several reporting persons still hold single-digit percentages of Class A stock individually, with Fernandez at 6.0% and Keck at 5.2%. The filing is transparent about ownership math (78,563,710 shares base) and about disposition activity, including a 10b5-1 plan and Hart’s 20,000-share sales. From a governance perspective, control dynamics move from a coordinated committee to dispersed individual holdings, which could alter future coordination but is explicitly disclosed here.

Securities Analyst

TL;DR: Ownership reporting updated; individual stakes remain material though committee-based aggregation ended.

The amendment provides clear, quantifiable ownership positions for each reporting person and the assumptions used to calculate percentages (one-for-one exchange of Class B Units for Class A, total Class A outstanding of 78,563,710). Material transactional disclosures include Mr. Fernandez’s 211,210-share 10b5-1 plan and Mr. Hart’s two sales totaling 20,000 shares at weighted average prices of approximately $61.28 and $61.44. The filing limits its disclosures to stated transactions within the 60-day window and confirms no other recent trades. For investors, the key takeaway is an explicit change in how these insiders’ voting influence is recorded, while individual economic exposure remains significant.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 21)

StepStone Group Inc.

(Name of Issuer)

Class A Common Stock, Par Value $0.001 Per Share

(Title of Class of Securities)

85914M107

(CUSIP Number)

Jennifer Y. Ishiguro
StepStone Group Inc., 277 Park Avenue, 45th Floor
New York, NY, 10172
(212) 351-6100

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/18/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 85914M107

1

Name of reporting person

Monte M. Brem

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 2,276,888.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 2,276,888.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

2,276,888.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.8 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 85914M107

1

Name of reporting person

Scott W. Hart

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,130,490.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,130,490.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,130,490.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.8 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 85914M107

1

Name of reporting person

Jason P. Ment

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,136,579.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,136,579.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,136,579.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.4 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 85914M107

1

Name of reporting person

Jose A. Fernandez

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 5,033,311.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 5,033,311.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

5,033,311.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 85914M107

1

Name of reporting person

Michael I. McCabe

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,449,717.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,449,717.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,449,717.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.2 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 85914M107

1

Name of reporting person

Thomas Keck

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,299,538.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 4,299,538.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

4,299,538.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.2 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, Par Value $0.001 Per Share
(b)	Name of Issuer: StepStone Group Inc.
(c)	Address of Issuer's Principal Executive Offices: 277 Park Avenue, 45th Floor, New York, NEW YORK , 10172.
Item 1 Comment: This statement on Schedule 13D (this "Statement") relates to the Reporting Persons' (as defined in Item 2 below) beneficial ownership interest in the Class A common stock, par value $0.001 per share (the "Class A Common Stock"), of StepStone Group Inc., a Delaware corporation (the "Issuer"). The address of the principal executive offices of the Issuer is 277 Park Avenue, 45th Floor, New York, NY 10172. This amendment (the "Amendment") amends the prior statement on Schedule 13D filed by the Reporting Persons with the Securities and Exchange Commission on September 21, 2020, as amended on March 25, 2021, September 29, 2021, October 28, 2021, November 4, 2021, November 26, 2021, October 20, 2022, November 18, 2022, March 10, 2023, January 10, 2024, February 9, 2024, February 14, 2024, February 27, 2024, April 9, 2024, April 22, 2024, May 1, 2024, August 21, 2024, September 13, 2024, December 5, 2024, January 8, 2025 and June 6, 2025 (the "Original Filing" and, as amended by this Amendment, the "Schedule 13D"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Original Filing.
Item 2.	Identity and Background
(a)	Item 2 of the Schedule 13D is hereby amended and supplemented as follows: This Statement is being filed jointly by Monte M. Brem, Scott W. Hart, Jason P. Ment, Jose A. Fernandez, Michael I. McCabe and Thomas Keck. The foregoing persons are referred to collectively as the "Reporting Persons." Each of the Reporting Persons is filing in his capacity as a member of the Class B Committee. In addition, Messrs. Brem, Hart, Fernandez, McCabe and Keck are filing as the direct owners of more than 5% of the Class B units (the "Class B Units") of StepStone Group LP (the "Partnership"). Prior to 12:01 a.m. (Eastern time) on September 18, 2025 (the "Sunset Time"), the Reporting Persons constituted the members of the Class B Committee and were deemed to have beneficial ownership over 42,227,381 shares of stock as of September 12, 2025. Effective as of the Sunset Time, the Class B Committee has disbanded, the Reporting Persons ceased to have any beneficial ownership in their role as a member of the Class B Committee, and the joint filing agreement among members of the committee has terminated. Each Reporting Person that holds more than 5% of the Company's Class A Common Stock intends to file a separate Schedule 13D on or about the date hereof to report such ownership. (a) As of the date of this Statement: (i) Monte M. Brem beneficially owns 2,276,888 shares of Class A Common Stock as the beneficial owner of 2,276,888 Class B Units owned by MMAR HNL, LLC; (ii) Scott W. Hart beneficially owns 3,130,490 shares of Class A Common Stock as the direct holder of 18,708 shares of Class A Common Stock and the beneficial owner of 50,000 shares of Class A common stock and 3,061,782 Class B Units owned by a family trust; (iii) Jason Ment beneficially owns 1,136,579 shares of Class A Common Stock as the direct holder of 8,330 shares of Class A Common Stock and 1,128,249 Class B Units; (iv) Jose A. Fernandez beneficially owns 5,033,311 shares of Class A Common Stock as the beneficial owner of 11,210 shares of Class A Common Stock and 3,416,601 Class B Units owned by a family trust and the beneficial owner of 1,605,500 Class B Units owned by Santaluz Capital Partners, LLC; (v) Michael I. McCabe beneficially owns 3,449,717 shares of Class A Common Stock as the direct holder of 409,736 shares of Class A Common Stock and 1,906,142 Class B Units and as the beneficial owner of 196,423 shares of Class A Common Stock and 937,416 Class B Units owned by Benzy LLC, an entity owned by family trusts for which Mr. McCabe's spouse has sole voting power; (vi) Thomas Keck beneficially owns 4,299,538 shares of Class A Common Stock as the direct holder of 2,290 shares of Class A Common Stock and the beneficial owner of 100,750 shares of Class A Common Stock and 2,551,124 Class B Units owned through a family trust, in which Mr. Keck shares voting power with his spouse, and the beneficial owner of 1,645,374 Class B Units owned by Cresta Capital, LLC; and (vii) As of September 12, 2025, the Reporting Persons collectively beneficially owned 42,227,381 shares of voting stock held by Class A stockholders, Class B stockholders, Class C and Class D unitholders by virtue of their membership on the Class B Committee and pursuant to the terms of the Stockholders Agreement. Each Reporting Person disclaims beneficial ownership of securities owned by the other Reporting Persons.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is hereby amended and supplemented as follows: In August 2025, Mr. Fernandez entered into a 10b5-1 Plan with Morgan Stanley Smith Barney LLC, which provides for the sale of up to 211,210 shares of Class A Common Stock. All sales of shares of Class A Common Stock under the 10b5-1 Plan are subject to certain minimum price conditions.
Item 5.	Interest in Securities of the Issuer
(a)	(a) and (b) Items 5(a) and 5(b) of Schedule 13D are amended to reflect the following: The following table sets forth the aggregate number and percentage of the Class A Common Stock beneficially owned by each Reporting Person. The aggregate number and percentage of the Class A Common Stock beneficially owned by each Reporting Person is calculated in accordance with Rule 13d-3, but excluding any shares beneficial owned solely by virtue of the Stockholders Agreement. As of September 12, 2025, each of the Reporting Persons may have been deemed to have beneficial ownership over 42,227,381 shares of voting stock held by Class A stockholders, Class B stockholders, Class C unitholders and Class D unitholders party to the Stockholders Agreement (inclusive of the shares listed in the table), representing 37.5% of Class A Common Stock outstanding (assuming that the 32,331,035 Class B Units, the 947,761 Class C Units and the 709,773 Class D Units subject to the Stockholders Agreement and eligible to be exchanged are exchanged), which have been omitted from the table below. Number of Percentage of Shares With Class Dispositive A Common Stock Reporting Person Power Outstanding(1) Monte M. Brem 2,276,888 2.8% Scott W. Hart 3,130,490 3.8% Jason P. Ment 1,136,579 1.4% Jose A. Fernandez 5,033,311 6.0% Michael I. McCabe 3,449,717 4.2% Thomas Keck 4,299,538 5.2% (1) Based on 78,563,710 shares of Class A Common Stock issued and outstanding as of September 12, 2025, and assuming that the Reporting Persons exchange all of the Class B Units held directly or indirectly by them for shares of Class A Common Stock on a one-for-one basis, but no other Reporting Person or party to the Stockholders Agreement exchanges their Class B Units, Class C Units or Class D Units.
(c)	(c) Item 5(c) of Schedule 13D is hereby amended and supplemented as follows: Other than the transactions described below and disclosed in the Original Filing, the Reporting Persons have not effected any transactions involving the beneficial ownership of Class A Common Stock during the 60 days prior to the date of this Statement. With respect to the sale transactions reported below, each day's sales comprised open market transactions made on that day, and the price per share reported is the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Common Stock and prices at which the trades were effected. Pursuant to his 10b5-1 Plan, Mr. Hart sold: 10,000 shares of Class A Common Stock at $61.28 per share on July 25, 2025; and 10,000 shares of Class A Common Stock at $61.44 per share on August 25, 2025. In each case the shares sold by Mr. Hart were owned by a family trust.
(e)	As of September 18, 2025, all Reporting Persons other than Mr. Fernandez and Mr. Keck ceased to be the beneficial owner of more than five percent of the Class A Common Stock.
Item 7.	Material to be Filed as Exhibits.
	1. Joint Filing Agreement as required by Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended (incorporated by reference to Exhibit 1 to the Reporting Persons' Schedule 13D filed on September 21, 2020) 2. Tenth Amended and Restated Limited Partnership Agreement of StepStone Group LP (incorporated by reference to Exhibit 10.1 to the Issuer's Form 8-K filed with the SEC on May 31, 2024). 3. Tax Receivable Agreement (Exchanges) (incorporated by reference to Exhibit 10.2 to the Issuer's Form 8-K filed with the SEC on September 18, 2020). 4. Exchange Agreement (incorporated by reference to Exhibit 10.4 to the Issuer's Form 8-K filed with the SEC on September 18, 2020). 5. Second Amended and Restated Registration Rights Agreement (incorporated by reference to Exhibit 10.2 to the Issuer's Form 8-K filed with the SEC on May 31, 2024). 6. Class C Exchange Agreement (incorporated by reference to Exhibit 10.5 to the Issuer's Form 8-K filed with the SEC on September 20, 2021). 7. Support Agreement (incorporated by reference to Exhibit 99.1 to the Issuer's Form 8-K filed with the SEC on February 7, 2024). 8. Class D Exchange Agreement (incorporated by reference to Exhibit 10.3 to the Issuer's Form 8-K filed with the SEC on May 31, 2024). 24.1 Power of Attorney for Monte M. Brem (incorporated by reference to Exhibit 24.1 to the Reporting Persons' Schedule 13D filed on September 21, 2020). 24.2 Power of Attorney for Scott W. Hart (incorporated by reference to Exhibit 24.2 to the Reporting Persons' Schedule 13D filed on September 21, 2020). 24.3 Power of Attorney for Jason P. Ment (incorporated by reference to Exhibit 24.3 to the Reporting Persons' Schedule 13D filed on September 21, 2020). 24.4 Power of Attorney for Jose A. Fernandez (incorporated by reference to Exhibit 24.4 to the Reporting Persons' Schedule 13D filed on September 21, 2020). 24.5 Power of Attorney for the Michael I. McCabe (incorporated by reference to Exhibit 24.6 to the Reporting Persons' Schedule 13D filed on September 21, 2020). 24.6 Power of Attorney for Thomas Keck (incorporated by reference to Exhibit 24.8 to the Reporting Persons' Schedule 13D filed on September 21, 2020).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Monte M. Brem

Signature:	/s/ Jennifer Ishiguro, Attorney-in-Fact
Name/Title:	Monte M. Brem
Date:	09/18/2025

Scott W. Hart

Signature:	/s/ Jennifer Ishiguro, Attorney-in-Fact
Name/Title:	Scott W. Hart
Date:	09/18/2025

Jason P. Ment

Signature:	/s/ Jennifer Ishiguro, Attorney-in-Fact
Name/Title:	Jason P. Ment
Date:	09/18/2025

Jose A. Fernandez

Signature:	/s/ Jennifer Ishiguro, Attorney-in-Fact
Name/Title:	Jose A. Fernandez
Date:	09/18/2025

Michael I. McCabe

Signature:	/s/ Jennifer Ishiguro, Attorney-in-Fact
Name/Title:	Michael I. McCabe
Date:	09/18/2025

Thomas Keck

Signature:	/s/ Jennifer Ishiguro, Attorney-in-Fact
Name/Title:	Thomas Keck
Date:	09/18/2025

FAQ

What change did the Schedule 13D/A for STEP report on September 18, 2025?

The filing reports that the Class B Committee disbanded effective 12:01 a.m. on September 18, 2025, ending committee-based beneficial ownership aggregation of 42,227,381 votes.

How many shares and what percentage of STEP does Jose A. Fernandez beneficially own?

Jose A. Fernandez beneficially owns 5,033,311 shares of Class A Common Stock, representing 6.0% of Class A outstanding as stated in the filing.

Did any reporting person sell StepStone (STEP) shares recently?

Yes. Scott W. Hart sold a total of 20,000 shares in two open-market transactions (10,000 shares at $61.28 on July 25, 2025 and 10,000 shares at $61.44 on August 25, 2025).

What is the scope of Mr. Fernandez’s 10b5-1 plan disclosed in the filing?

Mr. Fernandez entered a 10b5-1 plan in August 2025 providing for the sale of up to 211,210 shares, subject to certain minimum price conditions.

How were the percentages of ownership calculated in the filing?

Percentages are based on 78,563,710 shares of Class A Common Stock issued and outstanding as of September 12, 2025, and assume a one-for-one exchange of Class B Units held by the reporting persons.