Vanguard Group discloses 10.67% stake in StepStone Group (STEP)

Rhea-AI Filing Summary

StepStone Group Inc. reported that The Vanguard Group has filed an amended Schedule 13G showing beneficial ownership of 8,449,878 shares of StepStone common stock, representing 10.67% of the class as of 12/31/2025. Vanguard reports no sole voting power, with shared voting power over 520,140 shares, sole dispositive power over 7,840,998 shares, and shared dispositive power over 608,880 shares. The filing states the shares are held in the ordinary course of business for Vanguard’s clients and not for the purpose of changing or influencing control of StepStone.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

StepStone Group Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

85914M107

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 85914M107

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 520,140.00
7	Sole Dispositive Power 7,840,998.00
8	Shared Dispositive Power 608,880.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,449,878.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.67 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: StepStone Group Inc
(b)	Address of issuer's principal executive offices: 277 Park Avenue, 45th Floor, New York, NY, 10172
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 85914M107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 8449878
(b)	Percent of class: 10.67 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 520140
	(iii) Sole power to dispose or to direct the disposition of: 7840998
	(iv) Shared power to dispose or to direct the disposition of: 608880
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	01/07/2026

FAQ

How many StepStone Group (STEP) shares does The Vanguard Group report owning?

The Vanguard Group reports beneficial ownership of 8,449,878 shares of StepStone Group Inc. common stock.

What percentage of StepStone Group’s common stock does Vanguard own?

The Vanguard Group’s beneficial ownership represents 10.67% of StepStone Group Inc.’s outstanding common stock.

As of what date is Vanguard’s ownership in StepStone Group measured?

The ownership figures are reported as of 12/31/2025, the date of the event requiring the filing.

How much voting power does Vanguard have over StepStone Group shares?

Vanguard reports 0 shares with sole voting power and 520,140 shares with shared voting power.

What dispositive power does Vanguard report over StepStone Group stock?

The Vanguard Group has sole dispositive power over 7,840,998 shares and shared dispositive power over 608,880 shares of StepStone common stock.

Are Vanguard’s StepStone holdings intended to influence control of the company?

No. Vanguard certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of StepStone Group Inc.

Who benefits economically from Vanguard’s StepStone Group holdings?

The filing states that The Vanguard Group, Inc.'s clients, including registered investment companies and other managed accounts, have the right to receive dividends or sale proceeds from the reported securities, and no single other person has more than a 5% interest.