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

Rhea-AI Filing Summary

Amendment No. 4 to Schedule 13G discloses that FMR LLC, a Delaware parent holding company, and its controlling person Abigail P. Johnson beneficially own 19,946,433 shares of Structure Therapeutics Inc. (CUSIP 86366E106), representing 11.6 % of the company’s outstanding common stock as of 30 June 2025.

• Sole voting power: 19,946,433 shares
• Sole dispositive power: 19,946,433 shares
• Shared voting/dispositive power: 0

Johnson holds identical dispositive power but no direct voting power, reflecting her indirect control through FMR.

The filing, submitted under Rule 13d-1(b), classifies FMR as a “parent holding company / control person.” The certification states the position is not intended to influence control of the issuer. Exhibit 99 lists the relevant subsidiaries.

Crossing the 10 % threshold makes FMR a significant institutional shareholder; future changes in its position could meaningfully affect GPCR’s float, liquidity and perception among investors.

Positive

• Strong institutional backing: FMR LLC’s 11.6 % stake indicates sizeable confidence from a leading asset manager.
• Enhanced liquidity: Large passive ownership can support daily trading volumes and price stability.

Negative

• Ownership concentration: One holder controls over 10 % of shares, posing potential influence risk if intent changes.

Insights

Equity Analyst

TL;DR: Fidelity’s FMR reports 11.6 % GPCR stake—informative but not immediately valuation-moving.

FMR’s 19.9 M-share holding confirms robust institutional interest in Structure Therapeutics. While no purchase or sale details are provided, disclosure above 10 % signals monitoring visibility; any subsequent changes must be reported promptly, offering investors a window into Fidelity’s conviction. The filing alone does not alter fundamentals, but reinforces liquidity support and potential passive voting influence.

Corporate Governance Specialist

TL;DR: New 13G/A flags concentrated ownership; governance impact limited for now.

Because the position is reported on Schedule 13G—not 13D—FMR certifies a passive intent, implying no immediate push for board or control changes. Abigail P. Johnson’s dispositive but non-voting stance aligns with Fidelity’s customary structure. Still, a single holder controlling >10 % can sway shareholder votes if stance shifts. Investors should track any conversion to 13D, which would indicate activist intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

STEPSTONE GROUP INC

(Name of Issuer)

CLASS A COMMON STOCK

(Title of Class of Securities)

85914M107

(CUSIP Number)

06/30/2025

(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

FMR LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,428,306.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,432,527.20
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,432,527.20

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)

3.2 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 85914M107

1

Names of Reporting Persons

Abigail P. Johnson

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,432,527.20
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,432,527.20

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)

3.2 %

12

Type of Reporting Person (See Instructions)

IN

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,US,10172
Item 2.
(a)	Name of person filing: FMR LLC
(b)	Address or principal business office or, if none, residence: 245 Summer Street, Boston, Massachusetts 02210
(c)	Citizenship: Not applicable
(d)	Title of class of securities: CLASS A 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: 2432527.20
(b)	Percent of class: 3.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Please see the responses to Items 5 and 6 on the cover page.
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 2432527.20
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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. One or more other persons are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the CLASS A COMMON STOCK of STEPSTONE GROUP INC. No one other person's interest in the CLASS A COMMON STOCK of STEPSTONE GROUP INC is more than five percent of the total outstanding CLASS A COMMON STOCK.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See attached Exhibit 99.
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.

FMR LLC

Signature:	Richard Bourgelas
Name/Title:	Duly authorized under Power of Attorney effective as of May 23, 2023, by and on behalf of FMR LLC and its direct and indirect subsidiaries*
Date:	08/05/2025

Abigail P. Johnson

Signature:	Richard Bourgelas
Name/Title:	Duly authorized under Power of Attorney effective as of May 23, 2023, by and on behalf of Abigail P. Johnson*
Date:	08/05/2025

Comments accompanying signature: *This power of attorney is incorporated herein by reference to Exhibit 24 to the Schedule 13G filed by FMR LLC on August 8, 2023, accession number: 0000315066-23-002397.

Exhibit Information

Please see Exhibit 99 for 13d-1(k) (1) agreement.

FAQ

How many Structure Therapeutics (GPCR) shares does FMR LLC own?

19,946,433 common shares, according to the Schedule 13G/A.

What percentage of GPCR’s outstanding stock does this represent?

The filing states 11.6 % of the class.

Does FMR LLC have voting power over these shares?

Yes, it reports sole voting power over all 19.9 M shares.

Is FMR seeking control of Structure Therapeutics?

No. The Schedule 13G indicates a passive investment with no intent to influence control.

Who signed the filing on behalf of FMR and Abigail P. Johnson?

Authorized signatory Richard Bourgelas signed using powers of attorney dated 23 May 2023.