Added to YB: 2026-07-06
Pitch date: 2026-07-02
STEP [bearish]
StepStone Group Inc.
-6.26%
current return
Author Info
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Company Info
StepStone Group Inc. is a private equity and venture capital firm specializing in primary, direct, fund of funds, secondary direct, and secondary indirect investments.
Market Cap
$3.3B
Pitch Price
$41.36
Price Target
N/A
Dividend
4.06%
EV/EBITDA
-5.00
P/E
-6.07
EV/Sales
2.41
Sector
Capital Markets
Category
special_situation
Problems at StepStone ($STEP)
STEP (short thesis): $5B asset mgr faces liquidity trap—must buy out CH Equity Partners' SPW retail arm stake for est. $2.3B vs only $213M cash. Formula pegs price to paper marks (SpaceX +$317M unrealized) at ~43x FRE, 3x STEP's own 13x multiple. Book value negative; ~20% dilution likely.
Read full article (7 min)