Good afternoon, ladies and gentlemen, welcome to StepStone's fiscal 2022 first quarter earnings conference call. As a reminder, all participants are in listen-only mode, the conference is being recorded. After the presentation, there'll be an opportunity to ask questions. To join the question queue, you may press star, then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Seth Weiss, StepStone's Head of Investor Relations. Please go ahead. Thank you, and good afternoon, everyone. Joining me on the call today are Scott Hart, Co-Chief Executive Officer, Jason Ment, President and Co-Chief Operating Officer, Mike McCabe, Head of Strategy, and Johnny Randel, Chief Financial Officer. During our prepared remarks, we will be referring to a presentation which is available on our investor relations website at shareholders.stepstonegroup.com. Before we begin, I'd like to remind everyone that this conference call as well as the presentation, contains certain forward-looking statements regarding the company's expected operating and financial performance for future periods. Forward-looking statements reflect management's current plans, estimates, and expectations, and are inherently uncertain, and are subject to various risks, uncertainties, and assumptions. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks or other factors that are described in the risk factor section of StepStone's most recent 10-K. Turning to our financial results on slide three for the first quarter of fiscal 2022. We reported GAAP net income of $126.5 million for the quarter ended June 30, 2021. GAAP net income attributable to StepStone Group was $41.7 million. Fee-related earnings for the quarter was $23.1 million, an increase of 27% as compared to the first fiscal quarter of the previous year. Adjusted net income for the quarter was $40.5 million, up 162% from the first quarter of fiscal 2021. Finally, we reported adjusted net income per share of $0.41. The quarter reflected retroactive fees resulting from additional closes of StepStone's growth equity fund that contributed $0.9 million to revenue and $0.8 million to fee-related earnings and pre-tax adjusted net income. In comparison, there were no retroactive fees reflected in the first quarter of fiscal 2021. I'd now like to turn the call over to StepStone's Co-Chief Executive Officer, Scott Hart. Thank you, Seth, good afternoon, everyone. In the first fiscal quarter of 2022, we posted our strongest quarter ever for fee-related revenues and adjusted net income. We continue to grow assets under management at a robust pace, which helps drive a predictable and recurring stream of fee-related revenue. Additionally, our strong investment performance, coupled with a very healthy realization environment, led to exceptional realized performance fees and investment income. Moving to slide four, we manage $90 billion in investments and advise on an additional $375 billion of assets with a leading market presence in private equity, real estate, infrastructure, and private debt. We have a wide global reach with offices in 19 cities across 13 countries. This global and local approach is a deliberate strategy. Our global scale creates a substantial competitive advantage as it yields unparalleled data, insights, and deal flow, while our localized presence allows us to provide the personalized attention needed to deliver customized solutions designed specifically for each client's needs. We are very excited to enhance our capabilities with the acquisition of Greenspring Associates, which we announced last month, and which we expect to close by the end of this calendar year. We believe the combination of StepStone and Greenspring will create the clear market leader in venture and growth equity, which will be a sector focus within our private equity asset class. Mike McCabe will speak about Greenspring in more detail in a few minutes. Moving to slide five, as Seth mentioned, we generated $40.5 million in adjusted net income for the quarter, or $0.41 per share, up 162% from the prior year's first quarter. We generated fee-related earnings of $23.1 million, representing 27% year-over-year growth as our fee-earning AUM grew to approximately $53 billion, up 27% from a year ago. We also expanded FRE margins by 100 basis points year-over-year, and by 200 basis points from the fourth quarter of fiscal 2021, which positively contributed to the growth in fee-related earnings. Net realized performance-related fees, which include incentive fees, were a combined $33 million in the quarter, our highest ever, up more than four-fold versus the first quarter of fiscal 2021, and double the previous peak of $16 million in the third quarter of fiscal 2021. We also benefited from strong realized investment income of over $2 million. While these sources of income tend to be less predictable than fee-related earnings, our performance fees have trended steadily up over the last two years, and our accrued carry balance of $1.1 billion is more than 3x the size it was a year ago, a positive signal for future performance fees. Johnny Randel will discuss the financials in more detail. As we mentioned last quarter, we have reopened our offices on a voluntary basis and resumed in-person business development and due diligence in a measured way. We are eager to see our existing clients face to face and to resume travel to foster new relationships. We recognize the return to normalcy will not be a straight line, and we are closely monitoring the evolution of travel restrictions and how COVID variants may impact the health and safety of our employees and clients. We remain optimistic about the future and our ability to adapt to changing circumstances. With that, I will turn the call over to Mike McCabe, our Head of Strategy. Thanks, Scott. Now turning to slide seven, I will briefly summarize the Greenspring acquisition and highlight the financial and strategic merits of the transaction. Greenspring is one of the largest venture capital and growth equity specialists, and serves as a value-added life cycle partner for fund managers and entrepreneurs investing across all stages of venture capital through a combination of primary, secondary, and direct investments. As of March 31st, Greenspring had approximately $9 billion of fee-earning AUM, $17 billion of AUM, and trailing 12-month fee-related earnings of $28 million. For more details of the transaction, please reference the presentation we gave on July 7th and our public filings. There are several strategic and financial benefits I would like to highlight. Beginning on the financial side, first, the acquisition will be immediately accretive. We anticipate that the transaction will increase adjusted net income per share by the high single digits during the 12 months following the close of the transaction, and by more in the future. To be clear, we do not assume any revenue or operating synergies to achieve this target but w e do anticipate benefiting from synergies over time. Second, the initial revenue stream is all fee-related, providing a highly predictable and recurring source of earnings. Furthermore, since we are buying full ownership of Greenspring, 100% of the fee-related earnings will flow to pre-tax adjusted net income. Third, the addition of Greenspring will be additive to our FRE margin even before accounting for any efficiencies or benefits from operating leverage, which may develop over time. As of March 31, Greenspring generated an FRE margin of 40% over the last 12 months, above our trailing 12-month FRE margin of 31%. Fourth, Greenspring should enhance our pace of revenue growth. Over the last three years, Greenspring has increased management and advisory fees at a 34% compounded annual growth rate. Moving to the strategic merits. First, the addition of Greenspring makes us the best-in-class player in one of the fastest-growing and best-performing segments within private equity. Over the last decade, venture capital fundraising and deployment have grown at a 15%-20% pace. While venture capital internal rates of return have outpaced broader private equity buyout IRRs by approximately 500 basis points. The combination of the two firms provides the Greenspring team with the resources, reach, and scale to deepen relationships with fund managers and further accelerate growth, including an expanded data and technology advantage, greater geographic reach, and access to our global marketing, business development, and shared services support. Third, StepStone and Greenspring have limited overlap between existing clients. This provides both StepStone and Greenspring an opportunity to leverage each other's relationships to expand our collective footprint. Finally the acquisition will expand our assets under management to well over $100 billion, further enhancing the positive network effects we enjoy from being a large, diversified, and global participant in the private markets. As Scott mentioned, we continue to expect the transaction to close by the end of the calendar year. The consent process with Greenspring's LPs is progressing well. We expect to finance the upfront cash portion with a mixture of debt and cash on hand. Now turning to slide eight. We generated nearly $13 billion of gross AUM in the last 12 months, with approximately $2 billion coming from our commingled funds and roughly $11 billion in separately managed accounts. Among our SMAs, approximately 90% of assets were raised from existing relationships. International continues to be a significant source of flows, with over 90% of our gross AUM additions coming from outside of North America. International LPs are still in the early stages of investing in private markets, so we anticipate that this will be a source of outsized AUM growth for the considerable future. Slide nine shows our fee-earning AUM by structure and asset class. For the quarter, we grew fee-earning AUM by just under $1 billion, with half of the growth coming in our private equity asset class. Growth in assets is inherently lumpy, we think it is most productive to look at our fee-earning growth on a longer-term basis. Over the last year, we have grown fee-earning AUM by 27%. When looking over the last three years, we have grown fee-earning assets by a 30% compounded annual growth rate. As of quarter-end, we have $13.6 billion of undeployed fee-earning capital, which we anticipate will generate management fees as capital is deployed into the coming years. We continue to make strong progress in SPRIM, our private markets fund for individual investors. Since launching in October of last year, we have grown this fund to approximately $150 million of net asset value, and that delivered an exceptional 45% net return for investors. Slide 10 shows the evolution of our management and advisory fees. Using fiscal 2018 as the base year, our management fees have grown at a 32% compounded annual rate. This is a similar pace as our growth in fee-earning AUM. The blended fee rate of 52 basis points has stayed relatively steady throughout the last three years. While the blended fee rate may fluctuate slightly due to the mix of asset class and account type, the pricing trends of the underlying services remain very stable. With that, I'd like to turn the call over to our Chief Financial Officer, Johnny Randel, to discuss our financials in more detail. Thank you, Mike. I'd now like to turn your attention to slide 12 to touch on a few of our financial highlights. For the quarter, we generated fee-related earnings of $23.1 million, pre-tax adjusted net income of $52.3 million, adjusted net income of $40.5 million, and ANI per share of $0.41. Our FRE margin for the quarter was 30%, up 100 basis points year-over-year, and up more than 200 basis points from the prior fiscal quarter. The receipt of retroactive fee payments benefited both the current and the previous quarter by roughly 70 basis points each, while the first quarter of the prior fiscal year benefited from the absence of public company expenses. Normalized for these items, year-over-year margins improved by over 300 basis points. Backing out non-core items, fee-related expenses were down from the prior quarter, driven by the timing of bonus accruals, which were elevated in the fourth quarter of fiscal 2021, and due to slightly lower general and administrative expenses. Gross realized performance fees were $58.2 million for the quarter, our strongest period ever. The environment has been very supportive for performance fees as positive market performance and robust capital market conditions have elevated realizations. Furthermore, incentive fees paid by certain accounts are tied to the first fiscal quarter each year, which provided a seasonal boost to our results. As a reminder, realized performance fees can fluctuate significantly in any given quarter, so we believe a longer-term view on performance fees is more appropriate. Slide 26 in the appendix provides quarterly and last 12 months trends of net performance fees. Turning to slide 13, I will speak to core revenue trends on a year-over-year basis for the quarter and on a longer-term basis looking at the trailing 12 months compared to the base year of fiscal 2018. I'll start with management and advisory fees at the top. Total management and advisory fees were up 23% year-over-year, while the longer-term trend shows that such fees have grown at a compounded annual growth rate of 26%. A more detailed breakdown of fee revenue is provided on slides 27 and 28 in the appendix. Gross realized performance fees were up 440% compared to the first quarter of fiscal 2021, while the longer-term trend shows that such fees have grown at a CAGR of 47% since fiscal 2018. The bottom chart shows adjusted revenues, which is a sum of the top two figures. Adjusted revenues increased 83% as compared to the first quarter of fiscal 2021, with a longer-term CAGR of 31%. Performance fees as a percentage of adjusted revenues was 43% for the quarter and 29% for the last 12 months. This is above our historic ratio of around 20%. We may continue to benefit from strong performance fees in the near term if the exit environment remains favorable. I would highlight that we generally do not control the exit of these investments, so there will be variability in any given quarter. Turning to our core profitability metrics on slide 14, fee-related earnings of $23 million for the quarter were up 27% relative to the same quarter a year ago. For the last 12 months, we generated fee-related earnings of $94 million, representing a CAGR of 53% relative to fiscal 2018. Fee-related earnings growth has been driven by higher fee-earning AUM, lower travel and entertainment expenses, and positive operating leverage. Margins have been offset somewhat by the layering in of public company expenses. Adjusted net income of $41 million grew by 162% as compared to the same quarter last year. For the trailing 12 months, we generated ANI of $110 million, representing a longer-term CAGR of 42%, driven by FRE growth and strong net performance fees. On slide 15, we highlight a couple of key balance sheet items. Gross accrued carry continued to increase, driven by strong underlying investment performance, ending the quarter at nearly $1.1 billion. This is up 20% from the prior quarter and up over 225% over the last 12 months. As a reminder, changes in our accrued carry balance reflect our share of the unrealized gains or losses of our client portfolios on a one-quarter lag. On the bottom chart, our own investment portfolio ended the quarter at $83 million, up 11% from the prior quarter and up 64% over the prior year, reflecting both market appreciation and net contributions. Unfunded commitments to these programs are $54 million as of quarter end. Moving to slide 16, we manage a large pool of over $43 billion of performance fee eligible capital. Importantly, this capital is widely diversified across approximately 130 programs, with about 90 of these programs reflecting an accrued carry position as of June 30th. Nearly 70% of our unrealized carry was tied to programs with vintages of 2016 or earlier, which means that these programs have entered harvesting mode. 65% of this unrealized carry is sourced from vehicles with deal-by-deal waterfalls, meaning realized carry may be payable at the time of investment exit. This concludes our prepared remarks. I'll now turn it back over to the operator to open the line for any questions. We will now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We will pause for a moment as callers join the queue. The first question comes from Alex Blostein from Goldman Sachs. Please go ahead. Thanks. Good afternoon. Thanks for taking the question. I wanted to start with the performance fee dynamic, obviously very strong in our quarter, and accrued carry balances continue to improve here, not surprisingly, I guess, given the backdrop in the markets. How are you guys thinking about the cash flow utilization of the business, given a pickup in performance fees which is likely going to continue here? Sure. Thanks, Alex, for the question. This is Scott. I'll probably start with just a quick comment on the continued trend in performance-related earnings that you referenced, then I'll maybe ask Johnny to comment on the cash flow dynamics that you referenced. Look, we would agree, and I think that trend that you referenced is one that we've talked about over the last couple of quarters. I think it really reflects a few different things. One, is the market activity, and as we've talked about in the past, the fact that all exit routes really have been open and available to us here. Two, is just the continued maturation of our carry programs, and we show sort of the breakout by vintage year of some of those programs and how they've developed over time. Third, is performance that we've experienced, both in terms of the realized performance fees, but also as accrued carry balances. With that, Johnny, maybe I'll turn it to you to comment briefly on the cash flow utilization there. Yeah. Sure, Scott. I think as Mike mentioned, with the closing of the Greenspring transaction, we do anticipate using some cash on the balance sheet. As we've talked about before, we'll continue to look at dividend levels and just making sure we're using the cash in the most strategic way. I think the near term, some of that will be used for Greenspring, and just continue to make sure we're prepared to support the growth of the business and anything else we may need it for. I think we've talked before, we do have a fair amount of GP commitment that will need to be funded over time. We're conscious in making sure we have the right liquidity profile as well. Got it. That's helpful. Thanks. Then secondly, I was hoping we could just get an update on sort of conversations you guys have with the partners and principals of your other subs where StepStone doesn't own 100% of the economics. Obviously, it's great to see Greenspring coming in with no NCI. You guys will own 100% of that capital stream. Given that StepStone share price had a nice move here, does that at all accelerate the equity swap, perhaps with some of the partners from those subs? Maybe just a rough sort of understanding, kind of how those conversations are going and the timing of anything sort of potentially happening. Thanks. Sure. Mike McCabe, do you want to take that one? Thanks, Scott. Thanks for the question. As we've discussed in the past, we remain actively in dialogue with the various teams, infrastructure, private credit, and real estate. As we've discussed in the past, they are all experiencing significant growth in various levels. I think as the passage of time continues, that conversation will continue and w hen the time is right, I think you can expect to see integration conversations picking up. You raise a good point about the value of our stock, and certainly it is a very attractive currency to utilize something like that. At the moment, the teams are still growing their businesses, and we'll keep you posted as of when the timing should change there. At the moment, there's nothing really to report that's actionable, Alex. Got it. Thank you very much. The next question comes from Ken Worthington with JP Morgan. Please go ahead. Hi. Good afternoon. Thank you for the additional comments on Greenspring. Maybe some additional color there. Since the deal was announced, what have been the incoming LP communications been like since the deal was announced? If you could remind us again, I think the VC community is pretty small and many of the highest regarded managers are closed. How many of those top managers does Greenspring really have access to as their new products come out? Sure. Thanks, Ken. On the LP communication front, look, clearly there's been a tremendous amount of communication with both the existing StepStone clients as well as the Greenspring LPs. I would say that communication has been quite positive, I think similar to the conversations that we've had with many of you. The strategic rationale for the combination is well understood. I think it is viewed as being consistent with the track record of M&A and really bringing on experienced, sizable teams to really build out or accelerate the build-out of our capabilities. They certainly understand the fact that this creates a market leader in the venture capital and growth equity solutions space. Understand that this will allow us to do some things that neither of us would have necessarily been able to do individually prior to the combination. That's sort of from the StepStone angle. I think from the Greenspring angle as well, again, very well understood in terms of the rationale for the transaction, I think we're making good progress in conversations with LPs there. To the second part of your question, just around the VC community and the GP relationships. Clearly, one of the things that this combination does is it significantly expands the number of GP relationships. You can imagine that Greenspring, having been in this business for the past 20 years, does have relationships with many of the leading venture capital managers. Similarly, StepStone has been able to build a number of important relationships, really on behalf of many of our clients over the last 14 years here, and when put together, have multiples of the number of relationships even at Greenspring had on its own here. As we think about the growth in the venture opportunity, again, in some ways, it has gone from purely being an access game to a much more sizable, scalable opportunity, given some of the trends we've talked about during the announcement call around just companies staying private for longer, as we think about the importance of having a sizable global platform. On that front, I think we'll be very well positioned given the GP relationships across the combined business. Great. Just on SPRIM, I think you were at maybe $135 million of assets in March, $150 million now, so we're growing nicely. How is that pace of interest in SPRIM growing? I think you were on maybe 50 platforms last quarter. How is that continuing to build out, and how is that education process ramping? Lastly here, I think these products get to a certain size where they can really start to take off. Merrill wouldn't want to be 50% of any given fund. Is there a size where the growth on this fund might really start to inflect and just go completely ballistic or vertical? If so, what might that level be? Thanks. Sure. Jason, you want to take that one? Yep. Ken, thanks. This is Jason. In terms of the number of platforms we are on, including RIAs, in the IBDs here in the U.S. and then the non-U.S. platforms, we're now pushing 60. In terms of the education process and the ramp, the number of meetings we're getting with new platforms has continued apace with that education process as to why private markets, if private markets, why StepStone? If StepStone, why SPRIM? Those conversations have continued to be very positive, as evidenced by the growth in the number of platforms that have approved us. We are now at a scale where the IBDs are generally going to be on side from a size perspective. We've kind of reached that critical mass, and we're excited about that. The post period flows have been strong this past month as well, evidencing the beginnings of some inflection. I'm probably not going to use the word ballistic on any earnings call ever, but we're certainly excited about where we are now. In terms of the wires, as you note, there is kind of twofold to the matrix. One, how big is the fund and then two what are the monthly flows? I would say we're now thinking about that in terms of months rather than years, in terms of when we're eligible for those platforms. Outstanding. Okay. Thank you so much. Once again, if you have a question, please press star, then one. The next question comes from Michael Cyprys from Morgan Stanley. Please go ahead. Hey, good afternoon. Thanks for taking the question. Just as we look at your fee-earning capital, that continues to grow nicely year on year. If I recall correctly, your fee-earning capital, you get paid based on invested or deployed capital. If you wouldn't mind just confirming that. Just in the context of looking across the industry, we've seen a lot of GPs put capital to work here in the June quarter, and I think there's some expectations for that to continue at a very strong pace into the end of the year. I guess when I look at your gross contributions, one might have expected it to be perhaps a little bit higher than what you had put up. Maybe you can help unpack some of the moving pieces within the contributions in your separate accounts this quarter. If looking back at the March quarter, where it was substantially higher, was that any sort of pull forward or anticipatory of large deployment expectations into the June quarter? How are things looking as you look out to the September and December quarter for gross contributions? Great. Thanks. Mike for the question. This is Scott. We had about $1 billion of additions in terms of fee-earning AUM for the quarter. Maybe first let me address your question around whether we're paid on invested versus committed capital. Just as a reminder, it's a mix of both. We certainly have a number of both commingled funds and separate accounts where we're paid on committed capital. The driver of the undeployed fee-earning capital that we talk about is commitments to accounts that are going to pay on invested capital and will therefore convert into fee-earning AUM as that capital is invested. Of the $1 billion of fee-earning AUM additions in the quarter, that was a combination of about $700 million of deployment and a couple hundred million dollars of additions on the commingled fund side. Part of that was driven by our growth equity fund, which closed on incremental $130 million, and also commitments to SPRIM and deployment from our private debt funds. Certainly, when you look at that relative to the $5 billion of fee-earning AUM additions in the prior quarter, it is a bit more modest, but I think in our view, a solid quarter on the back of that very strong quarter one quarter ago. I think that highlights a bit of the lumpiness that can take place from quarter to quarter, which is really one of the reasons that point to the longer term trends, whether you're looking at fee-earning AUM or management advisory fees or fee-related earnings, when you look at it on a year-over-year basis, continue to grow at mid 20% to high 20% rates. All of that being said, from a deployment standpoint, this quarter, I would say private equity continued to be quite active, really across all different strategies. Although some of those strategies, like secondaries, may have been more activity in funds that pay on committed capital as opposed to invested private debt, which is another of our asset classes that tends to have accounts that count invested capital, had a slightly slower quarter relative to the prior quarter, where we had been quite active, as we highlighted during our earnings call last quarter. We saw an uptick in activity across both real estate and infrastructure. Real estate in particular was one we had highlighted in past calls as having seen a slower recovery. We have now seen that recovery start to take place. Again, not all that activity takes place in accounts that pay on invested capital. We do continue to think that there is an opportunity to continue to be quite active on the investment front here. We feel very good about the pipeline of opportunities that we continue to work on here. In fact, some of them we expect will, or in some cases already have closed. For example, our private equity co-investment fund recently held its first close on approximately $500 million of capital. That happened subsequent to quarter end and will be activated as that fund has started to be invested. Again, it does come down to timing in certain cases here. Great. If I could just ask a follow-up question on the fee-related earnings margin that continues to come in ahead of expectations, about 30% or so in the quarter. I guess the question here is, how much of the new public company costs would you say are in the run rate at this point? What's left in terms of what might be coming in? Imagine with eventual some normalization in T&E coming through maybe into the second half or into calendar 2022. Just how much pressure could we see from here on the FRE margin? How do you see that trending? Maybe you could talk through some of the puts and takes. Sure. Certainly at this point, the bulk of the public company expenses are incorporated there. I might just turn it to Johnny to comment in more detail there. Yeah, sure. Thanks, Scott. Yes, we believe most of the public company expenses have made their way in. We do expect some increases to come on from SOX compliance, other things we need to do, and D&O insurance is still showing meaningful increases. For the most part, that has worked its way in. As you mentioned, we do expect T&E to return. I think when we kind of normalize this year, this quarter versus a year ago quarter, there's about a 300 basis point improvement that kind of gets masked. It's hard to say when that T&E comes back, but we do think there is pressure as we kind of get out into the back half of the year and start traveling again. I think we've said before, kind of high 20s seems to be where we think we likely are when things kind of get up and running. The timing of that is still unclear. In the near term, sorry. High 20s in the near term. Great. Thank you. This concludes the question and answer session. I'd like to turn the conference back over to Scott Hart for any closing remarks. Well, great. Thanks everyone for joining the call. We certainly appreciate the continued interest and the questions, we'll look forward to updating you in future quarters. Thank you. This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.