STEP Q3 2026 Earnings Presentation

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1 StepStone Group Earnings Presentation THIRD QUARTER FISCAL YEAR 2026 February 5, 2026

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Today’s presenters Scott Hart CEO Jason Ment President & Co-COO Mike McCabe Head of Strategy David Park CFO 2STEPSTONE GROUP

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($ in thousands, except per share amounts) Dec '24 Dec '25 % Fav / Unfav Dec '24 Dec '25 % Fav / Unfav Revenues Management and advisory fees, net 190,840$ 239,932$ 26% 553,613$ 666,594$ 20% Performance fees: Incentive fees 22,369 207,954 830% 26,365 213,046 708% Carried interest allocations: Realized 24,282 46,703 92% 83,718 129,985 55% Unrealized 93,325 101,985 9% 120,370 338,681 181% Total carried interest allocations 117,607 148,688 26% 204,088 468,666 130% Legacy Greenspring carried interest allocations(1) 8,207 (10,063) na 13,035 56,717 335% Total performance fees 148,183 346,579 134% 243,488 738,429 203% Total revenues 339,023 586,511 73% 797,101 1,405,023 76% Expens es Compensation and benefits: Cash-based compensation 85,203 107,114 -26% 246,298 303,447 -23% Equity-based compensation 486,418 468,808 4% 542,929 1,541,996 -184% Performance fee-related compensation: Realized 25,477 122,215 -380% 55,092 164,915 -199% Unrealized 49,670 69,050 -39% 66,495 202,134 -204% Total performance fee-related compensation 75,147 191,265 -155% 121,587 367,049 -202% Legacy Greenspring performance fee-related compensation(1) 8,207 (10,063) na 13,035 56,717 -335% Total compensation and benefits 654,975 757,124 -16% 923,849 2,269,209 -146% General, administrative and other 43,130 50,640 -17% 134,202 138,846 -3% Total expens es 698,105 807,764 -16% 1,058,051 2,408,055 -128% Other income (expens e) Investment income 1,064 9,829 824% 5,710 19,131 235% Legacy Greenspring investment income (loss)(1) 1,167 (527) na (4,119) 4,168 na Investment income of Consolidated Funds 15,037 21,282 42% 30,878 88,997 188% Interest income 2,559 2,455 -4% 7,632 8,175 7% Interest expense (3,008) (5,123) -70% (9,510) (14,082) -48% Other income (loss) (2,452) (1,312) 46% (1,626) 5,818 na Total other income 14,367 26,604 85% 28,965 112,207 287% Loss before income tax (344,715) (194,649) 44% (231,985) (890,825) -284% Income tax benefit (57,552) (32,214) -44% (46,005) (140,889) 206% Ne t loss (287,163) (162,435) 43% (185,980) (749,936) -303% Less: Net income attributable to non-controlling interests in subsidiaries 27,226 24,562 10% 62,966 62,421 1% Less: Net income (loss) attributable to non-controlling interests in legacy Greenspring entities(1) 1,167 (527) na (4,119) 4,168 na Less: Net loss attributable to non-controlling interests in the Partnership (134,760) (82,207) -39% (107,856) (369,275) 242% Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds 10,905 18,564 -70% 23,101 79,180 -243% Less: Net income attributable to redeemable non-controlling interests in subsidiaries 314 624 -99% 983 1,587 -61% Net loss attributable to StepStone Group Inc. (192,015)$ (123,451)$ 36% (161,055)$ (528,017)$ -228% Net loss per share of Class A common stock – Basic (2.61)$ (1.55)$ 40% (2.32)$ (6.72)$ -190% Net loss per share of Class A common stock – Diluted (2.61)$ (1.55)$ 40% (2.32)$ (6.72)$ -190% Quarter Year-to-Date GAAP consolidated statements of loss 3STEPSTONE GROUPFootnotes are provided at the end of this presentation. GAAP net loss was $162.4 million for the quarter and $749.9 million year-to-date. GAAP net loss attributable to StepStone Group Inc. was $123.5 million (or $1.55 per share) for the quarter and $528.0 million (or $6.72 per share) year-to-date.

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($ in thousands, unless otherwise mentioned) Dec '24 Dec '25 % Fav / Unfav Dec '24 Dec '25 % Fav / Unfav Fee revenues(2) $ 191,832 $ 241,133 26% $ 555,827 $ 671,334 21% Less: Adjusted cash-based compensation 85,542 107,114 -25% 245,924 303,413 -23% Adjusted equity-based compensation 2,460 4,684 -90% 7,239 13,209 -82% Adjusted general, administrative and other 29,712 40,099 -35% 84,541 105,597 -25% Fee-related earnings 74,118 89,236 20% 218,123 249,115 14% Plus: Realized carried interest allocations 24,282 46,703 92% 83,718 129,985 55% Adjusted incentive fees(1)(3) 27,791 206,664 644% 34,313 212,990 521% Realized investment income 1,720 1,560 -9% 4,756 5,016 5% Adjusted interest income(1) 1,672 2,451 47% 4,475 5,900 32% Adjusted other income (loss)(4) (569) (652) -15% (897) 1,246 na Less: Realized performance fee-related compensation 25,477 122,215 -380% 55,092 164,915 -199% Interest expense 3,008 5,123 -70% 9,510 14,082 -48% Income attributable to non-controlling interests in subsidiaries/other: Fee-related earnings attributable to non-controlling interests in subsidiaries and profits interests(5) 21,063 32,280 -53% 49,340 83,743 -70% Performance related earnings / other income (loss) attributable to non-controlling interests in subsidiaries and profits interests(6) 11,702 83,607 -614% 20,188 90,514 -348% Pre-tax adjusted net income 67,764 102,737 52% 210,358 250,998 19% Less: Income taxes(7) 15,105 22,879 -51% 46,889 55,897 -19% Adjusted net income (“ANI”) $ 52,659 $ 79,858 52% $ 163,469 $ 195,101 19% ANI per share $ 0.44 $ 0.65 48% $ 1.38 $ 1.59 15% Quarter Year-to-Date Non-GAAP financial results1 Fee revenues; adjusted cash-based compensation; adjusted equity-based compensation; adjusted general, administrative and other; fee-related earnings; adjusted incentive fees; adjusted interest income; adjusted other income (loss); pre-tax adjusted net income; adjusted net income and ANI per share are non-GAAP measures. See definition and reconciliation of non-GAAP measures towards the end of this presentation. STEPSTONE GROUP 4

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Fiscal Q3 2026 overview Fee revenues, fee-related earnings, fee-related earnings margin, performance fee-related earnings, adjusted net income, and ANI per share are non-GAAP measures. See definition and reconciliation of non-GAAP measures towards the end of this presentation. SMAs include advisory accounts for which we have discretion. 5STEPSTONE GROUP ($M, except per share amounts) FQ3’26 FQ3’25 vs. FQ3’25 FQ3’26 YTD FQ3’25 YTD vs. FQ3’25 YTD Fee revenues $241.1 $191.8 26% $671.3 $555.8 21% Fee-related earnings (“FRE”) $89.2 $74.1 20% $249.1 $218.1 14% Fee-related earnings margin1 37% 39% 37% 39% Performance fee-related earnings (“PRE”) $131.2 $26.6 393% $178.1 $62.9 183% ANI $79.9 $52.7 52% $195.1 $163.5 19% ANI per share $0.65 $0.44 48% $1.59 $1.38 15% - Declared a quarterly cash dividend of $0.28 per share of Class A common stock payable on March 13, 2026 to record holders of Class A common stock at the close of business on February 27, 2026 - Raised a total of $21 billion of new capital for separately managed accounts (“SMA”) over the LTM - Raised a total of $13 billion for commingled funds over the LTM - Total private wealth platform AUM are approximately $15.0 billion Key business drivers Financial highlights Business update FQ3’26 FQ3’25 vs. FQ3’25 FQ2’26 vs. FQ2’26 Assets under management (“AUM”) $219.8 B $179.2 B 23% $209.1 B 5% Fee-earning AUM (“FEAUM”) $138.6 B $114.2 B 21% $132.8 B 4% Undeployed fee-earning capital $32.7 B $21.7 B 51% $29.8 B 10% Gross accrued carry $1,835.9 M $1,474.5 M 25% $1,733.9 M 6%

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Overview

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Professionals 1,275+ Scale that delivers 7STEPSTONE GROUP Assets under management $220 BILLION Assets under advisement $591 BILLION Annual private markets allocations ~$75 BILLION Total capital responsibility $811 BILLION Opportunity The capital and relationships that unlock growth Reach True global presence, deep local knowledge Flexibility Offerings and expertise to design fully custom solutions Insight Expertise and powerful data to drive better decisions All dollars are USD. Headcount as of December 31, 2025. Data include metrics of entities acquired by StepStone. Amounts may not sum to total due to rounding. Total capital responsibility equals Assets Under Management (AUM) plus Assets Under Advisement (AUA). AUM includes any accounts for which StepStone Group has full discretion over the investment decisions, has responsibility to arrange or effectuate transactions, or has custody of assets. AUA refers to accounts for which StepStone Group provides advice or consultation but for which the firm does not have discretionary authority, responsibility to arrange or effectuate transactions, or custody of assets. $811B in total capital responsibility includes $220B in AUM and $591B in AUA. Reflects final data for the prior period (September 30, 2025), adjusted for net new client account activity through December 31, 2025. Does not include post-period investment valuation or cash activity. NAV data for underlying investments as of September 30, 2025, as reported by underlying managers up to the business day occurring on or after 100 days following September 30, 2025. When NAV data is not available by the business day occurring on or after 100 days following September 30, 2025, such NAVs are adjusted for cash activity following the last available reported NAV. ~$75 billion average annual private market allocations are for the average of the last three years ended December 31, 2025, and represent StepStone-approved investment commitments on behalf of discretionary and non-discretionary advisory clients. Excludes legacy funds, feeder funds and research-only, non-advisory services. Ultimate client investment commitment figures may vary following completion of final GP acceptance/closing processes.

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Growth drivers 8STEPSTONE GROUPAs of December 31, 2025. Amounts may not sum to total due to rounding. Separately Managed Accounts Focused Commingled Funds $80.3 billion +15% from prior year $58.2 billion +32% from prior year Separately Managed Accounts Focused Commingled Funds Advisory $130 billion 19% growth from the prior year $21 billion of new capital additions during the LTM $73 billion 33% growth from the prior year $13 billion raised in focused commingled funds during the LTM Includes closings of StepStone’s funds: multi-strategy global venture capital | private equity co-investments | micro venture capital primaries | special situation real estate secondaries | infrastructure co-investment | multi-strategy growth equity | corporate/opportunistic lending | corporate direct lending | infrastructure secondaries | private wealth (SPRIM/SPRING/STRUCTURE/CRDEX/STPEX) $591 billion ~$16 billion of AUA relates to advisory accounts for which we have discretion $32.7 billion - total undeployed fee-earning capital AUM & AUA UFEC FEAUM

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Evolution of fee-earning AUM 9STEPSTONE GROUP 40.6 49.6 55.3 58.9 73.2 80.311.4 25.6 30.1 35.0 48.2 58.2 $52.0 $75.2 $85.4 $93.9 $121.4 $138.6 FY'21 FY'22 FY'23 FY'24 FY'25 FQ3'26 Separately managed accounts Focused commingled funds Fee-earning AUM by commercial structure USD in billions Organic CAGR1: 21% Total AUM $86 $134 $138 $157 $189 $220 FEAUM + undeployed fee-earning capital USD in billions Organic CAGR1: 21% 52.0 75.2 85.4 93.9 121.4 138.6 14.0 17.0 15.7 22.6 24.6 32.7 $66.0 $92.2 $101.1 $116.5 $146.0 $171.3 FY'21 FY'22 FY'23 FY'24 FY'25 FQ3'26 FEAUM Undeployed fee-earning capital 35% clients with exposure to more than one asset class 24.5 40.4 45.8 49.9 65.0 73.2 4.4 4.8 6.0 8.4 13.0 13.6 12.6 17.7 19.3 20.1 23.8 27.9 10.5 12.2 14.4 15.5 19.5 23.9 $52.0 $75.2 $85.4 $93.9 $121.4 $138.6 FY'21 FY'22 FY'23 FY'24 FY'25 FQ3'26 Private equity Real estate Infrastructure Private debt Fee-earning AUM by asset class USD in billions Organic CAGR1: 20% % SMAs 78% 66% 65% 63% 60% 58% % Commingled 22% 34% 35% 37% 40% 42% % PE 47% 54% 54% 53% 54% 53% % RE/INFRA/PD 53% 46% 46% 47% 46% 47% Amounts may not sum to total due to rounding. PE – Private equity, RE – Real estate, INFRA – Infrastructure, PD – Private debt

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Trend in fee revenues 10STEPSTONE GROUPAmounts may not sum to total due to rounding. PE – Private equity, RE – Real estate, INFRA – Infrastructure, PD – Private debt Fee revenues is a non-GAAP measure. See definition and reconciliation of non-GAAP measures towards the end of this presentation. Fee revenues1 $ in millions 136 174 210 224 253 285 97 149 227 297 443 516 52 56 56 60 67 75 $285 $379 $494 $581 $763 $876 FY'21 FY'22 FY'23 FY'24 FY'25 LTM FQ3'26 Separately managed accounts Focused commingled funds Advisory fees FY’21 FY’22 FY’23 FY’24 FY’25 LTM FQ3’26 Blended management fee rates3 Overall 0.52% 0.52% 0.54% 0.59% 0.65% 0.63% By type: SMAs 0.39% 0.40% 0.40% 0.39% 0.39% 0.38% Commingled 0.90% 0.85% 0.82% 0.93% 1.06% 1.01% By asset class: PE 0.62% 0.64% 0.66% 0.74% 0.77% 0.72% RE / INFRA / PD 0.42% 0.40% 0.41% 0.42% 0.51% 0.53% Assets under management and advisement FEAUM ($B) $52 $752 $85 $94 $121 $139 AUM ($B) $86 $1342 $138 $157 $189 $220 AUA ($B) $3404 $436 $482 $521 $520 $591 % of fee revenues1 Management 82% 85% 89% 90% 91% 91% Advisory 18% 15% 11% 10% 9% 9%

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Financial update

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Financial highlights 12STEPSTONE GROUP Fee revenues; adjusted cash-based compensation; adjusted general, administrative and other; fee-related earnings; fee-related earnings margin; gross realized performance fees; performance fee-related earnings; pre-tax adjusted net income and adjusted net income per share are non-GAAP measures. See definition and reconciliation of non-GAAP measures towards the end of this presentation. - Fee revenues increased 26% for the quarter and 21% year-to-date. Excluding retroactive fees, fee revenues grew 32% for the quarter, driven by FEAUM growth, particularly in our evergreen products, which earn a higher average fee rate than closed-end commingled funds. - Core FRE margin (FRE excluding the impact of retroactive fees) was 37% for the current quarter and 36% for the prior year quarter. - FRE increased 20% for the quarter and 14% year-to-date. Excluding retroactive fees, FRE grew 35%, driven by growth in fee revenues and margin improvement. - ANI per share increased 48% for the quarter and 15% year-to-date, reflecting higher FRE and PRE. - Results for the quarter include $1 million of revenues from retroactive fees, primarily driven by StepStone’s infrastructure secondaries and multi-strategy global venture capital funds. The prior year quarter included $10 million of retroactive fees. Three months ended Dec 31 Nine months ended Dec 31 ($M, except per share amounts and where noted) 2025 2024 $ ∆ YTY % ∆ YTY 2025 2024 $ ∆ YTY % ∆ YTY AUM ($B) $219.8 $179.2 $40.6 23% FEAUM ($B) 138.6 114.2 24.4 21% Undeployed fee-earning capital ($B)1 32.7 21.7 11.0 51% Fee revenues $241.1 $191.8 $49.3 26% $671.3 $555.8 $115.5 21% Adjusted cash-based compensation 107.1 85.5 21.6 25% 303.4 245.9 57.5 23% Adjusted general, administrative and other 40.1 29.7 10.4 35% 105.6 84.5 21.1 25% Fee-related earnings 89.2 74.1 15.1 20% 249.1 218.1 31.0 14% Fee-related earnings margin2 37% 39% 37% 39% Gross realized performance fees3 $253.4 $52.1 $201.3 387% $343.0 $118.0 $224.9 191% Realized performance fee-related compensation 122.2 25.5 96.7 380% 164.9 55.1 109.8 199% Performance fee-related earnings 131.2 26.6 104.6 393% 178.1 62.9 115.1 183% Pre-tax adjusted net income $102.7 $67.8 $35.0 52% $251.0 $210.4 $40.6 19% Adjusted net income per share4 $0.65 $0.44 $0.21 48% $1.59 $1.38 $0.21 15%

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Accrued carry and fund investments1 13STEPSTONE GROUP $744 $738 $783 $842 $875 FQ3'25 FQ4'25 FQ1'26 FQ2'26 FQ3'26 +18% Net accrued carry2 USD in millions $266 $276 $300 $314 $338 FQ3'25 FQ4'25 FQ1'26 FQ2'26 FQ3'26 +27% Investments3 USD in millions – Gross accrued unrealized carried interest of $1,836 million, net accrued unrealized carry of $875 million as of December 31, 2025 (note: valuations reported on a one quarter lag) – Over $105 billion in performance fee-eligible capital as of December 31, 2025 – $883 million, or 48%, of gross accrued unrealized carried interest allocation balance is in SMAs or commingled funds that have American style (or deal-by-deal) carry waterfalls – Over 225 programs with carry or incentive fee structures – Investments in our funds held by the firm increased to $338 million, up 27% from December 31, 2024 – Unfunded commitments were $116.5 million as of December 31, 2025 1 83% 12% 5% Private Equity Infrastructure Real Estate 30% 9% 11%13% 2% 35% 2016 & Prior 2017 2018 2019 2020 Post 2020 Net unrealized carry by vintage and type as of FQ3’26 65% from 2020 or prior vintages

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Appendix

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($ in thousands) Dec '24 Mar '25 Dec '25 Asse ts Cash and cash equivalents 223,103$ 244,791$ 266,075$ Restricted cash 720 502 564 Fees and accounts receivable 63,521 80,871 79,669 Due from affiliates 96,590 92,723 334,942 Investments: Investments in funds(1) 172,748 183,694 292,994 Accrued carried interest allocations 1,474,543 1,495,664 1,835,862 Legacy Greenspring investments in funds and accrued carried interest allocations(2) 572,459 629,228 670,631 Deferred income tax assets 356,122 382,886 583,565 Lease right-of-use assets, net 90,567 91,841 84,016 Other assets and receivables 66,114 62,869 61,058 Intangibles, net 274,122 263,872 233,251 Goodwill 580,542 580,542 580,542 Assets of Consolidated Funds(3) 378,496 477,210 218,285 Total as s ets 4,349,647$ 4,586,693$ 5,241,454$ Liabilities and stockholders’ equity Accounts payable, accrued expenses and other liabilities 139,068$ 89,731$ 87,118$ Accrued compensation and benefits 690,321 736,695 2,404,228 Accrued carried interest-related compensation 730,218 757,968 960,513 Legacy Greenspring accrued carried interest-related compensation(2) 439,898 495,739 536,484 Due to affiliates 315,739 331,821 354,610 Lease liabilities 112,175 113,519 106,497 Debt obligations 168,942 269,268 270,246 Liabilities of Consolidated Funds(3) 9,860 17,580 2,305 Total liabilities 2,606,221 2,812,321 4,722,001 Redeemable non-controlling interests in Consolidated Funds 286,822 377,897 171,870 Redeemable non-controlling interests in subsidiaries 6,552 6,327 7,914 Total stockholders' equity 1,450,052 1,390,148 339,669 Total liabilities and stockholders' equity 4,349,647$ 4,586,693$ 5,241,454$ Consolidated balance sheets 15STEPSTONE GROUP

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Walk from AUM to FEAUM $B Total AUM as of 12/31/25 219.8$ Less: Non-fee earning AUM 19.1 Less: Market appreciation included in AUM 29.4 Less: Undeployed fee-earning capital (capital not yet invested or considered active on which we will earn fees once invested or activated) 32.7 Fee-earning AUM as of 12/31/25 138.6$ ($B, unless noted) FQ3'26 FQ3'25 $ % SM As Beginning balance 78.2$ 62.1$ 16.1$ 26% Contributions1 2.6 9.0 (6.4) -71% Distributions2 (1.1) (1.0) (0.1) -12% Market value, FX and other3 0.6 (0.2) 0.8 na Ending balance 80.3$ 70.0$ 10.4$ 15% Management fees ($M) 75.2$ 66.2$ 9.0$ 14% Average fee rate4 0.38% 0.39% -4% Commingled Funds Beginning balance 54.6$ 42.3$ 12.3$ 29% Contributions1 3.2 2.5 0.7 29% Distributions2 (0.5) (0.7) 0.1 20% Market value, FX and other3 0.9 0.1 0.9 na Ending balance 58.2$ 44.2$ 14.0$ 32% Management fees ($M) 144.3$ 105.7$ 38.6$ 36% Average fee rate4 1.01% 1.03% -2% Total Beginning balance 132.8$ 104.4$ 28.4$ 27% Contributions1 5.9 11.6 (5.7) -49% Distributions2 (1.7) (1.7) 0.0 1% Market value, FX and other3 1.6 (0.1) 1.7 na Ending balance 138.6$ 114.2$ 24.4$ 21% Management fees ($M) 219.5$ 172.0$ 47.5$ 28% Average fee rate4 0.63% 0.64% -1% Fav / Unfav Change FEAUM overview 16STEPSTONE GROUP - FEAUM increased by 21% for the quarter to $138.6 billion - Activated/deployed approximately $2.4 billion of capital from our existing undeployed fee-earning capital during the quarter

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($M, except per share amounts) Fee revenues Management fees increased 21% YTD driven by growth in FEAUM Advisory fees increased 16% YTD Gross realized performance fees Gross realized performance fees increased $225 million YTD primarily driven by higher private wealth incentive fees and increased realization activity, primarily from our private equity funds Adjusted revenues Adjusted revenues 17STEPSTONE GROUPFee revenues, gross realized performance fees, and adjusted revenues are non-GAAP measures. See definition and reconciliation of non-GAAP measures towards the end of this presentation. $556 $671 Dec-24 Dec-25 YTD $285 $886 Mar-21 LTM Dec-25 Long-Term Growth +21% $73 $424 Mar-21 LTM Dec-25 Long-Term Growth $118 $343 Dec-24 Dec-25 YTD +191% $359 $1,310 Mar-21 LTM Dec-25 Long-Term Growth $674 $1,014 Dec-24 Dec-25 YTD +51%

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($M, except per share amounts) Fee-related earnings Fee-related earnings growth driven primarily by growth in fee revenues FRE margin was 37% YTD as compared with 39% in the prior year and 31% four fiscal years ago Core FRE margin (FRE excluding the impact of retroactive fees) was 37% YTD as compared with 36% in the prior year Adjusted net income Adjusted net income per share increased 15% YTD driven by higher FRE and higher PRE Adjusted net income per share increased by a CAGR of 22% over the long-term growth period driven by higher FRE and higher PRE Profitability 18STEPSTONE GROUPFee-related earnings and adjusted net income are non-GAAP measures. See definition and reconciliation of non-GAAP measures towards the end of this presentation. $218 $249 Dec-24 Dec-25 YTD $163 $195 Dec-24 Dec-25 YTD Per Share $85 $276 Mar-21 LTM Dec-25 Long-Term Growth $89 $343 Mar-21 LTM Dec-25 Long-Term Growth +14% +15% $1.38 $1.59 $0.87 $2.27CAGR +22%

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StepStone occupies an important position within the GP & LP ecosystem 19STEPSTONE GROUPData reflecting 12 months ended December 31, 2025. A strategic partner to our clients and fund managers, we listen deeply, share generously, and search diligently for new ways to address each challenge We review more than 4,500 investment opportunities every year A self-reinforcing growth cycle of clients, capital, relationships, data and insight STEPSTONE Asset management Advisory and data services Research Primaries Secondaries Co-investments Corporations Endowments and foundations Family offices Private wealth/defined contribution plans Insurance companies Pension funds Sovereign wealth funds CLIENTS FUND MANAGERS Private equity Real estate Infrastructure Private debt

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Our global reach powers possibility 20STEPSTONE GROUP All headcount is presented as of December 31, 2025. Data include metrics of entities acquired by StepStone. Total capital responsibility equals assets under management (AUM) plus assets under advisement (AUA) and is presented as of December 31, 2025. Reflects final data for the prior period (September 30, 2025), adjusted for net new client account activity through December 31, 2025. Does not include post-period investment valuation or cash activity. Asia-Pacific headcount includes professionals with investment-related responsibilities. Our presence powers possibility. Local teams with valuable regional insights collaborate across 31 cities, 19 countries and 5 continents. New York Santiago Sao Paulo Orlando Baltimore Charlotte Cleveland Toronto Dallas Mexico City La Jolla San Francisco Frankfurt ASIA PACIFIC $118 BILLION 12 partners 40+ investment professionals Zurich Luxembourg Dublin London TokyoSeoulPalo Alto Beijing Singapore Sydney Perth AMERICAS $364 BILLION total capital responsibility 66 partners 240+ investment professionals EUROPE, MIDDLE EAST, AFRICA $329 BILLION 30 partners 135+ investment professionals Chicago Milan Jeonju Amsterdam Madrid Riyadh Rome

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Comprehensive private markets solutions 21STEPSTONE GROUPAs of December 31, 2025. Amounts may not sum to total due to rounding. StepStone’s flexible business model helps clients access opportunities across all asset classes: Separately managed accounts Focused commingled funds Advisory & data services Portfolio analytics & reporting – Owned by one client and managed according to their specific preferences – Address the client’s specific portfolio risk/return, diversification, and liquidity objectives – Integrate a combination of one or more investment strategies across one or more asset classes – Owned by multiple clients – Deploy capital in specific asset classes with defined investment strategies – Seek to leverage StepStone’s multi-asset class expertise – Recurring support of portfolio construction and design – Bespoke and project-based engagements – Detailed review of existing private markets investments – Comprehensive private markets consulting services – Licensed access to SPI Research – Provide clients with tailored reporting packages – Mandates typically include real- time access to SPI Reporting $130 billion AUM and $80 billion FEAUM (58% of total) $73 billion AUM and $58 billion FEAUM (42% of total) $591 billion AUA and $16 billion AUM Provided portfolio analytics and reporting on over $871 billion of client commitments ASSET MANAGEMENT ADVISORY RESEARCH

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Offering a full-service model to clients seeking a customized solution to private markets investing 22STEPSTONE GROUP Amounts may not sum to total due to rounding. Data presented as of December 31, 2025. AUM and AUA figures reflect final data for the prior period (September 30, 2025), adjusted for net new client account activity through December 31, 2025. Does not include post-period investment valuation or cash activity. NAV data for underlying investments is as of September 30, 2025, as reported by underlying managers up to the business day occurring on or after 100 days following September 30, 2025. When NAV data is not available by the business day occurring on or after 100 days following September 30, 2025, such NAVs are adjusted for cash activity following the last available reported NAV. Allocation of AUM by asset class is presented by underlying investment asset classification. Industry-transforming technology capabilities create a virtuous cycle of client engagement and provide a significant data advantage Customized solutions across all markets Specifically tailored for each asset class Supported with industry-transforming technology capabilities Asset management solutions Advisory and data solutions Portfolio analytics and reporting 1 2 3 $45B AUM AUA $87B FEAUM $28B 75+ Investment professionals $42B AUM AUA $24B FEAUM $24B 75+ Investment professionals PRIVATE EQUITY REAL ESTATE INFRASTRUCTURE PRIVATE DEBT $112B AUM AUA $301B FEAUM $73B Investment professionals185+ $21B AUM AUA $179B FEAUM $14B Investment professionals75+ Back-end Front-end SPI BY STEPSTONE SPI ReportingSPI Research Investment decision tool Portfolio monitoring tool SPAR 388 bespoke SMAs + focused commingled funds 35% of advisory clients with an AUM relationship

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SPI BY STEPSTONE Uncommon insights 23STEPSTONE GROUPAll data points as of December 31, 2025 23 SPI BY STEPSTONE Our view is both panoramic and precise, framed by a powerful combination of proprietary data and technology that empowers clients to act with uncommon clarity and conviction. SAA SPI RESEARCH SPI PACINGSPI REPORTING Strategic asset allocation Determines target allocations to optimize portfolio construction along the efficient frontier. Investment selection StepStone’s consolidated due diligence library contains qualitative and quantitative insights from over 420 investment professionals. Portfolio reporting Monitors and analyzes portfolios, funds, and underlying investments with real-time access to a fast and intuitive platform. Portfolio planning Creates customized commitment plans by forecasting cash flows and exposures to reach allocation targets. SPI tracks private market intelligence information on more than: 19,000 general partners 51,000 funds 135,000 companies 285,000 investments

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Investment expertise across all private markets asset classes 24STEPSTONE GROUP Amounts and percentages may not sum to total due to rounding. Reflects final data for the prior period (September 30, 2025), adjusted for net new client account activity through December 31, 2025. Does not include post-period investment valuation or cash activity. NAV data for underlying investments is as of September 30, 2025, as reported by underlying managers up to the business day occurring on or after 100 days following September 30, 2025. When NAV data is not available by the business day occurring on or after 100 days following September 30, 2025, such NAVs are adjusted for cash activity following the last available reported NAV. RE – Real estate, INFRA – Infrastructure, PD – Private debt Allocation of AUM by asset class is presented by underlying investment asset classification. AUM/AUA As of December 31, 2025 $220 Billion Total AUM Infrastructure $45B / 20% Private Equity $112B / 51% Private Debt $42B / 19% Real Estate $21B / 10% By AUM 49% / $398B combined AUM/AUA in RE / INFRA / PD By AUA Infrastructure $87B / 15% Private Equity $301B / 51% Private Debt $24B / 4%Real Estate $179B / 30% $591 Billion Total AUA

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Performance fee-related earnings1 25STEPSTONE GROUP Performance fee-related earnings is a non-GAAP measure that represents gross realized performance fees, less realized performance fee-related compensation. Gross realized performance fees is a non-GAAP measure and includes deferred incentive fees that are not included in GAAP revenues. See definition and reconciliation of non-GAAP measures towards the end of this presentation. $12 $25$26 $33 $27$32 $10$5 $7 $5 $2 $8 $9 $21 $9$12 $40 $13 $29 $23 FQ4'21 FQ1'22 FQ2'22 FQ3'22 FQ4'22 FQ1'23 FQ2'23 FQ3'23 FQ4'23 FQ1'24 FQ2'24 FQ3'24 FQ4'24 FQ1'25 FQ2'25 FQ3'25 FQ4'25 FQ1'26 FQ2'26 FQ3'26 QTD net realized carry USD in millions $12 $33$29 $33 $28 $32 $18 $8 $7 $5 $6 $18 $12 $22 $14 $27 $42 $13 $34 $131 FQ4'21 FQ1'22 FQ2'22 FQ3'22 FQ4'22 FQ1'23 FQ2'23 FQ3'23 FQ4'23 FQ1'24 FQ2'24 FQ3'24 FQ4'24 FQ1'25 FQ2'25 FQ3'25 FQ4'25 FQ1'26 FQ2'26 FQ3'26 QTD performance fee-related earnings USD in millions $0 $8 $4 $0 $1 $0 $8 $2 $0 $4 $10 $4 $0 $5 $14 $2 $0 $5 $108 FQ4'21 FQ1'22 FQ2'22 FQ3'22 FQ4'22 FQ1'23 FQ2'23 FQ3'23 FQ4'23 FQ1'24 FQ2'24 FQ3'24 FQ4'24 FQ1'25 FQ2'25 FQ3'25 FQ4'25 FQ1'26 FQ2'26 FQ3'26 QTD net incentive fees USD in millions

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Performance fee-related earnings1 26STEPSTONE GROUP Performance fee-related earnings is a non-GAAP measure that represents gross realized performance fees, less realized performance fee-related compensation. Gross realized performance fees is a non-GAAP measure and includes deferred incentive fees that are not included in GAAP revenues. See definition and reconciliation of non-GAAP measures towards the end of this presentation. $33 $57 $79 $95 $110$117 $101 $74 $54 $28$20$22 $24 $40$47$51 $82 $74 $94 $105 FQ4'21 FQ1'22 FQ2'22 FQ3'22 FQ4'22 FQ1'23 FQ2'23 FQ3'23 FQ4'23 FQ1'24 FQ2'24 FQ3'24 FQ4'24 FQ1'25 FQ2'25 FQ3'25 FQ4'25 FQ1'26 FQ2'26 FQ3'26 LTM net realized carry USD in millions $43 $68 $91 $107$123 $122 $110 $85 $65 $38 $26 $36$41 $57 $66 $75 $104 $96 $115 $220 FQ4'21 FQ1'22 FQ2'22 FQ3'22 FQ4'22 FQ1'23 FQ2'23 FQ3'23 FQ4'23 FQ1'24 FQ2'24 FQ3'24 FQ4'24 FQ1'25 FQ2'25 FQ3'25 FQ4'25 FQ1'26 FQ2'26 FQ3'26 LTM performance fee-related earnings USD in millions $10$11$12$12 $12$4 $9 $11 $11 $11 $6 $14$17$18$19 $24$22$22$21 $115 FQ4'21 FQ1'22 FQ2'22 FQ3'22 FQ4'22 FQ1'23 FQ2'23 FQ3'23 FQ4'23 FQ1'24 FQ2'24 FQ3'24 FQ4'24 FQ1'25 FQ2'25 FQ3'25 FQ4'25 FQ1'26 FQ2'26 FQ3'26 LTM net incentive fees USD in millions

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($ in thousands) Dec '24 Dec '25 % Fav / Unfav Dec '24 Dec '25 % Fav / Unfav Dec '24 Dec '25 % Fav / Unfav Focused commingled funds(1)(2) 105,718$ 144,277$ 36% 318,371$ 391,398$ 23% 398,805$ 516,002$ 29% SMAs 66,245 75,226 14% 185,014 217,290 17% 240,959 284,985 18% Advisory and other services 17,458 18,395 5% 47,134 54,593 16% 63,281 74,520 18% Fund reimbursement revenues(1) 2,411 3,235 34% 5,308 8,053 52% 6,590 10,489 59% Total fee revenues $ 191,832 $ 241,133 26% $ 555,827 $ 671,334 21% $ 709,635 $ 885,996 25% Quarter Last Twelve MonthsYear-to-Date Fee revenues 27STEPSTONE GROUPFee revenues is a non-GAAP measure. See reconciliation of non-GAAP measures towards the end of this presentation. 56%34% 9% 1% Focused commingled funds SMAs Advisory and other services Fund reimbursement revenues 58% 32% 9% 1% Focused commingled funds SMAs Advisory and other services Fund reimbursement revenues LTM Dec 2024 LTM Dec 2025

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Blue-chip, sophisticated, global clientele 28STEPSTONE GROUP By type LTM management and advisory fees (%) By geography LTM management and advisory fees (%) By remaining account tenor LTM management fees (%) By client1,2 LTM management and advisory fees (%) As of December 31, 2025 30% 29% 13% 12% 8% 4%4% Private Wealth/Defined Contribution Plans Pension Funds Insurance Companies Corporations Sovereign Wealth Funds Endowments/Foundations Family Offices 46% 18% 17% 13% 3% 3% North America Europe Asia/Australia Middle East Central and South America Rest of World 18% 5% 77% Top 10 Top 11-20 Other 62% 23% 7% 8% > 7 years 3-7 years 1-3 years < 1 year

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Our diversified platform spans private markets solutions 29STEPSTONE GROUP Please see footnotes slide for performance footnote references. Past performance is not indicative of future results and there can be no assurance that the fund will achieve comparable results or avoid substantial losses. Averages based on annual approvals from 2023-2025. Excludes legacy funds, feeder funds and research-only, non-advisory services. Amounts may not sum to total due to rounding. SMA – Separately managed accounts. FCF – Focused commingled funds. AUM and AUA figures are as of December 31, 2025. Reflects final data for the prior period (September 30, 2025), adjusted for net new client account activity through December 31, 2025. Does not include post-period investment valuation or cash activity. NAV data for underlying investments is as of September 30, 2025, as reported by underlying managers up to the business day occurring on or after 100 days following September 30, 2025. When NAV data is not available by the business day occurring on or after 100 days following September 30, 2025, such NAVs are adjusted for cash activity following the last available reported NAV. Descriptions for certain terms can be found on the definitions page starting on slide 35 of this presentation. INVESTMENT STRATEGY1,2,4 NET IRR3 NET TVM3 Primaries 13.8% 1.5x Secondaries 14.4% 1.4x Co-investments7 15.0% 1.5x INVESTMENT STRATEGY1,4,5 NET IRR3 NET TVM3 Core/core+ fund investments 6.9% 1.4x Value-add/opportunistic fund investments 8.0% 1.3x Real estate debt fund investments 5.1% 1.1x Value-add/opportunistic secondaries & co-investments 8.6% 1.2x INVESTMENT STRATEGY1,4,6 NET IRR3 Core/debt – all strategies 7.0% Core+/value-add – primary fund investments 10.4% Core+/value-add – secondary fund investments 8.2% Core+/value-add – co- investments 11.4% INVESTMENT STRATEGY1,4,8 NET IRR3 Primaries 7.7% Direct lending 7.0% Opportunistic 8.3% Co-investments/secondaries 9.5% Direct lending 8.1% Opportunistic 11.5% Customized Managed Accounts (*) Private Equity Real Estate Infrastructure Private Debt - Total AUM: $112B • SMA AUM: $58B • FCF AUM: $54B - Advisory AUA: $301B - $33B average annual approved - Total AUM: $21B • SMA AUM: $9B • FCF AUM: $8B • Advisory AUM: $4B - Advisory AUA: $179B - $13B average annual approved - Total AUM: $45B • SMA AUM: $38B • FCF AUM: $4B • Advisory AUM: $3B - Advisory AUA: $87B - $13B average annual approved - Total AUM: $42B • SMA AUM: $25B • FCF AUM: $8B • Advisory AUM: $10B - Advisory AUA: $24B - $14B average annual approved

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Fund Name Description Vintage Year Fund Size ($M) PRIVATE EQUITY StepStone Capital Partners V Private equity co-investments 2021 $ StepStone Secondary Opportunities Fund V Private equity secondaries 2022 StepStone VC Opportunities VII Expansion stage venture capital directs 2022 StepStone VC Global Partners XI Multi-strategy global venture capital fund 2022 StepStone VC Early Stage III Early stage venture capital directs 2023 StepStone Tactical Growth Fund IV Multi-strategy growth equity 2023 StepStone VC Secondaries Fund VI Venture capital secondaries 2024 StepStone VC Micro V Micro venture capital primaries 2025 235 REAL ESTATE StepStone Real Estate Partners V Special situation real estate secondaries 2023 $ INFRASTRUCTURE StepStone Infrastructure Co-Investment Fund 2022 Infrastructure PRIVATE DEBT StepStone Credit Opportunities Fund I Corporate / opportunistic lending 2021 $ Senior Corporate Lending Fund III Corporate direct lending 2023 Stepstone Private Credit Fund (SCRED) Corporate direct lending Evergreen PRIVATE WEALTH1 StepStone Private Markets Fund (SPRIM) Multi-strategy Evergreen $ StepStone Private Venture and Growth Fund (SPRING) Venture capital StepStone Private Equity Strategies Fund (STPEX) Private equity Evergreen StepStone Private Infrastructure Fund (STRUCTURE) Infrastructure Evergreen StepStone Private Credit Income Fund (CRDEX) Corporate direct lending Evergreen Notable StepStone focused commingled funds 30STEPSTONE GROUPIncludes closed-end funds with fund size greater Current drawdown funds in market include: - Private equity co-investment fund - Private equity GP-led secondaries - Private equity secondaries - Multi-strategy global venture capital fund - Venture capital secondaries - Infrastructure secondaries fund - Infrastructure co-investment fund - Corporate / opportunistic lending fund 2,364 4,750 882 989 165 705 3,325 3,766 co-investment fund 2022 $ 1,181 632 1,161 1,8651 5,934 and growth equity Evergreen 5,504 1,358 1,154 1,022 than $150 million and evergreen funds. Reflects most recently closed fund for each category of investment strategy.

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($ in thousands) Full Year Dec '24 Dec '25 Dec '24 Dec '25 Mar '21 Dec '25 Income (loss) before income tax (344,715)$ (194,649)$ (231,985)$ (890,825)$ 337,849$ (880,875)$ Net income attributable to non-controlling interests in subsidiaries (1) (32,765) (115,887) (69,528) (174,257) (23,952) (207,626) Net (income) loss attributable to non-controlling interests in legacy Greenspring (1,167) 527 4,119 (4,168) - (7,102) Unrealized carried interest allocations (93,325) (101,985) (120,370) (338,681) (433,827) (359,858) Unrealized performance fee-related compensation 49,670 69,050 66,495 202,134 215,508 229,911 Unrealized investment (income) loss 656 (8,268) (954) (14,114) (11,066) (20,121) Impact of Consolidated Funds (6,892) (18,944) (23,890) (87,215) - (122,938) Deferred incentive fees - (1,544) 2,451 (873) 4,700 (1,386) Equity-based compensation(2) 483,958 464,124 535,690 1,528,787 7,848 1,652,050 Amortization of intangibles 10,250 10,207 30,750 30,621 3,339 40,871 Write-off of unamortized deferred financing costs - - - - 3,526 - Tax Receivable Agreements adjustments through earnings - - - (1,302) - (1,650) Non-core items(3) 2,094 106 17,580 891 6,342 33,365 Pre-tax adjusted net income 67,764 102,737 210,358 250,998 110,267 354,641 Income taxes(4) (15,105) (22,879) (46,889) (55,897) (24,865) (78,937) Adjusted net income 52,659 79,858 163,469 195,101 85,402 275,704 Income taxes(4) 15,105 22,879 46,889 55,897 24,865 78,937 Realized carried interest allocations (24,282) (46,703) (83,718) (129,985) (62,953) (205,920) Realized performance fee-related compensation 25,477 122,215 55,092 164,915 30,532 204,571 Realized investment income (1,720) (1,560) (4,756) (5,016) (5,341) (8,395) Adjusted incentive fees(5) (27,791) (206,664) (34,313) (212,990) (10,174) (218,254) Adjusted interest income(6) (1,672) (2,451) (4,475) (5,900) (413) (7,518) Interest expense 3,008 5,123 9,510 14,082 7,360 17,273 Adjusted other (income) loss(7) 569 652 897 (1,246) (220) (828) Write-off of unamortized deferred financing costs - - - - (3,526) - Net income attributable to non-controlling interests in subsidiaries (1) 32,765 115,887 69,528 174,257 23,952 207,626 Fee-related earnings 74,118$ 89,236$ 218,123$ 249,115$ 89,484$ 343,196$ Year-to-DateQuarter Last Twelve Months Reconciliation of GAAP income (loss) before income tax to ANI and FRE 31STEPSTONE GROUP

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($ in thousands) Full Year Dec '24 Dec '25 Dec '24 Dec '25 Mar '21 Dec '25 Total revenues 339,023$ 586,511$ 797,101$ 1,405,023$ 787,716$ 1,782,752$ Unrealized carried interest allocations (93,325) (101,985) (120,370) (338,681) (433,827) (359,858) Deferred incentive fees - (1,544) 2,451 (873) 4,700 (1,386) Legacy Greenspring carried interest allocations (8,207) 10,063 (13,035) (56,717) - (118,023) Management and advisory fee revenues for the Consolidated Funds(1) 992 1,201 2,214 4,740 - 6,001 Incentive fees for the Consolidated Funds(2) 5,422 254 5,497 817 - 684 Adjusted revenues 243,905$ 494,500$ 673,858$ 1,014,309$ 358,589$ 1,310,170$ GAAP management and advis ory fees , net 190,840$ 239,932$ 553,613$ 666,594$ 285,462$ 879,995$ Management and advisory fee revenues for the Consolidated Funds(1) 992 1,201 2,214 4,740 - 6,001 Fee revenues 191,832$ 241,133$ 555,827$ 671,334$ 285,462$ 885,996$ GAAP incentive fees 22,369$ 207,954$ 26,365$ 213,046$ 5,474$ 218,956$ Adjustments(2) 5,422 (1,290) 7,948 (56) 4,700 (702) Adjusted incentive fees 27,791$ 206,664$ 34,313$ 212,990$ 10,174$ 218,254$ GAAP cash-based compensation 85,203$ 107,114$ 246,298$ 303,447$ 157,123$ 388,957$ Adjustments(3) 339 - (374) (34) (4,215) (34) Adjusted cash-based compensation 85,542$ 107,114$ 245,924$ 303,413$ 152,908$ 388,923$ GAAP equity-based compensation 486,418$ 468,808$ 542,929$ 1,541,996$ 7,899$ 1,668,193$ Adjustments(4) (483,958) (464,124) (535,690) (1,528,787) (7,848) (1,652,050) Adjusted equity-based compensation 2,460$ 4,684$ 7,239$ 13,209$ 51$ 16,143$ GAAP general, administrative and other 43,130$ 50,640$ 134,202$ 138,846$ 48,485$ 181,998$ Adjustments(5) (13,418) (10,541) (49,661) (33,249) (5,466) (44,264) Adjusted general, administrative and other 29,712$ 40,099$ 84,541$ 105,597$ 43,019$ 137,734$ GAAP interest income 2,559$ 2,455$ 7,632$ 8,175$ 413$ 11,393$ Adjustments(6) (887) (4) (3,157) (2,275) - (3,875) Adjusted interest income 1,672$ 2,451$ 4,475$ 5,900$ 413$ 7,518$ GAAP other income (loss) (2,452)$ (1,312)$ (1,626)$ 5,818$ 220$ (25,206)$ Adjustments(7) 1,883 660 729 (4,572) - 26,034 Adjusted other income (loss) (569)$ (652)$ (897)$ 1,246$ 220$ 828$ Year-to-DateQuarter Last Twelve Months Reconciliation of GAAP measures to adjusted measures 32STEPSTONE GROUP

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($ in thousands, except share and per share amounts) Full Year Dec '24 Dec '25 Dec '24 Dec '25 Mar '21 Dec '25 ANI 52,659$ 79,858$ 163,469$ 195,101$ 85,402$ 275,704$ Weighted-average shares of Class A common stock outstanding – Basic 73,687,289 79,465,039 69,561,254 78,627,273 29,657,805 77,962,277 Assumed vesting of RSUs 491,014 590,042 695,423 482,776 1,151,579 429,339 Assumed vesting and exchange of Class B2 units(1) - - 573,185 - 2,465,420 - Assumed purchase under ESPP - - 702 - - - Exchange of Class B units in the Partnership(2) 41,729,937 39,094,629 44,251,143 39,400,266 65,158,526 39,581,272 Exchange of Class C units in the Partnership(2) 1,016,737 931,103 1,496,518 946,186 - 951,117 Exchange of Class D units in the Partnership(2) 2,010,202 2,509,417 2,162,580 2,992,654 - 2,629,716 Adjusted weighted-average shares 118,935,179 122,590,230 118,740,805 122,449,155 98,433,330 121,553,721 ANI per share 0.44$ 0.65$ 1.38$ 1.59$ 0.87$ 2.27$ Quarter Year-to-Date Last Twelve Months Calculation and reconciliation of adjusted net income per share 33STEPSTONE GROUP

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($ in millions) FQ4'21 FQ1'22 FQ2'22 FQ3'22 FQ4'22 FQ1'23 FQ2'23 FQ3'23 FQ4'23 FQ1'24 FQ2'24 FQ3'24 FQ4'24 FQ1'25 FQ2'25 FQ3'25 FQ4'25 FQ1'26 FQ2'26 FQ3'26 Incentive fees 0.4$ 4.2$ 1.8$ 0.0$ 5.6$ -$ 5.4$ 3.0$ 1.3$ 0.0$ 4.9$ 17.9$ 2.5$ 0.8$ 3.2$ 22.4$ 5.9$ 0.2$ 4.9$ 208.0$ Realized carried interest allocations 24.7 50.0 52.5 66.6 31.7 73.6 22.5 16.3 18.7 14.5 1.6 15.3 18.1 41.8 17.6 24.3 75.9 24.4 58.9 46.7 Unrealized carried interest allocations 257.8 176.4 143.9 132.5 133.1 (113.9) (176.8) (63.4) 100.8 49.4 55.4 (129.6) 151.8 (25.2) 52.2 93.3 21.2 88.9 147.8 102.0 Legacy Greenspring carried interest allocations - - - 105.0 82.1 (153.6) (128.7) (88.9) (81.0) (23.9) (12.6) (69.7) 31.1 (9.1) 13.9 8.2 61.3 39.6 27.1 (10.1) Total performance fees 282.9 230.5 198.2 304.1 252.5 (193.9) (277.7) (133.0) 39.8 40.0 49.3 (166.1) 203.4 8.4 86.9 148.2 164.3 153.1 238.7 346.6 Unrealized carried interest allocations (257.8) (176.4) (143.9) (132.5) (133.1) 113.9 176.8 63.4 (100.8) (49.4) (55.4) 129.6 (151.8) 25.2 (52.2) (93.3) (21.2) (88.9) (147.8) (102.0) Legacy Greenspring carried interest allocations - - - (105.0) (82.1) 153.6 128.7 88.9 81.0 23.9 12.6 69.7 (31.1) 9.1 (13.9) (8.2) (61.3) (39.6) (27.1) 10.1 Incentive fee revenues for the Consolidated Funds(1) - - - - - - - - - - - - 1.5 - - 5.4 (0.1) 0.1 0.4 0.3 Deferred incentive fees - 4.0 1.8 - (4.4) - 3.7 - 0.2 - 0.9 - 1.4 0.0 2.4 - (0.5) - 0.7 (1.5) Gross realized performance fees 25.1 58.2 56.1 66.6 32.9 73.6 31.5 19.3 20.2 14.5 7.5 33.2 23.5 42.7 23.2 52.1 81.2 24.7 64.9 253.4 Realized performance fee-related compensation (12.6) (25.3) (26.8) (34.0) (5.1) (41.7) (13.6) (11.7) (12.8) (9.1) (1.7) (15.4) (11.4) (20.8) (8.8) (25.5) (39.7) (11.7) (31.0) (122.2) Performance fee-related earnings 12.5$ 32.9$ 29.3$ 32.6$ 27.8$ 31.9$ 17.9$ 7.6$ 7.5$ 5.4$ 5.8$ 17.7$ 12.1$ 21.8$ 14.5$ 26.6$ 41.5$ 13.0$ 33.9$ 131.2$ FQ4'21 FQ1'22 FQ2'22 FQ3'22 FQ4'22 FQ1'23 FQ2'23 FQ3'23 FQ4'23 FQ1'24 FQ2'24 FQ3'24 FQ4'24 FQ1'25 FQ2'25 FQ3'25 FQ4'25 FQ1'26 FQ2'26 FQ3'26 Incentive fees 5.5$ 6.1$ 6.7$ 6.4$ 11.6$ 7.4$ 11.0$ 13.9$ 9.7$ 9.7$ 9.3$ 24.2$ 25.3$ 26.2$ 24.4$ 28.9$ 32.3$ 31.6$ 33.4$ 219.0$ Realized carried interest allocations 63.0 109.3 153.3 193.7 200.7 224.4 194.3 144.1 131.1 72.0 51.1 50.0 49.4 76.7 92.8 101.8 159.7 142.3 183.5 205.9 Unrealized carried interest allocations 433.9 742.4 728.8 710.6 585.9 295.6 (25.1) (221.0) (253.3) (90.0) 142.2 76.0 126.9 52.4 49.2 272.1 141.5 255.6 351.2 359.9 Legacy Greenspring carried interest allocations - - - 105.0 187.1 33.5 (95.2) (289.1) (452.2) (322.5) (206.4) (187.2) (75.1) (60.3) (33.8) 44.1 74.3 123.1 136.3 118.0 Total performance fees 502.3 857.7 888.7 1,015.7 985.4 560.9 85.0 (352.1) (564.7) (330.9) (3.9) (37.0) 126.6 95.0 132.6 446.9 407.8 552.5 704.4 902.8 Unrealized carried interest allocations (433.9) (742.4) (728.8) (710.6) (585.9) (295.6) 25.1 221.0 253.3 90.0 (142.2) (76.0) (126.9) (52.4) (49.2) (272.1) (141.5) (255.6) (351.2) (359.9) Legacy Greenspring carried interest allocations - - - (105.0) (187.1) (33.5) 95.2 289.1 452.2 322.5 206.4 187.2 75.1 60.3 33.8 (44.1) (74.3) (123.1) (136.3) (118.0) Incentive fee revenues for the Consolidated Funds(1) - - - - - - - - - - - - 1.5 1.5 1.5 7.0 5.3 5.4 5.9 0.7 Deferred incentive fees 4.7 5.2 5.8 5.8 1.4 (2.6) (0.7) (0.7) 3.9 3.9 1.2 1.2 2.4 2.4 3.9 3.9 1.9 1.9 0.2 (1.4) Gross realized performance fees 73.1 120.5 165.7 205.9 213.8 229.2 204.6 157.3 144.6 85.5 61.5 75.4 78.7 106.9 122.6 141.5 199.2 181.2 222.9 424.2 Realized performance fee-related compensation (30.5) (52.9) (74.9) (98.7) (91.2) (107.6) (94.5) (72.2) (79.8) (47.2) (35.3) (39.0) (37.7) (49.4) (56.5) (66.5) (94.7) (85.6) (107.8) (204.6) Performance fee-related earnings 42.6$ 67.6$ 90.8$ 107.2$ 122.5$ 121.5$ 110.1$ 85.1$ 64.8$ 38.3$ 26.2$ 36.3$ 41.0$ 57.4$ 66.1$ 75.0$ 104.4$ 95.6$ 115.0$ 219.6$ Last Twelve Months Quarter Reconciliation of total performance fees to gross realized performance fees and PRE 34STEPSTONE GROUP

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Definitions 35STEPSTONE GROUP Adjusted net income, or “ANI,” is a non-GAAP performance measure that we present before the consolidation of StepStone Funds on a pre-tax and after-tax basis used to evaluate profitability. ANI represents the after-tax net realized income attributable to us. ANI does not reflect legacy Greenspring carried interest allocation revenues, legacy Greenspring carried interest -related compensation and legacy Greenspring investment income (loss) as none of the economics are attributable to us. The components of revenues used in the determination of ANI (“adjusted revenues”) comprise fee revenues, adjusted incentive fees and realized carried interest allocations. In addition, ANI excludes: (a) unrealized carried interest allocation revenues and related compensation, (b) unrealized investment income (loss), (c) equity-based compensation for awards granted prior to and in connection with our initial public offering (“IPO”), profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary, (d) amortization of intangibles and (e) net income (loss) attributable to non-controlling interests in our subsidiaries and realized gains attributable to the profits interests issued in the private wealth subsidiary, (f) charges associated with acquisitions and corporate transactions, and (g) certain other items that we believe are not indicative of our core operating performance. ANI is fully taxed at our blended statutory rate. We believe ANI and adjusted revenues are useful to investors because they enable investors to evaluate the performance of our business across reporting periods. ANI per share measures our per-share earnings assuming all Class B units, Class C units and Class D units in the Partnership were exchanged for Class A common stock in SSG, including the dilutive impact of outstanding equity-based awards. ANI per share is calculated as ANI divided by adjusted weighted-average shares outstanding. We believe ANI per share is useful to investors because it enables them to better evaluate per-share operating performance across reporting periods. Assets under advisement, or “AUA,” consists of client assets for which we do not have full discretion to make investment decisions but play a role in advising the client or monitoring their investments. We generally earn revenue for advisory-related services on a contractual fixed fee basis. Advisory-related services include asset allocation, strategic planning, development of investment policies and guidelines, screening and recommending investments, legal negotiations, monitoring and reporting on investments, and investment manager review and due diligence. Advisory fees vary by client based on the scope of services, investment activity and other factors. Most of our advisory fees are fixed, and therefore, increases or decreases in AUA do not necessarily lead to proportionate changes in revenue. We believe AUA is a useful metric for assessing the relative size of our advisory business. Our AUA is calculated as the sum of (i) the net asset value (“NAV”) of client portfolio assets for which we do not have full discretion and (ii) the unfunded commitments of clients to the underlying investments. Our AUA reflects the investment valuations in respect of the underlying investments of our client accounts on a three-month lag, adjusted for new client account activity through the period end. Our AUA does not include post-period investment valuation or cash activity. AUA as of December 31, 2025 reflects final data for the prior period (September 30, 2025), adjusted for net new client account activity through December 31, 2025. NAV data for underlying investments is as of September 30, 2025, as reported by underlying managers up to the business day occurring on or after 100 days following September 30, 2025. When NAV data is not available by the business day occurring on or after 100 days following September 30, 2025, such NAVs are adjusted for cash activity following the last available reported NAV. Beginning in the quarter ended March 31, 2021, the computation of AUA was modified to include the portion of client portfolio assets for which we do not directly provide recommendations, monitoring and/or reporting services. Prior period amounts have not been recast for this change as such historical data does not exist. The impact of the change was approximately $70 billion in the quarter ended March 31, 2021.

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Definitions (continued) 36STEPSTONE GROUP Assets under management, or “AUM,” primarily reflects the assets associated with our separately managed accounts (“SMAs”) and focused commingled funds. We classify assets as AUM if we have full discretion over the investment decisions in an account or have responsibility or custody of assets. Although management fees are based on a variety of factors and are not linearly correlated with AUM, we believe AUM is a useful metric for assessing the relative size and scope of our asset management business. Our AUM is calculated as the sum of (i) the NAV of client portfolio assets, including the StepStone Funds and (ii) the unfunded commitments of clients to the underlying investments and the StepStone Funds. Our AUM reflects the investment valuations in respect of the underlying investments of our funds and accounts on a three-month lag, adjusted for new client account activity through the period end. Our AUM does not include post-period investment valuation or cash activity. AUM as of December 31, 2025 reflects final data for the prior period (September 30, 2025), adjusted for net new client account activity through December 31, 2025. NAV data for underlying investments is as of September 30, 2025, as reported by underlying managers up to the business day occurring on or after 100 days following September 30, 2025. When NAV data is not available by the business day occurring on or after 100 days following September 30, 2025, such NAVs are adjusted for cash activity following the last available reported NAV. Company refers to SSG and its consolidated subsidiaries, including the Partnership, following the Reorganization and IPO and to the Partnership and its consolidated subsidiaries prior to the Reorganization and IPO. Compound annual growth rate, or “CAGR,” represents a measure of the annual growth rate over multiple periods, considering the effect of compounding. Consolidated Funds refer to the StepStone Funds that we are required to consolidate as of the applicable reporting period. We consolidate funds and other entities in which we hold a controlling financial interest. Consolidated VIEs refer to the variable interest entities that we are required to consolidate as of the applicable reporting period. We consolidate VIEs in which we hold a controlling financial interest. Core fee-related earnings margin, or “Core FRE margin,” refers to fee-related earnings (see definition to the right) excluding the impact of retroactive fees. Fee-earning AUM, or “FEAUM,” reflects the assets from which we earn management fee revenue (i.e., fee basis) and includes assets in our SMAs, focused commingled funds and assets held directly by our clients for which we have fiduciary oversight and are paid fees as the manager of the assets. Our SMAs and focused commingled funds typically pay management fees based on capital commitments, net invested capital and, in certain cases, NAV, depending on the fee terms. Management fees are only marginally affected by market appreciation or depreciation because substantially all of the StepStone Funds pay management fees based on capital commitments or net invested capital. As a result, management fees and FEAUM are not materially affected by changes in market value. We believe FEAUM is a useful metric in order to assess assets forming the basis of our management fee revenue. Fee-related earnings, or “FRE,” is a non-GAAP performance measure used to monitor our baseline earnings from recurring management and advisory fees. FRE is a component of ANI and comprises fee revenues, less adjusted expenses which are operating expenses other than (a) performance fee-related compensation, (b) equity-based compensation for awards granted prior to and in connection with our IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary, (c) amortization of intangibles, (d) charges associated with acquisitions and corporate transactions, and (e) certain other items that we believe are not indicative of our core operating performance. FRE is presented before income taxes. We believe FRE is useful to investors because it provides additional insight into the operating profitability of our business and our ability to cover direct base compensation and operating expenses from total fee revenues. Fee-related earnings margin is a non-GAAP performance measure which is calculated by dividing fee-related earnings by fee revenues. We believe fee-related earnings margin is an important measure of profitability on revenues that are largely recurring by nature. Fee revenues represents management and advisory fees, net, including amounts earned from the Consolidated Funds which are eliminated in consolidation. We believe fee revenues is useful to investors because it presents the net amount of management and advisory fee revenues attributable to us.

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Definitions (continued) 37STEPSTONE GROUP Fund size refers to total capital commitments to a StepStone Fund, including commitments from the Company as the general partner. Gross realized performance fees represent realized carried interest allocations and adjusted incentive fees. We believe gross realized performance fees is useful to investors because it presents the total performance fees realized by us. Invested capital refers to the total amount of all investments made by a fund, including commitment-reducing and non-commitment-reducing capital calls. IRR refers to the annualized internal rate of return for all investments within the relevant investment strategy on an inception-to-date basis as of September 30, 2025 (except as noted otherwise on slides 29 and 41), based on contributions, distributions and unrealized value. Last twelve months, or “LTM,” refer to the preceding twelve months as of the period end. Legacy Greenspring entities refer to certain entities for which the Company, indirectly through its subsidiaries, became the sole and/or managing member in connection with the Greenspring acquisition. Net asset value, or “NAV,” refers to the estimated fair value of unrealized investments plus any net assets or liabilities associated with the investment as of September 30, 2025. Net IRR refers to IRR, net of fees and expenses charged by both the underlying fund managers and the Partnership. Net TVM refers to the total value to paid-in capital or invested capital expressed as a multiple. Net TVM is calculated as distributions plus unrealized valuations divided by invested capital (including all capitalized costs). Partnership refers solely to StepStone Group LP, a Delaware limited partnership, and not to any of its subsidiaries. Performance fee-related earnings represent gross realized performance fees, less realized performance fee-related compensation. We believe performance fee-related earnings is useful to investors because it presents the performance fees attributable to us, net of amounts paid to employees as performance fee-related compensation. Reorganization refers to the series of transactions immediately before the Company’s IPO, which was completed on September 18, 2020. SPAR refers to StepStone Portfolio Analytics & Reporting. SPI refers to StepStone Private Markets Intelligence. StepStone Funds refer to focused commingled funds and separately managed accounts of the Company, including acquired Greenspring funds, for which the Partnership or one of its subsidiaries acts as both investment adviser and general partner or managing member. StepStone Group Inc., or “SSG,” refers solely to StepStone Group Inc., a Delaware corporation, and not to any of its subsidiaries. Total capital responsibility equals AUM plus AUA. AUM includes any accounts for which StepStone Group has full discretion over the investment decisions, has responsibility to arrange or effectuate transactions, or has custody of assets. AUA refers to accounts for which StepStone Group provides advice or consultation but for which the firm does not have discretionary authority, responsibility to arrange or effectuate transactions, or custody of assets. Undeployed fee-earning capital represents the amount of capital commitments to StepStone Funds that has not yet been invested or considered active but will generate management fee revenue once invested or activated. We believe undeployed fee-earning capital is a useful metric for measuring the amount of capital that we can put to work in the future and thus earn management fee revenue thereon.

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Footnotes 38STEPSTONE GROUP GAAP consolidated statements of loss (slide 3) 1 Reflects amounts attributable to consolidated VIEs for which we did not acquire any direct economic interests. Such amounts a re attributable to employees and therefore have been reflected as legacy Greenspring performance fee-related compensation and net income (loss) attributable to non-controlling interests in legacy Greenspring entities, respectively. Non-GAAP financial results (slide 4) 1 Excludes the impact of consolidating the Consolidated Funds. See slides 31 and 32 for reconciliation of GAAP income (loss) be fore income tax to ANI and FRE, and GAAP measures to adjusted measures. 2 Includes income-based incentive fees of $6.0 million and $2.1 million for the three months ended December 31, 2025 and 2024, re spectively, and $15.7 million and $4.6 million for the nine months ended December 31, 2025 and 2024, respectively. 3 Reflects the add-back of deferred incentive fees that are not included in GAAP revenues. 4 Excludes amounts for Tax Receivable Agreements adjustments recognized as other income (loss). 5 Reflects the portion of fee-related earnings of our subsidiaries attributable to non-controlling interests and profits interests. Amounts attributable to profits interests were $14.4 million and $3.0 million for the three months ended December 31, 2025 and 2024, respectively, and $32.9 million and $5.6 million for the nine months ended December 31, 2025 and 2024, respectively. 6 Reflects performance related earnings / other income (loss) attributable to non-controlling interests in subsidiaries and profits interests, including incentive fees and related compensation, realized investment income, net interest expense and other income (loss). Amounts attributable to profits interests were $83. 2 million and $11.1 million for the three months ended December 31, 2025 and 2024, respectively, and $83.2 million and $11.4 million for the nine months ended December 31, 2025 and 2024, respectiv ely. 7 Represents corporate income taxes at a blended statutory rate of 22.3% applied to pre-tax ANI for the three and nine months ended December 31, 2025 and 2024, respectively. The 22.3% rate is based on a federal statutory rate of 21.0% and a combined state, local and foreign rate net of federal benefits of 1.3%. Fiscal Q3 2026 overview (slide 5) 1 Fee-related earnings margin is calculated by dividing fee-related earnings by fee revenues.

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Footnotes (continued) 39STEPSTONE GROUP Evolution of fee-earning AUM (slide 9) 1 Organic CAGR excludes $11.4B of FEAUM and $0.5B of undeployed fee-earning capital acquired as part of Greenspring as of 9/20/21. Trend in fee revenues (slide 10) 1 Excludes fund reimbursement revenues. 2 The acquisition of Greenspring contributed $11.4B of FEAUM and $22.5B of AUM as of 9/20/21. 3 Weighted-average fee rates reflect the applicable management fees for the last 12 months ended on each period presented and are inclusive of any retroactive fees for such period. 4 An expansion of client data tracked contributed $70B of AUA for fiscal 2021. Financial highlights (slide 12) 1 Undeployed fee-earning capital is defined as capital not yet invested or considered active on which StepStone will earn fees once the capital is deployed or activated. 2 Fee-related earnings margin is calculated by dividing fee-related earnings by fee revenues. 3 Gross realized performance fees is a non-GAAP measure and includes deferred incentive fees that are not included in our GAAP results. See reconciliation of total performance fees to gross realized performance fees and performance fee-related earnings on slide 34. 4 Reflects a 22.3% blended statutory rate applied to pre-tax adjusted net income and 122.6 million and 122.4 million adjusted weighted-average shares outstanding for FQ3’26 and FQ3’26 YTD. Reflects a 22.3% blended statutory rate applied to pre-tax adjusted net income and 118.9 million and 118.7 million adjusted weighted-average shares outstanding for FQ3’25 and FQ3’25 YTD. See slide 33 for calculation of ANI per share and a reconciliation of adjusted shares. Accrued carry and fund investments (slide 13) 1 Excludes $0.7 billion of investments in funds and accrued carried interest allocations and $31.7 million of unfunded commitme nts held by the legacy Greenspring entities in legacy Greenspring funds for which we do not hold any direct economic interests. 2 Changes in our accrued carry balance reflect our share of the unrealized gains or losses of our client portfolios on a one quar ter lag. 3 Reflects the Company’s investments in funds prior to the consolidation of the Consolidated Funds, which results in the elimination of the Company’s investments in such funds under GAAP. Investments in funds under GAAP were $293 million as of December 31, 2025.

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Footnotes (continued) 40STEPSTONE GROUP Consolidated balance sheets (slide 15) 1 The Company’s investments in funds were $338 million as of December 31, 2025, $276 million as of March 31, 2025, and $266 million as of December 31, 2024. The consolidation of the Consolidated Funds results in the elimination of the Company’s investments in such funds under GAAP. 2 Represents amounts attributable to consolidated VIEs for which we did not acquire any direct economic interests. Such amounts are attributable to employees and therefore have been reflected as non-controlling interests in legacy Greenspring entities and legacy Greenspring accrued carried interest -related compensation, respectively. 3 Represents amounts for the StepStone Funds that we are required to consolidate at each reporting period. We consolidate funds and other entities in which we hold a controlling financial interest. FEAUM overview (slide 16) 1 Contributions consist of new capital commitments that earn fees on committed capital and capital contributions to funds and a ccounts that earn fees on net invested capital or NAV. 2 Distributions consist of returns of capital from funds and accounts that pay fees on net invested capital or NAV and reductions in fee-earning AUM from funds that moved from a committed capital to net invested capital fee basis or from funds and accounts that no longer pay fees. 3 Market value, FX and other primarily consist of changes in market value appreciation (depreciation) for funds that pay on NAV and the effect of foreign exchange rate changes on non-U.S. dollar denominated commitments. 4 Weighted-average fee rates reflect the applicable management fees for the last 12 months ended on each period presented and are inclusive of any retroactive fees for such period. Performance fee-related earnings (slides 25-26) 1 Performance fee-related earnings represent consolidated results before consideration of non-controlling interests and profits interests. Fee revenues (slide 27) 1 Reflects the add-back of revenues for the Consolidated Funds, which have been eliminated in consolidation. 2 Includes $6.0 million and $2.1 million for the three months ended December 31, 2025 and 2024, respectively, $15.7 million and $4.6 million for the nine months ended December 31, 2025 and 2024, respectively, and $19.1 million and $5.3 million for the last 12 months ended December 31, 2025 and 2024, respectively, of income-based incentive fees from certain funds. Blue-chip, sophisticated, global clientele (slide 28) 1 Our top 10 clients comprise 65 separate mandates and commitments to commingled funds. 2 Includes ~58% of management and advisory fee contribution from focused commingled funds.

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Footnotes (continued) 41STEPSTONE GROUP Our diversified platform spans private markets solutions (slide 29) 1 Investment returns reflect NAV data for underlying investments as of September 30, 2025, as reported by underlying managers u p to the business day occurring on or after 100 days following September 30, 2025. For investment returns where NAV data is not available by the business day occurring on or after 100 days following September 30, 2025, such NAVs are adjusted for cash activity following the last available reported NAV. Investment returns are calculated on a constant currency adjusted reporting basis converting non-USD investment cash flows and NAVs to USD using the foreign currency exchange rate corresponding to each client’s first cash flow date. 2 Private equity includes 3,216 investments totaling $228.0 billion of capital commitments and excludes ( i) two advisory co-investments, totaling $100.0 million of capital commitments, (ii) 240 client-directed private equity investments, totaling $33.3 billion of capital commitments, and (iii) investments that do not hav e client data monitored in SPI Reporting. Private equity includes buyout, venture capital, growth equity, fund-of-funds, and energy focused strategies. StepStone’s venture capital and growth equity strategy is composed of a) venture capital and growth equity focused commingled funds and separately managed accounts (the “StepStone VC Platform”) and b) underlying venture capital and growth e quity investments within StepStone’s broader private equity accounts (“StepStone PE Accounts”). 3 Net IRR and Net TVM are presented solely for illustrative purposes and do not represent actual returns received by any investor in any of the StepStone Funds represented above and are net of fees and expenses charged by both the underlying investment and hypothetical StepStone fees. The aggregate returns are not indicative of the returns an individual investor would receive from these investments. No individual investor received the aggregate returns described herein as the investments were made across multiple mandates over multiple years. StepStone fees and expenses are based on the following assumptions (management fees and expenses represent an annual rate, charged quarterly): i. Primaries management fee: 25 basis points of net invested capital for private equity, real estate and infrastructure; 25 basis p oints of net asset value for private debt; 75 basis points of committed capital for the StepStone VC Platform. ii. Secondaries management fee: 125 basis points, 125 basis points and 95 basis points of capital commitments for private equity, real estate and infrastructure, respectively, in years 1 through 4 for management fees, charged quarterly. In year 5, management fees step down to 90% of the previous year’s fee; 65 basis points of net asset value for private debt; 75 basis points of committed capital for the StepStone VC Platform. iii. Co-investments management fee: 100 basis points of net committed capital for private equity and real estate; 90 and 50 basis points of net committed capital for infrastructure co- investments and direct asset management investments, respectively; 65 basis points of net asset value for private debt; 200 b asis points of net invested capital for the StepStone VC Platform. iv. All investments assess 5 basis points of capital commitments for fund expenses, charged quarterly, and 1 basis point of capital commitments drawn down in the first cash flow quarter for organizational costs. v. Private equity secondaries and co-investments include 12.5% and 10.0% of paid and unrealized carry, respectively, with an 8.0% p referred return hurdle; infrastructure secondaries and co- investments include 10.0% of paid and unrealized carry, respectively, with an 8.0% preferred return hurdle; real estate secon daries and co-investments include 15.0% of paid and unrealized carry, with an 8.0% preferred return hurdle; private debt secondaries and co-investments include 10.0% of paid and unrealized carry, with a 5.0% preferred return hurdle; and the StepStone VC Platform primaries, secondaries and co-investments/directs include 5.0%, 5.0% and 20.0%, respectively, of paid and unrealized carry with no preferred return hurdle. Net IRR and Net TVM for certain investments may have been impacted by StepStone’s, or the underlying fund manager’s, use of subscription backed credit facilities by such vehicles. Reinvested/recycled amounts increase contributed capital.

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Footnotes (continued) 42STEPSTONE GROUP Our diversified platform spans private markets solutions (continued) (slide 29) 4 Investments of former clients are included in performance summary past the client termination date until such time as StepSto ne stops receiving current investment data (quarterly valuations and cash flows) for the investment. At that point, StepStone will then ‘liquidate’ the fund by entering a distribution amount equal to the last reported NAV, thus ending its contribution to the track record as of that date. Historical performance contribution will be maintained up until the ‘liquidation’ date. 5 Real estate includes 509 investments totaling $91.2 billion of capital commitments and excludes (i) 100 client-directed real estate investments, totaling $16.8 billion of capital commitments, (ii) 19 secondary/co-investment core/core+ or credit investments, totaling $1.1 billion of capital commitments, (iii) four advisory fund investments totaling $463.6 million of capital commitments, and (iv) investments that do not have client data monitored in SPI Reporting. 6 Infrastructure includes 332 investments totaling $69.9 billion of capital commitments and excludes ( i) eight infrastructure investments made by the Partnership prior to the formation of the infrastructure subsidiary in 2013 or made prior to StepStone’s acquisition of Courtland Partners, Ltd. on April 1, 2018 (the “Courtland acquisition”), totaling $501.9 million of capital co mmitments, (ii) 46 client-directed infrastructure investments, totaling $11.0 billion of capital commitments, and (iii) investments that do not have client data monitored in SPI Reporting. 7 Co-investments include venture capital and growth equity direct investments for private equity. 8 Private debt includes 1,764 investments totaling $66.8 billion of capital commitments and excludes ( i) 48 client-directed debt investments, totaling $4.3 billion of capital commitments, (ii) 50 real estate credit investments that were recommended by Courtland Partners, Ltd. prior to the Courtland acquisition, totaling $5.1 billion of capital commitments, and (iii) investments that do not have client data monitored in SPI Reporting. *Net IRRs are not aggregated and shown for customized managed accounts (which include capacity-negotiated GP co-investment accounts and GP primary managed accounts) totaling $35.1 billion of committed capital, as the investment objective of those investments are customized to the respective client’s investment target on multiple-on- committed-capital (“MOCC”) and can differ significantly. Notable StepStone focused commingled funds (slide 30) 1 Reflects fair value of the fund’s portfolio as of December 31, 2025. Reconciliation of GAAP income (loss) before income tax to ANI and FRE (slide 31) 1 Reflects the portion of pre-tax ANI attributable to non-controlling interests in our subsidiaries and realized gains attributable to the profits interests issued in the private wealth subsidiary. Amounts attributable to the profits interests issued in the private wealth subsidiary were $97.5 million and $14.1 million for the three months ended December 31, 2025 and 2024, respectively, $116.1 million and $17.0 million for the nine months ended December 31, 2025 and 2024, respectively, and $122.3 million for the last 12 mont hs ended December 31, 2025. Amounts specifically attributable to non-controlling interests in subsidiaries not attributable to the private wealth subsidiary were $18.4 million and $18.7 million for the three months ended December 31, 2025 and 2024, respectively, $58.1 million and $52.6 million for the nine months ended December 31, 2025 and 2024, respectively, and $85.3 million for the last 12 months ended December 31, 2025. 2 Reflects equity-based compensation for awards granted prior to and in connection with the IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary.

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Footnotes (continued) 43STEPSTONE GROUP Reconciliation of GAAP income (loss) before income tax to ANI and FRE (continued) (slide 31) 3 Includes (income) expense related to transaction costs ($47 thousand and $12 thousand for the three months ended December 31, 2025 and 2024, respectively, $0.7 million and $0.8 million for the nine months ended December 31, 2025 and 2024, respectively, $0.4 million in fiscal 2021, and $0.9 million for the last 12 months ended December 31, 2025), severance costs ($4.2 million in fiscal 2021), unrealized amounts associated with cash-based incentive awards tracked to investment funds ($34 thousand for the nine and last 12 months ended December 31, 2025), loss on change in fair value for contingent consideration obligation ($0.1 million and $2.5 million for the three months ended Decemb er 31, 2025 and 2024, respectively, $0.2 million and $16.3 million for the nine months ended December 31, 2025 and 2024, respectively, $1.6 million in fiscal 2021, and $(24) thousand for the last 12 months ended December 31, 2025), compensation paid to certain employees as part of an acquisition earn-out ($(0.4) million and $0.4 million for the three and nine months ended December 31, 2024, respectively), loss associated with payment made in connection with a secondary transaction executed by one of our private wealth funds ($32.5 million for the last 12 months end ed December 31, 2025), and other non-core operating income and expenses. 4 Represents corporate income taxes at a blended statutory rate of 22.3% applied to pre-tax ANI for the three and nine months ended December 31, 2025 and 2024, and the last 12 months ended December 31, 2025. The 22.3% rate is based on a federal statutory rate of 21.0% and a combined state, local and foreign rate net of federal benefits of 1.3%. Represents corporate income taxes at a blended statutory rate of 22.6% applied to pre-tax ANI for fiscal 2021. The 22.6% rate is based on a federal statutory rate of 21.0% and a combined state, local and foreign rate net of federal benefits of 1.6%. 5 Reflects the add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation, and de ferred incentive fees that are not included in GAAP revenues. 6 Reflects the removal of interest income earned by the Consolidated Funds. 7 Reflects the removal of Tax Receivable Agreements adjustments recognized as other income (loss) ($1.3 million for the nine mo nths ended December 31, 2025 and $1.7 million for the last 12 months ended December 31, 2025), loss associated with payment made in connection with a secondary transaction executed by one of our private wealth funds ($32.5 million for the last 12 months ended December 31, 2025), and the impact of consolidation of the Consolidated Funds.

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Footnotes (continued) 44STEPSTONE GROUP Reconciliation of GAAP measures to adjusted measures (slide 32) 1 Reflects the add-back of management and advisory fee revenues for the Consolidated Funds, which have been eliminated in consolidation. 2 Reflects the add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation, and de ferred incentive fees that are not included in GAAP revenues. 3 Reflects the removal of severance, compensation paid to certain employees as part of an acquisition earn-out and unrealized amounts associated with cash-based incentive awards tracked to the performance of a designated investment fund. 4 Reflects the removal of equity-based compensation for awards granted prior to and in connection with the IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary. 5 Reflects the removal of amortization of intangibles, transaction-related costs, unrealized mark-to-market changes in fair value for contingent consideration obligation, the impact of consolidation the Consolidated Funds and other non-core operating income and expenses. 6 Reflects the removal of interest income earned by the Consolidated Funds. 7 Reflects the removal of amounts for Tax Receivable Agreements adjustments recognized as other income (loss), loss associated with payment made in connection with a secondary transaction executed by one of our private wealth funds and the impact of consolidation of the Consolidated Funds. Calculation and reconciliation of adjusted net income per share (slide 33) 1 The Class B2 units fully vested in June 2024. 2 Assumes the full exchange of Class B units, Class C units or Class D units in the Partnership for Class A common stock of SSG pursuant to the Class B Exchange Agreement, Class C Exchange Agreement or Class D Exchange Agreement, respectively. Reconciliation of total performance fees to gross realized performance fees and PRE (slide 34) 1 Reflects the add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation.

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Disclosure 45STEPSTONE GROUP Some of the statements in this presentation may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “plan” and “will” and similar expressions identify forward-looking statements. Forward-looking statements reflect management’s current plans, estimates and expectations and are inherently uncertain. The inclusion of any forward-looking information in this presentation should not be regarded as a representation that the future plans, estimates or expectations contemplated will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, global and domestic market and business conditions, our successful execution of business and growth strategies, the favorability of the private markets fundraising environment, successful integration of acquired businesses and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in greater detail under “Risk Factors” included in our annual report on Form 10-K for the fiscal year ended March 31, 2025, and in our subsequent reports filed with the Securities and Exchange Commission, as such factors may be updated from time to time. We undertake no obligation to revise or update any forward- looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. The non-GAAP financial measures contained in this presentation (including, without limitation, adjusted revenues, adjusted net income (on both a pre-tax and after-tax basis), adjusted net income per share, fee-related earnings and fee-related earnings margin) are not GAAP measures of the Company’s financial performance or liquidity and should not be considered as alternatives to revenues or net income (loss) as measures of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP. A reconciliation of such non-GAAP measures to their most directly comparable GAAP measure is included on slides 31-34 of this presentation. You are encouraged to evaluate each adjustment to non-GAAP financial measures and the reasons management considers it appropriate for supplemental analysis. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, these measures may not be comparable to similarly titled measures used by other companies in our industry or across different industries.

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stepstonegroup.com

Slides