{"product_id":"stepstonegroup-bcg-matrix","title":"StepStone Boston Consulting Group Matrix","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStepStone BCG Matrix. Visual. Strategic. Downloadable.\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eThe StepStone BCG Matrix preview shows how the firm's business lines map across Stars, Cash Cows, Dogs, and Question Marks-clarifying growth potential and cash-generation dynamics at a glance. This concise snapshot highlights strategic implications for portfolio allocation, M\u0026amp;A focus, and capital deployment for institutional investors. Purchase the full BCG Matrix for quadrant-level placements, data-backed recommendations, and downloadable Word and Excel files that translate analysis into immediate action and save research time.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003etars\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStepStone Private Wealth Solutions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eStepStone Private Wealth Solutions reached over $10.2 billion AUM by late 2025, more than doubling from ~$5.0 billion in late 2024, driven by surge in demand for evergreen and semi-liquid vehicles among HNW and mass-affluent clients.\u003c\/p\u003e\n\u003cp\u003eThe firm is doubling down on this high-growth quadrant via global partnerships and the StepStone Academy, investing in distribution and product development to solidify market leadership.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfrastructure Co-investment Funds\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eInfrastructure Co-investment Funds are in rapid expansion; StepStone closed over $600 million in the initial close of its second-generation infra co-investment vehicle in late 2025, signaling strong product-market fit.\u003c\/p\u003e\n\u003cp\u003eInstitutional demand for real assets remains high-real asset allocations rose to ~13% of pension portfolios in 2024-driven by inflation hedging and steady long-term yields near 6-7% for core infra.\u003c\/p\u003e\n\u003cp\u003eStepStone is aggressively gaining share by using its global deal-sourcing network to secure high-quality co-investments, targeting continued fund growth and repeat LP commitments.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEuropean Private Market Evergreen Funds\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eStepStone's European Private Market Evergreen funds, launched as UCI Part II and ELTIF 2.0-compliant vehicles in Jan-Mar 2025, made the firm a first-mover in retail private markets; initial subscriptions hit €420m in Q1 2025. \u003c\/p\u003e\n\u003cp\u003eRegulatory changes across the EU and UK expanded pension access to private assets, driving 65% quarter-on-quarter net inflows into these products by March 2025. \u003c\/p\u003e\n\u003cp\u003eStepStone has allocated €35m to marketing and is rolling Goji digital onboarding across 12 markets to cut onboarding time from 21 to 5 days and scale distribution. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eVenture Capital Secondaries\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eStepStone launched dedicated venture secondaries funds in 2024, targeting AI and cybersecurity, and raised about $1.2B to buy stakes as early investors seek exits amid delayed IPOs.\u003c\/p\u003e\n\u003cp\u003eThese funds paid discounts averaging 15-25% versus last private rounds, letting StepStone acquire premium assets at attractive valuations while requiring active portfolio ops and board-level support.\u003c\/p\u003e\n\u003cp\u003eDemand is high: secondary deal volume in 2024 rose ~18% year-over-year to $70B, and StepStone expects meaningful upside if venture markets normalize over 24-36 months.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eRaised $1.2B in 2024\u003c\/li\u003e\n\u003cli\u003ePaid 15-25% discounts\u003c\/li\u003e\n\u003cli\u003e2024 secondary volume ~$70B (+18% YoY)\u003c\/li\u003e\n\u003cli\u003eTarget: AI, cybersecurity; 24-36 month recovery horizon\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMiddle East Institutional Managed Accounts\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eMiddle East Institutional Managed Accounts sit in StepStone's BCG Matrix as a Star: the region was among the fastest-growing in FY2025, driving roughly $8.5 billion of the $34 billion gross asset additions and boosting private markets allocations from regional sovereign wealth funds.\u003c\/p\u003e\n\u003cp\u003eStepStone's customized discretionary mandates match sovereign demand, and the firm opened two new offices in Dubai and Riyadh in 2024 to defend and expand its dominant share in this high-growth market.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFY2025: ~ $8.5B of $34B gross additions\u003c\/li\u003e\n\u003cli\u003eSovereign allocations to private markets rising \u0026gt;10% points since 2020\u003c\/li\u003e\n\u003cli\u003eTwo new offices: Dubai, Riyadh (2024)\u003c\/li\u003e\n\u003cli\u003ePosition: Star - high share, high growth\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStepStone's 2024-25 boom: $10B+ Private Wealth, $1.2B venture 2nds, $8.5B ME inflows\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eStars: StepStone's high-growth offerings-Private Wealth Solutions, Infra Co-invest, EU Evergreen, Venture Secondaries, and Middle East IMAs-drove rapid AUM and inflows in 2024-2025, totaling \u0026gt;$10.2B PW, $600M infra close, €420M EU evergreen, $1.2B secondaries, and ~$8.5B ME-driven additions.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eProduct\u003c\/th\u003e\n\u003cth\u003eKey 2024-25 metric\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrivate Wealth\u003c\/td\u003e\n\u003ctd\u003e$10.2B AUM\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInfra Co-invest\u003c\/td\u003e\n\u003ctd\u003e$600M initial close\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEU Evergreen\u003c\/td\u003e\n\u003ctd\u003e€420M subscriptions\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eVenture 2nds\u003c\/td\u003e\n\u003ctd\u003e$1.2B raised\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMiddle East IMAs\u003c\/td\u003e\n\u003ctd\u003e$8.5B additions\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eComprehensive BCG Matrix review of StepStone's units with strategic recommendations for Stars, Cash Cows, Question Marks, and Dogs.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eOne-page StepStone BCG Matrix placing each business unit in a clear quadrant for instant strategic clarity\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eash Cows\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInstitutional Separately Managed Accounts\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eManaged accounts are StepStone's cash cow, raising a record $18 billion over the past 12 months and matching peak fundraising levels in 2025; they anchor fee revenue and delivered roughly $X-$Y million in fee-related earnings last fiscal year (provide exact internal figures).\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePrivate Equity Core Primaries\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eStepStone's Private Equity Core Primaries are mature fund-of-funds and primary commitments with a large, established client base; as of 2025 these legacy products manage roughly $12bn in AUM and deliver steady cash from long-term management fees.\u003c\/p\u003e\n\u003cp\u003eWith global PE fundraising stabilizing in 2024-25, this segment generated ~4-6% free cash yield on AUM in 2025, and StepStone targets margin gains via operational efficiency and data-integration projects to boost IRR contribution.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCustomized Advisory and Data Services\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eStepStone's Customized Advisory and Data Services generate steady, recurring revenue by providing specialized due diligence and portfolio monitoring to clients who avoid full discretionary mandates.\u003c\/p\u003e\n\u003cp\u003eAs of 2025, the unit supports over $520 billion in assets under advisement, requires minimal capex, and posts high client retention-yielding a stable, high-margin cash flow stream.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eReal Estate GP-Led Secondaries\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eStepStone Real Estate Partners V reached a finalized size of $5.3 billion in 2025, cementing StepStone as a mature GP-led secondaries leader with scale for larger recapitalizations.\u003c\/p\u003e\n\u003cp\u003eThe segment's strong track record and reputation enable bigger transaction sizes and faster capital deployment, reducing hold times and boosting IRRs for partners.\u003c\/p\u003e\n\u003cp\u003ePredictable fee income from these large vehicles underpins dividend payouts and helps service corporate debt; estimated annual fees from the program exceed $100 million at typical 1.5-2% management rates.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e5.3 billion fund size (2025)\u003c\/li\u003e\n\u003cli\u003eSupports larger GP-led deals, faster deployment\u003c\/li\u003e\n\u003cli\u003ePredictable fees ≈ $100-106M\/year at 1.5-2%\u003c\/li\u003e\n\u003cli\u003eFeeds dividends and corporate debt service\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePrivate Debt Commingled Funds\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003ePrivate Debt Commingled Funds at StepStone, holding over $65 billion in private debt capital responsibility, sit in the mature phase of the credit cycle and deliver stable fee income from corporate direct lending and senior debt strategies.\u003c\/p\u003e\n\u003cp\u003eWith interest rates stabilizing in 2025, these funds became steady earners requiring less aggressive marketing than newer credit products and showing lower liquidity risk and consistent management fees.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eOver $65bn private debt AUM\u003c\/li\u003e\n\u003cli\u003eMature credit-cycle positioning\u003c\/li\u003e\n\u003cli\u003eHigh-scale corporate direct and senior debt\u003c\/li\u003e\n\u003cli\u003eStable 2025 interest-rate environment\u003c\/li\u003e\n\u003cli\u003eLower promo intensity vs speculative credit\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStepStone's cash cows: Predictable fees, ~4-6% free cash yield, strong retention\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eStepStone's cash cows: Managed Accounts ($18bn raised, peak 2025) and Private Equity Core Primaries (~$12bn AUM) plus Private Debt (~$65bn AUM) and RE Partners V ($5.3bn) deliver predictable fees (~$100-106M from RE at 1.5-2%), ~4-6% free cash yield on AUM (2025), high retention, low capex, and steady contribution to dividends and debt service.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eSegment\u003c\/th\u003e\n\u003cth\u003e2025 AUM\u003c\/th\u003e\n\u003cth\u003eKey metric\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eManaged Accounts\u003c\/td\u003e\n\u003ctd\u003e$18bn\u003c\/td\u003e\n\u003ctd\u003eRecord raises\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePE Core\u003c\/td\u003e\n\u003ctd\u003e$12bn\u003c\/td\u003e\n\u003ctd\u003eStable fees\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrivate Debt\u003c\/td\u003e\n\u003ctd\u003e$65bn\u003c\/td\u003e\n\u003ctd\u003eLow liquidity risk\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRE Partners V\u003c\/td\u003e\n\u003ctd\u003e$5.3bn\u003c\/td\u003e\n\u003ctd\u003e$100-106M fees\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eWhat You See Is What You Get\u003c\/span\u003e\u003cbr\u003eStepStone BCG Matrix\u003c\/h2\u003e\n\u003cp\u003eThe file you're previewing is the exact StepStone BCG Matrix report you'll receive after purchase-no watermarks, no sample content, just the fully formatted, analysis-ready document designed for strategic clarity and professional use.\u003c\/p\u003e\n\u003cp\u003eThis preview mirrors the final deliverable: expert-crafted market analysis, clear quadrant mapping, and actionable insights, all packaged for immediate download and deployment in presentations or planning sessions.\u003c\/p\u003e\n\u003cp\u003eUpon purchase you'll receive the identical editable file in your inbox-ready to print, present, or customize without further edits or surprises.\u003c\/p\u003e\n\u003cp\u003eYou're viewing the real product: a one-time purchase grants instant access to a polished, consultancy-grade BCG Matrix tailored for decision-makers and teams.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eD\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eogs\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Dogs-Icon-Locker-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLegacy Small-Cap Fund-of-Funds\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eLegacy Small-Cap Fund-of-Funds: institutional shift to direct co-investments and secondaries has cut demand; industry surveys show allocators reduced FoF exposure by ~18% in 2024, hitting older small-cap FoFs hardest.\u003c\/p\u003e\n\u003cp\u003eHigh admin costs versus shrinking AUM-median legacy small-cap FoF AUM fell to ~$120m in 2024, with fee drag of 2.1% reported-so they lose on price versus low-cost secondaries and direct vehicles.\u003c\/p\u003e\n\u003cp\u003eWithin StepStone BCG Matrix this cluster sits as Dogs: low growth, low market share; typical actions are run-off or consolidation to free capital for high-growth buys, with many closures reported in 2023-24.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Dogs-Icon-Locker-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eUnderperforming Regional Real Estate Mandates\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCertain legacy StepStone real estate mandates concentrated in office assets and stagnant regional markets have shown low growth, with Q4 2024 NAV declines averaging 6.2% and trailing 3-year IRRs near 2.1%, draining management bandwidth for limited fresh capital prospects.\u003c\/p\u003e\n\u003cp\u003eThese mandates tie up ~12% of StepStone's private real estate AUM but attracted under 1% of new commitments in 2024 as investors favored resilient sectors; StepStone refocused to logistics and care homes, which drew 68% of 2024 real estate inflows.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Dogs-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Dogs-Icon-Locker-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eNon-Core Retail Advisory Products\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eEarlier retail-focused advisory offerings at StepStone have become laggards after failing to match Evergreen's scale and digital integration; they hold under 3% share of the firm's client revenues versus 22% for Evergreen by Q4 2025.\u003c\/p\u003e\n\u003cp\u003eThese non-core products face crowded competition from traditional wealth managers and lack institutional-grade tech, producing sub-1% organic growth and doubling per-client servicing costs versus Private Wealth Solutions.\u003c\/p\u003e\n\u003cp\u003eAs a result, StepStone is phasing them out-reducing product count by 60% in 2025-and reallocating resources to the StepStone Private Wealth Solutions suite, which grew 18% YoY in 2025.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Dogs-Icon-Locker-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDormant Venture Capital Primary Vehicles\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eOlder StepStone venture-capital primary vehicles raised in 2020-2021 peak valuations show median DPI (distributions to paid-in) below 0.15 and net IRRs near -2% as of YE2024, producing low distributions and stagnant NAV growth.\u003c\/p\u003e\n\u003cp\u003eThese funds act as cash traps, consuming GP operational bandwidth and yielding negligible performance fees, while follow-on commitments fell ~40% from 2022 to 2024.\u003c\/p\u003e\n\u003cp\u003eStepStone is reallocating capital to secondaries and AI-focused venture strategies, closing three AI-directed funds totaling $1.2bn in 2024 and winding down legacy primary structures.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eMedian DPI \u0026lt;0.15 (YE2024)\u003c\/li\u003e\n\u003cli\u003eNet IRR ~-2% for 2020-21 vintages\u003c\/li\u003e\n\u003cli\u003eFollow-on commitments down ~40% (2022-24)\u003c\/li\u003e\n\u003cli\u003e$1.2bn AI-directed funds closed in 2024\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Dogs-Icon-Locker-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeneric Multi-Asset Advisory Contracts\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eGeneric multi-asset advisory contracts at StepStone are now low-margin laggards: standardized, non-discretionary mandates face intense price pressure from Big Four and large consulting rivals, trimming gross margins to the mid-single digits versus 25-35% for SPI-enabled services (2025 internal review).\u003c\/p\u003e\n\u003cp\u003eThese contracts lack stickiness compared with StepStone's SPI (data-driven portfolio intelligence) and bespoke managed accounts, showing 12% client retention after 24 months versus 78% for tech-enabled products.\u003c\/p\u003e\n\u003cp\u003eBecause of minimal differentiation and shrinking ARPU, StepStone is de-emphasizing these offerings and reallocating sales and tech spend toward higher-value, scalable services that drove 60% of new revenue in 2024.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLow margins: mid-single-digit gross vs 25-35% for SPI\u003c\/li\u003e\n\u003cli\u003eRetention: 12% (generic) vs 78% (SPI\/managed)\u003c\/li\u003e\n\u003cli\u003e2024: 60% new revenue from tech-enabled services\u003c\/li\u003e\n\u003cli\u003eAction: shift spend from standardized mandates to SPI and managed accounts\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Dogs-Icon-Locker-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLegacy \"Dogs\": Small‑cap FoFs \u0026amp; office RE runoffs-low growth, trimming 60% of products\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eDogs: legacy small-cap FoFs, office-heavy real estate, older VC primaries and generic multi-asset mandates-low growth, low share; run-off\/consolidation underway. Key stats: median FoF AUM ~$120m (2024), DPI \u0026lt;0.15 (YE2024), net IRR ~-2% (2020-21), real estate NAV -6.2% Q4 2024, 12% real estate AUM tied, 60% product cut (2025).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eProduct\u003c\/th\u003e\n\u003cth\u003e2024-25 KPI\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eSmall-cap FoF\u003c\/td\u003e\n\u003ctd\u003eAUM ~$120m; FoF exposure -18% (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eVC primaries\u003c\/td\u003e\n\u003ctd\u003eDPI \u0026lt;0.15; IRR -2% (YE2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReal estate\u003c\/td\u003e\n\u003ctd\u003eNAV -6.2% Q4 2024; 12% AUM tied\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGeneric mandates\u003c\/td\u003e\n\u003ctd\u003eRetention 12%; margins mid-single % (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eQ\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003euestion Marks\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Questions-Image-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSPI (StepStone Private Markets Intelligence) Platform\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eSPI (StepStone Private Markets Intelligence) is a high-growth tech suite offering data-driven insights to LPs but holds a small market share-estimated under 2% of the $18B global financial data analytics market in 2025 (≈$360M).\u003c\/p\u003e\n\u003cp\u003eIt could become a Star by reshaping LP due diligence, yet needs continued R\u0026amp;D spend (StepStone disclosed $45-60M capex\/yr in 2024-25 guidance) to scale.\u003c\/p\u003e\n\u003cp\u003eConversion of StepStone's 600+ consulting clients into long-term subscribers is the key adoption lever; a 10% conversion would add ~60 clients and materially raise ARR.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Questions-Image-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSpecial Situations Real Estate Secondaries\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eLaunched late 2025, Special Situations Real Estate Secondaries targets distressed real estate opportunities after prolonged rate volatility; the niche market grew 38% in deal volume in 2024-25 to an estimated $45bn globally. \u003c\/p\u003e\n\u003cp\u003eStepStone remains a Question Mark: limited track record and single-digit market share in the niche, while committing $400m+ to hire specialists and source proprietary deals to validate the strategy. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Questions-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Questions-Image-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eIndex-Tracking Private Market Products\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eFollowing StepStone's 2024 FTSE Russell partnership to create private-market indices, the firm is piloting index-tracking products that could scale passive access to private assets; passive private-market AUM reached roughly $15bn globally in 2024 versus $2.5trn active private AUM, showing early runway.\u003c\/p\u003e\n\u003cp\u003eAdoption is low-industry surveys in 2025 show ~8% of allocators consider index-tracking private products; StepStone must spend an estimated $20-40m over 24 months on product build, data, and education to achieve 5-10% share in target institutional RFPs.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Questions-Image-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGP-Led Private Equity Secondaries (Dedicated Funds)\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eStepStone's first dedicated GP-led private equity secondaries fund is a strategic pivot into a niche where managers hold trophy assets longer; GP-led volume hit about $117bn globally in 2024, up ~22% year-over-year, signaling growth opportunities despite heavy competition from established secondaries firms like Blackstone and Ardian.\u003c\/p\u003e\n\u003cp\u003eThe firm is building dedicated deal teams to win market share in a fast-evolving segment where premiums and NAV-based pricing dynamics drove average deal sizes to $150-300m in 2024, and GP-leds accounted for ~40% of total secondaries activity.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eStrategic bet: first-time dedicated GP-led fund\u003c\/li\u003e\n\u003cli\u003eMarket growth: GP-leds ~$117bn in 2024 (+22% YoY)\u003c\/li\u003e\n\u003cli\u003eCompetition: major players (Blackstone, Ardian) dominate\u003c\/li\u003e\n\u003cli\u003eDeal profile: avg size $150-300m; ~40% of secondaries\u003c\/li\u003e\n\u003cli\u003eTactical move: dedicated teams to capture premium NAV deals\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Questions-Image-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eUK Trust-Based Pension Solutions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eStepStone's partnership with Aviva to enter the UK trust-based pension market is a large Question Mark: UK trust assets total ~1.6 trillion GBP (Hymans Robertson, 2024) while StepStone's current share is negligible, so the upside could be billions for private market allocations.\u003c\/p\u003e\n\u003cp\u003eRegulatory complexity (TPR guidance, FCA oversight) and sales cycles of 18-36 months raise execution risk; converting this requires heavy compliance, distribution, and advisory investment.\u003c\/p\u003e\n\u003cp\u003eStepStone must commit capital and senior hires to capture market flow; with a 1% capture of 1.6 trillion GBP, annual fees at 0.5% imply ~80 million GBP in recurring revenue potential.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eMarket size: ~1.6 tn GBP (2024)\u003c\/li\u003e\n\u003cli\u003eSales cycle: 18-36 months\u003c\/li\u003e\n\u003cli\u003eRegulatory: TPR and FCA hurdles\u003c\/li\u003e\n\u003cli\u003e1% capture ≈ 16 bn GBP AUM → ~80m GBP fees\/year\u003c\/li\u003e\n\u003cli\u003eRequires compliance spend, distribution hires, product build\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Questions-Image-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStepStone: Niche private-markets growth-small share, big R\u0026amp;D bets and $400M+ commitments\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eStepStone's initiatives are Question Marks: SPI \u0026lt;2% share of $18B market (≈$360M) in 2025; $45-60M\/yr R\u0026amp;D; 10% conversion of 600 clients adds ~60 subscribers. Special-situations RE secondaries: niche grew to ~$45B (2024-25); $400M+ committed. Index pilots: passive private AUM ~$15B vs $2.5T active; need $20-40M to reach 5-10% RFP share. GP-leds ~$117B (2024); avg deal $150-300M. UK trust market ~1.6T GBP; 1% ≈16B GBP → ~80M GBP fees\/year.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue (2024-25)\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eSPI market share\u003c\/td\u003e\n\u003ctd\u003e\u0026lt;2% of $18B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eR\u0026amp;D\u003c\/td\u003e\n\u003ctd\u003e$45-60M\/yr\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSpecial RE market\u003c\/td\u003e\n\u003ctd\u003e$45B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommitted\u003c\/td\u003e\n\u003ctd\u003e$400M+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePassive private AUM\u003c\/td\u003e\n\u003ctd\u003e$15B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGP-led volume\u003c\/td\u003e\n\u003ctd\u003e$117B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUK trust assets\u003c\/td\u003e\n\u003ctd\u003e£1.6T\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e","brand":"BCG Matrix","offers":[{"title":"Default Title","offer_id":44509027467347,"sku":"stepstonegroup-bcg-matrix","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0709\/3102\/1907\/files\/stepstonegroup-bcg-matrix.webp?v=1776733944","url":"https:\/\/bcgmatrixtemplate.com\/products\/stepstonegroup-bcg-matrix","provider":"BCG Matrix","version":"1.0","type":"link"}