FTSE Russell and StepStone launched private market indices, offering daily benchmarks for improved investment performance tracking.
Quiver AI Summary
FTSE Russell and StepStone Group have launched the FTSE StepStone Global Private Market Indices, a pioneering series of fund-level indices aimed at providing the first global benchmark for private market performance. These indices leverage StepStone's proprietary data and FTSE Russell's indexing expertise to offer daily, granular insights into private markets, addressing the need for more timely performance evaluations amidst historical reporting challenges. The indices consist of two methodologies: Daily Cash-Adjusted Indices, which adjust reported net asset values based on real-time data, and Daily Market Indices, which incorporate estimated mark-to-market valuations from relevant public market indices. This collaboration aims to enhance portfolio benchmarking for investors, particularly as public and private markets converge, and is expected to facilitate the integration of private markets into total portfolio views with improved accuracy.
Potential Positives
- Launch of the FTSE StepStone Global Private Market Indices establishes a new benchmark for private market performance, allowing for more timely and accurate portfolio assessment.
- The indices are poised to meet increasing customer demand for agile private market benchmarks, addressing historical reporting challenges.
- The partnership with FTSE Russell leverages proprietary data, enhancing StepStone's reputation and expertise in the private markets domain.
- The new indices may facilitate the development of index-tracking investment products, potentially expanding StepStone's market opportunities and client offerings.
Potential Negatives
- There is a lack of detailed information on the specific methodologies used for the indices, which may raise questions about transparency and reliability among potential investors.
- The press release does not address potential risks or limitations associated with the new indices, leaving investors without a comprehensive understanding of the product's challenges.
- StepStone's reliance on proprietary data may limit the perceived objectivity of the indices, possibly affecting investor confidence compared to benchmarks created from multiple independent sources.
FAQ
What are the FTSE StepStone Global Private Market Indices?
The FTSE StepStone Global Private Market Indices are the first true benchmark for private market performance, utilizing daily data.
How do these indices improve private market reporting?
These indices provide daily estimates on mark-to-market valuations, reducing the historical challenges of reporting lags and fragmented datasets.
Who developed the FTSE StepStone indices?
The indices were developed through a collaboration between FTSE Russell and StepStone Group, leveraging their data and indexing expertise.
What types of benchmarks are included in the indices?
The indices include Daily Cash-Adjusted Indices and Daily Market Indices, which offer varying methodologies for benchmarking private markets.
Why are these indices important for investors?
They enable investors to monitor private market trends with greater agility and precision, enhancing total portfolio benchmarking capabilities.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$STEP Insider Trading Activity
$STEP insiders have traded $STEP stock on the open market 19 times in the past 6 months. Of those trades, 0 have been purchases and 19 have been sales.
Here’s a breakdown of recent trading of $STEP stock by insiders over the last 6 months:
- MICHAEL I MCCABE (Head of Strategy) has made 0 purchases and 4 sales selling 318,836 shares for an estimated $18,874,792.
- SCOTT W HART (Chief Executive Officer) has made 0 purchases and 9 sales selling 80,000 shares for an estimated $4,922,175.
- JASON P MENT (See remarks) has made 0 purchases and 5 sales selling 57,308 shares for an estimated $3,478,089.
- DAVID Y PARK (Chief Financial Officer) sold 1,000 shares for an estimated $63,260
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$STEP Hedge Fund Activity
We have seen 143 institutional investors add shares of $STEP stock to their portfolio, and 115 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- MILLENNIUM MANAGEMENT LLC added 1,435,100 shares (+48.4%) to their portfolio in Q2 2025, for an estimated $79,648,050
- FMR LLC removed 1,369,176 shares (-36.0%) from their portfolio in Q2 2025, for an estimated $75,989,268
- FRED ALGER MANAGEMENT, LLC removed 697,113 shares (-44.8%) from their portfolio in Q2 2025, for an estimated $38,689,771
- CITADEL ADVISORS LLC added 538,060 shares (+39.7%) to their portfolio in Q2 2025, for an estimated $29,862,330
- BLACKROCK, INC. removed 457,822 shares (-4.6%) from their portfolio in Q2 2025, for an estimated $25,409,121
- CIBC PRIVATE WEALTH GROUP LLC added 425,692 shares (+83.2%) to their portfolio in Q2 2025, for an estimated $23,625,906
- DIMENSIONAL FUND ADVISORS LP removed 400,723 shares (-92.0%) from their portfolio in Q2 2025, for an estimated $22,240,126
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$STEP Analyst Ratings
Wall Street analysts have issued reports on $STEP in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Oppenheimer issued a "Outperform" rating on 10/14/2025
- Goldman Sachs issued a "Buy" rating on 09/18/2025
To track analyst ratings and price targets for $STEP, check out Quiver Quantitative's $STEP forecast page.
$STEP Price Targets
Multiple analysts have issued price targets for $STEP recently. We have seen 7 analysts offer price targets for $STEP in the last 6 months, with a median target of $66.0.
Here are some recent targets:
- Michael Cyprys from Morgan Stanley set a target price of $66.0 on 10/21/2025
- Chris Kotowski from Oppenheimer set a target price of $83.0 on 10/14/2025
- Brennan Hawken from BMO Capital set a target price of $74.0 on 10/03/2025
- Keith Mackey from RBC Capital set a target price of $5.5 on 09/29/2025
- Alexander Blostein from Goldman Sachs set a target price of $83.0 on 09/18/2025
- Benjamin Budish from Barclays set a target price of $63.0 on 08/08/2025
- John Dunn from Evercore ISI Group set a target price of $61.0 on 07/10/2025
Full Release
- FTSE StepStone Global Private Market Indices combines StepStone’s proprietary and institutional-grade fund-level data with FTSE Russell’s indexing expertise, to deliver one clear, daily index series for private markets
- First global benchmark providing a more granular, timely and accurate reflection of private market performance, including daily estimates on mark-to-market valuations
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Designed to set the groundwork for establishing index-tracking investment products
LONDON and NEW YORK, Oct. 30, 2025 (GLOBE NEWSWIRE) -- FTSE Russell, the global index provider, and StepStone Group (Nasdaq: STEP), a global private market investment firm, today announced the launch of the FTSE StepStone Global Private Market Indices . This series of innovative fund-level indices represents the first true market barometer for global private markets performance, utilizing daily data from StepStone.
There is increasing customer demand for clear, daily, private market benchmarks that address the historical challenges caused by reporting lags or fragmented datasets. These new indices will enable investors to monitor private market trends with more agility and precision than benchmarks based on quarterly valuations. These indices set the foundation for total portfolio benchmarking when integrated with FTSE Russell’s liquid index range across public asset classes.
The initial cohort of FTSE StepStone Global Private Market Indices are now available in key strategies and regions under two methodologies:
- Daily Cash-Adjusted Indices – a daily benchmark following industry standards in private markets by rolling forward reported NAVs using real-time contribution, distribution, and currency movements.
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Daily Market Indices
– a daily, market-calibrated benchmark that extends the cash-adjusted indices by incorporating estimated mark-to-market valuations derived from relevant public market indices and their historical relationships with private market strategies.
Gerald Toledano, Global Head of Equity and Multi Assets at FTSE Russell, comments:
“Today’s launch reinforces FTSE Russell’s position as a leader in alternative asset class indexing by delivering next-generation private market benchmarks. By integrating StepStone’s proprietary private markets data, alongside our index engineering capabilities, we’re setting a new standard for rules-based and consistent benchmarking in this growing asset class. The new indices transform how private assets are benchmarked, giving asset owners faster insights on their portfolios, and creating the ideal set of benchmarks for evergreen fund managers and investors.”
Tyler Johnson, Partner and Chief Technology Officer at StepStone, says:
“The convergence of public and private markets is accelerating the demand for timelier insights into private markets. These new indices deliver daily mark-to-market estimates for private markets funds – an innovation we pioneered in our semiliquid solutions. By leveraging the vast dataset within our proprietary SPI by StepStone platform and combining it with FTSE Russell’s deep expertise in index creation and management, we’re enabling novel benchmarking, valuation, and modeling capabilities for all market participants. This collaboration creates a new standard for how investors can integrate private markets into their total portfolio view with greater precision.”
To find out more, please visit FTSE Russell .
In June 2025, FTSE Russell and StepStone announced a proposed partnership to jointly develop private market indices, data, and analytics products. Press release can be viewed here: FTSE Russell and StepStone announce proposed partnership | LSEG
About FTSE Russell, an LSEG business
FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.
FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $18.1 trillion is benchmarked to FTSE Russell indexes. Leading asset owners, asset managers, ETF providers and investment banks choose FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.
A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.
FTSE Russell is wholly owned by LSEG.
For more information, visit FTSE Russell .
About LSEG
LSEG (London Stock Exchange Group) is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world’s financial system.
With our open approach, trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing and risk management across multiple asset classes.
LSEG is headquartered in the United Kingdom, with significant operations in 65 countries across EMEA, North America, Latin America and Asia Pacific. We employ over 26,000 people globally, more than half located in Asia Pacific.
LSEG’s ticker symbol is LSEG.
About StepStone Group
StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of June 30, 2025, StepStone was responsible for approximately $723 billion of total capital, including $199 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.
Contacts
LSEG Press Office
Hayley Fewster / Simon Henrick
+44 (0)20 7797 1222
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Shareholder
Relations
:
Seth Weiss
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1-212-351-6106
Media
:
Brian Ruby / Chris Gillick / Matt Lettiero, ICR
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1-203-682-8268
