StepStone Group opens an office in Riyadh to enhance client relationships and support Saudi Arabia’s economic diversification.
Quiver AI Summary
StepStone Group has announced the opening of a new office in Riyadh, Saudi Arabia, marking its first physical presence in the Middle East. This initiative is part of StepStone's commitment to deepen relationships with its clients in the Kingdom and enhance access to high-quality private market opportunities. With the necessary license from the Capital Market Authority, the Riyadh office aims to support Saudi Arabia's Vision 2030 and accelerate economic diversification. StepStone has operated in the region for over a decade and emphasizes the importance of local engagement to deliver excellent client service. The firm manages approximately $723 billion in total capital and focuses on providing tailored investment solutions across various asset classes, reinforcing its role as a trusted partner in private markets globally.
Potential Positives
- StepStone Group has officially opened a new office in Riyadh, marking its first physical presence in the Middle East, which enhances its operational capabilities in a key market.
- The establishment of the Riyadh office demonstrates StepStone's commitment to deepening relationships with clients in Saudi Arabia and supports the Kingdom's Vision 2030 economic diversification efforts.
- Having received a license from the Capital Market Authority (CMA), StepStone can now better provide access to high-quality private market opportunities for local investors.
- The expansion reflects StepStone's strategy of building long-term partnerships within the region, reinforcing its position as a trusted partner for private market solutions globally.
Potential Negatives
- Establishing a physical presence in a politically sensitive region like Saudi Arabia could expose StepStone to geopolitical risks and public scrutiny associated with human rights issues in the Kingdom.
- The press release does not disclose any potential challenges or risks related to expanding operations in a market that may have different regulatory environments or market dynamics compared to other regions.
- The announcement lacks detail on how the new office will address specific client needs or market gaps, raising concerns about the strategic clarity behind this expansion.
FAQ
What is the purpose of StepStone's new office in Riyadh?
The new office aims to deepen relationships with clients, expand access to private market opportunities, and support economic diversification in Saudi Arabia.
How does StepStone support Saudi Arabia's Vision 2030?
StepStone's presence in Riyadh reinforces its commitment to engage with local markets and contribute to Saudi Arabia’s economic transformation efforts.
What services does StepStone provide?
StepStone offers customized investment solutions and advisory services across various private market sectors, including private equity, infrastructure, and real estate.
How many offices does StepStone operate globally?
StepStone operates 31 offices across 19 countries, enhancing its global reach and service capabilities for investors.
Who are StepStone's clients?
StepStone's clients include large pension funds, sovereign wealth funds, insurance companies, endowments, foundations, and high-net-worth individuals.
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 18 times in the past 6 months. Of those trades, 0 have been purchases and 18 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 8 sales selling 70,000 shares for an estimated $4,278,775.
- 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 113 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
- Deepens Relationship with Longstanding Clients in the Kingdom
- Establishes Formal Presence in the Middle East
RIYADH, Saudi Arabia and NEW YORK, Oct. 23, 2025 (GLOBE NEWSWIRE) -- StepStone Group (NASDAQ: STEP), a global private markets investment firm, today announced that it has opened a new office in Riyadh. The office reaffirms StepStone’s continued commitment to clients in the Kingdom of Saudi Arabia.
Having received its license from the Capital Market Authority (CMA), StepStone's physical presence in Riyadh will deepen its relationships with investors, expand access to high-quality private market opportunities, and help accelerate economic diversification in the Kingdom. This decision also reflects StepStone’s support for the Kingdom of Saudi Arabia’s Vision 2030 and its role as a global investment destination and source of capital.
“The Kingdom of Saudi Arabia is experiencing an unprecedented economic renaissance. Having built trusted relationships within the Kingdom for more than a decade, our new office will foster a closer collaboration with our clients as well as the broader region,” said Mike McCabe, Partner & Head of Strategy at StepStone. “Importantly, our presence in Riyadh reinforces StepStone's commitment to engage with local market opportunities while delivering excellent client service.”
The Riyadh office, StepStone’s first physical location in the Middle East, builds on StepStone’s long-term partnerships across the region. Establishing a formal presence in the Kingdom reflects StepStone’s focus on enduring relationships with its institutional partners and commitment to being the trusted partner of choice for private markets solutions, globally.
StepStone now operates 31 offices across 19 countries.
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.
For more information, visit StepStone Group .
Contacts
Shareholder Relations:
Seth Weiss
[email protected]
1-212-351-6106
Media:
Brian Ruby / Chris Gillick / Matt Lettiero, ICR
[email protected]
1-203-682-8268
