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Stepstone Group Real Assets

SEC-registered adviser since 2015La Jolla, CACRD 281695

$41.5B
AUM
71
Clients
See fees
Fee
85
Advisory staff

From Form ADV filed 30 July 2026 · data retrieved 15 October 2026SEC record

Stepstone Group Real Assets is an investment adviser headquartered in La Jolla, California, and registered with the SEC since 2015. Its clients include pooled investment vehicles, pension and profit-sharing plans, and state or municipal government entities.

Its services include portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting and selecting other managers. Fee arrangements include a percentage of assets under management, fixed fees and performance-based fees. Stepstone Group LP owns 50% to 75% of Stepstone Group Real Assets, and Scott Hart is its CEO.

Clients

Stepstone Group Real Assets serves 71 clients, 59 of them pooled investment vehicles. The average client has about $584 million with the firm.

Regulatory assets by client type
  • Pooled investment vehicles59 clients84%
  • Pension and profit-sharing plans7 clients10%
  • State or municipal government entities2 clients5%
Show client breakdown
Investment companies
Clients
1
Regulatory AUM
$0
Share
0.0%
Avg. per client
$0
Pooled investment vehicles
Clients
59
Regulatory AUM
$34,928,952,169
Share
84.2%
Avg. per client
$592.0M
Pension and profit-sharing plans
Clients
7
Regulatory AUM
$4,273,803,944
Share
10.3%
Avg. per client
$610.5M
State or municipal government entities
Clients
2
Regulatory AUM
$2,279,795,776
Share
5.5%
Avg. per client
$1.14B
Insurance companies
Clients
2
Regulatory AUM
$0
Share
0.0%
Avg. per client
$0

Total

Clients
71
Regulatory AUM
$41,482,551,889
Share
100%
Avg. per client
$584.3M

What it does

Stepstone Group Real Assets provides portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting and selecting other managers. It is paid through a percentage of assets, fixed fees and performance-based fees.

Stepstone Group Real Assets advises 59 private funds.

53.6% of assets ($22.23B across 30 accounts) are managed with discretion; $19.25B across 34 accounts are not. 68% of clients are outside the U.S., and 7 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Funds96%
  • Cash4%

Custodians

Stepstone Group Real Assets has custody of $35.03B for 60 clients.

Managed account assets by custodian
  • All other custodians$41.48B100%

Ownership and leadership

Stepstone Group LP owns 50% to 75% of Stepstone Group Real Assets, and Scott Hart is its CEO.

Who owns the firm
Stepstone Group Real Assets LP· the adviser

  • Stepstone Group LP

    Control person · since January 2014

    Owns 50% to 75% of Stepstone Group Real Assets LP

  • 10 Barclay Investments Pty LTD

    since August 2016

    Owns 10% to 25% of Stepstone Group Real Assets LP

  • Choljo Investments Pty Limited

    since July 2016

    Owns 5% to 10% of Stepstone Group Real Assets LP

Leadership

  • Scott Hart
    Partner, Chief Executive Officer
  • Jason Ment
    President and Co-Chief Operating Officer, Partner
  • David Park
    Partner, Chief Financial Officer
  • Jose Fernandez
    Co-Chief Operating Officer, Partner
  • Bendukai Bouey
    Chief Compliance Officer
  • Jennifer Ishiguro
    Chief Legal Officer, Partner

Staff

  • 94 employees
  • 85 in advisory functions

Fees

Stepstone Group Real Assets is paid through a percentage of assets under management, fixed fees (other than subscription fees) and performance-based fees.

Stepstone Group Real Assets’ fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Stepstone Group Real Assets has 9 offices, with 4 listed addresses across 2 states.

Listed office addresses by state

California · 3 listed addresses

  • 4225 Executive Square, Suite 1600, La JollaHQ
  • 4225 Executive Square, La Jolla
  • Two Embarcadero Center, San Francisco

Registration details

Legal name
Stepstone Group Real Assets LP
Headquarters
4225 Executive Square, Suite 1600, La Jolla, CA 92037
Phone
858-558-9700
Website
www.stepstonegroup.com
SEC file
801-106844
Structure
Delaware limited partnership
Fiscal year end
March

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Stepstone Group Real Assets have?

Stepstone Group Real Assets has 71 clients and manages $41.5 billion for them, as of July 2026. They include 59 pooled investment vehicles, 7 pension and profit-sharing plans and 2 state or municipal government entities.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 July 2026

What services does Stepstone Group Real Assets offer?

Stepstone Group Real Assets provides portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting and selecting other managers.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

How many financial advisors does Stepstone Group Real Assets have?

Stepstone Group Real Assets has 0 investment adviser representatives registered with state securities authorities, out of 94 employees, and 85 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Stepstone Group Real Assets invest in?

At the end of its last fiscal year, Stepstone Group Real Assets’ separately managed accounts held 96% pooled vehicles (private funds and similar) and 4% cash and equivalents. It advises 59 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Stepstone Group Real Assets?

Stepstone Group Real Assets is owned through a chain of holding companies by Stepstone Group Inc. Its direct owners are Stepstone Group LP (50% to 75%), 10 Barclay Investments Pty LTD (10% to 25%) and Choljo Investments Pty Limited (5% to 10%).

Source: Form ADV Part 1A, Schedules A and B, filed 30 July 2026

How does Stepstone Group Real Assets get paid?

Stepstone Group Real Assets is paid through a percentage of assets under management, fixed fees and performance-based fees. Its Form ADV lists no commissions among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file

Sources

  1. Form ADV Part 1A, amendment filed 30 July 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 281695.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with Stepstone Group Real Assets LP and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.