StepStone partners with Aviva to offer private markets access in UK pensions

LONDON - Investment firm StepStone Group (NASDAQ:STEP), currently valued at $7.64 billion and trading near InvestingPro Fair Value, announced on Wednesday a partnership with Aviva to provide UK trust-based pension schemes access to global private markets through Aviva’s new My Future Vision default strategy.

StepStone is one of five specialist managers selected by Aviva for this initiative, which will allocate 20-25% to private markets investments. The strategy aims to support the UK government’s Mansion House Compact and Accord by channeling more long-term capital into unlisted equities and private markets. According to InvestingPro data, StepStone has demonstrated strong momentum with impressive revenue growth of 88% and analysts projecting profitability this year.

The My Future Vision strategy tailors allocations based on savers’ life stages, balancing growth in early years with stability and income closer to retirement. This approach represents a significant development in defined contribution (DC) investing in the UK.

"We founded StepStone Private Wealth Solutions to provide private markets access to different profiles of investors and a broader range of pension savers," said Jason Ment, President and Co-Chief Operating Officer at StepStone Group.

Nick Gardner, Managing Director of UK Distribution at StepStone, added that the partnership "marks a significant step forward in how private markets can be accessed in a transparent and scalable way."

StepStone, which manages approximately $199 billion in assets as part of $723 billion in total capital responsibility as of June 30, 2025, will bring its global private markets expertise to UK retirement savers through this collaboration. With the stock trading between analyst targets of $61-84 and showing strong returns over both three-month and five-year periods, investors can access detailed analysis and 8 additional key insights through InvestingPro’s comprehensive research reports.

The partnership comes amid StepStone’s expanding private wealth business, driven by increasing demand for evergreen funds and new investment solutions globally, according to the company’s press release statement.

In other recent news, StepStone Group has made notable advancements in its financial and operational landscape. The company reported adjusted annual net income of $0.40, slightly below analyst expectations, but demonstrated significant growth in core fee-related earnings, which increased by 45% year-over-year. This growth contributed to a core margin expansion of 37%, marking a 300 basis point improvement from the previous year. StepStone Private Wealth Solutions, a division of StepStone Group, achieved a milestone by reaching $10.2 billion in assets under management as of July 31, 2025. This growth was bolstered by new partnerships in global markets such as Europe, Australia, Hong Kong, Singapore, and the UK.

Goldman Sachs recently upgraded StepStone Group’s stock rating from Neutral to Buy, citing the company’s strong growth outlook. The firm projects a 24% compound annual growth rate in normalized fee-related earnings from 2024 to 2028. Additionally, Evercore ISI raised its price target for StepStone Group to $62.00, maintaining an Outperform rating due to the company’s robust fee-related earnings growth. StepStone Group also amended its certificate of incorporation following stockholder approval, implementing clarifying and technical updates to its governing documents.

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