StepStone Group Inc. (NASDAQ: STEP) announced that its board of directors authorized a stock repurchase program of up to $100 million of the company's Class A common stock.

The private markets investment firm may repurchase shares through open market purchases, privately negotiated transactions, or other methods, including trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and amount of repurchases will be determined by management based on business conditions, capital availability, stock prices and legal requirements.

"Our capital-efficient business model generates significant free cash flow, which underpins our consistent and growing quarterly dividend," said Mike McCabe, Head of Strategy of StepStone Group. "The authorization of a share repurchase program adds another attractive and opportunistic lever to our capital-allocation framework."

McCabe stated the company intends to balance paying a recurring annual supplemental dividend with maintaining flexibility to adjust that payout while evaluating capital allocation options.

The repurchase program may be modified, suspended or discontinued at any time and does not obligate the company to acquire any specific amount of stock. StepStone provided no assurances regarding how many shares will be repurchased or at what prices.

As of December 31, 2025, StepStone was responsible for approximately $811 billion of total capital, including $220 billion of assets under management. The firm provides investment solutions and advisory services to pension funds, sovereign wealth funds, insurance companies, endowments, foundations and private wealth clients across private equity, infrastructure, private debt and real estate asset classes.