StepStone Group LP

Item 5 – Fees and Compensation

StepStone's fees are based upon the scope of the engagement and services required by the Client and
disclosed in each investment advisory agreement, or other applicable Governing Documents.

Bespoke Funds
StepStone has no basic fee schedule for Bespoke Funds. All fees are negotiated on a Client-by-Client basis
and are generally payable quarterly in advance or as otherwise negotiated.

StepStone will generally charge Bespoke Funds a management fee quarterly, at a negotiated annual rate
based on the capital commitments of the Client to the account during the investment period and thereafter
on invested capital. In certain instances, the management fee will be based on funded capital rather than
committed capital during the investment period and the management fee after the investment period will
be charged on the fair market value of the investments, aggregate exposure or based on committed
capital, albeit at a lower percentage than that charged during the investment period when the
management fee is based on committed. Management fees are generally payable quarterly in advance
and are debited by StepStone. Any partial period will generally be prorated for the number of days of
service provided. 1 In addition, in certain instances, Clients will pay a StepStone affiliate performance-
based compensation (i.e., a carried interest or performance fee) based on the performance of the vehicle
or program after exceeding a specified rate of return as outlined in Item 6 of this Brochure. The amounts
of the fees will be stated in each investment advisory agreement or other applicable Governing
Documents. Bespoke Funds are also generally responsible for paying organizational expenses, auditing
expenses, third party administrator expenses, legal expenses and other expenses attributable to the
Bespoke Fund. To the extent a Bespoke Fund is invested in underlying, third-party private markets funds
(whether as a primary fund commitment or through a secondary investment), such underlying funds will
impose their own fees, and an investor in such Bespoke Fund will pay, if not waived by StepStone in its
sole discretion, two levels of management fees and expenses.

Termination Policy

The procedures and conditions under which StepStone or a Bespoke Fund can terminate an investment
management agreement are described in such agreement. Generally, a Client will be able to terminate its
investment management agreement with StepStone for cause and, in certain limited instances, without
cause, upon written notice given within certain specified time periods. Additional termination rights are
included in and subject to the applicable Governing Documents. In such a case, the fees will be adjusted
pro rata based on the number of days of service provided, unless otherwise agreed by the Client in writing.
In certain instances, a termination fee will be payable. Interests in Bespoke Funds generally will not be
transferable without obtaining the prior consent of the general partner or managing member of the
vehicle. The investment time horizon for a Bespoke Fund is generally 10 to 12 years, although certain
vehicles can have a longer or shorter time horizon (see Item 8 regarding additional information related to
fund time frames). In most cases, StepStone does not control the ability to liquidate assets of the
underlying investments.

Discretionary and Non-Discretionary Advisory Services
StepStone will generally charge Advisory Clients an all-inclusive flat fee. Some agreements provide for

        For the avoidance of doubt, any reference to “number of days” in this Item or others will be consistent with
        the language of the Governing Documents for the relevant Client(s).

additional payments to StepStone to the extent that agreed-upon targets for certain work product are
exceeded and for special projects. In certain instances, the advisory fee will be based on capital committed
or funded by the Advisory Client to investments, the fair market value of the investments or aggregate
exposure. All fees are negotiated on a Client-by-Client basis and are generally payable quarterly in
advance. Any partial period fees will generally be prorated for the number of days of service provided.
Clients are invoiced for fees.

Termination Policy

Advisory Clients will generally be able to terminate the contractual relationship upon written notice given
within certain specified time periods. In such a case, the fees will generally be adjusted pro rata for the
number of days of service provided, unless otherwise agreed by the Advisory Client in writing. In certain
instances, a termination fee will be payable.

Private Markets Monitoring and Reporting Services; SPI Research Services
StepStone generally charges, Clients a flat fee for research services via SPI™ Research. StepStone also
charges a per fund fee for monitoring and reporting services via SPI™ Reporting. All fees are negotiated
on a Client-by-Client basis and are generally payable quarterly in advance. Some agreements provide for
additional payments for special projects and to the extent that agreed-upon targets for certain work
product are exceeded. Any partial period will be prorated for the number of days of service provided.
Clients are invoiced for fees. StepStone may include SPI™ Research and SPI™ Reporting services under the
all-inclusive flat fee for Advisory Clients and may in certain other cases waive the charge for via SPI™
Research or SPI™ Reporting.

Termination Policy

Monitoring and reporting Clients will generally be able to terminate the contractual relationship upon
written notice given within certain specified time periods. In such a case, the fees will generally be adjusted
pro rata for the number of days of service provided, unless otherwise agreed by the client in writing. In
certain instances, a termination fee will be payable.

Commingled or Pooled Investment Funds
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Item 7 – Types of Clients

StepStone’s Advisory Clients include a global mix of institutional investors including sophisticated
corporate entities, insurance companies, pension funds, family offices, endowments and foundations,
sovereign wealth funds and our RIC Advisory Clients. RIC Advisory Clients include sophisticated high net
worth individuals and small institutions, both inside and outside of the United States. StepStone’s Fund
Clients have underlying investors that include sophisticated high net worth individuals and a range of
institutional investors.