StepStone Group

Venture capital firm
La Jolla, California, USA$107.8B AUMwww.stepstonegroup.comSee connections →

Global private markets investment firm providing customized investment solutions and advisory and data services.

At a glance

StepStone Group appears in 8 funding rounds tracked by ValueAddVC since 2025. Its most frequent sectors in these rounds are AI & Infrastructure and Semiconductors & Hardware, and its most recent tracked deal was SiMa.ai's $150M Series C round (Sep 28, 2026). It co-invests most often with Andreessen Horowitz, Fidelity Investments and Maverick Silicon. ValueAddVC also tracks 4 funds managed by StepStone Group.

Strategy

Geographies
La Jolla, California, USA

Recent changes

  1. Sep 28, 2026Invested in SiMa.ai (Series C, $150M) Tech Funding News
  2. Sep 9, 2026Invested in Fab2 (Series A, $500M) WOWTALE
  3. Sep 9, 2026Invested in Clay (Series D, $115M) Business Wire
  4. Jun 22, 2026Invested in Upscale AI (Series A-1 (extension), $190M) Fortune
  5. Jan 10, 2026Invested in Hadrian (Undisclosed) Pulse 2.0
Earlier changes (4)
  1. Jan 6, 2026Invested in xAI (Series E, $20B) xAI
  2. Sep 30, 2025Invested in Vercel (Series F, $300M) Vercel
  3. Jul 31, 2025New fund: StepStone Group Fund VI SEC EDGAR Form D
  4. Dec 17, 2021New fund: StepStone Group Opportunity Fund VII SEC EDGAR Form D

Funds

4
FundVintageSizeStrategySource
StepStone Group Fund VI2025—Flagship
As of Jul 31, 2026SEC EDGAR Form D
StepStone VC X-V2022$10.25MSide vehicleSide vehicle (parallel, feeder, affiliate or SPV) — not the flagship close
As of Jan 24, 2022SEC EDGAR Form D
StepStone Group Opportunity Fund VII2021—Opportunity
As of Dec 15, 2023SEC EDGAR Form D
StepStone VC Opportunities VII (Cayman)2021—Side vehicleSide vehicle (parallel, feeder, affiliate or SPV) — not the flagship close
As of Dec 15, 2023SEC EDGAR Form D

Portfolio

9 total

Recent Investment Activity

8

Track record: led 0 and participated in 8 of 8 tracked venture rounds · 7 in the last 12 months

DateCompanyEventRoleAmountValuationInvestorsSource
Sep 28, 2026SiMa.aiSeries CParticipated$150M$1.45B
Fidelity InvestmentsLeadSiliconANGLE · unverifiedAmplify PartnersLeadSiliconANGLE · unverifiedDell Technologies CapitalunverifiedMaverick CapitalunverifiedPoint72unverifiedStepStone GroupunverifiedJPMorganunverifiedAlter Venture Partners+ND CapitalAllianceBernsteinBaron Capital+1 more
Pulse story
Sep 9, 2026ClaySeries DParticipated$115M$7.1BBusiness Wire
Sep 9, 2026Fab2Series AParticipated$500M$3.7BWOWTALE
Jun 22, 2026Upscale AISeries A-1 (extension)Participated$190M$2BFortune
Jan 10, 2026Hadrianfunding roundParticipatedUndisclosed$1.6B
T. Rowe PriceLeadunverifiedAltimeter CapitalunverifiedD1 Capital PartnersunverifiedStepStone Groupunverified1789 CapitalunverifiedFounders FundunverifiedLux CapitalunverifiedAndreessen HorowitzunverifiedConstruct Capitalunverified
Pulse 2.0
Jan 6, 2026xAISeries EParticipated$20B~$230BxAI
Nov 12, 2025ExowattSeries A extensionParticipated$50M—
MVP VenturesLeadunverified8090 IndustriesLeadunverifiedFelicis VenturesunverifiedFlorida Opportunity FundunverifiedDeepWork CapitalunverifiedStepStone GroupunverifiedAtomicunverified
Business Wire
Sep 30, 2025VercelSeries FParticipated$300M$9.3BVercel

Sector / Stage Activity

By sector (portfolio)
Semiconductors
2 · 22%
AI infra
2 · 22%
Enterprise SaaS
1 · 11%
Energy / dispatchable solar for AI data centers
1 · 11%
Defense
1 · 11%
Energy
1 · 11%
Developer tools
1 · 11%
By stage (tracked rounds)
Series C
1 · 13%
Series D
1 · 13%
Series A
1 · 13%
Series A-1 (extension)
1 · 13%
Series E
1 · 13%
Series A extension
1 · 13%
Series F
1 · 13%

Co-Investors

12

Similar Firms

overlapping sector, stage or region

Value Add Research

Latest Pulse

  1. Why I'm Wary of the New $1B+ Series AVelaura AI hit a $1B+ valuation on its first priced round. I like the team and the problem -- I'm just not sure a Series A should ever carry a unicorn price tag, no matter how hot the sector.→
  2. Why Late-Stage AI Rounds Keep Doubling in Under a YearHiggsfield quadrupled its valuation to $5.4B in eight months, Etched doubled to $21B in under a month, and Rillet closed its Series C in under 48 hours -- late-stage AI markups are compressing from years to weeks.→
  3. Antora Energy Closes $550M for Thermal BatteriesAntora Energy closed a $550 million Series C, one of the year's largest cleantech rounds, to scale thermal batteries that store electricity as heat for industrial and data-center customers.→

StepStone Group FAQ

What companies has StepStone Group invested in?

StepStone Group's portfolio includes SiMa.ai, Clay, Fab2, Hadrian, Standard Nuclear, Upscale AI, and 3 more tracked companies.

Who does StepStone Group co-invest with most?

In the rounds Value Add tracks, StepStone Group most often invests alongside Andreessen Horowitz (3 shared deals), CapitalG (2 shared deals), Fidelity Investments (2 shared deals), Fundomo Management (2 shared deals), Maverick Silicon (2 shared deals).

Sources & methodologyshow
Where these figures come from

Figures are labelled Reported (a source states it), Estimated, Derived (computed from other facts) or Rumored (in talks / unconfirmed). Rumors never replace a confirmed figure. Each figure keeps its own as-of date; history is preserved rather than overwritten.

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