Some firms announce their arrival with press releases, billboards and conference circuit appearances. Others just quietly build something extraordinary while everyone else is busy making noise. StepStone Group LP (STEP) falls squarely into the second category. You could walk past their offices at 277 Park Avenue in Manhattan without realizing you're standing in front of one of the most influential private markets capital engines on the planet. Yet here we are, and StepStone has become a dominant force across private equity, private credit, real estate, infrastructure and basically every corner where institutional money goes hunting for returns the public markets can't always deliver.

The origin story starts in 2006 when a small group of private equity veterans decided to build something from scratch around a straightforward idea. Private markets were clearly going to explode in size and importance, and institutions would need more than just capital allocators. They'd need genuine partners with serious research chops, global reach, and the ability to construct private portfolios with the same discipline and diversification that public equity investors took for granted. Monte Brem, Thomas Keck and their early colleagues came out of the private equity trenches knowing exactly how opaque these markets were. They understood how much value could be unlocked for clients simply by injecting data, intelligence and customization into an industry that had operated for decades on personal networks and manual underwriting.

The results are pretty remarkable. What began in 2006 as a boutique advisory shop grew into something much larger. By the mid-2010s, StepStone was advising and managing capital for some of the biggest pension plans, sovereign wealth funds, insurance companies and endowments globally. They became specialists in primary fund allocations, secondary market transactions and direct co-investments precisely when demand for these strategies went parabolic. Private markets assets under management grew at double-digit rates throughout the decade, and StepStone grew even faster because they'd positioned themselves exactly where the demand was headed.

The inflection point arrived when they figured out that clients wanted more than advice. They wanted complete investment solutions. StepStone started launching commingled funds and building customized portfolios that bundled all their capabilities under one roof. They expanded aggressively into private credit, real assets, infrastructure and real estate. They built dedicated teams for secondaries and co-investments. They started deploying capital directly into companies and assets alongside their fund managers. The differentiation was always their ability to combine breadth with genuine local expertise. They became a truly global operation in every sense.

By the early 2020s, StepStone had crossed the hundred billion dollar mark in assets under management. Today the firm oversees more than two hundred billion in assets under management and north of seven hundred billion dollars in client capital under advisement.

They've become one of the central circulatory systems of the private markets universe. If capital is flowing into private equity, private credit, infrastructure or real estate anywhere in the world, there's a strong chance StepStone is somewhere in that chain.

One of the more fascinating chapters in StepStone's evolution has been their push into private wealth. Institutions aren't the only players who want access to private markets anymore. High net worth individuals and mass affluent investors want in too.

StepStone has leaned hard into this shift with a comprehensive suite of private wealth solutions. These include diversified private equity strategies, venture and growth equity products, private credit funds and integrated multi-asset private markets portfolios built for long-term compounding. This represents a powerful growth engine. Demand from private wealth clients for private markets exposure is still in early innings, and StepStone is positioning itself as the first global-scale provider capable of delivering institutional-quality access to individual investors.

In the midst of all this private market activity, the firm inevitably ends up holding a small portfolio of publicly traded companies.

Some of these holdings probably originated from private equity activities that eventually went public.

Others were simply businesses the firm discovered that were too compelling to pass up.

Whatever the reason, since StepStone started filing a 13D back in 2013, replicating their public equity strategies has absolutely crushed the overall market.

Returns are lumpy, which is typical for most venture and growth-oriented firms with top-tier track records.

During bull markets, this portfolio has delivered enormous gains.

It gets hammered during selloffs.

Learning to be comfortable with volatility would only enhance what's already a strong track record.

Here are five holdings worth considering for aggressive growth-focused investors:

UiPath (PATH)
UiPath is one of the leading enterprise automation platforms globally. The company provides robotic process automation software that helps businesses automate repetitive tasks and integrate artificial intelligence into workflows. The platform is increasingly positioned as a foundation for broader automation strategies, combining machine learning, natural language processing and analytics to drive efficiency across large enterprises.

The growth opportunity for UiPath is directly tied to automation adoption across industries. Companies everywhere face pressure to reduce costs, streamline processes and deploy AI in ways that produce measurable results. UiPath benefits from all of those trends. As automation becomes a core component of enterprise strategy rather than an experimental initiative, the addressable market expands. If the company continues improving product integration and deepening customer penetration among large global firms, revenue could compound at attractive rates over the next decade.

Karman Holdings (KRMN)
Karman Holdings operates in the aerospace and defense sector, specializing in precision-engineered systems used in missiles, space launch vehicles and other mission-critical applications. The company manufactures structures, propulsion components and deployment systems that serve major defense contractors and government agencies. This is a business built on technical capability and long-cycle contract relationships.

The growth potential for Karman is driven by global increases in defense spending and the rapid expansion of space and missile programs. Nations are investing heavily in modernization efforts, missile defense infrastructure and space-based capabilities. Karman is positioned to benefit from these multiyear spending cycles. If the company continues winning new contracts, scaling production capacity and participating in the growing commercial and government space ecosystem, revenue and earnings could accelerate meaningfully over time.

StubHub Holdings (STUB)
StubHub operates a major digital marketplace for secondary ticket sales covering sporting events, concerts and live entertainment. The business earns revenue by facilitating transactions between buyers and sellers and capturing fees on each sale. The company benefits directly from the secular trend toward online ticketing and increasing consumer comfort with digital marketplaces.

The long-term growth prospects for StubHub rest on continued demand for live events and expansion of the secondary market for premium entertainment experiences. As consumers prioritize experiences and event attendance continues rebounding, StubHub is positioned to capture more volume. The scalability of its platform means incremental revenue can translate into higher margins. If the live entertainment industry continues growing and the company gains share from competitors, earnings power could increase substantially.

Chime Financial (CHYM)
Chime is a digital banking platform focused on consumers who prefer mobile-first financial services. Its business model centers on offering basic banking services without traditional fees, supported by interchange revenue, partnerships and customer acquisition at lower cost than legacy banks. The company has built strong brand awareness among younger customers and those dissatisfied with traditional financial institutions.

The primary driver of Chime's growth potential is the ongoing shift toward digital banking. As more consumers adopt online and app-based banking solutions, the addressable market expands. The company can deepen customer relationships through additional financial products, cross-selling and increased deposit growth. If Chime succeeds in building a full-scale digital banking ecosystem, its long-term revenue trajectory could be significant, though success will depend heavily on discipline in customer growth, regulatory management and product expansion.

Via Transportation (VIA)
Via is a transportation technology company specializing in dynamic, on-demand shared mobility solutions. It builds software and operating systems for transit authorities, municipalities and private transportation providers, allowing them to manage fleets, optimize routes and offer efficient alternatives to traditional fixed-route transit or individual ride-sharing models. The company aims to position itself as a foundational infrastructure provider in the evolving mobility market.

Via's growth potential comes from long-term trends in urbanization, sustainability and the global movement toward more efficient public transportation systems. Cities around the world are seeking lower-cost, lower-emission transit solutions, and Via's technology fits directly into that demand. If governments and transit operators continue adopting on-demand models, Via could become an essential provider of software and operational tools. The growth runway is substantial, though dependent on policy decisions, budget cycles and technology adoption rates.