StepStone Vice President Alfred Ko will be joining the “Ask Me Anything with LPs” Q&A session at Venture Forward’s GP Masterclass on June 16th in San Francisco. Participants will join an “off-the-record" conversation about the realities and perspectives on building long-lasting venture firms. Experienced LPs will share tips on evaluating managers, navigating today’s fundraising environment, and building long-term GP relationships.

Venture secondaries are not about buying at a discount: Over 80% of returns come from owning the right companies. In this episode of RPM, Anthony Giambrone and Stephen West explain why selectivity, not broad exposure, defines success in today's venture market. Listen here: stepstonegroup.com/news-insi…

Adair Newhall, Partner on StepStone’s Venture Growth and Equity team, will be at Blackbird Laboratories’ showcase in Baltimore on May 19. He’ll be moderating the panel, “Venture-backed biotech startups – a legacy of company creation,” which brings together founders and investors building and backing early-stage biotech companies, with a shared lens on how new platforms and ideas take shape.

Partner Anthony Giambrone recently joined Earnest Sweat and Alexa Binns on the Swimming with Allocators podcast to share his unconventional career journey and how we’re thinking about the venture landscape at StepStone. From early-stage investing and emerging managers to secondaries, vintage dispersion, and the growing role of AI, the conversation dives into what really drives long‑term venture outcomes, and why discipline, relationships, and access still matter most. A great listen for LPs, GPs, and founders interested in how a global venture platform is approaching the next decade.

Venture outcomes remain concentrated at the very top. Roughly 15% of unicorns (~100 companies) represent nearly 60% of the total valuation of U.S. $1B+ companies. Over the last decade, these same names have driven close to half of all venture exit value. Because elite companies raise infrequently and allocate tightly, direct secondaries and GP‑led solutions are increasingly practical ways to build exposure to the true value drivers. 📄 Explore our market insights on venture secondaries, including why asset quality, not discounts, drives outcomes: bit.ly/40enoib

Last month, our Venture and Growth team hosted LPs, GPs, CEOs, and friends of the firm in Boca for our 2026 Annual Meeting. From AI and deep tech to liquidity and secondaries, the conversations reflected where venture is headed and the partnerships driving it forward. Thank you again to everyone who joined us. 🎥 Highlights from the week:

Among the largest private VC‑backed companies, roughly ~5% of equity is “in motion” at any given time - an ~$185B addressable market with ~$75B trading annually. Source: Cambridge Associates as of March 31, 2025 📄 Read our latest market insights on venture secondaries: bit.ly/3ZtwzKT

StepStone Venture and Growth partnered with Glade Brook Capital in a transaction structured to provide a thoughtful liquidity solution for investors in Glade Brook Strategic Growth III while maintaining exposure to a concentrated portfolio of high‑quality, market‑leading technology companies. Congratulations to the Glade Brook team on the close! We look forward to continuing our partnership. 📢 Press release here: bwnews.pr/4uB13ZU

Private markets are capturing more growth than ever before. Since 2015, the total market capitalization of VC-backed unicorns has grown from ~$381B to nearly $6T, a +1,500% increase. This unprecedented growth highlights how companies are choosing to stay private longer, scaling to record levels before considering the public markets. 📄 Check out our latest market insights piece on ‘Finding alpha in a shifting return landscape’: bit.ly/3ZtwzKT

This time last week, our Venture and Growth team hosted our supportive investors, GPs, CEOs and friends of the firm in Boca Raton for our 2026 Venture and Growth Annual Meeting, and the energy carried through every conversation.🌴 We spent the day digging into what’s next across venture and growth, from AI and deep tech to liquidity, secondaries, and how today’s most important companies are being built and scaled. More importantly, it was a chance to step back and share what we’ve been building alongside the investors and managers we’re proud to partner with every day. Thank you to everyone who joined us, especially our guest speakers who shared perspectives and made our AGM so memorable. We’re grateful for the trust, the relationships, and the momentum we’re building together.🙏 @altcap @joshk, @firstround @traestephens, @anduriltech @JoshuaKushner, @ThriveCapital @honam, @altosvc #STEPVCGrowth