StepStone Joins LSEG’s Digital Markets Infrastructure

⦿ Executive Snapshot

• What: StepStone Group joins LSEG’s Digital Markets Infrastructure (DMI) platform.
• Who: StepStone Group, LSEG (London Stock Exchange Group).
• Why it matters: This collaboration enhances access and efficiency in private markets through advanced infrastructure and technology.

⦿ Key Developments

• StepStone is among the first private markets managers launching on the DMI platform, integrating its evergreen strategies across private equity, private debt, and infrastructure.
• The DMI platform utilizes distributed ledger technology to streamline professional investor access to private funds, reducing barriers to market entry.
• StepStone and LSEG previously collaborated to launch the FTSE StepStone Global Private Market Indices in October 2025, providing daily benchmarks for private markets.

⦿ Strategic Context

• The integration of StepStone into LSEG’s DMI platform reflects a broader trend towards enhanced transparency and accessibility in private markets, driven by technological advancements.
• The collaboration aligns with the ongoing evolution of private markets, emphasizing the need for robust infrastructure and data integrity to meet institutional investment standards.

⦿ Strategic Implications

• The immediate consequence is improved market access for professional investors, potentially increasing participation in private markets and enhancing liquidity.
• Long-term implications include setting a precedent for the adoption of blockchain technology in private fund distribution, which could reshape investor engagement and strategy execution.

⦿ Risks & Constraints

• Potential regulatory hurdles may arise as the integration of blockchain technology in private markets continues to evolve, impacting operational compliance.
• Competition from other private markets managers and technology providers could hinder StepStone's ability to capture market share on the DMI platform.

⦿ Watchlist / Forward Signals

• Key milestones to watch include the rollout of StepStone’s evergreen strategies on the DMI platform and any regulatory updates that may affect private market operations.
• Future developments indicating success will include increased investor participation rates and the establishment of additional partnerships within the DMI framework.