StepStone首季管理費收入增27% 惟淨虧損擴大至1.158億美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________________ to ___________________________
Commission file number 001-39510
STEPSTONE GROUP INC.
(Exact name of Registrant as specified in its charter)
Delaware84-3868757
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

277 Park Avenue, 45th Floor

New York, NY
10172
(Address of principal executive offices)(Zip Code)

(212) 351-6100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par value per shareSTEPThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒
Accelerated filer☐

Non-accelerated filer  ☐
Smaller reporting company☐

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒  
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date: As of August 4, 2026, there were 82,288,907 shares of the registrant’s Class A common stock, par value $0.001, and 38,387,761 shares of the registrant’s Class B common stock, par value $0.001, outstanding. 

Table of Contents
Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

Condensed Consolidated Balance Sheets as of June 30, 2026 and March 31, 2026
6

Condensed Consolidated Statements of Loss for the Three Months Ended June 30, 2026 and 2025
8

Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended June 30, 2026 and 2025
9

Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended June 30, 2026 and 2025
10

Condensed Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2026 and 2025
11

Notes to Condensed Consolidated Financial Statements
13

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
51

Item 3. Quantitative and Qualitative Disclosures about Market Risk
89

Item 4. Controls and Procedures
91

PART II - OTHER INFORMATION
Item 1. Legal Proceedings
92

Item 1A. Risk Factors
92

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
92

Item 3. Defaults Upon Senior Securities
93

Item 4. Mine Safety Disclosures
93

Item 5. Other Information
93

Item 6. Exhibits
94

Signatures
95

3

This quarterly report on Form 10-Q (“Form 10-Q”) includes certain information regarding the historical investment performance of our focused commingled funds and separately managed accounts. An investment in shares of our Class A common stock is not an investment in any StepStone Fund (as defined below). The StepStone Funds are separate, distinct legal entities that are not our subsidiaries. In the event of our bankruptcy or liquidation, you will have no claim against the StepStone Funds. In considering the performance information relating to the StepStone Funds contained herein, current and prospective Class A common stockholders should bear in mind that the performance of the StepStone Funds is not indicative of the possible performance of shares of our Class A common stock and also is not necessarily indicative of the future results of the StepStone Funds, even if fund investments were in fact liquidated on the dates indicated, and we cannot assure you that the StepStone Funds will continue to achieve, or that future StepStone Funds will achieve, comparable results.
Unless otherwise indicated or the context otherwise requires:
• “StepStone Group Inc.” or “SSG” refers solely to StepStone Group Inc., a Delaware corporation, and not to any of its subsidiaries;
• the “Partnership” refers solely to StepStone Group LP, a Delaware limited partnership, and not to any of its subsidiaries;
• “General Partner” refers to StepStone Group Holdings LLC, a Delaware limited liability company, and the sole general partner of the Partnership;
• “we,” “us,” “our,” the “Company,” “our company,” “StepStone” and similar terms refer to SSG and its consolidated subsidiaries, including the Partnership;
• “StepStone Funds” or “our funds” refer to our focused commingled funds and our separately managed accounts for which we act as both investment adviser and general partner or managing member;
• references to the “Greenspring acquisition” refer to the acquisition of Greenspring Associates, Inc. and certain of its affiliates (“Greenspring”) that was completed on September 20, 2021;
• references to “FY,” “fiscal” or “fiscal year” are to the fiscal year ended March 31 of the applicable year;
• references to the “Reorganization” refer to the series of transactions immediately before the Company’s initial public offering (“IPO”), which was completed on September 18, 2020;
• references to “private markets allocations” or “total capital responsibility” refer to the aggregate amount of our assets under management (“AUM”) and our assets under advisement (“AUA”);
• references to “high-net-worth” individuals refer to individuals with net worth of over $5 million, excluding primary residence;
• references to “mass affluent” individuals refer to individuals with annual income over $200,000 or net worth between $1 million and $5 million, excluding primary residence;
• references to “Consolidated Funds” refer to the StepStone Funds that we are required to consolidate as of the applicable reporting period; and
• references to “SRA” refer to StepStone Group Real Assets LP, references to “SRE” refer to StepStone Group Real Estate LP, references to “SPD” refer to StepStone Group Private Debt AG, and references to “SPW” refer to StepStone Group Private Wealth LLC.
4

TRADEMARKS, SERVICE MARKS AND TRADE NAMES
We own or have rights to trademarks, service marks or trade names that we use in connection with the operation of our business. In addition, our names, logos and website names and addresses are owned by us or licensed by us. We also own or have the rights to copyrights that protect the content of our solutions. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this Form 10-Q are listed without the ©, ® and ™ symbols, but we will assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks, trade names and copyrights.
FORWARD-LOOKING STATEMENTS
This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact, including statements regarding guidance, industry prospects or future results of operations or financial position made in this Form 10-Q are forward-looking. We use words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “plan” and “will” and similar expressions to identify forward-looking statements. Forward-looking statements reflect management’s current plans, estimates and expectations and are inherently uncertain. The inclusion of any forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, global and domestic market and business conditions, our successful execution of business and growth strategies, the favorability of the private markets fundraising environment, successful integration of acquired businesses and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in greater detail under “Risk Factors” in Part I, Item 1A of our annual report on Form 10-K for the fiscal year ended March 31, 2026 and in our subsequent reports filed from time to time with the U.S. Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Form 10-Q and in our other periodic filings. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
5

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

StepStone Group Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts)
As of
June 30, 2026March 31, 2026
Assets
Cash and cash equivalents$201,167 $213,065 
Restricted cash581 579 
Fees and accounts receivable109,711 133,287 
Due from affiliates153,019 113,150 
Investments:

Investments in funds264,450 249,447 
Accrued carried interest allocations2,080,443 2,036,892 
Legacy Greenspring investments in funds and accrued carried interest allocations(1)
783,847 752,776 
Deferred income tax assets663,333 614,788 
Lease right-of-use assets, net95,222 81,565 
Other assets and receivables59,861 58,946 
Intangibles, net212,855 223,044 
Goodwill580,542 580,542 
Assets of Consolidated Funds:

Cash and cash equivalents501,353 905,357 
Investments, at fair value2,035,883 715,335 
Other assets25,407 83,929 
Total assets
$7,767,674 $6,762,702 
Liabilities and stockholders’ equity
Accounts payable, accrued expenses and other liabilities$84,915 $102,685 
Accrued compensation and benefits2,681,305 2,360,770 
Accrued carried interest-related compensation1,145,080 1,100,604 
Legacy Greenspring accrued carried interest-related compensation(1)
656,035 619,186 
Due to affiliates366,798 362,833 
Lease liabilities116,465 103,600 
Debt obligations270,898 270,572 
Liabilities of Consolidated Funds:

Other liabilities25,879 25,241 
Debt obligations, at fair value1,180,643 931,185 
Total liabilities6,528,018 5,876,676 
Commitments and contingencies (Note 14)
Redeemable non-controlling interests in Consolidated Funds259,913 186,236 
Redeemable non-controlling interests in subsidiaries9,214 8,777 
Stockholders’ equity:

Class A common stock, $0.001 par value, 650,000,000 authorized; 82,340,884 and 80,703,553 issued and outstanding as of June 30, 2026 and March 31, 2026, respectively
82 81 
Class B common stock, $0.001 par value, 125,000,000 authorized; 38,387,761 and 38,637,761 issued and outstanding as of June 30, 2026 and March 31, 2026, respectively
38 39 
Additional paid-in capital541,815 482,057 
Accumulated deficit(1,082,511)(896,879)
Accumulated other comprehensive income1,376 1,143 
Total StepStone Group Inc. stockholders’ equity(539,200)(413,559)
Non-controlling interests in subsidiaries1,867,651 1,373,242 
Non-controlling interests in legacy Greenspring entities(1)
127,812 133,590 
Non-controlling interests in the Partnership(485,734)(402,260)
Total stockholders’ equity970,529 691,013 
Total liabilities and stockholders’ equity$7,767,674 $6,762,702 

(1)Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 2 and 5 for more information.
See accompanying notes to condensed consolidated financial statements.
6

StepStone Group Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)

The following presents the portion of the condensed consolidated balances presented above attributable to consolidated variable interest entities.
As of
June 30, 2026March 31, 2026
Assets
Cash and cash equivalents$104,312 $90,403 
Restricted cash581 579 
Fees and accounts receivable76,615 107,352 
Due from affiliates81,263 53,123 
Investments in funds
80,609 77,202 
Legacy Greenspring investments in funds and accrued carried interest allocations783,847 752,776 
Deferred income tax assets4,111 4,491 
Lease right-of-use assets, net15,157 15,850 
Other assets and receivables12,714 16,135 
Assets of Consolidated Funds:
Cash and cash equivalents501,353 905,357 
Investments, at fair value2,035,883 715,335 
Other assets25,407 83,929 
Total assets
$3,721,852 $2,822,532 

Liabilities
Accounts payable, accrued expenses and other liabilities$28,336 $36,438 
Accrued compensation and benefits2,620,971 2,321,815 
Legacy Greenspring accrued carried interest-related compensation656,035 619,186 
Due to affiliates25,331 18,292 
Lease liabilities16,484 17,048 
Liabilities of Consolidated Funds:
Other liabilities25,879 25,241 
Debt obligations, at fair value1,180,643 931,185 
Total liabilities
$4,553,679 $3,969,205 

See accompanying notes to condensed consolidated financial statements.
7

StepStone Group Inc.
Condensed Consolidated Statements of Loss (Unaudited)
(in thousands, except share and per share amounts)

Three Months Ended June 30,
20262025
Revenues
Management and advisory fees, net$269,171 $211,173 
Performance fees:
Incentive fees— 190 
Carried interest allocations:
Realized28,572 24,404 
Unrealized43,975 88,883 
Total carried interest allocations72,547 113,287 
Legacy Greenspring carried interest allocations(1)
37,171 39,637 
Total performance fees109,718 153,114 
Total revenues378,889 364,287 
Expenses
Compensation and benefits:
Cash-based compensation117,234 95,985 
Equity-based compensation317,277 188,718 
Performance fee-related compensation:
Realized13,862 11,705 
Unrealized44,686 44,357 
Total performance fee-related compensation58,548 56,062 
Legacy Greenspring performance fee-related compensation(1)
37,171 39,637 
Total compensation and benefits530,230 380,402 
General, administrative and other53,469 42,914 

Total expenses583,699 423,316 
Other income (expense)
Investment income10,823 10,512 
Legacy Greenspring investment income (loss)(1)
(5,247)3,382 
Investment income of Consolidated Funds2,844 21,671 
Interest income4,721 2,496 
Interest expense(4,338)(4,534)
Other income (loss)(4,243)5,152 
Total other income4,560 38,679 
Loss before income tax(200,250)(20,350)
Income tax benefit(29,884)(8,339)
Net loss(170,366)(12,011)
Less: Net income attributable to non-controlling interests in subsidiaries22,731 28,617 
Less: Net income (loss) attributable to non-controlling interests in legacy Greenspring entities(1)
(5,247)3,382 
Less: Net loss attributable to non-controlling interests in the Partnership(76,134)(27,122)
Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds3,663 20,957 
Less: Net income attributable to redeemable non-controlling interests in subsidiaries437 579 
Net loss attributable to StepStone Group Inc.$(115,816)$(38,424)

Net loss per share of Class A common stock:

Basic$(1.41)$(0.49)
Diluted$(1.41)$(0.49)
Weighted-average shares of Class A common stock:

Basic81,995,674 77,846,710 
Diluted81,995,674 77,846,710 

(1)Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 2, 3 and 5 for more information.
See accompanying notes to condensed consolidated financial statements.
8

StepStone Group Inc. 
Condensed Consolidated Statements of Comprehensive Loss (Unaudited)
(in thousands)

Three Months Ended June 30,
20262025
Net loss$(170,366)$(12,011)
Other comprehensive income (loss):
Foreign currency translation adjustment305 (777)

Total other comprehensive income (loss)305 (777)
Comprehensive loss before non-controlling interests(170,061)(12,788)
Less: Comprehensive income attributable to non-controlling interests in subsidiaries22,839 28,301 
Less: Comprehensive income (loss) attributable to non-controlling interests in legacy Greenspring entities(5,247)3,382 
Less: Comprehensive loss attributable to non-controlling interests in the Partnership(76,066)(27,289)
Less: Comprehensive income attributable to redeemable non-controlling interests in Consolidated Funds3,663 20,957 
Less: Comprehensive income attributable to redeemable non-controlling interests in subsidiaries437 579 
Comprehensive loss attributable to StepStone Group Inc.$(115,687)$(38,718)

See accompanying notes to condensed consolidated financial statements.
9

StepStone Group Inc. 
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(in thousands)

Class A Common StockClass B Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeNon-Controlling Interests in SubsidiariesNon-Controlling Interests in Legacy Greenspring EntitiesNon-Controlling Interests in the PartnershipTotal Stockholders’ Equity
Balance at March 31, 2026$81 $39 $482,057 $(896,879)$1,143 $1,373,242 $133,590 $(402,260)$691,013 
Net income (loss)— — — (115,816)— 22,731 (5,247)(76,134)(174,466)
Other comprehensive income— — — — 129 108 — 68 305 
Contributed capital— — — — — 151,075 200 — 151,275 
Equity-based compensation— — 4,518 — — 157 — 2,391 7,066 
Distributions— — — — — (292,267)(731)(37,893)(330,891)
Dividends declared— — — (69,816)— — — — (69,816)

Exchange of Class B, Class C and Class D units for Class A common stock and redemption of corresponding Class B common stock1 (1)(1)— — — — — (1)

Purchase of non-controlling interests— — (6,236)— — — — (3,353)(9,589)
Class A common stock issued for purchase of asset class non-controlling interests1 — (1)— — — — — — 
Repurchases of Class A common stock(1)— (12,663)— — — — (6,557)(19,221)
Initial consolidation of Consolidated Funds— — — — — 731,588 — — 731,588 
Equity reallocation between controlling and non-controlling interests— — 80,875 — 104 (118,983)— 38,004 — 
Deferred tax effect resulting from equity transactions affecting ownership in the Partnership(1)
— — (6,734)— — — — — (6,734)
Balance at June 30, 2026$82 $38 $541,815 $(1,082,511)$1,376 $1,867,651 $127,812 $(485,734)$970,529 

Balance at March 31, 2025$77 $40 $421,057 $(242,546)$728 $1,056,510 $133,489 $20,793 $1,390,148 
Net income (loss)— — — (38,424)— 28,617 3,382 (27,122)(33,547)
Other comprehensive loss— — — — (294)(316)— (167)(777)
Contributed capital— — — — — 1,517 422 1 1,940 
Equity-based compensation— — 2,866 — — 182 — 1,621 4,669 
Distributions— — — — — (21,897)(2,961)(38,270)(63,128)
Dividends declared— — — (51,020)— — — — (51,020)

Exchange of Class B, Class C and Class D units for Class A common stock and redemption of corresponding Class B common stock1 — (1)— — — — — — 

Purchase of non-controlling interests— — (6,566)— — — — (3,773)(10,339)
Class A common stock issued for purchase of asset class non-controlling interests1 — (1)— — — — — — 

Equity reallocation between controlling and non-controlling interests— — 74,871 — 510 (118,580)— 43,199 — 
Deferred tax effect resulting from equity transactions affecting ownership in the Partnership(1)
— — (7,367)— — — — — (7,367)
Balance at June 30, 2025$79 $40 $484,859 $(331,990)$944 $946,033 $134,332 $(3,718)$1,230,579 

(1)See notes 10 and 13 for more information.
See accompanying notes to condensed consolidated financial statements.
10

StepStone Group Inc. 
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)

Three Months Ended June 30,
20262025
Cash flows from operating activities
Net loss$(170,366)$(12,011)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization11,369 11,424 
Unrealized carried interest allocations and investment income(53,919)(98,455)
Unrealized legacy Greenspring carried interest allocations and investment income(31,128)(36,398)
Unrealized performance fee-related compensation44,686 44,357 
Unrealized legacy Greenspring performance fee-related compensation36,547 34,772 

Amortization of deferred financing costs326 326 
Equity-based compensation292,806 181,654 
Change in deferred income taxes(42,528)(14,102)

Adjustments to reconcile net loss to net cash used in operating activities of Consolidated Funds:
Unrealized (income) loss on investments of Consolidated Funds10,308 (20,799)
Unrealized income from notes payable of Consolidated Funds(18,098)— 
Contributions to investments of Consolidated Funds(903,683)(57,696)
Distributions received from investments of Consolidated Funds289,036 — 
Changes in operating assets and liabilities:
Fees and accounts receivable23,576 (9,637)
Due from affiliates(39,869)(9,891)
Other assets and receivables(2,911)8,198 
Accounts payable, accrued expenses and other liabilities(16,901)(14,726)
Accrued compensation and benefits34,795 29,327 
Due to affiliates7,038 7,835 
Lease right-of-use assets, net and lease liabilities(792)1,714 
Changes in operating assets and liabilities of Consolidated Funds:

Other assets and receivables86,363 15,460 
Other liabilities and payables(14,166)(15,070)
Net cash provided by (used in) operating activities(457,511)46,282 

Cash flows from investing activities

Contributions to investments(11,116)(17,702)
Distributions received from investments5,128 6,222 
Contributions to investments in legacy Greenspring entities(200)(422)
Distributions received from investments in legacy Greenspring entities557 1,204 
Net cash recognized upon initial consolidation of funds27,582 — 

Purchases of property and equipment(549)(1,095)

Net cash provided by (used in) investing activities21,402 (11,793)

See accompanying notes to condensed consolidated financial statements.
11

StepStone Group Inc. 
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)

Three Months Ended June 30,
20262025
Cash flows from financing activities
Proceeds from capital contributions from non-controlling interests$7,703 $1,518 
Purchase of non-controlling interests(9,589)(10,339)

Distributions to non-controlling interests(53,864)(60,167)
Proceeds from capital contributions to legacy Greenspring entities200 422 
Distributions to non-controlling interests in legacy Greenspring entities(731)(2,961)
Dividends paid to common stockholders(68,618)(50,274)

Payments for repurchases of Class A common stock(19,221)— 
Payments to related parties under Tax Receivable Agreements(16,205)(11,494)
Other financing activities(1)— 
Cash flows from financing activities of Consolidated Funds:
Issuance of notes payable31,344 — 
Proceeds from borrowings on fund credit facilities241,102 — 
Payments on fund credit facilities(25,275)— 
Payment of debt issuance costs on fund credit facilities(4,855)— 
Proceeds from capital contributions from non-controlling interests in Consolidated Funds143,372 — 
Distributions to non-controlling interests in Consolidated Funds(276,296)— 
Contributions from redeemable non-controlling interests in Consolidated Funds72,005 67,700 
Redemptions of redeemable non-controlling interests in Consolidated Funds(1,991)(6,627)
Net cash provided by (used in) financing activities19,080 (72,222)
Effect of foreign currency exchange rate changes1,129 (7,416)
Net decrease in cash, cash equivalents and restricted cash(415,900)(45,149)
Cash, cash equivalents and restricted cash at beginning of period1,119,001 289,804 
Cash, cash equivalents and restricted cash at end of period$703,101 $244,655 

Supplemental disclosures:

Non-cash operating, investing, and financing activities:

Accrued dividends$1,198 $746 
Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements(6,734)(7,367)
Initial consolidation of Consolidated Funds731,588 — 
Establishment of lease liabilities in exchange for lease right-of-use assets6,222 — 
Remeasurement of lease liabilities8,900 — 

Equity issued for purchase of non-controlling interests165,703 160,876 
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$201,167 $191,469 
Restricted cash581 524 
Cash and cash equivalents of Consolidated Funds501,353 52,662 
Total cash, cash equivalents and restricted cash$703,101 $244,655 

See accompanying notes to condensed consolidated financial statements.
12

StepStone Group Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
(in thousands, except share and per share amounts and where noted)

1.    Organization
StepStone Group Inc. (“SSG”) was incorporated in the state of Delaware on November 20, 2019 and, following its initial public offering in 2020, acts as a holding company for StepStone Group LP (the “Partnership”). SSG is the sole managing member